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NALHFA Applauds the Senate for Passing COVID-19 Stimulus Package

Posted By NALHFA, Thursday, March 26, 2020

Press Release – March 26, 2020

Contact: Katelynn Harris

202-367-2405

info@nalhfa.org

 

NALHFA Applauds the Senate for Passing

COVID-19 Stimulus Package

 

WASHINGTON, DC – The National Association of Local Housing Finance Agencies (NALHFA) applauds the Senate for unanimously voting late last night to pass a $2.2 trillion stimulus package in response to the novel coronavirus, COVID-19.

 

“NALHFA applauds the Senate for taking this important step to stabilize the U.S. economy and provide billions of dollars in important and necessary funds to address the affordable housing crisis which has been exasperated by the COVID-19 pandemic,” said NALHFA Executive Director, Jonathan Paine. "Congress is already beginning discussions around future federal aid packages to provide additional relief to American households and businesses. NALHFA will continue to specifically advocate for the inclusion of Housing Credit provisions."

 

NALHFA is continuing to engage with Congress, the White House Administration and industry stakeholders as this legislation now moves to the House of Representatives.

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NALHFA Urges Stakeholders to Contact Members of Congress on Stimulus Package

Posted By NALHFA, Wednesday, March 25, 2020
Last Wednesday, in the wake of COVID-19 NALHFA and coalition partners through the ACTION Campaign called on Congress to extend three key Low Income Housing Tax Credit (Housing Credit) statutory deadlines by one year as the deadlines would be nearly impossible for many to meet due to the COVID-19 crisis.
 
Specially the ACTION Campaign urges Congress to provide a one-year extension for three key program deadlines:
 
  • 10 percent test deadlines. Currently, at least 10 percent of the anticipated basis of a development must be expended within one year of the Housing Credit allocation. We propose temporarily extending this deadline to the end of the second year of allocation for properties that received Housing Credit allocations between December 31, 2016 and January 1, 2022.
 
  • Placed in service deadlines. Buildings must currently be placed in service by the end of the second year after the calendar year of the Housing Credit allocation. We proposed temporarily extending this deadline to the end of the third year after the calendar year of allocation for properties that received Housing Credit allocations between December 31, 2016 and January 1, 2022.
 
  • Rehabilitation expenditure deadlines. These are currently required to be placed in service within 24 months. We propose temporarily extending the rehabilitation expenditures deadline to be met at the close of 36-months.
 
ACTION Campaign also recommends that Congress enact a minimum 4 percent Housing Credit rate to bolster future production and preservation of affordable housing. With federal borrowing rates effectively zeroed out in response to COVID-19’s economic impacts, the 4 percent Housing Credit rate is at an all-time low of 3.12 percent, and will likely dip even further next month.
 
 
Please contact your Senators today and urge them to include the above Housing Credit provisions in the third COVID-19 stimulus package. Click here to contact your Senator’s office today, it only takes a few seconds to complete!

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NALHFA Launches COVID-19 Resource Center

Posted By NALHFA, Wednesday, March 25, 2020
In light of COVID-19, NALHFA has created aresource centerwith tools and resources on how the federal government is responding to the COVID-19 pandemic. There are sections on Congress, the White House, HUD, FHFA, and others, all focused on the implications local housing finance agencies are facing during the crisis.
 
Additionally, the page highlights some of NALHFA’s advocacy efforts in response to COVID-19:
 
  • NALHFA, as part of the CDBG Coalition, has signed onto letters tothe Senateand theHouserequesting additional funding and statutory relief for CDBG and HOME.
  • NALHFA and the ACTION Campaigncirculated a letterurging the Congress to extend three key deadlines for the Low Income Housing Tax Credit program in a COVID-19 stimulus package.
  • NALHFA supports and endorses theAddressing Affordable Housing Challenges in the Midst of COVID-19letter, which was sent to key Congressional members urging to keep affordable housing as a priority in any COVID-19 stimulus package.
NALHFA's COVID-19 Resource Center is updated daily as new information becomes available.
 
If you have any questions or feedback related to the resource center or NALHFA's response to the health crisis, contact Katelynn Harris, Policy Director at kharris@nalhfa.org.

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NALHFA Cancels Annual Conference Scheduled for May

Posted By NALHFA, Friday, March 20, 2020
Updated: Tuesday, March 24, 2020
Dear NALHFA Members,

On behalf of the National Association of Local Housing Finance Agencies (NALHFA) Board of Directors, I want to express that the health and safety of our conference attendees is and always will be our first priority. The novel coronavirus (COVID-19) continues to affect people throughout the world, and the situation is fluid, with information changing daily. 

After careful consideration, dialogue with key stakeholders and legal counsel, as well as considerable evaluation of the evolving concerns surrounding COVID-19, the NALHFA Board of Directors has decided to cancel the Annual Conference, scheduled for May 6 – 9 in New York City. It is NALHFA’s hope to be able to postpone the conference to the fall and we are currently working with the hotel regarding our options to do so. 

NALHFA has been intently monitoring developments regarding COVID-19 and have been following the information about the outbreak from the World Health Organization (WHO) and the US Centers for Disease Control and Prevention (CDC), among others. 

The ongoing spread of COVID-19 has resulted in mounting concern over health safety, along with increased travel advisories and government health warnings. With this information and directive, it became clear that the most responsible path forward is to cancel the conference with the intent to postpone this fall. 

NALHFA will be sharing more information regarding issuing registration refunds and sponsorships in the coming week. The New York Hilton Midtown has already initiated refunding deposits for conference attendees. If you have not heard from the hotel you are encouraged to reach out directly. 

NALHFA appreciates your understanding and the ongoing support that our attendees, sponsors and industry partners have shown. 

Should you have any questions, please feel free to contact me at jpaine@nalhfa.org. 

Sincerely,
Jonathan M. Paine, CAE
NALHFA Executive Director 

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NALHFA Mourns Board Member Todd Lee of DCHFA

Posted By Administration, Monday, January 6, 2020

It is with a heavy heart that NALHFA shares the passing of Board Member Todd Lee, Executive Director and CEO of the DC Housing Finance Agency (DCHFA). Todd, 51, is survived by his wife and two children. NALHFA extends our heartfelt condolences to the Lee family during this time. Todd was deeply committed to affordable housing and commercial real estate, with over 30 years in the industry. Todd served as the Executive Director and CEO of the DCHFA since 2016 and served on NALHFA’s Board of Directors since 2017.

 

Read NALHFA's full statement here

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NALHFA Member Spotlight: Housing Finance Authority of Pinellas County

Posted By Administration, Tuesday, July 30, 2019
Updated: Tuesday, July 30, 2019

During its 2019 Annual Conference, NALHFA presented the Housing Finance Authority of Pinellas County with the HOME Excellence award in recognition of the Palms of Pinellas project.

 

Palms of Pinellas represents the dedication of public and private organizations working together to meet the need for affordable workforce housing for teachers, hospital employees and more in Pinellas County. This 92-unit, mixed income, development embodies the vision and spirit of the many people and organization working to increase affordable workforce housing in our community. Of the 92 units, 19 units are set aside as Low Home at 50% AMI, 10 units are set aside as High Home at 80% AMI, 19 units are set aside as 50% AMI with SHIP rent limitations, 19 units are set aside as 120% AMI with SHIP rent limitations and 25 units have no program or rent restrictions but cannot exceed 150% AMI.

 

A market study, conducted in 2015, at the beginning of this project, concluded the project would be well suited to this mixed-use area, best described as moderate-income with median and average incomes increasing. The 4.98-acre site is located near the intersection of Ulmerton Road and Belcher Road, both primary thoroughfare roads in Pinellas County. The neighborhood offers a wide variety of employment and shopping opportunities. The location of this project places it within a reasonable commuting distance to many potential employers. The project is nearing completion and had approximately 69% of the units leased at the end of January 2019. Targeted marketing efforts are being focused on all Pinellas County School teachers and local hospitals. There is also a Preferred Employee Program offered to existing large corporations and neighboring businesses.

 

The 4.98 acres was purchased using funds from the Penny for Pinellas surtax program. Funds from this surtax are invested in infrastructure, public safety equipment and vehicles, environmental land acquisition, fire stations, parks, libraries, community centers and land for affordable housing. The Housing Finance Authority of Pinellas (HFA) administers the Land Assembly Fund portion of this program for Pinellas County. Once the land is purchased it is put into a land trust, with the HFA as Trustee. The HFA, as Trustee, then leases the land to the Developer for 99 years, ensuring continued affordability. 

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NALHFA Member Spotlight: New York City Housing Development Corporation

Posted By Administration, Thursday, July 25, 2019
Updated: Thursday, July 18, 2019

During its 2019 Annual Conference, NALHFA presented the New York City Housing Development Corporation with the Redevelopment Excellence award in recognition of the ADC Genesis Year 15 Resyndication project.

 

The project involved the transfer of ownership, financial restructuring of debt and rehabilitation of a scattered-site portfolio of 28 multifamily rental apartment buildings providing an extraordinary and far reaching benefit to the community by not only protecting the 358 existing low-income households that would otherwise be at-risk of displacement, but also by contributing to the long-term affordability and diversity of the increasingly high-cost Harlem neighborhood of Manhattan.

 

The ADC Genesis portfolio of buildings was initially constructed during the span of 1899 to 1935 dating the building portfolio at roughly 100 years old. The buildings range from four to eight stories in height, typically with a basement-level boiler room and apartment sizes ranging from studios to three bedroom units. There are seven retail spaces within the properties, averaging 570 square feet each, as well as two community spaces. Six of the buildings have an elevator, while the remaining buildings are walk-ups

 

The ADC Genesis portfolio will remain affordable for a minimum of 30 years, with 324 units at 60% AMI and 28 units at 50% AMI. 70 units in the portfolio are reserved for formerly homeless households.

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Harvard JCHS Director to Speak at NALHFA Legislative Conference

Posted By Administration, Wednesday, July 24, 2019

NALHFA is pleased to announce the confirmation of Dr. Chris Herbert as a speaker at the 2019 NALHA Legislative Conference. Dr. Herbert is the managing director at the Joint Center for Housing Studies at Harvard University and has extensive experience conducting research related to housing policy and urban development, both in the U.S. and abroad. A key focus of his research has been on the financial and demographic dimensions of homeownership, and the implications for homeownership policy of the recession, housing bust, and foreclosure crisis. Having previously worked at the Center in the 1990s, Herbert rejoined the Center in 2010 from Abt Associates, to serve as the Director of Research. In this role, Dr. Herbert led the team responsible for producing the Center’s annual State of the Nation’s Housing and its biennial America’s Rental Housing reports, essential resources for both public and private decision makers in the housing industry. 

 

Dr. Herbert was named managing director of the Center in 2015, and oversees the Center’s diverse sponsored research programs, its local and national conferences and symposia, as well as its student fellowship programs, designed to help train and inspire the next generation of housing leaders. He is also a Lecturer at the Harvard Graduate School of Design in the Department of Urban Planning and Design.

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Congressional Leaders and Trump Administration Reach Budget Deal

Posted By Administration, Wednesday, July 24, 2019

Yesterday, Congressional leadership and President Trump reached a $1.3 trillion tentative bipartisan budget deal. The proposal includes $320 billion in additional spending over two years and suspend the federal debt ceiling until July 31, 2021 and includes $77 billion in offsets. Under the agreement, domestic programs will receive a 4.5% increase in funding over Fiscal Year 2019 levels, which is $15 billion less than the amounts included in the House-approved spending bills.

 

However, the agreement must still must be passed by both chambers of Congress. The House is expected to vote on the deal by the end of this week before departing for a six-week recess. The Senate will be in session for an additional week and is expected to take up the deal next week. Lawmakers have the month of September to fund the next fiscal year before the government shuts down.

 

NALHFA will continue to monitor the budget process and will keep members up-to-date on any progress. Please contact Katelynn at kharris@nalhfa.org with any questions or concerns.

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NALHFA Member Spotlight: Housing Opportunities Commission of Montgomery County

Posted By Administration, Thursday, July 11, 2019
Updated: Thursday, July 11, 2019

During its 2019 Annual Conference, NALHFA presented the Housing Opportunities Commission of Montgomery County with the Multifamily Excellence award in recognition of The Lindley.

 

In Montgomery County and across the nation, rents continue to outpace wage growth, particularly for the lowest-income workers. Nowhere in the country can a family afford to rent a modest, two-bedroom apartment on the minimum wage. In Montgomery County alone, the median household income is $103,178 while the average annual income for HOC customers receiving housing subsidies – most of whom work or are seniors or persons with disabilities – is $18,600. Furthermore, as government resources for affordable housing development disappear, both subsidized and naturally-occurring affordable housing options have become increasingly scarce. As a result, many low- and moderate-income households are forced to seek housing options in far-flung parts of the county without suitable public transit options or connections to high-performing schools.


In response, HOC looked for more sustainable alternatives to fund affordable housing development through an innovative financing strategy for The Lindley in Chevy Chase, Maryland. With The Lindley, HOC became the first Public Housing Authority in the country to include private foundation capital as a source of equity while also maintaining principal control and ownership of the property. Furthermore, the development of the Purple Line light rail connecting Montgomery and Prince George’s Counties presented an opportunity to increase affordable units near a future transit hub, connecting residents to community resources, high-performing schools and employment opportunities.


Maintaining a shared dedication to increasing affordable housing, HOC partnered with Bethesda-based residential developer EYA to increase density at the property. Selling a portion of the original site to EYA and consolidating the low-rise garden apartments into a 200-unit high-rise building allowed HOC to leverage the value of the land in highly desirable Chevy Chase, Maryland. Furthermore, HOC embarked upon a partnership with the Morris and Gwendolyn Cafritz Foundation to include private equity as a source of development funds. The Lindley is the first mixed-income affordable housing property in the nation to use private foundation funding as a source of equity.


While partnerships are pivotal to the sustainability of affordable housing finance and development, HOC maintains as a guiding principle that ownership by Public Housing Authorities or other mission-driven, nonprofit developers is key to ensuring affordability for the long-term. To ensure the retention of affordable units, it was critical for HOC to maintain ownership of The Lindley. These unconventional and crucial public-private partnerships helped ensure successful execution and delivery of The Lindley to the Chevy Chase community.

 

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