The Biden-Harris administration has introduced an update to a Department of Housing and Urban Development financing program that will help state and local Housing Finance Agencies build more affordable homes. The program now includes an interest rate “collar” to provide rate stability, making it easier to finance new multifamily affordable housing projects. This initiative is part of a broader government effort to increase the supply of affordable housing across the U.S. For more details, you can read the full announcement here.
Related Posts
RFI for HUD’s Choice Neighborhoods Grant
The Department of Housing and Urban Development has issued a Request for Information (RFI) in the Federal Register to gather public feedback on its Choice Neighborhoods (CN) program.
Selling Federal Land to Developers
The White House and Republicans are exploring a plan to sell federal land to developers as a solution to close the housing gap in the U.S.
Enhance AHP Application Process
The Federal Housing Finance Agency (FHFA) released a Request for Input (RFI) to gather suggestions on enhancing the application procedures for members and project sponsors seeking funding from the Federal Home Loan Banks’ (FHLBanks) Affordable Housing Program (AHP).
Commercial Property Affordable Housing Conversion
Recent bipartisan efforts in Congress aim to address the affordable housing shortage by converting distressed and vacant commercial real estate into residential properties. Notably, the Revitalizing Downtowns and Main Streets Act, introduced by Representatives Mike Carey (R-OH) and Jimmy Gomez (D-CA), proposes a temporary 20 percent tax credit for converting underutilized commercial buildings that are at least 20 years old into affordable housing.