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How Can Issuers of Municipal Bonds Use EMMA?

Posted By Administration, Wednesday, July 5, 2017

Electronic Municipal Market Access, or EMMA, is the official repository for information on virtually all municipal bonds, providing free access to official disclosures, trade data and other information about the municipal securities market. The Municipal Securities Rulemaking Board (MSRB) has two videos available to inform issuers about how to use EMMA. Click below to access these helpful videos featuring NALHFA Board of Directors member Richard Froehlich, who also serves on the MSRB Board. 

 

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NALHFA Plans for Housing Day of Action on July 29

Posted By Administration, Monday, June 12, 2017

 

Call for Greater Federal Investments in Affordable Housing

 

[Washington, DC - 6/12/2017] - The Campaign for Housing and Community Development Funding (CHCDF) and the National Association of Local Housing Finance Agencies, along with other state, local, and national leaders call on advocates, elected officials, and concerned citizens will participate in the Our Homes, Our Voices day of action on July 29 to bring more attention to America's affordable housing crisis. Coordinated activities will be held in cities across the nation to call for a greater investment in affordable homes and community development.

 

All people deserve an affordable home, and no one should be forced to give up food and basic healthcare to keep a roof over their heads. When we invest in affordable homes, we invest in people, our communities, and America as a whole - from increased employment and economic mobility to improved health and better education.

 

Yet, far too many families - including low income seniors, people with disabilities, veterans, and families with children - struggle to keep a roof over their heads. Nationwide, more people are renting their homes than ever before. But our investments in affordable housing have not kept pace. Today, three out of four families in need of federal housing assistance are turned away due to a lack of funding. As a result, millions of people do not have an affordable place to call home and half a million people live on the street, in shelters, or in their cars on any given night. Every state and community is impacted.

 

This year, federal investments in affordable housing face significant budget threats. In the name of deficit reduction, Congress has put in place low spending caps that starve low income families and communities of the resources they need to thrive. President Trump has proposed even deeper cuts in 2018, which would slash federal investments in affordable housing by $7.4 billion or 15%. Instead of reducing our nation's investments in affordable housing, we should make a bold and sustained commitment to ensure that everyone has a safe, accessible and affordable home. This starts with Congress rejecting the President's 2018 budget proposal, lifting the spending caps equally for defense and domestic programs, and fully investing in affordable housing resources that help low income families keep a roof over their heads.

 

"President Trump's budget proposal would be catastrophic to local governments that rely on this funding for affordable housing," said NALHFA Interim Executive Director, Jonathan Paine. "The country is in a serious affordable housing crisis and there is a great need to highlight the importance of government investment in affordable housing infrastructure. The Our Homes, Our Voices day of action will be an exceptional way for communities across the nation to emphasize the necessity of affordable housing investment."

 

Organizations, elected officials, and individuals who would like to participate in the Our Homes, Our Voices day of action should contact hvoorman@nalhfa.org

 

The following national, state, and local organizations are partners for Our Homes, Our Voices: The National Low Income Housing Coalition, B'nai B'rith International, Council of Large Public Housing Authorities, Enterprise Community Partners, Habitat for Humanity, Housing Assistance Council, National Alliance to End Homelessness, National Association of Local Housing Finance Agencies, National Law Center on Homelessness & Poverty, National Network to End Domestic Violence, New York Housing Conference, Washington Low Income Housing Alliance

 

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NALHFA Washington Briefing Webinar (Members Only)

Posted By Administration, Monday, May 22, 2017
Thursday, June 15 
2:00 pm Eastern

  
Register today for NALHFA's Washington Briefing Webinar, part one of NALHFA's new educational webinar series for members only. 

Since 1982, NALHFA has been promoting, protecting and advancing the legislative and regulatory interests of local housing government agencies and providing leadersh ip in the field of affordable housing finance. The NALHFA Government Relations team is proud to represent the industry's interests and share with you the latest from Washington DC on a variety of topics ranging from tax reform to the federal budget and its potential impact on the affordable housing financing community. The team will also be taking your questions and look forward to hearing directly from you what you see as key priorities for the industry as well.

 

This Washington Briefing webinar is a terrific new member benefit, so don't miss out, register today! 

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NALHFA Celebrates Infrastructure Week

Posted By Administration, Monday, May 22, 2017
Why Affordable Housing Infrastructure Matters  

It's infrastructure week and across America its #TimeToBuild! Infrastructure week is a national week of education and advocacy that brings together organizations, businesses, local governments, workers, elected leaders, and community members to focus on our nation's infrastructure needs. A piece of the infrastructure puzzle that is often left out is affordable housing.  Affordable housing is a vital component to infrastructure investment, and the construction and preservation of our country's affordable housing stock will strengthen productivity and economic growth, promote economic mobility, and will support job creation and increased incomes. Read more.
 

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Housing Credit Program Remains a Successful Affordable Housing Tool

Posted By Administration, Monday, May 22, 2017
[Washington, DC - 5/12/2017] - The Low Income Housing Tax Credit (LIHTC) program is widely regarded as the most successful tool available for boosting private investment in the development and preservation of affordable housing in the United States. The program gives state and local allocating agencies the equivalent of approximately $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, and new construction of rental housing targeted to lower-income households. With these funds, approximately 14 million low-income people have lived in affordable housing apartments financed by LIHTC since the program began in 1986. Furthermore, the program annually generates 96,000 jobs and $3.5 billion in taxes and other revenue for local economies. Read more.

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NALHFA Member Spotlight: The Low Income Housing Tax Credit Program

Posted By Administration, Wednesday, May 10, 2017

Over the last 30 years, the Low Income Housing Tax Credit (LIHTC) program has developed or preserved virtually all of the affordable rental housing in the United States. Widely regarded as the most successful affordable housing production and preservation program in the nation's history, the program givesstate and local allocating agencies the equivalent of approximately $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, and new construction of rental housing targeted to lower-income households. With these funds, approximately 14 million low-income people have lived in affordable housing apartments financed by LIHTC since the program began in 1986. Furthermore, the program annually generates 96,000 jobs and $3.5 billion in taxes and other revenue for local economies.

 

The LIHTC program is a critical tool in combating the country's affordable housing crisis and has helped millions of families across the nation. Numerous NALHFA members have used LIHTC to help fund innovative, state-of-the-art affordable housing projects in their communities. As part of our Member Spotlight series, this month NALHFA will be showcasing several successful member projects that utilized this essential funding source.

 

Be sure to follow NALHFA on Facebook, Twitter, and LinkedIn to see the rest of our member spotlights this month!

 

Low Income Housing Tax Credit Member Spotlight:

Westgate Apartments

Housing Finance Authority of Palm Beach County, Florida


The Housing Finance Authority of Palm Beach County, Florida is a proud participant in the financing of the "Westgate Plaza" apartments in suburban West Palm Beach.The recently constructed seniors' rental apartment community was developed by Landmark Development Corporation, Miami, Florida together with co-partner Palm Beach County Housing Authority which provided Section 8 vouchers for all 80 units.The $16M project was a public/private partnership involving the Authority which issued $7.5M of tax exempt bonds purchased by Citibank NA, a $6.1M loan of Neighborhood Stabilization Program 2 funds from Palm Beach County, and equity from the syndication of 4% low income housing tax credits. The four-story complex includes 56 one-bedroom units and 24 two-bedroom units; twenty units are reserved for seniors with incomes no greater than 30 percent of AMI and 24 apartments are reserved for seniors with incomes no greater than 50 percent of AMI.The apartments contain energy-efficient appliances and impact-resistant windows and doors, with connections for cable television and Internet service. Four of the units are completely designed to meet Uniform Federal Accessibility Standards and include wider doorways and larger spaces to accommodate persons using mobility assistance devices,roll-in showers with grab bars, lowered counter tops and open counter bases, and appliances with front control knobs. Westgate Plaza amenities include a computer lab, library, fitness room, club room, and a pavilion with picnic tables and barbecue grills.

 

 

The Yards D (Twelve 12 Apartments)

District of Columbia Housing Finance Agency

 

The Yards D Building is a newly-constructed mixed-income/mixed use building located at 1212 Fourth Street, SE in the District of Columbia. The building contains 219 rental units of which 175 are market rate and 44 are affordable. The project is one component in the transformation of a former US Naval industrial complex known as The Southeast Federal Center (SEFC). This transformation reflects significant investment in infrastructure by the District government in support of a development agreement between Forest City Washington, the Sponsor, and the federal government (GSA) for 2,800 residential units, 1.8 million square feet of office space, 300,000 square feet of retail, and a large outdoor park along the Anacostia River.

 

Yards D is a single building, legally fragmented by use, and financed in-part by the DC Housing Finance Agency (DCHFA). The DCHFA-funded portion of the development consists of forty-four (44) units of affordable housing, financed through tax-exempt bonds and equity raised through the syndication of 4% low income housing tax credits. The balance of the development was separately financed through the allocation of New Market Tax Credits from Forest City Washington. Sitting less than a mile from the U.S. Capitol building, and in the midst of incredible economic growth, The Yards D could have represented yet another episode in the story of the widening economic gulf in the District of Columbia. Instead, it is an example of how creative financing, as well as private/public commitment, can help to create an environment of economic inclusion.


Winnemucca Senior Campus - Larios Arms Senior Residences

Nevada Rural Housing Authority


The Nevada Rural Housing Authority, City of Winnemucca, Humboldt County, Humboldt Development Authority, and the local Senior Center joined a successful partnership to not only revitalize an older residential neighborhood, but to provide low income housing and amenities for fixed income seniors through two low income housing tax credit funds, a USDA-RD MRP loan, and local donations and grants to infuse the rehab of the community's aging senior center.The Winnemucca Senior Campus features 80 units of Senior housing ranging from 60% AMI and lower (including the rehabilitation of a 20 unit, 31-year-old complex), an expanded senior community building with increased parking, and a campus that adds landscape, gardening, walking path and park-style amenities to help foster these senior residents' lifestyles. This transformed neighborhood has helped correct a housing burdened senior population and has created an updated, amenity filled community concept that the Nevada Rural Housing Authority can use for future campus projects.

 

Do you have a successful LIHTC project you'd like to share? Let us know! Send your stories to hvoorman@nalhfa.org and we will use them to promote the LIHTC program on Capitol Hill. You may also be featured in an upcoming NALHFA Member Spotlight!


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NALHFA Member Spotlight: The Low Income Housing Tax Credit Program

Posted By Administration, Friday, May 5, 2017
The Low Income Housing Tax Credit (LIHTC) program has been one of the most successful tools for boosting private investment in the development and preservation of affordable housing in the United States. The LIHTC program was created by the Tax Reform Act of 1986, and since then has given LIHTC state and local allocating agencies the equivalent of approximately $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, and new construction of rental housing targeted to lower-income households. With these funds, approximately 6.5 million low-income households have lived in affordable housing apartments financed by LIHTC from 1986 to 2013. 

The LIHTC program is a critical tool in combating the country's affordable housing crisis and has helped millions of families across the nation. Numerous NALHFA members have used LIHTC to help fund innovative, state-of-the-art affordable housing projects in their communities. As part of our Member Spotlight series, this month NALHFA will be showcasing several successful member projects that utilized this essential funding source. Read the full story here. 

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NALHFA Honors Ernestine Garey with Lifetime Achievement Award

Posted By Administration, Thursday, May 4, 2017
[Washington DC - 5/4/2017] It is not often that NALHFA gets the chance to recognize one of its own for their contributions to the association. For just the third time in its history NALHFA honored Ernestine Garey with its Lifetime Achievement Award on Thursday, April 27 at its annual conference held in San Francisco.  The award is given in recognition of those individuals who have gone above and beyond the call of service to the local housing finance industry and who have devoted significant time, energy and effort toward creating and achieving the strategic initiatives of NALHFA, and who are distinguished in their selflessness and vision for both NALHFA and the industry as a whole. Read full story.

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NALHFA Announces Leadership Team for 2017-2018

Posted By Administration, Wednesday, May 3, 2017

[San Francisco - 4/27/2018] - The National Association of Local Housing Finance Agencies (NALHFA) is pleased to announce that its 2017-2018 leadership team was installed today at the associations' Annual Conference in San Francisco, CA. At the annual business meeting and luncheon, the NALHFA membership reelected Ron Williams, Executive Director for the Southeast Texas Housing Finance Corporation as the association's 2017-2018 President. Read full story.

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4-24-17 Housing Update

Posted By Administration, Monday, April 24, 2017

Legislative & Policy Update (Read Full Update)

Congress Works This Week to Stop Government Shutdown

After a two-week recess, Congress returns to Washington this week and will have until Friday night to pass spending legislation to keep the government running. At the end of last year, Congress passed a continuing resolution to keep the government funded until April 28 th. Now Congress must come up with a bipartisan solution to keep the government from shutting down before midnight on Friday.

The biggest hurdle to getting spending legislation passed is a demand from the Trump Administration to include funding for a U.S.-Mexico border wall in the bill. The Office of Management and Budget Director, Mick Mulvaney said to the Associated Press in an interview,

“We know there are a lot of people on the Hill, especially in the Democratic Party, who don’t like the wall, but they lost the election. And the president should, I think, at least have the opportunity to fund one of his highest priorities in the first funding bill under his administration.”

It will be difficult to gain the Democrat’s support with a border wall demand as they are opposed to this spending if it means other domestic programs losing funding. There has also been no real incentive offered for the Democrats with the demand. Finding compromise will be necessary, however, in both the House and the Senate. The Republicans only have a 52-seat majority in the Senate and will need eight Democrats to join them in order to meet the 60 vote requirement to pass the legislation. In the House, some Democrat votes are needed as there are several conservative Republican members who will oppose any legislation that includes a spending increase.


The Mortgage Bankers Association Releases White Paper on GSE Reform

Last week the Mortgage Bankers Association (MBA) released a white paper entitled, GSE Reform: Creating a Sustainable, More Vibrant, Secondary Mortgage MarketThis paper is a follow up to MBA’s GSE Reform: Principles and Guardrails, released in January. The paper includes solutions to reforming and revitalizing the secondary mortgage market and what transition steps are needed to accomplish this reform.

Below is summary released by MBA of their approach to GSE Reform:

  • Inject much higher levels of risk bearing private capital into the mortgage system, while dramatically reducing the system's reliance on government support.
  • Enhance the stability of the mortgage system with multiple Guarantors that will operate as privately owned utilities.
  • Protect taxpayers and consumers with a clear set of market conduct rules, prudential requirements, and a new federally backed Mortgage Insurance Fund (standing behind the mortgage backed securities, not the Guarantors themselves) financed with appropriately priced insurance premiums.
  • Ensure that mortgage lenders of all sizes and business models have equal access to the secondary market.
  • Improve service and performance in the secondary market with multiple Guarantors competing on operations and systems development, customer service, product parameters and innovation, and pricing and execution.
  • Minimize disruption during the transition to the new system by preserving what works in the current system and utilizing the existing regulatory framework where appropriate.
  • Meet the needs of the full continuum of households, from families requiring the most directly subsidized, affordable rental homes to those served by the completely private jumbo single family lending market.

To read the full paper, visit MBA’s website here.


HUD Updates

Understanding Recent IDIS Changes Based on the HOME Commitment Interim Rule

The United States Department of Housing and Urban Development (HUD) is holding a two-part webinar on April 26 th and 27 th to explain the recent changes to the Integrated Disbursement and Information System (IDIS) that implements the HOME Investment Partnerships (HOME) interim final rule. The rule went into effect January 3, 2017 and requires Participating Jurisdictions’ compliance with the statutory 24-month commitment requirement to be on a grant-specific basis for FY 2015 and later HOME allocations.

Participants will learn how commitments are calculated under the interim final rule; how to properly track and report local receipt funds; how to track progress towards the 36-month deadline for project-specific commitments by state and subrecipients; and how to use several new HOME reports in IDIS to manage the HOME program. To learn more about this two-part webinar series or to register, click hereTOP


Register for the Multifamily Utility Benchmarking Webinar Series

HUD will be holding part three of the six-part webinar series on multifamily utility benchmarking, Collecting the Data for Utility Benchmarking of Multifamily Properties, on April 27, 2017. This webinar will guide participants through HUD’s new multifamily utility benchmarking guidance including the new HUD multifamily utility benchmarking website and toolkit. This webinar series will help attendees become familiar with the specific guidance and tools HUD has developed to help streamline the benchmarking of energy and water performance at multifamily properties. Attendees are encouraged to attend all six sessions and recordings will be made available for those who are not able to attend the live recording. Click here for more information or to register for this webinar series. TOP


HUD Publishes Instructions for Urban County Qualifications for Participation

HUD has published notice CPD 17-03; Instructions for Urban County Qualifications for Participation in the CDBG Program for FYs 2018-2020. This notice provides guidance for counties that wish to qualify or to requalify for entitlement status as urban counties, as well as for existing urban counties that wish to include previously nonparticipating communities. HUD Field Offices and urban counties are expected to obey the deadlines provided in this notice. To read the full notice, click here.


News & Notes

  • The Consumer Financial Protection Bureau (CFPB) is suing Ocwen Financial asserting borrowers lost money, and in some cases, their homes because of the company’s years of “widespread errors, shortcuts, and runarounds.” Read more.
  • Proposals from the Trump Administration have caught the attention of the municipal market world. President Trump’s request for $1 trillion in infrastructure spending threatens to swell the country’s municipal bond supply while the looming possibility of a corporate tax rate drop could reduce the demand from banks and insurers for muni bonds. Read more.
  • The CFPB will focus more on fair lending in mortgages in 2017. After looking back at its fair lending priorities for 2016, mortgages are on the top of its list as one of the three areas the agency would like to increase its focus on this year. Read more.
  • The National Fair Housing Alliance released a report last week that revealed the impacts segregation has had on fair housing, and current policies that continue to perpetuate segregation. The 108-page report is entitled “The Case for Fair Housing.” Click here for the full report.
  • How much do public home building organization CEOs make? In 2016, twenty of the chief executives from United States-based organizations earned a collective compensation of just under $140 million. For a full list of what each chief executive earned in 2016, click here. TOP

NALHFA Celebrates National Community Development Week

NALHFA celebrated National Community Development Week last week by showcasing some outstanding NALHFA member projects. Success stories are a great way to get the attention of elected officials and they highlight the important role housing and community development programs play in our communities.

Last Friday NALHFA took these and other success stories to the hill and held meetings with staffers in the House of Representatives. The NALHFA government relations team visits with Congressional staff weekly, but National Community Development week is a great way connect with more offices and let them know how community and housing development programs are impacting their districts.

NALHFA is your voice on regulatory and legislative issues in Washington. We will continue to advocate on Capitol Hill and within the Administration to preserve federal funding for programs like HOME and CDBG that support local government-led affordable housing and community development initiatives.

Thank you to all who participated in CD week! The work doesn’t stop here, though. It’s important to keep the momentum going and continue to build relationships with your elected officials and your community throughout the year. If you have any questions or need assistance, please contact NALHFA Policy Director, Heather Voorman at hvoorman@nalhfa.org or at 202-367-2405.

 

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