Rental Housing: Encouraging New Construction
Recognizes programs that best support the new construction of affordable rental housing.
Note: Individual developments are not eligible for an award.
Rental Housing entries will be judged on the degree to which they:
- Are innovative
- Are replicable
- Respond to an important state housing need
- Demonstrate measurable benefits to HFA targeted customers
- Have a proven track record of success in the marketplace
- Provide benefits that outweigh costs
- Demonstrate effective use of resources
- Effectively employ partnerships
- Achieve strategic objectives
If you have questions, please email email@example.com or call 202-624-7710.
California Housing Finance Agency
Michigan State Housing Development Authority
Arizona Department of Housing:
Building Efficiency Scoring in QAP for Higher Production of Units
Arizona Department of Housing implemented a building efficiency scoring category in its QAP encouraging a greater proportion of the building to be used for rental units. This encouraged new construction for developers to have the ability to achieve a higher score by configuring the layout of a new building in comparison to working with an existing floor plan in a rehabilitation project. This resulted in an 11.6% increase in the number of equal sized units that could be achieved with the LIHTC.
California Housing Finance Agency:
CalHFA Broadens Its Reach with the Efficient Mixed-Income Program
CalHFA's Mixed-Income Program (MIP), launched in 2019 and expanded with additional state resources in 2020, is unique in California, where no other state rental housing program provides subsidy for people making above 60% of the area median income, often called the Missing Middle. MIP serves a range of income levels up to 120% of AMI, with the developments taking advantage of income averaging, and its streamlined finance model will produce more housing in less time and with less public subsidy.
Municipal Lots Initiative
The Municipal Lots Initiative is MassHousing’s newest pilot program designed to address local housing production barriers and increase housing choice for low- and moderate-income individuals and families.
Michigan State Housing Development Authority:
MSHDA Below Market Rate Bond Program
Making an investment into the capital stack of a tax-exempt bond, Low-Income Housing Tax Credit financed multifamily development can be a daunting task, even for the “experts.” The Michigan State Housing Development Authority’s new Below Market Rate Bond program eliminates the complicated development underwriting and risk of failure, while bringing social-impact investors to the table. The replicable results: Increased new construction and more affordable housing for individuals and families.
Workforce Housing Development Program
The Workforce Housing Development Program (Program) is a competitive funding program that targets small to mid-size cities in Greater Minnesota that have a need for market rate, rental workforce housing. Grants or forgivable deferred loans are available to finance the construction of new multifamily residential rental properties in communities with proven job growth and demand for workforce rental housing.
New York City Housing Development Corporation:
Financing Mixed-Income Developments (Forward Securitization and M2 Program)
HDC’s Forward Securitization Tool and M2 Program work together in the creation of mixed income developments that help to ensure income diverse neighborhoods. HDC adapted an innovative forward securitization strategy that creates cost-effective future lending capacity. All units created via the M2 program are required to be affordable with a blend of low-, moderate-, and middle-income level units.
South Dakota Housing Development Authority:
Rural communities are an essential part of America. They are known for their neighborliness, goodwill & being part of something that is bigger than onself. But one thing common to rural areas is the ability to develop affordable housing. Leaders face limited financial, technical & staff resources to develop needed housing. After hearing repeatedly the need, SDHDA decided to use the benefits of the successful Governor’s House Program & apply them to rental housing. Thus, the DakotaPlex was born.