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New England Federal Credit Union gives $500,000 to Vermont Housing Finance Agency for affordable homes in Northwest Vermont
New England Federal Credit Union (NEFCU) President/CEO John J. Dwyer, Jr. announced today a $500,000 grant from NEFCU to Vermont Housing Finance Agency (VHFA) to address the area’s shortage of housing affordable to Vermonters with low and moderate incomes. The money will support construction and renovation costs for perpetually affordable homes in Bristol, Jericho and several other towns.
House End of Year Tax Bill Includes Housing Credit Veterans Fix
House Republicans released tax legislation addressing retirement savings, extenders of expiring tax provisions, disaster relief, and technical tax corrections. The bill is the first step in what are likely to be negotiations over an end-of-the-year tax package. The bill includes a provision NCSHA has sought to clarify that preferences and/or restrictions for veterans in Housing Credit properties, including bond-financed properties, are not a violation of the Credit or Bond programs’ general public use rules.
SDHDA Awards $13.2 Million for Affordable Housing in South Dakota
South Dakotans’ will be seeing additional housing development and preservation across the state. South Dakota Housing Development Authority’s (SDHDA) Board of Commissioners approved the award of more than $13.2 million in funding for housing activities.
MassHousing Closes on $45.7 Million in Financing for the Acquisition and Rehabilitation of 201-Unit Affordable Housing Portfolio in Roxbury and Dorchester
MassHousing has closed on $45.7 million in financing to the Jamaica Plain Neighborhood Development Corporation (JPNDC) for the acquisition, preservation and renovation of a 201-unit scattered site affordable housing portfolio in Roxbury and Dorchester. JPNDC utilized MassHousing financing to purchase the portfolio of six affordable housing communities, located on 21 scattered sites in Boston, from the estate of Lorenzo Pitts.
Federal Banking Regulators Propose to Raise Appraisal Requirement Threshold
On November 20, the federal banking regulators — the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) — released a proposed rule that would increase the appraisal exemption for single-family mortgage loans for all federally regulated banks. The agencies will accept public comments until 60 days after the notice is published in the Federal Registrar, which is expected shortly.
FHFA Finalizes Amendments to FHLB Affordable Housing Program
The Federal Housing Finance Agency (FHFA) November 20 released a final rule amending the Federal Home Loan Banks’ (FHLB) Affordable Housing Program (AHP). The rule gives the FHLBs more flexibility in administering and targeting their AHP programs to meet specific housing needs.
NJHMFA Awards $28M In Federal Tax Credits To Expand Affordable Housing for Families, Seniors, Special Needs Residents
A mixed-income development in Jersey City, affordable apartments for families in Trenton, a senior community in Wall and supportive housing in Glassboro were among the 22 developments awarded over $28 million in the highly competitive federal 9 percent Low Income Housing Tax Credit program (LIHTC) by the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to expand affordable housing statewide.
NCSHA Urges OCC to Ensure CRA Continues to Support Housing Credit and Bond Investments
Any changes made to the Community Reinvestment Act regulations should encourage banks to continue investing in Housing Credits and Housing Bonds, NCSHA argues in a comment letter submitted yesterday to the Office of the Comptroller of the Currency.
NJHMFA Marks Grand Opening of Affordable Housing for Veterans, Families in Gloucester County
A new community of affordable rental apartments for veterans and families celebrated its official grand opening today joined by Lieutenant Governor Sheila Y. Oliver, New Jersey Housing and Mortgage Finance Agency (NJHMFA) Executive Director Charles A. Richman, Senate President Stephen M. Sweeney, local officials, and representatives from Conifer Realty LLC and the People for People Foundation.
Supportive Senior Housing Projects Awarded Development Assistance
NDHFA awarded a total of $3.39 million in federal tax credit authority to the projects through the Low Income Housing Tax Credit (LIHTC) program which will generate more than $30 million in equity. The Agency also awarded $2.8 million from the National Housing Trust Fund (HTF) and $1.6 million from the state’s Housing Incentive Fund (HIF).
FHA Report Says Greater Clarity Needed on Down Payment Assistance Programs
The economic value of the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund (MMIF) improved in fiscal year (FY) 2018, according to FHA’s 2018 Report to Congress.
Washington Report | November 16, 2018
On November 16, 2017, the House of Representatives approved its version of the Tax Cuts and Jobs Act (H.R.1), which would have crippled the ability of states and local communities to finance...
