General News
Georgia Supreme Court: LIHTCs “Do Not Constitute Actual Income”
The Supreme Court of Georgia decided in Heron Lake II Apartments, LP et al. v. Lowndes County Board of Tax Assessors that LIHTCs do no constitute “actual income.” The decision centers around the argument that investors do not receive more money from anyone for tax credits rather, they merely pay less in taxes to the […]
Documenting the Long-Run Decline in Low-Cost Rental Units in the U.S. by State
The Joint Center for Housing Studies of Harvard University released a working paper, which details the dramatic decline of low-cost rental units over the past three decades. The number of units renting for less than $600 per month, adjusted for inflation, fell by almost 4 million between 1990 and 2017. The data also show that […]
Senator Sanders Releases Housing for All Plan
Democratic presidential hopeful Senator Bernie Sanders (VT) released his expansive Housing for All plan, which is guided by the belief that every American must have a safe, decent, accessible and affordable home as a fundamental right. The plan proposed to build 7.4 million affordable units that will remain affordable in perpetuity through a ten-year, $1.48 trillion investment in the National Housing Trust Fund.
FY 2020 Affordable Housing Program Funding Outlook Webinar Sept. 26
The Campaign for Housing and Community Development Funding will hold a webinar on FY 2020 Funding Outlook for Affordable Housing Programs on September 26 at 4:00 pm EDT. Doug Rice from the Center on Budget and Policy Priorities, Moha Thakur from the National Housing Trust, Steve Berg from the National Alliance to End Homelessness and […]
California Passes State Historic Tax Credit, Bill Awaits Governor’s Signature
The California Legislature passed S.B. 451, which would create a State Historic Tax Credit (HTC) for 20 or 25 percent of qualified rehabilitation expenses (QREs) that meet specific criteria and would be in effect from 2021 through 2026. The credit would have a statewide cap of $50 million per calendar year, with $2 million set […]
Washington State Report Details the Threat of LIHTC Nonprofit Transfer Disputes
The Washington State Housing Finance Commission released Nonprofit Transfer Disputes in the Low Income Housing Tax Credit Program: An Emerging Threat to Affordable Housing. In Washington and other states, nonprofit housing developers are struggling with legal challenges to statutory ownership transfers, draining resources away from affordable housing. The report defines the emerging threat and shares […]
Ben Metcalf Resigns as California HCD Director
The California Department of Housing and Community Development announced that Director Ben Metcalf has resigned, effective September 6. Chief Deputy Director Doug McCauley, will serve as acting director until a new director is appointed.
California Announces Compromise on Statewide Cap of Rent Increases
California Governor Gavin Newsom announced a compromise on proposed legislation to cap rent increases statewide and ultimately address the housing crisis.
Affordable Housing Leaders Joe Hagan and Joe Wishcamper to Receive Prestigious NH&RA Vision Awards
Industry to honor the Joes at October 16 luncheon at Boston’s Harvard Club WASHINGTON, DC (September 9, 2019) – The National Housing & Rehabilitation Association (NH&RA) announced today that two affordable housing champions– Joe Hagan, President Emeritus at the National Equity Fund, Inc. (NEF) and Lyndel J. “Joe” Wishcamper, President at The Wishcamper Companies, Inc.–will […]
Furman Center Report Concludes NYCHA’s Woes Cannot Be Solved Solely Through Better Management
A new brief from the Furman Center, NYCHA’s Road Ahead: Capital and Operating Budget Needs, Shortfalls, and Plans, reviews how the New York City Housing Authority (NYCHA) plans to address its massive public housing repair needs in the coming years and identified a number of serious potential challenges. “In a 2017 Physical Needs Assessment (PNA), […]
NHC Releases White Paper on GSE reform
The National Housing Conference (NHC) released a new white paper on housing finance reform that calls for bipartisan cooperation between Congress and the Trump administration to complete housing finance reform leading to the release of Fannie Mae and Freddie Mac from conservatorship. he paper establishes seven conditions to guide administrative and statutory reform to ensure that the U.S. will have a well-functioning housing finance system that provides consistent, affordable credit to borrowers across the nation and through all parts of the credit cycle, while minimizing the risk of another taxpayer-funded bailout.
NYT: How a Trump Tax Break to Help Poor Communities Became a Windfall for the Rich
This New York Times article debates the merits of Opportunity Zones arguing “billions of untaxed investment profits are beginning to pour into high-end apartment buildings and hotels, storage facilities that employ only a handful of workers, and student housing in bustling college towns, among other projects.” The article explores how developments in New Orleans, Miami, […]