Ivory Homes, the largest homebuilder in Utah, Tuesday announced it is holding a national contest to reward innovators who are working to alleviate the affordable housing crisis. The Ivory Prize in Housing Affordability will recognize solutions to the affordability crunch that are the most “ambitious, scalable, and innovative.”
Today, the U.S. Government Accountability Office (GAO) published its long-awaited report on Low Income Housing Tax Credit (Housing Credit) development costs, “Low-Income Housing Tax Credit: Improved Data and Oversight Would Strengthen Cost Assessment and Fraud Risk Management.”
The House Ways and Means Committee released a package of three bills, which together are the House’s follow-on to last year’s Tax Cuts and Jobs Act. The bills, collectively “Tax Reform 2.0,” would make permanent the tax cuts for individuals and small businesses that were established on a temporary basis in tax reform last year, encourage retirement savings, and support business innovation. The bills do not make any direct changes to affordable housing programs, such as the Low Income Housing Tax Credit or tax-exempt private activity Housing Bonds.
The Housing Assistance Council (HAC) Thursday published a report, Rental Housing for a 21st Century Rural America: A Platform for Preservation, discussing declining affordable rental housing options in rural areas. The report focuses on the U.S. Department of Agriculture’s (USDA) Section 515 Rural Rental Housing program (Section 515) and draws its conclusions from a “multi-faceted review” of USDA’s multifamily housing portfolio.
NCSHA released new independent research by Abt Associates on Housing Credit development costs across the nation. NCSHA commissioned the study, Variation in Development Costs for LIHTC Projects, which finds that for properties placed in service between 2011 and 2016, the median total development cost (TDC) per unit, inclusive of soft costs and land costs, was $164,757 and the mean TDC per unit was $182,498, adjusted for construction cost inflation. The research is based on nationwide data from more than 2,500 Housing Credit properties containing more than 160,000 units, representing approximately 47 percent of all 9 percent units and 20 percent of all 4 percent bond-financed units placed in service over the time period studied.