Retired Subcategories: Encouraging New Construction

Alaska Housing Finance Corporation:
Painting the Portrait of Affordable Housing Rental Housing

Alaska’s geography exacerbates the issue of affordable housing demand far exceeding supply. Framework of successful affordable housing developments require a complicated capital stack and balance of private/public partnerships. Alaska Housing Finance Corporation, in partnership with their subsidiary the Alaska Corporation for Affordable Housing, has created a replicable model to bring new affordable housing across Alaska and develop vibrant, sustainable communities.

Colorado Housing and Finance Authority:
Colorado Multifamily Electrification Hub

The Colorado Multifamily Electrification is an online technical assistance resource for affordable housing developers seeking to implement all-electric and electric-ready building designs into their developments. The Hub was developed by Colorado Housing and Finance Authority (CHFA) in close partnership with a steering committee comprised of industry experts and partners. The site includes technical explainers, a filterable resource library, and case studies from developers throughout Colorado.

Connecticut Housing Finance Authority:
Build For CT

Connecticut faces a pressing need to address the housing challenges of middle-income renters. By leveraging innovative financing and promoting public-private partnerships, Build For CT bridges the gap, representing a critical step towards ensuring economic growth and development while meeting the housing needs of Connecticut's workforce.

Delaware State Housing Authority:
Mixing Up The Market: Delaware's Solution to Increasing New Construction

According to a recent housing study, the State of Delaware must add an average of 2,400 units annually to its housing stock to keep up with household growth through 2030. To meet this immense need, the Delaware State Housing Authority created the Mixed Income Market Fund program, which incentivizes housing developers with existing market-rate rental development plans to include affordable rental units by providing favorable construction and permanent financing options.

Hawaiʻi Housing Finance and Development Corporation:
Tier 2 Initiative

Growing numbers of Hawaiʻi’s brightest minds have opted in recent years to move away in search of better fortune. Many cite high housing costs as a key factor. To stem the “brain drain,” the 2022 Hawaiʻi Legislature appropriated up to $150 million from the state Rental Housing Revolving Fund to develop mixed-income rental projects that target households earning between 60% AMI-100% AMI. In October 2022, HHFDC’s Finance Division launched the Tier 2 Initiative. It was fully awarded a month later.

Iowa Finance Authority:
Housing Innovation Set-Aside - Shark Tank Style

This initiative was aimed at inspiring unconventional thinking and project proposals that might not fit within the typical LIHTC framework. What was on offer? Up to $1 million in annual tax credits, totaling $10 million over a ten-year period! A live, shark tank style pitch competition was held which granted the winner exclusive access to the Innovation Set-Aside. One very innovative project is currently underway in Iowa due to this out of the box thinking.

Kentucky Housing Corporation:
Increasing Housing Opportunities with ERA2 Funds

Kentucky Housing Corporation awarded $23 million to fund housing development projects that will serve homeless, low-income and elderly Kentuckians. It funded the projects by reallocating Emergency Rental Assistance (ERA2) funds awarded through the American Rescue Plan Act. Based on projected expenditures, KHC anticipated it would not spend the money by the September 2025 and wanted to keep the money in the state to address housing needs.

MaineHousing:
Bringing Affordable Housing and New Housing Developers to Rural Maine

To offer solutions to both the current affordable housing crisis, which disproportionately impacts low- and moderate-income Maine households, and the lack of federal resources directed at rental housing in rural areas, MaineHousing launched the Rural Affordable Rental Housing Program. Created to fund the development of affordable rental housing where traditional federal LIHTC projects may not be the best solution, the program has led to a range of new housing opportunities for rural Maine.

New Jersey Housing and Mortgage Finance Agency:
The Affordable Housing Production Fund: Fostering Opportunity in All Communities

Since late 2022, NJHMFA has obligated $298 million out of an initial $305 million investment from the State Legislature in rescuing 100% affordable housing developments from pandemic-related financing difficulties. This infusion of funds will add over 4,000 affordable rentals to New Jersey’s housing stock. Most of these new homes are being built in communities with few low-cost options, helping them to fulfill local planning goals to provide a diverse mix of housing opportunities.

New York City Housing Development Corporation:
Addressing Housing Crisis Through Hotel-to-Residential Conversions

New York City’s hotel industry faced tremendous financial losses during the pandemic. Amid this difficult economic period, the City of New York leveraged resources to incentivize the conversion of struggling hotels into affordable housing. HDC, in partnership with public and private stakeholders was able to convert two hotels into affordable housing. Utilizing 501(C)(3) financing, these projects conserved volume cap, lowered construction costs, and created new supportive housing units.

Puerto Rico Housing Finance Authority:
CDBG-DR Gap to LIHTC Program: Contributing to Resilient and Affordable Housing Solutions in Puerto Rico

The CDBG-DR Gap to LIHTC Program, funded with CDBG-DR funds, aims to promote LIHTC projects. Administered by the Puerto Rico Housing Finance Authority, it funds eligible activities like construction, acquisition, and Green Building Standards, supplementing the existing LIHTC Program. With an allocation of $1.423 billion, approximately $414.2 million has been awarded as of December 2023, which contributes to an additional 1,904 housing units in the market at a total cost of $704.8 million.