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OCC Finalizes Rule to Strengthen and Modernize Community Reinvestment Act Regulations
Washington — The Office of the Comptroller of the Currency (OCC) today released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA).
PHFA Invites Applicants for 2021 Housing Policy Fellowship
This fellowship will fund a maximum of 12 months of research on a pressing housing or community development topic. With a monthly stipend of $1,000, the maximum funding available will be $12,000. The financial support can be for a variety of activities supporting the approved research, including interviews with experts, securing resources and study materials, travel for attending relevant conferences and more.
NCSHA Washington Report | May 15, 2020
With encouraging news in such short supply these days, it’s frustrating to find any dark linings in what look like silver clouds. Last Friday’s report from the National Multifamily...
CHFA Announces 2020 Round One Low Income Housing Tax Credit Awards
Colorado Housing and Finance Authority (CHFA) is pleased to announce the 2020 round one Low Income Housing Tax Credit (LIHTC) awards. CHFA is awarding $16.1 million in federal 9 percent LIHTC to 14 developments, which will support the construction of 940 affordable rental housing units. These developments will be built in various parts of Colorado including the Denver metro area, northern and southern Front Range, mountain communities, and San Luis Valley.
NCSHA and Novogradac Release Analysis Showing Effect of Lowering 50 Percent Test for Bond-Financed Housing Credit Developments
This week, NCSHA published a report showing how lowering the “financed-by” threshold — commonly referred to as the 50 percent test — for bond-financed Housing Credit projects would impact available Private Activity Bond cap and could increase multifamily affordable housing production. Under current law, multifamily developments financed with tax-exempt housing bonds are eligible to receive the so-called 4 percent Housing Credit if the bonds finance at least 50 percent of total project costs, including land. The credits for such developments do not decrease the state in question’s Housing Credit volume cap. The report considers the outcomes that lowering the financed-by threshold would have if set at 40 percent, 33 percent, and 25 percent. Novogradac conducted the analysis, which NCSHA commissioned.
PHFA Releases PA Housing Study to Inform and Guide Future Housing Decisions
Housing affordability is a growing issue for Pennsylvanians, and renters, low-income households and minorities are disproportionately burdened by housing costs, according to a study shared online today by the Pennsylvania Housing Finance Agency. The Pennsylvania Comprehensive Housing Study, produced in collaboration with the University of Pennsylvania Department of City and Regional Planning, explores the current status and predicted trends for housing statewide.
MassHousing Awards $700,000 in COVID-19 Relief Funding to 31 Non-Profit Providers of Affordable Sober Housing in Massachusetts
MassHousing has awarded $700,000 in grant funding to bring COVID-19 relief to 31 non-profit providers of affordable sober housing to help ensure their financial stability and continued support services for more than 660 men, women, and women with children working to overcome addiction in 17 communities across the Commonwealth.
Bill Promoting Affordable Housing Passed by Legislature
The South Carolina Legislature has passed House Bill 3998, the Workforce and Senior Affordable Housing Act, creating a state tax credit for qualified affordable housing developments. This tax credit is similar to, and would supplement awards under, the federal Low Income Housing Tax Credit. The bill was signed by Governor McMaster on May 14, 2020.
House Democrats Unveil $3 Trillion-Plus Coronavirus Package with Rent, Mortgage, Liquidity Assistance
On May 12, House Democrats released the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which would provide more than $3 trillion for coronavirus relief in programs across government agencies, including significant funding for affordable housing. Republicans rejected the proposal immediately, which they view as more of a Democratic wish list than the opening bid in negotiations for a fifth coronavirus relief package.
Secretary Carson Congratulates Brian Montgomery on Deputy Secretary Confirmation
Washington - U.S. Department of Housing and Urban Development Secretary Ben Carson today applauded the confirmation of Brian D. Montgomery to serve as Deputy Secretary of the U.S. Department of...
WHEDA Issues $100 Million in Single Family Bonding
The Wisconsin Housing and Economic Development Authority (WHEDA) is advancing its ability to provide first-time home buyer mortgages through issuance of a $100 million Home Ownership Revenue Bond. With mortgage rates near historic lows, qualified low- to moderate-income first-time home buyers may find the timing right to purchase a home with an affordable WHEDA mortgage.
HUD Allocates Third Wave of CARES Act Funding Providing $1 Billion for Communities to Bolster Coronavirus Response and Relief Efforts
Washington - The U.S. Department of Housing and Urban Development Secretary Ben Carson today announced the allocation of a third wave in CARES Act coronavirus relief funding totaling $1 billion...
