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HCGA Consulting Partners Joins NALHFA

Posted By Administration, Monday, April 30, 2018

WASHINGTON, DC – The National Association of Local Housing Finance Agencies (NALHFA) announced today that HCGA Consulting Partners is its newest member.

 

NALHFA is the leading local affordable housing advocate, influencing the shape and content of congressional legislation and agency regulations affecting the affordable housing finance industry.

 

HCGA Consulting Partners is a Strategic Talent Acquisition & Retention Solutions firm based in metropolitan New York City area with affiliate offices in Washington, DC, founded and focused on providing custom solutions and distinguished service to its clients. HCGA specializes in providing retained executive search, retention, succession planning and leadership advisory services to the Affordable Housing & HFA, Association & Non-Profit, Healthcare, middle markget growth company sectors.

 

Within the affordable housing & HFA sector, HCGA has made successful placements, helped build executive leadership teams and provided leadership advisory services to clients in Colorado, Connecticut, Iowa, Wyoming, California, District of Columbia, South Carolina, as well as, CSG Advisors. Tracy McMillan, HCGA Managing Partner, has been a frequent speaker at industry events and is slated to speak at the upcoming May 9th – 12th NALHFA Annual Conference in New Orleans.

 

“After having built and cultivated such a mutually beneficial relationship with the NCSHA and its members over the years, it made good strategic sense to turn our attention to NALHFA,” said Tracy McMillan. “We live in an era where local and regional HFAs experience the same leadership succession, talent acquisition and retention challenges as that faced by State Housing Authorities and other non-profit organizations. Accordingly, we have begun to forge relationships with Jonathan Paine, NALHFA Board members and Staff and are excited about advancing and growing the relationship with NALHFA members in the months and years to come, beginning with the NALHFA Annual Conference in New Orleans.”

 

For more information on HCGA Consulting Partners, click here.   

  

For more information about NALHFA and how to join, click here.  

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HUD Proposes Increased Rents, Work Requirements for HUD-Assisted Households

Posted By Administration, Friday, April 27, 2018

This week the Department of Housing and Urban Development (HUD) released proposed legislation that would increase rents, eliminate deductions for medical and childcare expenses and allow housing providers to implement work requirements on tenants served by public housing, Housing Choice Vouchers, and Section 8 Project-Based Rental Assistance. The current law requires most HUD-assisted households to pay 30 percent of their adjusted income on rent and a minimum rent of $50 per month, even if it’s more than 30 percent of the household’s monthly income. HUD’s proposal requires most families to pay either 35 percent of their gross income or a minimum of $150 per month, whichever is higher. Under HUD’s proposal, the lowest income households would pay three times more than they currently do on rent. 

 

These families would also lose the ability to take income deductions for medical and childcare expenses, which would also raise rents for households with high costs in these areas. The bill would allow for hardship exemptions, but HUD has yet to certify that Public Housing Authorities (PHAs) and housing providers are complying with hardship exemptions, a requirement of the Housing Opportunity Through Modernization Act of 2016.

 

Elderly and disabled households would also see rent increases. Under the Section 202 Housing for the Elderly and Section 811 Housing for Persons with Disabilities programs, families with an elderly or disabled head of household would pay 30 percent of the household’s monthly gross income or $50 minimum in rent, whichever is greater. Currently, elderly households are required to pay a minimum of $25 per month and disabled households do not have a minimum requirement. The bill also raises the age of an elderly household from 62 to 65. Seniors currently over the age of 65 and individuals with disabilities would be exempt from rent increases for the first six years.

 

The proposal additionally allows PHAs and housing providers to establish alternative rent structures and minimum work requirements for households. The rent structures could include tiered rents, calculating rents based on different income brackets; stepped rents, increasing rents systematically overtime; and timed escrow. These alternative structures could increase rents on low-income households. The work requirements could be applied to households or individuals, excluding elderly and disable households. The Secretary would set a maximum number of hours permitted in work requirement arrangements as well as the types of work and employment activities that would satisfy work requirements. It is estimated that currently 9 in 10 HUD-assisted households are elderly, disabled, working or receiving Temporary Assistance for Needy Families (TANF).

 

Next Steps

Since the legislation is a proposal from HUD, it would ultimately have to be approved by Congress. The proposal has not yet been introduced in Congress, and it is anticipated that if and when it is, it will be faced with harsh criticism. There is currently similar legislation being circulated by Rep. Dennis Ross, R-FL, but this bill also has yet to be introduced.

 

Take Action

Sign onto the national letter in opposition to any attempt to cut housing benefits for America's lowest income households. Click here to sign on! Please contact NALHFA Policy Director, Heather Voorman at hvoorman@nalhfa.org with questions and stay tuned to NALHFA Legislative Alerts for more information and advocacy opportunities regarding this proposal. 

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NALHFA Welcomes Jefferies as a New Member

Posted By Administration, Tuesday, April 24, 2018
WASHINGTON, DC – The National Association of Local Housing Finance Agencies (NALHFA) announced today that Jefferies LLC is its newest member.
 
NALHFA is the leading local affordable housing advocate, influencing the shape and content of congressional legislation and agency regulations affecting the affordable housing finance industry.
 
Jefferies, the world's only U.S.-headquartered independent full-service global investment banking firm focused on serving clients for over 50 years, is a leader in providing insight, expertise and execution to investors, companies and governments. The firm provides a full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income and foreign exchange, as well as wealth management, in the Americas, Europe and Asia.
 
Jefferies LLC’s parent company, Leucadia National Corporation, is also a 50% owner of Berkadia, a market leading mortgage lender and servicer focused on multifamily rental housing.
 
In 2016 Jefferies LLC created the Public Finance Housing Group focused on affordable housing and the financing needs of local and state housing finance agencies. Over the course of the last two years, the Public Finance Housing Group has partnered with housing finances agencies across the country to deliver capital for homeownership as well as development and preservation of affordable rental housing.
 
 “Jefferies is delighted to be a member of NALHFA and looks forward to continuing to work with housing finance agencies to further their goals and expand support for affordable housing creation throughout the country”, said Alan Jaffe, Managing Director and Head of the Public Finance Housing Group. “Along with our colleagues at Berkadia, we will continue to deliver the most efficient capital solutions for our clients”.
 
For more information on the Jefferies, visit click here .   
 
For more information about NALHFA and how to join, click here .

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Denton Housing Authority Joins NALHFA

Posted By Administration, Thursday, April 5, 2018

WASHINGTON, DC – The National Association of Local Housing Finance Agencies (NALHFA) announced today that Denton Housing Authority is its newest member.

 

NALHFA is the leading local affordable housing advocate, influencing the shape and content of congressional legislation and agency regulations affecting the affordable housing finance industry.

 

The Denton Housing Authority (DHA) is committed to transforming DHA into a premier housing authority through honest and effective leadership by providing quality affordable housing and promoting programs that foster economic independence to enhance the lives of our clients and enrich our community.

 

DHA owns and/or operates 314 affordable housing units at three locations throughout the City of Denton, and have another 322 unit multifamily development under construction, utilizing tax credit and bond financing. Additionally, the agency administers 1,536 Housing Choice Vouchers (HCV) throughout Denton County. DHA also funds local agencies through the use of non-federal funds to further its mission toward self-sufficiency for its clients.

 

“DHA recognizes the work that NALHFA has been doing throughout the country to further the effort for affordable housing for our most vulnerable citizens,” said Sherri McDade, Chief Executive Officer. "We appreciate NALHFA’s advocacy and education on behalf of our industry and look forward to being a part of such a wonderful organization.”

 

For more information on the Denton Housing Authority, click here

 

For more information about NALHFA and how to join, click here.  

 

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Budget Deal Signed: NALHFA Claims Victory in New Spending Bill

Posted By Administration, Monday, March 26, 2018

[Washington, DC - 3/23/2018] President Trump signed a $1.3 trillion spending deal today that includes improvements to the Low-Income Housing Tax Credit (LIHTC) program and big raises to important HUD programs, including $1.3 billion in funding for the HOME Investment Partnerships program and $3.3 billion for the Community Development Block Grant program. The budget deal is a substantial victory for NALHFA and communities across the country. These improvements to housing resources will be instrumental in combatting the nation’s affordable housing crisis.

 

Included in the deal are important improvements to LIHTC, including an income averaging option that would allow the upper income limit on LIHTC projects to raise from 60% to 80% AMI across all units. This technical adjustment will help create greater diversity in incomes for LITHC housing and will allow for a wider range of affordability levels. Additionally, LIHTC will receive a 12.5% increase in allocation in years 2018 through 2021, which will produce approximately 30,000 more affordable homes over that time span. The deal did fail, however, to include many important provisions of the Affordable Housing Credit Improvement Act that are needed to make up for the loss of 235,000 homes over the next 10 years due to the loss of value in the credit following the passage of the Tax Cuts and Jobs Act of 2017.

 

NALHFA Executive Director Jonathan Paine said of the improvements, “LIHTC is one of the most effective resources our industry has for creating affordable housing. These improvements will help local housing finance agencies build more homes and serve more families. NALHFA commends Congress for taking these important steps to improve the LIHTC program, and will continue to encourage our partners on Capitol Hill to pass the full Affordable Housing Credit Improvement Act over the next few months.”

 

HUD funding also received a much needed boost, providing increased allocations for programs like the Public Housing Capital Funds, CDBG, HOME, Homeless Assistance Grants, Section 8, and more. These increased funds will help alleviate the need for affordable housing resources for the homeless, low-income families, and underserved populations.

 

NALHFA President Ron Williams said, “These boosts to affordable housing resources are a huge win for the industry. As our nation combats the affordable housing crisis affecting every state, county, and city, we need to continue to build up these important tools. NALHFA thanks Congress for their work and attention to the massive affordable housing needs of our country, and we look forward to collaborating with Congress on strengthening and expanding these resources to fully address the housing needs in the United States.”

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NALHFA Claims Victory In New Spending Bill

Posted By Administration, Thursday, March 22, 2018

Last night Congress released the text for a FY2018 budget deal that includes big raises to important HUD programs and improvements to the Low-Income Housing Tax Credit (LIHTC) program. The budget deal is a substantial victory for NALHFA and local communities across the country. If passed by Congress and signed by the President, it will ensure funding through September of this year for critical resources necessary to combat the affordable housing crisis in the United States.

 

LIHTC Improvements

  • Income Averaging Option—This technical change to the program would provide the option of raising the upper income limit on LIHTC projects from 60% to 80% AMI across all units. This will be very beneficial to creating mixed-income housing and allow for a wider range of affordability levels.
  •  12.5% LIHTC Increase—States will receive a temporary 12.5% allocation increase in years 2018 through 2021. This will partially offset the loss of units due to the lower corporate tax rate, providing 30,000 more affordable units across the country.

 

HUD Budget Increase

 

HUD programs received significant increases. From HOME, CDBG to Public Housing Capital Funds, the omnibus provides boosts that will help combat homelessness, house low-income families, and provide crucial services and facilities to under-served populations.

  • Public Housing Capital Funds would increase from $1.94 billion to $2.75 billion. This increase is desperately needed to combat a backlog of public housing needs.
  •  HOME would increase from $950 to $1.362 billion. This is above the NALHFA’s requested amount of $1.1 billion for FY2018.
  • CDBG would receive an increase from $3 billion to $3.3 billion. This is the amount NALHFA requested to Congress.
  • Homeless Assistance Grants would receive $2.513 billion, up from $2.38 billion in FY2017, including no less than $270 million for the Emergency Solutions Grants program.

 

The budget deal is a huge win for NALHFA and communities across the country. NALHFA wants to thank all of its members and coalition partners that have worked relentlessly over the past year to not only to protect current funding levels but to call for spending increases. Your dedication and perseverance helped make this happen.

 

Please make sure to reach out to your Representatives in the House and thank them for their support. NALHFA’s voice was truly heard on this issue and we want to continue to build upon the many relationships we have created over the last few months.

 

The NALHFA government relations team will continue to monitor the spending bill in the Senate and update its members on the latest developments.

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Act TODAY: Affordable Housing Credit Improvement Act Possible Addition to Omnibus

Posted By Administration, Wednesday, March 21, 2018
 In order to avoid a government shutdown, Congress must pass a massive omnibus spending package that will fund the government through the end of September. The omnibus is set to come out TODAY and pass by March 23rd when the current continuing resolution (CR) runs out. This package will include the funding levels for important housing and community development programs. It will also likely include language on a number of other areas from campaign finance to labor policy as both parties know this is a must pass piece of legislation, and they want to fit in a number of items that would otherwise go unaddressed this legislative session.
 
The Affordable Housing Credit Improvement Act (S. 548, H.R. 1661) continues to be part of Congressional negotiations. The legislation was previously considered for the Tax Cuts and Jobs Act of 2017 and the tax extenders, continuing resolution, and budget caps package recently passed by Congress. While not ultimately included in either of these packages, the bipartisan support generated in this process has given the legislation some major momentum.
 
Sponsors for the Senate version of the bill, Senator Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) are putting great efforts into pushing the bill forward and are looking for any opportunity to advance the legislation.Currently, the best chance for the bill is to be included in the upcoming omnibus.
 
ACT TODAY
Please reach out TODAY to the current co-sponsors of the Affordable Housing Credit Improvement Act and tell them to urge leadership to include the legislation in the upcoming omnibus package. Also, if your member is not already a co-sponsor of the legislation, ask them to sign onto S. 548 and H.R. 1661. They are especially looking for Republican members to cosponsor this legislation.
 
NALHFA has template letters available for you to use. Click here for the Senate template letter Click here for the House template letter .
 
If you would like more information about the Affordable Housing Credit Improvement Act, visit the ACTION Campaign website . NALHFA is a member of this coalition dedicated to protecting and enhancing the Housing Credit that has numerous helpful resources on this subject. Stay tuned to NALHFA news for more information on the omnibus and funding levels for important HUD programs. We will send out a Legislative Alert as soon as there is more information. 

 

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Rowlett Housing Finance Corporation Joins NALHFA

Posted By Administration, Wednesday, February 21, 2018
Rowlett Housing Finance Corporation Joins NALHFA
 
[Washington, DC - 2/21/2018] The National Association of Local Housing Finance Agencies (NALHFA) announced today that Rowlett Housing Finance Corporation is its newest member. 
 
NALHFA is the leading local affordable housing advocate, influencing the shape and content of congressional legislation and agency regulations affecting the affordable housing finance industry. 
 
Rowlett Housing Finance Corporation was formed by the Rowlett City Council in July of 2017 to address the needs of affordable housing in the City of Rowlett, Texas. This was done as part of the city’s Comprehensive Plan to provide a more diversified mix of housing options for its citizens. The Board of Directors consists of five citizen volunteers appointed by the Council. Read more.

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NALHFA Calls on President Trump to Expand Investment in Affordable Housing

Posted By Administration, Thursday, February 1, 2018
[Washington, DC - 1/31/2018] In his State of the Union address last night, President Trump revealed information about the Administration’s infrastructure plan. Notably missing from his remarks was the expansion of affordable housing infrastructure. 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 provide greater household stability and improved wellness outcomes.
 
The National Association of Local Housing Finance Agencies (NALHFA) is calling on the Administration to include affordable housing resources in any infrastructure package. Specifically, enhancements to private activity bonds will provide communities with the necessary resources to support homeownership opportunities and to facilitate low-income housing tax credit developments. Additional housing resources will address the growing need for more affordable housing and provide economic growth and opportunity across the country.
 
When communities do not have adequate affordable housing for their workforce, wages and productivity will suffer. The shortage of affordable housing in major U.S. cities costs our economy $2 trillion a year in lower wages and productivity and prevents low-income households from moving to areas with more economic opportunities. The affordable housing access obstacle prevents families from increasing their earnings and causes a slower GDP growth.
 
Access to affordable housing improves numerous aspects of a family's quality of life. Research shows that when a family has access to affordable housing, there is an increase in their economic mobility. Additionally, children receive numerous benefits from living in an affordable housing community in high opportunity areas. These children earn more as adults, live in better neighborhoods as adults, and are less likely to become a single parent. These children also do better in school and have greater opportunities to learn outside the classroom.
 
Furthermore, affordable housing infrastructure helps local economies and creates jobs by leveraging public and private funds to increase earnings, increase tax revenue, and put people to work. Building just 100 affordable rental homes can generate $11.7 million in local income, $2.2 million in taxes and other revenue, and can create 161 local jobs in the first year of construction.
 
NALHFA Executive Director Jonathan Paine stated, “Housing is a fundamental component to our nation’s infrastructure development. When communities lack the affordable housing resources they need, families suffer. NALHFA urges the Administration to include a robust expansion of the affordable housing resources available to local governments in any infrastructure package.” 

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NALHFA Legislative Victory: Affordable Housing Tools Preserved in the Final Version of the Tax Cuts and Jobs Act

Posted By Administration, Monday, December 18, 2017

Late last week, the House and Senate conference committee revealed their conference report on the Tax Cuts and Jobs Act. The conference committee was charged with reconciling the differences between the House and Senate versions of the legislation. The legislation will come to a vote in both chambers early this week. Private Activity Bonds, the Housing Credit and other affordable housing tools were preserved in the legislation, providing a huge win for local housing finance agencies. The full text of the conference report can be viewed here.

There are several provisions of the legislation that will have an impact on the affordable housing industry. Below is a breakdown of the final provisions.

  • Retention of private activity bonds (PABs), including multifamily Housing Bonds, which trigger the “4 percent” Low-Income Housing Tax Credit (Housing Credit). No changes were made to PABs despite rumors that House Ways and Means Committee Chairman, Kevin Brady (R-TX) wanted to limit the use of this important tool.
  • The top corporate tax rate is lowered from 35 percent to 21 percent, effective January 1, 2018. This will have a considerable impact on the value of the Housing Credit as investors will not be willing to pay as much for the credits if their tax liability is lowered.
  • The Housing Credit is retained with no modifications . Previously, an amendment offered by Senator Pat Roberts (R-KS) would have replaced the existing Housing Credit exception for the general public use requirement for artist housing with one for veterans. Additionally, the amendment would have given rural areas a basis boost and reduced the maximum basis boost for all types of boost-eligible developments from 130 to 125 percent. This amendment was included in the final Senate version of the legislation, but was removed in the final bill.
  • Retention of the Mortgage Credit Certificate (MCC). The House-passed legislation repealed MCCs which would have been detrimental to families trying to afford a home. Housing Finance Agencies have helped hundreds of thousands of homebuyers by converting some of their bond authority to MCCs which provide the homebuyer with a federal tax credit for interest paid on their mortgage. The final version of the legislation retains this essential affordable housing tool.
  • Preservation of the New Markets Tax Credit (NMTC), which is currently authorized through 2019.
  • Preservation of the Historic Rehabilitation Tax Credit (HTC), and extends the credit period from one to five years.
  • Creation of a base erosion and anti-abuse tax (BEAT). This would affect banks’ ability to use the Housing Credit and other credits to offset some taxes related to foreign earnings and earning going to foreign parent companies. The Senate-passed version of the legislation would have only allowed the Research and Development Credit to be taken against the BEAT. The final version of the bill, however, also exempts the Housing Credit at 80 percent of the value of the credits. The NMTC and HTC are not allowable credits to be taken against the BEAT.
Republican leadership estimates that they have the required votes to pass the final legislation in both the House and the Senate. Thank you to all the NALHFA members who fought to preserve these important tools. While there are still provisions of the legislation, like the lowered corporate tax rate, that will have a negative effect on affordable housing efforts, the preservation of PABs, the Housing Credit, NMTC, and HTC will allow local governments to continue strengthening and revitalizing communities across the country.

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