Strong financial performance contributed to a rating upgrade from AA to AA+ for Vermont Housing Finance Agency (VHFA)'s multiple purpose bonds from Fitch Ratings last week. AA+ is the second highest possible rating from Fitch. The rating applies to all outstanding long-term debt under the multiple purpose program and should help lower the cost of affordable housing financing through VHFA.
The Iowa Finance Authority recently announced the award of more than $6.4 million in grants to 27 Local Housing Trust Funds to support local affordable housing initiatives. The grant awards are made available through the Local Housing Trust Fund program and are expected to assist more than 2,500 families. “Local Housing Trust Funds serve all 99 counties and are a critical vehicle to ensuring leaders can make local housing priorities a reality,” said Iowa Finance Authority Executive Director Debi Durham.
Affordability Extended for Lower-Income Seniors and Families at Fitchburg Housing Community as a Result of $14.4 Million in MassHousing Financing
MassHousing has provided $14.4 million in affordable housing financing to an affiliate of the Barkan Companies, to extend the affordability of the Fitchburg Green affordable housing community in Fitchburg, and make property improvements to the 159-unit property. As a result of the MassHousing financing, affordability protections for lower-income senior citizens and families living at Fitchburg Green will be extended for at least 35 years.
Seven affordable housing projects statewide will receive a total of $1 million from Delaware’s Housing Development Fund (HDF), Governor John Carney announced today joined by Delaware State Housing Authority (DSHA) Director Anas Ben Addi, New Castle County Executive Matt Meyer, elected officials and community leaders from across Delaware. The HDF, Delaware’s housing trust fund, was created for the purpose of providing affordable, decent, safe and sanitary housing to very low-, low-, and moderate-income households.
Construction is Underway at Sycamore on Main in Brockton as MassHousing Closes $4.7 Million in Financing for the New, Mixed-Income Housing Community
Construction is underway at Sycamore on Main in Brockton, as MassHousing has closed on $4.7 million in financing to an affiliate of NeighborWorks Housing Solutions. The MassHousing financing will allow NeighborWorks Housing Solutions to construct 48 new deed-restricted apartments that will be affordable to households across a broad range of incomes.
MassHousing Closes $8.9 Million in Financing to Preserve Affordability, Make Property Improvements for Low-Income Residents at Holyoke Housing Community
MassHousing has closed on $8.9 million in affordable housing financing to an affiliate of Mount Holyoke Management, LLC, to make property improvements at the 127-unit S.C. Hamilton Apartments and extend affordability restrictions at the property for at least 40 years. “This transaction will extend important affordability protections for lower-income residents at S.C. Hamilton for decades to come while ensuring that the property undergoes needed upgrades,” said MassHousing Executive Director Chrystal Kornegay.
South Dakota Housing Development Authority (SDHDA), in partnership with the Governor’s Office of Economic Development, will be hosting five listening sessions around the state to solicit comments on the 2020 Annual Action Plan of the Consolidated Plan and the allocation plans for the HOME, Housing Tax Credits, Housing Trust Fund, Emergency Solutions Grant, and Housing Opportunity Fund Programs.
One of the more positive trends of the 2010s that should accelerate in the years ahead is the interest of major health care industry players in pitching in on the housing affordability...
Colorado Housing and Finance Authority (CHFA) is pleased to announce Heather Schell has been selected to serve as CHFA’s general counsel and assistant secretary. CHFA’s board of directors appointed Schell in December 2019 following a nationwide search. “CHFA is an excellent organization with an important mission in Colorado. It has been such a privilege to work at CHFA over the past seven years, and I’m honored to serve as its new general counsel.
HUD Rule Takes New Approach to Affirmatively Furthering Fair Housing, Faces Criticism from Fair Housing Advocates
Yesterday, HUD released a proposed rule that would reform its regulations relating to the 1968 Fair Housing Act’s requirement that HUD grantees affirmatively further fair housing (AFFH). The proposed rule, once finalized, would replace the AFFH rule published in 2015 under the previous administration.
Governor Wolf Announces Funding to Rehabilitate Historical Building for Behavioral Health Center in Downtown Scranton
Governor Tom Wolf today announced that Commonwealth Cornerstone Group (CCG) has completed a New Markets Tax Credit (NMTC) transaction of $7 million with the Scranton Counseling Center (SCC) to help fund the adaptive reuse of a historic cornerstone building at 329 Cherry Street in downtown Scranton. The rehabilitated building will be the site of SCC’s behavioral health clinic and administrative offices, as well as a pharmacy and primary health clinic to provide support services for the clinic’s clients.
Governor Larry Hogan today announced a $3 million bridge loan through the Department of Housing and Community Development's Neighborhood BusinessWorks program for the revitalization of Baltimore's historic Lexington Market. The loan will support three months of construction work for the estimated $38.5 million redevelopment project. The Neighborhood BusinessWorks bridge loan will also enable the Lexington Market project to meet certain financing requirements to secure additional New Market Tax Credit resources.