News

The authors find that on average, developers need to pull together 3.5 different funding sources to make a development pencil, with some developments requiring as many as 11 sources on top of tax credit equity. The average number of sources has also increased over time, in line with the rise of development costs.

Minnesota Housing is now accepting applications for the Housing Trust Fund (HTF) Rental Assistance Program Request for Proposals (RFP). The HTF Program provides temporary rental assistance, housing related expenses, such as application fees and security deposits, in partnership with supportive services for High Priority Homeless (HPH) families and individuals prioritized for permanent supportive housing by the local Coordinated Entry (CE) system.

The bill retains most of the provisions from the version that was introduced in the 116th Congress, with two notable exceptions in the bond arena. The minimum four percent rate floor has been removed since it was passed into law in the 2020 year-end bill. The new version of the bill lowers the 50 percent bond-financing threshold to 25 percent.

HUD’s Office of Multifamily Housing recently published a Housing Notice, “Continued Availability of Funds for COVID-19 Supplemental Payments for Properties Receiving Project-Based Rental Assistance under the Section 8, Section 202, or Section 811 Programs.”

From 2-3:30 p.m. ET on April 29 HUD’s office of Policy Development and Research will host a panel discussion on services in HUD-Assisted Housing, including services offered through HUD’s Family Self-Sufficiency (FSS) and Resident Opportunities and Self-Sufficiency (ROSS) programs.

The Denver Community Planning and Development team is partnering with the Department of Housing Stability on a citywide effort to promote affordable housing through policy tools and incentives.

On April 16, 2021, New York Gov. Andrew Cuomo signed into law the COVID-19 Emergency Rental Assistance Program of 2021 (the “2021 Act”).  The 2021 Act allocates $2.45 billion in rental relief for New York households, including $2.35 billion in federal funds and $100 million in state funds.  Each state or other jurisdiction receiving federal funds is charged with administering those funds through new or existing rental assistance programs in that state or jurisdiction. This advisory provides a general background on the current need for rental assistance and New York’s previous attempt at rent relief, describes the relevant details of the 2021 Act, and highlights what is next with respect to rental assistance.

Senators Maria Cantwell (D-WA), Rob Portman (D-OH), Ron Wyden (D-OR) and Todd Young (R-IN) along with Representatives Don Beyer (D-VA), Suzan DelBene (D-WA), Jackie Walorski (R-IN) and Brad Wenstrup (R-OH) introduced the Affordable Housing Credit Improvement Act of 2021 (AHCIA).

Last week, President Joe Biden sent the administration’s fiscal year (FY) 2022 discretionary funding request to Congress. The HUD budget requests $68.7 billion, a $9 billion or 15-percent increase from the 2021 enacted level. The funding request does not include line-by-line program requests, but rather requests for a few key HUD programs. A full budget request is expected later this spring.

The Faircloth-to-Rental Assistance Demonstration (RAD) pathway represents an innovative solution for Public Housing Authorities (PHAs) to use existing federal authority to create up to 220,000 new units of deeply affordable housing.

Last week HUD announced an allocation of $689,565,492.92 to states via the National Housing Trust Fund (NHTF).

HUD is soliciting feedback on its National Standards for the Physical Inspection of Real Estate (NSPIRE) inspection standards, with the following specific questions…