Rental Housing: Encouraging New Construction

Arizona Department of Housing:
Increasing Arizona's Housing Supply through Innovation

The Arizona Department of Housing (ADOH) saw a desperate need to open up the state’s affordable housing pipeline and took decisive steps to make an immediate and positive impact in speeding up delivery of new affordable homes.

Delaware State Housing Authority:
The Gift of Time for Affordable Housing Developers

The Delaware State Housing Authority (DSHA)’s construction financing programs have added hundreds of units to Delaware’s housing landscape; however, certain areas of the state have seen less new development than others. DSHA set aside $5 million in funding for the Area of Opportunity Land Bank Program in response. This revolving fund aims to grant the gift of time to affordable housing developers and create a pipeline of affordable rental housing development in areas of opportunity.

Florida Housing Finance Corporation:
Florida’s Construction Housing Inflation Response (CHIRP) Program

In 2021, the federal inflation rate and construction costs rose at an unprecedented pace, increasing construction costs outside of housing developer’s control. This resulted in a delay of new construction developments in the Florida Housing Finance Corporation funding pipeline. The Construction Housing Inflation Response Program, or CHIRP, was created by Florida Housing to bridge this gap in financing and ensure a timely delivery of these much-needed affordable housing units.

Kansas Housing Resources Corporation:
The Kansas Affordable Housing Tax Credit: Leveraging a New Resource to Meet Development Needs Across the State

In 2021, Kansas Housing Resources Corporation commissioned the state’s first comprehensive housing needs assessment in almost 30 years. The assessment detailed our need for more housing of all types and price points. In response to the assessment and stakeholder advocacy, in 2022 our state legislature made a historic investment in housing development, including the establishment of a new Affordable Housing Tax Credit.

Michigan State Housing Development Authority:
Missing Middle Housing Program

For years, Michigan has been experiencing the growing housing needs of middle income/workforce households. While there have been some past successes, key challenges always remained: the strategies were complicated, and the resources were lacking. When resources became available through the American Rescue Plan Act, the state of Michigan went all-in on tackling the middle-income housing challenge through an innovative program that would be among the first of its kind.

New York City Housing Development Corporation:
Deploying Income Averaging to Encourage New Production of Multi-Family Affordable Housing

Since its passage in the Consolidated Appropriations Act of 2018, Income Averaging (IA) has played a major role in underwriting standards at HDC. Options under the original LIHTC program were limited to underwriting incomes and rents between 54% to 60% of the Area Median Income (AMI). IA provides the option to underwrite to incomes and rents up to 80% of AMI if the average income for the development is at 60% allowing for a greater diversity within projects and the communities they serve.

Pennsylvania Housing Finance Agency:
Constructing a Solution: Development Cost Relief Program

The Agency worked with the state legislature to design and implement a program to "plug the holes" in funding for affordable housing construction that came out of the COVID-19 pandemic. It uses ARPA funding to achieve these goals. Since ARPA funding is available in all states, PHFA is submitting this program as a replicable example of how these funds can be put to good use to stabilize and promote affordable housing construction.

Vermont Housing Finance Agency:
Vermont Housing Investment Fund

VHFA established its Housing Investment Fund to attract new philanthropic investments. It combines public and private funds into a single revolving platform awarded alongside tax credits and debt. This approach allows VHFA to leverage investments to maximize impact, while reducing the number of sources developers must apply to and employing existing compliance systems. Fund investments fill gaps in project budgets, allowing worthwhile projects to continue despite complex development conditions.