Federal / Agency News

Affordable housing developers are under pressure to meet soaring demand for multifamily rental units amid rising interest rates and the escalating costs of construction.

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released a revised Community Development Financial Institution (CDFI) Certification Application FAQs document and recorded webinars.  

The Federal Housing Finance Agency‘s (FHFA) recent guidance on the Federal Home Loan Banks (FHLBanks) Affordable Housing Program (AHP), outlined in Advisory Bulletin 2024-05, introduces changes beneficial to developers of affordable multifamily rental projects.  

The recent changes to the HUD Rental Assistance Demonstration (RAD) program offer several potential benefits and implications for non-PHA (private owner) developers who wish to leverage the program for affordable housing initiatives.

Many banks offer predevelopment loans through their community lending programs, especially if the project qualifies for Community Reinvestment Act (CRA) credits.

In a major boost for affordable housing, the LIHTC per-capita multiplier has reached $3 per person for the first time, while the Private Activity Bond (PAB) per-capita multiplier is set at $130 per person for 2025.

NH&RA’s HOPE VI/Mixed-Finance Working Group, a council formed to find preservation solutions to a portfolio of severely distressed properties, submitted recommendations to HUD last week for criteria it should consider in determining whether a property is eligible for a Section 18 repositioning.

NH&RA’s newly formed membership council, the Connecticut Council for Housing Production, was established to enhance and expand the utility of Connecticut’s current housing programs and streamline the processes.

The Enterprise Community Loan Fund (ECLF) is a leading provider of affordable housing financing, focused on creating and preserving affordable homes, especially in underserved communities.

The Ford Foundation provides grants and low-interest loans for predevelopment activities for affordable housing.

Local Initiatives Support Corporation (LISC) provides flexible predevelopment funding to developers involved in affordable housing.

Enterprise has successfully secured over $500 million through the closing of two new affordable housing funds.