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Multifamily Excellence Category: NALHFA Celebrates National Community Development Week

Posted By Administration, Wednesday, April 19, 2017
National Community Development Week NALHFA Member Spotlight 
 National Community Development Week continues with another NALHFA member spotlight. Below are projects submitted for the Multifamily Excellence category of the NALHFA Awards program. 

Be sure to follow NALHFA on FacebookTwitter, and LinkedIn to see what we're up to for the rest of Community Development Week!

Multifamily Excellence Category. Read more.

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Commuinity Development Week Spotlight: Dave Wright Apartments & Landings at Marine Creek

Posted By Administration, Tuesday, April 18, 2017

National Community Development Week NALHFA Member Spotlight 
 As NALHFA continues to celebrate Community Development Week, we will be featuring this year's submissions for the NALHFA Awards program. For over 20 years, NALHFA has been recognizing the outstanding efforts of its member agencies and non-profit organizations through our Awards program. Held in conjunction with the NALHFA Annual Educational Conference, these awards draw submissions from across the United States and in all categories of affordable housing development-single family, multifamily redevelopment, mixed-use, senior housing, and many others. The NALHFA awards committee judges submissions and final decisions will be announced at the 2017 Annual Conference

HOME Excellence Category: Dave Wright Apartments, Allegheny County Residential Finance Authority 

HOME Excellence Category: Landings at Marine Creek, Fort Worth Housing Finance Corporation, Read more.

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NALHFA Celebrates Community Development Week: Green Homes North Project

Posted By Administration, Monday, April 17, 2017
This week (April 17-22) communities across the nation will celebrate National Community Development Week. This annual event is designed to celebrate the accomplishments of community, economic, and housing development programs across the country.

Throughout Community Development week, held during the spring Congressional recess, hundreds of communities will hold numerous events and meet with Members of Congress in their home districts to build support for the programs that make their community development projects possible. To recognize the achievements of our members and these programs, NALHFA will also be participating in Community Development week by sharing content, featuring member projects, and meeting with Hill staffers to advocate for these important programs. Read more.

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NALHFA Members Take Action: Meet with Your Lawmakers Now Over the Spring Break

Posted By Administration, Thursday, April 13, 2017

Congress is currently taking its traditional break from April 10th until April 24th. Take action over the two-week congressional spring break by meeting with your Members of Congress in the communities they represent.

Now is a great time to contact your local House and Senate offices and invite them to tour your housing projects. NALHFA is happy to help in providing you with the tools you need to engage your elected officials during the extended break.

When you do make your appointments make sure to let us know, and after the meeting please send your pictures to hvoorman@nalhfa.org.

We encourage NALHFA members to focus their outreach on the following areas: Read more.

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Trump's Budget Asks for $6 billion in HUD Cuts

Posted By Heather Voorman, Friday, March 17, 2017

[Washington, DC- 3/17/17] The Office of Management and Budget's "blueprint" for 2018 came out this week showing more than $6 billion in cuts to HUD's funding. These funding levels closely match the preliminary numbers leaked to the Washington Post last week.

 

The budget blueprint calls for the elimination of the Community Development Block Grant (CDBG) program, stating that the program is "not well-targeted to the poorest populations and has not demonstrated results." Additionally, the blueprint calls for the elimination of the HOME Investment Partnerships (HOME) program, the Choice Neighborhoods program, and the Self-help Homeownership Opportunity Program. Read More. 

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HUD Budget Faces Proposed Cuts

Posted By Heather Voorman, Friday, March 10, 2017
[Washington, DC- 3/10/17] Preliminary budget documents from the Trump administration reveal a proposal of more than $6 billion in cuts for the Department of Housing and Urban Development. The proposed cuts include big hits for public housing authorities, where operational funds would be reduced by $600 million, or 13 percent and the public housing capital fund would see cuts of an additional $1.3 billion, or about 32 percent.
 
The proposals also include eliminating Community Development Block Grant and HOME Investment Partnerships funds entirely. Direct rental assistance payments, housing for the elderly, housing for people with disabilities, and money for Native American housing would be cut by $521 million collectively. These cuts, if enacted, would increase the number of families that struggle to find affordable housing and would halt efforts by HUD to combat poverty and urban decline. Read More.

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NALHFA Appoints Jonathan M. Paine Interim Executive Director

Posted By Administration, Wednesday, February 15, 2017
NALHFA Appoints Jonathan M. Paine Interim Executive Director 
 
[Washington, DC- 2/15/17] The Board of Directors of the National Association of Local Housing Finance Agencies (NALHFA) has announced the appointment of Jonathan M. Paine, CAE, as its interim executive director of the association effective February 6, 2017. Paine replaces Marc Selvitelli, who recently left the association to pursue another career opportunity. 

Jonathan Paine has served as the chief executive officer of the National Lumber and Building Material Dealers Association (NLBMDA) and as the chief operating officer for the Window and Door Manufacturers Association (WDMA). Read more.    

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Capital Area Finance Authority Announces Upcoming Search for Executive Director

Posted By Administration, Monday, January 9, 2017

Capital Area Finance Authority Announces Upcoming Search for Executive Director

Press Release Contact: Cheri Ausberry 
Phone: (225) 939-6347 

FOR IMMEDIATE RELEASE:

 

 Baton Rouge, La.—December 22, 2016—The Capital Area Finance Authority (CAFA), announced it will soon begin the search for a new executive director.

 

Vickie Theriot will serve as the interim director until a new director is chosen. Theriot has worked with CAFA in various capacities since June 1979, and has served the organization as executive vice president for almost two years.

 

“We are looking forward to beginning the search for a new executive director,” said Chair of the Board Cheri Ausberry. “We are so grateful to have Vickie Theriot’s leadership in the interim, and we are confident that CAFA will continue to grow and serve as a nationally recognized finance authority.”

 

Former executive director Mike Airhart has served CAFA since June 2014, and presided over the organization’s rebrand in 2014. Formerly known as the East Baton Rouge Mortgage and Finance Authority (EBRMFA), the organization expanded its service offerings and broadened its geographic area. The rebrand also reflected the organization’s new project financing capabilities including healthcare, correctional, educational, water generating facilities, mass transit and parking facilities, cultural and civic facilities, community development and redevelopment financing, power generating facilities, industrial development financing, airport and water facilities and manufacturing facilities. Read full press release.

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Housing Finance Update - November 2016

Posted By Administration, Wednesday, November 30, 2016

Save the Date- 2017 NALHFA Annual Conference

Hosted by: Mayor's Office of Housing and Community Development
The 2017 NALHFA Annual Conference is rapidly approaching. Next year’s conference will occur on April 26- 29, 2017 at the Park Central Hotel in San Francisco, California. Registration for the conference will open in early January. The conference webpage, is updated regularly and will soon include information including: agendas, hotel information, and tours.

Book your hotel today!


Legislative & Policy Update

Election Results and Implications

President-elect Donald Trump (R) has begun the transition process as he plans to succeed Barack Obama on January 20. Trump has begun naming nominees to his Cabinet as speculation continues over who may be nominated as Secretary of Housing and Urban Development (HUD).

In the Senate, Republicans will remain in the Majority next year after winning most of the close races. Sen. Mitch McConnell (R-KY) will return as Majority Leader as Republicans are expected to hold a narrow majority of 52-48 next year when adding the two Independents that organize with Democrats.

Republicans suffered narrower than expected losses in the 435 House races and have lost a net of only five seats from their current majority. Four races remain undecided. Republicans are expected to have a 47-seat advantage to start the new Congress.

Caps on discretionary budget authority, which includes funding for programs such as CDBG and HOME, remain in place from 2017 to 2021. The cap for nondefense funding will decrease from $518 billion for 2017 to $516 billion for 2018 and then rise to an estimated $555 billion for 2021. Thus, a substantial increase in investment for CDBG and HOME is unlikely through 2021.

For the first time in 10 years, Republicans will control the White House, Senate, and House of Representatives. Trump has pledged to repeal controversial regulations from the Obama Administration, which could mean repeal to portions of Dodd-Frank. Should Congress and the President-elect look to change the current budget agreement it could affect the funding levels for discretionary programs such as CDBG and HOME. NALHFA is monitoring the issue and working with other associations to preserve funding for vital community and economic development programs. TOP


Congress Plans for Short-Term Funding Agreement

House Republicans announced last week that they will move forward with an agreement funding the federal government through March 31 as requested by President-elect Donald Trump’s transition team. Funding for federal government programs is set to expire on December 9. It is expected that congressional Republicans will work with the Trump Administration early next year to reach an agreement funding the federal government for the second half of Fiscal Year (FY) 2017, which expires on September 30.

During the stop-gap funding for the federal government, spending levels for most programs—including HOME and CDBG—are expected to remain at FY 2016 levels. A consequence of this decision is that the distribution of funds to HOME program award recipients for FY 2017 is unlikely to begin until approximately July 2017. TOP

House GOP to Consider Return of Earmarks

Speaker of the House Paul Ryan (R) has promised the House Republican Conference that they will have a vote early in 2017 on reinstating earmarks in appropriations bills. Some lawmakers have complained about the ban, which has been in place for five years, on the grounds that it cedes too much authority to the executive branch. Although there is interest from House Republicans and Democrats to lift the earmark ban, it does not appear that the Senate will bring them back. Senate Majority Leader Mitch McConnell (R) last week reiterated his support for continuing the earmark ban. TOP


NALHFA Meets with Senate Committee on HQLA

On October 19, NALHFA along with a diverse group of organizations, met with Majority Staff on the Senate Committee on Banking, Housing and Urban Affairs regarding legislation directing the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (OCC) to classify all investment grade municipal securities as High Quality Liquid Assets (HQLA). During the meeting, Majority Staff stated that the current Chairman, Sen. Richard Shelby (R-AL), opposed the legislation but was not inclined to stop it should it have sufficient support in the committee, and ultimately the Senate Floor.

On February 1, the House of Representatives by voice vote passed H.R. 2209. The bill amends Liquidity Coverage Ratio: Liquidity Risk Measurement Standards; Final Rule - 79 Fed. Reg. 61439 by including municipal securities as HQLA. The legislation makes a technical correction to the rule by recognizing that municipal securities meet all the criteria to be characterized as HQLA, including limited price volatility, high trading volumes and deep and stable funding markets.

Sen. Shelby is term-limited as Chair of the Banking Committee and Sen. Mike Crapo (R-ID) is expected to serve as Chair next year. Earlier this year, Janet Yellen, Chair of the Federal Reserve Board of Governors, expressed opposition to H.R. 2209 stating it would interfere with the Fed’s supervisory judgment. NALHFA is continuing to work with other organizations as part of the Public Finance Network coalition to advance the issue in Congress. TOP


News & Notes

NALHFA Board Member Dawn Luke Makes Atlanta Business League’s “100 Women of Influence” List

Dawn Luke, Senior Vice President of Community Development for Invest Atlanta, has been named one of “Atlanta’s Top 100 Black Women of Influence” by the Atlanta Business League (ABL).

Luke, who has worked at Invest Atlanta for over 22 years, was named to the prestigious list at ABL’s recent 32 ndAnnual Super Tuesday Conference held at the Sheraton Atlanta Hotel, October 11, 2016. The conference honored outstanding African-American female business owners and professionals in their respective fields.

While the guests were treated to a host of speakers and presenters during their meals, they were also able to attend informative business workshops throughout the day. Luke was recognized for effective advancement of community development and her proven passion when it comes to the topic of affordable housing initiatives.

Founded in 1933, the Atlanta Business League supports the creation and development of successful businesses that are owned, operated and managed by African-Americans in metro Atlanta. TOP


U.S. House Prices Rise 1.5 Percent in Third Quarter

House prices rose 1.5 percent in the third quarter of 2016 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 6.1 percent from the third quarter of 2015 to the third quarter of 2016. FHFA’s seasonally adjusted monthly index for September was up 0.6 percent from August.

While the HPI rose 6.1 percent from the third quarter of 2015 to the third quarter of 2016, prices of other goods and services were nearly unchanged. The inflation-adjusted price of homes rose approximately 6.0 percent over the last year.

Additional information along with third quarter data is available here. TOP


HUD Publishes RAD Notice on Fair Housing, Civil Rights, and Relocation Requirements

On November 11, HUD published the anticipated RAD Notice Regarding Fair Housing and Civil Rights Requirements and Relocation Requirements Applicable to RAD First Component – Public Housing. The notice is intended to provide guidance regarding key fair housing and civil rights statutory and regulatory requirements, explain the situations in which HUD is requiring front-end fair housing and civil rights reviews, and provide information regarding the types of information that must be submitted to facilitate HUD’s review of certain fair housing and civil rights requirements in connection with public housing conversions under the First Component of RAD. The notice is also intended to provide guidance in response to requests for clarity among RAD participants on the review process, including how HUD evaluates whether or not to further invest on a particular site.

The Notice is effective immediately and applies to all projects that have applied for conversion under the First Component of RAD but have not yet converted. The Notice will not affect any front-end civil rights approvals provided by HUD prior to November 10, 2016. However, with respect to relocation activities, where a Financing Plan has been submitted and accepted for full review as of November 10, 2016, an exception from the Notice can be sought and the project may continue to be governed by Notice H 2014-09/PIH 2014-17 with respect to relocation activities, but not with respect to fair housing and civil rights requirements.

HUD also published a Solicitation of Comment seeking public comment on the Notice with a focus on the clarity of the information provided in the Notice. Comments are due December 14, 2016.

The full text of the notice is available here. TOP


About NALHFA The National Association of Local Housing Finance Agencies, founded in 1982, is the national association of professionals working to finance affordable housing in the broader community development context at the local level.
National Association of Local Housing Finance Agencies, 2025 M Street, NW, Suite 800, Washington, DC 20036
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NALHFA Housing Finance Update 08-05-16

Posted By Administration, Friday, August 5, 2016

HUD Issues Further Comment on HFA DPA Programs

On July 18, Principal Deputy Assistant Secretary for Housing Ed Golding issued a memo following up on previous communications regarding down payment assistance (DPA) programs sponsored by housing finance agencies (HFAs).  The memo indicates that even though previous communications from the Department of Housing and Urban Development (HUD) underscored the agency’s support for HFA DPA programs, HFAs are still obligated to follow all applicable HUD and Federal Housing Administration (FHA) guidelines. 

The notice reiterates HUD and FHA support for HFA DPA programs.  However, according to conversations with HUD staff the agency felt it necessary to emphasize the need for compliance with program guidelines.  Agency staff indicated the memo should not be construed as a move to reverse its position supporting HFA DPA programs. Other updates related to HFA DPA programs, include:

  • NOVA Audit: while the agency considers the DPA issue related to the NOVA audit a settled matter, it is still reviewing the portion of the audit that relates back improper fees charged (by the lender) to consumers (of which HUD concurred with the IG’s assessment).
  • HUD Deputy Secretary Nani Coloretti tasked FHA with developing recommendations and policy guidance surrounding DPA programs. FHA is in the act of following up with that task—which is scheduled to be delivered to the Deputy Secretary in late-August.
  • loanDepot Audit: similar to the NOVA audit, the recommendations  have been forwarded to the HUD Deputy Secretary for a final decision—the decision to move the process up to the Dep. Secretary was made in the Spring, and a final decision from HUD is imminent. Reports indicate that the decision on the loanDepot audit should be similar to the NOVA audit decision.

To view the most recent memo, click here. For more information, contact NALHFA Executive Director Jason Boehlert at 202.367.1225 or jboehlert@nalhfa.org.

NALHFA Partnering with DC HFA and FHLBs of Atlanta & Boston for Fall Finance Workshop

On October 7, NALHFA will be holding its Fall Finance Workshop entitled Capital Collaborations for Housing and Community Development. The workshop will be help in partnership with the District of Columbia Housing Finance Agency (DC HFA), and the Federal Home Loan Banks (FHLBs) of Atlanta and Boston.  Workshop sessions include:

  • HFA and PHA Collaborations: Learn how PHAs and HFAs can effectively collaborate to affect a broad array of affordable housing and community revitalization outcomes.
  • Leveraging the Community Reinvestment Act as a Community Development Tool: Learn how local HFAs can play a larger role in the CRA plans of banks serving their markets.
  • Collaborating with Federal Home Loan Banks to Advance your Housing Finance Objectives: Learn how HFAs can potentially collaborate with the FHLB system to support locally-based affordable housing and community revitalization efforts.
  • Cutting-Edge Capital Market Financing Opportunities: Learn how local agencies and HFAs are tapping into new and innovative products in the capital markets to underwrite their housing and community development finance needs.

Space is limited! Register today at the NALHFA website, here. Registration for NALHFA members is $100 and non-members is $150.  Hotel and speaker information will be forthcoming. For more information, contact NALHFA at 202.367.1197 or info@nalhfa.org.

GAO Report Exams LIHTC Allocating Agencies

In June, the Government Accountability Office (GAO) issued a report reviewing allocating agency administration of the Low-Income Housing Tax Credit (LIHTC) program.  This is the second of three GAO reports focusing on the LIHTC program. The first report, released in July 2015, found that Internal Revenue Service (IRS) oversight of allocating agencies was minimal and recommended joint administration with HUD to more efficiently address oversight challenges (to view, click here).

The most recent GAO report found that allocating agencies administering LIHTC programs have certain flexibilities for implementing program requirements and the agencies have done so in various ways. Although GAO found that allocating agencies generally have processes to meet requirements for allocating credits, reviewing costs, and monitoring projects, some of these practices raised concerns:

  • More than half of the qualified allocation plans that GAO analyzed did not explicitly mention all selection criteria and preferences.
  • Allocating agencies notified local governments about proposed projects as required, but some also required letters of support from local governments. HUD has raised fair housing concerns about this practice, saying that local support requirements could have a discriminatory influence on the location of affordable housing.
  • Allocating agencies can increase the eligible basis used to determine allocation amounts for certain buildings at their discretion, but are not required to document the justification for the increases.

To view the GAO report, click here.  To view a summary of the report, click here.

Legislative News

Updated Version of LIHTC Expansion Legislation Introduced: On July 14, Senator Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) introduced legislation (S. 3237) to expand and strengthen the Housing Credit. Senate Finance Committee Ranking Member Ron Wyden (D-OR) also joined as an original cosponsor. The measure builds on an earlier version of the Affordable Housing Credit Improvement Act (S. 2962), introduced by Sens. Cantwell and Hatch in May.  The Senators indicated they will continue to seek cosponsors for S. 2962, which already has strong bipartisan support, while also beginning to make the case for reforms outlined in the revised legislation. S. 3237 includes all of the provisions from S. 2962 to:

  • Expand the annual Housing Credit allocation by 50 percent. This would make a meaningful step towards addressing our nation’s vast and growing affordable housing needs by enabling the creation or preservation of up to 400,000 new affordable homes over the next decade.
  • Make affordable housing financing more predictable and feasible by creating a permanent minimum 4 percent Housing Credit rate for acquisition and for Housing Bond-financed properties.
  • Permit income averaging within Housing Credit properties in order to preserve rigorous targeting while providing more flexibility and responsiveness to local needs.

S. 3237 adds programmatic modifications to:

  • Make Housing Credit administration more predictable and streamlined.
  • Support the preservation of existing affordable housing.
  • Facilitate Housing Credit development in challenging markets like rural and Native American communities.
  • Increase the Housing Credit’s ability to serve extremely low-income tenants.

To view a summary prepared by the Action Campaign, click here.

Rental Assistance Reform Bill Signed into Law: On July 29, President Obama signed into law legislation (H.R. 3700) reforming federal rental assistance programs.  The legislation, which garnered broad bipartisan support in the House and Senate, is the first major overhaul of federal rental assistance programs in nearly two decades. Key provisions of the bill include:

  • Facilitating broader use of project-based vouchers by allowing public housing agencies (PHAs) to project-base a greater share of their voucher assistance and extend the length of project-based voucher contract terms to 20 years.
  • Simplifying the rules for determining tenant rent payments.
  • Streamlining inspections in the voucher program.
  • Allowing flexibility around the uses of public housing funds so that PHAs can transfer up to 20 percent of operating funds into capital funds in order to make needed repairs.
  • Expanding access to the Family Unification Program for youth aging out of foster care who are at risk of homelessness.
  • Limiting assistance for public housing tenants whose incomes rise about 120 percent of area median for two consecutive years.

For more details on the legislation, click here.

House GOP Tax Plan UnveiledOn June 24, House GOP leaders released A Better Way:  A Pro-Growth Tax Code for All Americans a federal tax reform plan developed by the House Ways and Means Committee.  The proposal outlines broad changes to corporate and individual tax laws. Specific reforms outlined in the proposal include:

  • No direct commentary on municipal bonds, the current tax-exempt status of municipal bonds, New Market Tax Credits (NMTCs), or the Low-Income Housing Tax Credit (LIHTC).  The document does reference the need to eliminate numerous deductions, exemptions, and credits that are viewed as "special interest" provisions.
  • The Alternative Minimum Tax is eliminated for both individuals and corporations.
  • The corporate income tax rate is reduced to 20 percent and individual tax brackets are reduced to three brackets—12-, 25- and 33-percent.
  • The plan retains items such as the mortgage interest deduction and the charitable deduction for individuals and also provide for immediate expensing for corporations and indefinite net operating loss carry-forward.

The plan is expected to serve as the basis for future discussions on tax reform developed by House Republican leaders in 2017. To view a summary of the tax plan, here.To view the Washington Post's coverage, here.

House Approves SIB Legislation: On June 21, the House of Representatives unanimously passed legislation (H.R. 5170) to expand federal support to state and local Social Impact Bonds (SIBs), also called “social impact partnerships” or “pay-for-success” contracts. The bill, sponsored by Reps. Todd Young (R-IN) and John Delaney (D-MD), would establish a new interagency council to identify, support and monitor eligible state and local SIB initiatives. The measure would also create a new 10-year, $10 million fund within the Treasury Department to support state and local SIBs. The bill now awaits Senate action, where similar legislation was introduced last Congress by Senate Finance Committee Chairman Orrin Hatch (R-UT).

First-Time Homebuyer Tax Credit Legislation Introduced: On July 13, Senate Finance Committee Ranking Member Ron Wyden (D-OR) introduced legislation (S. 3175) that would provide first-time homebuyers with a refundable tax credit of up to $10,000, which would be equal to 2.5 percent of the purchase price for homes that are acquired for less than $600,000. Homes purchased between the $600,000 and $700,000 range would receive a smaller credit. The credit would be available to first-time home buyers and would phase out for individuals with annual incomes exceeding $80,000 and married couples exceeding $160,000. To view the bill, click here. To view Wyden’s statement on the measure, click here.

Bank-Qualified Municipal Bond Legislation in Senate: On July 14, Sens. Robert Menendez (D-NJ) and Ben Cardin (D-MD) introduced legislation that would increase the bank-qualified debt limit from $10 million to $30 million. Identical legislation (H.R. 2229) was introduced in the House, last year.  For more information, visit the Government Finance Officers Association (GFOA) website, here.

Regulatory Updates

HTF State Allocation Plan Information Available Online: The National Low Income Housing Coalition (NLIHC) has made available national Housing Trust Fund (HTF) allocation plan information, as well as information on public participation activity.  HTF resources compiled by NLIHC include draft allocation plans, notices of public comment periods, submitted comment letters, and contact information for the State Designated Entity (SDE) responsible for administering HTF dollars. To view, click here.

MSRB to Launch Permanent Series 50 Exam: The Municipal Securities Rulemaking Board (MSRB) will make available the permanent Municipal Advisor Representative Qualification Examination (Series 50) beginning September 12, 2016. As provided for under MSRB Rule G-3, municipal advisor representatives are required to take and pass the Series 50 in order to engage in municipal advisory activities. The score required to pass the Series 50 exam is 71 percent. For more information, click here.

CDFI July 2016 QEI Report: The Community Development Financial Institutions (CDFI) Fund has released its July 2016 New Markets Tax Credit (NMTC) Qualified Equity Investment (QEI) Issuance Report.  The Report provides information on each entity that has not finalized all of its NMTC allocation. To view, click here.

News and Notes

NALHFA Member Authors Tax Exempt Bond Handbook: NALHFA Board Member and New York City Housing Development Corporation Chief Operating Officer and General Council Richard Froehlich serves as co-author of the Beginner's Guide to Tax-Exempt Bonds for Affordable Housing. The Guide is made available through the American Bar Association, here.

Harvard Joint Center for Housing Studies Releases 2016 State of Housing Report: The annual study of housing availability and affordability provides a current assessment of the state or rental and home ownership markets.  According to the study, while housing markets display continued recovery home ownership continues its decade-long slide and gaps in rental affordability persist.  The number of severely cost-burdened renters – those paying more than half of their income in rent – has reached an all-time high of 11.4 million households. The  report also notes  that lack of a strong federal  response to  the affordability crisis has left state and local governments struggling to expand rental assistance and promote construction of affordable housing in areas with access to better educational and employment opportunities through inclusionary zoning and other local resources. To view the report, click here.

$90 million Resilient Communities Initiative Launched: Enterprise Community Partners, the Federal Reserve Bank of San Francisco, Low Income Investment Fund and Natural Resources Defense Council, have launched a new initiative called the Strong, Prosperous and Resilient Communities Challenge (SPARCC).  SPARCC aims to ensure that new investments in infrastructure, climate resilience and health in major U.S. regions benefit low-income communities and people of color.  Six multi-disciplinary teams across the nation will be selected to receive access to a total of $90 million in grant funding, technical assistance, program support and financing to accelerate their efforts over the next three years.  For more information, click here.

Inclusionary Zoning Initiatives on the Rise:  A report by the Urban Land Institute’s (ULI’s) Terwilliger Center for Housing indicates cities are increasingly introducing or strengthening inclusionary zoning policies to address affordable housing challenges.  Inclusionary zoning requires or encourages developers to create below-market rate units as part of market-rate development projects, with the goal of creating workforce and affordable housing that the private market would not produce on its own.  To view the report, click here.

Zillow Reports Widening Housing Affordability Gap: In July, Zillow reported that the housing affordability gap between rich and poor households is widening. Households in the bottom-third of the income bracket can expect to spend twice as much of their income on an entry-level home as those in the top income tier. Currently, the most affordable home-buying markets are located in the Midwest (led by Detroit and Indianapolis), while four of the five most expensive markets are in California (led by San Jose, San Francisco and Los Angeles).  Households earning the median national income and buying the median-valued home can expect to spend 14.8 percent of their income on a mortgage, while median-income renters can expect to pay 30.1 percent of their income on rent. To view, click here.

NALHFA Welcomes Incoming Board Member

NALHFA is pleased to welcome Terry McCarthy, Executive Director, Jefferson Parish Finance Authority (Jefferson, LA) as the newest member of the organization’s Board of Directors.  Terry's appointment was approved by the Board of Directors, on July 15, to fulfill the unexpired term of departing board member Mtumishi St. Julien, who is retiring as Executive Director of The Finance Authority of New Orleans. Terry has served as Executive Director of the Jefferson Parish Finance Authority since 2009.

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2017 NALHFA Annual Conference

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2017 Fall Finance Workshop

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2018 NALHFA Annual Conference

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