The California Housing Finance Agency has launched a new Bond Recycling Program which will provide an additional source of financing to address our state's affordable housing crisis. CalHFA's program, the first of its kind in California, is made possible through a partnership with Apple. "Working alongside Apple, we looked at California’s housing landscape - the dangerously low affordable housing supply and the rising cost to build while state and federal resources get increasingly scarce - and endeavored to address that issue," said CalHFA Executive Director Tia Boatman Patterson.
Affordability Extended for Lower-Income Senior Citizens at Randolph Housing Community as a Result of $27.3 Million in MassHousing Financing
MassHousing has provided $27.3 million in affordable housing financing to an affiliate of Hebrew SeniorLife to renovate and extend the affordability for lower-income senior citizens at the 160-unit Simon C. Fireman Community in Randolph. “The residents who live at the Fireman Community are seniors who share many experiences and interests, and we are very pleased that life will continue as usual for them long into the future,” said MassHousing Executive Director Chrystal Kornegay.
The Wisconsin Housing and Economic Development Authority has expanded its single-family financing options to help more Wisconsin residents achieve the dream of homeownership. The new financing options include loans with increased down payment assistance of up to 6% of a home’s purchase price and an expanded number of lenders that may originate WHEDA Advantage FHA loans. Meanwhile, the current shortage of move-in ready homes has increased the utility of WHEDA’s Homestyle Renovation loans, which allow borrowers to finance all costs associated with purchase and renovation through a single 30-year, fixed rate mortgage loan.
MassHousing Closes on $17. 2 Million in Financing for the Acquisition and Initial Renovation of Three Affordable Housing Communities in Attleboro
MassHousing has closed on $17.2 million in affordable housing financing to the non-profit Preservation of Affordable Housing (POAH) for the acquisition and initial rehabilitation of three affordable housing communities in Attleboro. To facilitate the acquisition and the undertaking of the most pressing capital improvements at the properties, MassHousing has provided POAH with $5.9 million in financing for the 83-unit Hebronville Mill, and $11.3 million for the 144-unit combined Gardner I and II properties.
The New Jersey Housing Mortgage and Finance Agency (NJHMFA) today announced that the application period for the Small Landlord Emergency Grant (SLEG) Program is now open. NJHFMA, whose mission is to increase the availability of and accessibility to safe, decent, and affordable housing to families in New Jersey, developed the SLEG program to reimburse small landlords for missed or reduced rent payments between April 2020 and July 2020 due to COVID-19. The SLEG is open to owners of residential properties in New Jersey with 3 to 10 rental units.
RIHousing today announced $2 million in available mortgage payment assistance funding through the federally-funded Hardest Hit Fund Rhode Island (HHFRI) program. The new program provides financial assistance to Rhode Island homeowners negatively impacted by the COVID-19 pandemic and struggling to make their mortgage payments. Borrowers must have experienced unemployment or underemployment due to the COVID-19 pandemic to be eligible.
RIHousing today announced a new awards program to honor the life and work of Michael Van Leesten. Born and raised in Providence, Van Leesten was dedicated to improving the lives of Rhode Islanders through his business leadership, civil rights activism, and public service. The newly established Michael Van Leesten Memorial Awards program honors his lifelong commitment to housing and education and includes both a scholarship program and fellowship position.
After six weeks of administering CARES financial assistance for renters and homeowners, the Pennsylvania Housing Finance Agency is providing an update on the progress of both programs, which have been accepting applications since July 6. As of Aug. 14, the CARES RRP has received 14,074 applications from renters who are using receipt of unemployment compensation as their method to qualify for assistance. PHFA is providing a county-by-county breakdown of these numbers. The processing of these applications is being managed by organizations in all 67 counties, and the data being provided today comes from these groups.
Governor Wolf Announces Funding to House the Erie Center for Arts and Technology in the Old Wayne School Building
Governor Tom Wolf today announced that Commonwealth Cornerstone Group has completed a New Markets Tax Credit transaction of $9.5 million with the Erie Center for Arts and Technology (ECAT) to transform the mostly vacant Wayne School building into a new resource for the community. The renovated building will become a community hub for job training, health care, social services and the arts through a mixed tenant base.
Governor Tom Wolf today announced recipients of a new round of funding for housing programs made available through the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) fund. The governor named 214 housing and community development initiatives in 67 counties that will share a portion of the total $45.79 million in PHARE funding. The PHARE fund, which is sometimes referred to as the state Housing Trust Fund, is managed by the Pennsylvania Housing Finance Agency.