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NCSHA Washington Report | July 17, 2020
Congress has a huge, hard job ahead over the next few weeks to craft an economic stimulus bill both parties and the White House will accept in the face of national needs that far exceed...
Governor Ron DeSantis Announces Approval of $75 Million Coronavirus Relief Fund Dollars for Property Owners, Renters and Homeowners Affected by COVID-19
Today, Governor Ron DeSantis announced that the Florida Housing Finance Corporation (Florida Housing) Board of Directors unanimously approved the release of $75 million to local governments to assist Floridians in need of rental and mortgage assistance due to the COVID-19 pandemic. Through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Governor DeSantis made available $250 million, of which $120 million will be sent to local governments to provide rental and mortgage assistance program. The $75 million approved today is the first release of the funding to local governments.
Gov. John Bel Edwards Announces New Emergency Rental Assistance Program
Today, Governor John Bel Edwards announced the launch of what will be at least a $24 million emergency rental assistance program for renters experiencing financial hardship as a result of the coronavirus pandemic. Administered and funded by the Louisiana Housing Corporation (LHC) in partnership with the State of Louisiana Office of Community Development (OCD), the Louisiana Emergency Rental Assistance Program is designed to help households financially impacted as a result of shutdowns, closures, layoffs, reduced work hours or unpaid leave due to the pandemic.
$50 Million in New Markets Tax Credits Awarded to Support Community Development
The Colorado Growth and Revitalization Fund (CGR Fund), administered by Colorado Housing and Finance Authority (CHFA), announced today it has been awarded $50 million in New Markets Tax Credits (NMTC). The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded $3.5 billion in NMTC to 76 entities throughout the U.S., with the CGR Fund being one of three awardees in Colorado.
NLIHC Report Finds Pandemic Further Increases Housing Instability Risk for Low-Wage Renters
On July 14, the National Low Income Housing Coalition (NLIHC) released "Out of Reach: The High Cost of Housing," its annual report documenting the gap between renters’ wages and the cost of rental housing across the nation. NLIHC’s 2020 report concludes that the economic downturn spurred by the coronavirus further increases the risk of housing instability for millions of low-wage renters who were struggling to make ends meet before the pandemic.
Funding Available for the Development of Affordable Housing
SDHDA announces approximately $16.35 million is available for funding during the 2020 application cycle for the HOME Investment Partnerships, Housing Tax Credit, Housing Opportunity Fund and Housing Trust Fund programs. Funding can be utilized to assist communities in addressing their local housing needs. The HOME program, funded by the U.S. Department of Housing and Urban Development, provides funds to developers and/or owners for acquisition, new construction and rehabilitation of affordable housing. SDHDA has $5 million available for affordable single and multifamily housing opportunities statewide.
$75 Million in State Funding Awarded to Increase Affordable Housing
Oregon Housing and Community Services (OHCS) is excited to announce recent Local Innovation and Fast Track (LIFT) Housing Program funding awards. The LIFT program was created by Senate Bill 1582 during the 2016 legislative session with the goal of creating affordable homes for vulnerable families focused on rural communities and communities of color residing across Oregon. The LIFT program can fund homes for rent or purchase.
LHC Board Approves $187 Million to Develop Multifamily Rental Properties
LHC's Board of Directors approved $187 million to develop 1,081 affordable rental units across six Louisiana parishes at their monthly board meeting, July 8. This multi-million dollar investment represents a combination of LHC's Low-Income Housing Tax Credits (LIHTC) and Multi-family Revenue Bonds (MRBs) and the Office of Community Development's Community Development Block Grants (CDBG). Projects represent a mix of new construction and preservation developments that aim to assist working families, households with children, seniors, and people with disabilities.
NCSHA Washington Report | July 10, 2020
How — and whether — to open schools has become the latest political flashpoint in the country’s response to the coronavirus crisis. House Republican Leader McCarthy (R-CA) wrote in USA...
Maryland Department of Housing and Community Development (DHCD) Notice of Funding Availability
The Maryland Department of Housing and Community Development (DHCD) is administering up to $40 million of the Governor's $50 million Nonprofit Recovery Initiative (NORI). The remaining nonprofit funding will be administered by the Maryland Department of Commerce. Of the $40 million being administered by DHCD, $10 million is earmarked for nonprofit licensees of the Maryland Behavioral Health and Developmental Disabilities Administrations.
$5 Million in Mortgage Assistance will Help Vermont Homeowners Hurt by Pandemic
Vermont’s new Mortgage Assistance Program was announced today to help low-income homeowners who have fallen behind on their mortgage and are facing economic hardship brought on by the COVID-19 pandemic. The program will provide up to three monthly mortgage payments directly to the servicer of the mortgage with a goal of preventing future foreclosure. Administered by Vermont Housing Finance Agency (VHFA) with $5 million of the funding provided to Vermont through the federal CARES Act, the program is available to any homeowner who meets the eligibility criteria, and is not just for VHFA borrowers.
Customer and Community Feedback Leads to Tax Credit Plan Improvements
Helpful feedback from developers and community members has resulted in a series of improvements to WHEDA’s 2021-2022 plan for administering federal and state tax credits that finance low- to moderate-income housing. The 2021-2022 Qualified Allocation Plan establishes parameters and priorities for awarding the coming year’s assigned tax credits, including federal 9% and 4% credits as well as state 4% credits estimated at $31 million for the upcoming year. The comments came from in-person and online meetings with WHEDA partners, developers and elected officials as well as an online public survey.
