Leveraging Section 108 to Build More Housing

The Department of Housing and Urban Development has launched the Legacy Challenge to encourage communities to use Section 108 through the Community Development Block Grants to build housing. The Section 108 Loan Guarantee Program is a federal initiative under HUD that offers low-cost, long-term financing to communities for economic development, public infrastructure and housing projects. Affordable housing developers can access these funds to finance large-scale projects for the new construction and preservation of affordable housing. This program enables developers to leverage public resources and secure additional private investments allowing more quality housing to be created in communities that need it the most.

Affordable housing projects that have successfully leveraged Section 108:

Crosstown Concourse, Memphis TN – conversion of a Sears distribution facility into a mixed-use development;
Faxon School Apartments, Kansas City, MO – conversation of school building into senior housing;
Hotel Crim Lofts Project, Texarkana, TX – conversation of a hotel into multifamily; and
Aurora Arts Center, Aurora, IL – conversion of a historical building into a mixed-use development.

HUD Releases HOME Monthly Reports

HUD has announced that the latest HOME Monthly Reports, as of November 30, 2024, are now available. Why it matters: These reports are crucial for Participating Jurisdictions (PJs) to effectively track and manage their housing initiatives. Details: The bottom line: These reports empower PJs to optimize their housing strategies, ensuring effective use of resources and […]

Ginnie Mae’s FY24 Annual Financial Report

Ginnie Mae has released its Fiscal Year 2024 (FY24) Annual Financial Report, and the numbers and initiatives are making an impact. Here are a few key takeaways:

Workforce Housing Debt Financing Updates

The northeast regional affordable housing community had the opportunity to receive an update on agency executions for workforce housing from PGIM’s Michael Lostocco at the NH&RA Fall Developers Forum. Fannie Mae and Freddie Mac have developed voluntary programs aimed at addressing housing affordability, particularly for middle-income renters.

FHFA Unveils Enterprises’ Three-Year Plans to Improve Housing Opportunities for the Underserved

Fannie Mae and Freddie Mac (the Enterprises) will seek to extend housing access in rural underserved markets, enhance their support for manufactured housing and continue addressing liquidity needs for first-time homebuyers, among a host of activities outlined in plans published by the Federal Housing Finance Agency (FHFA).