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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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NALHFA Mourns the Loss of Affordable Housing Advocate, San Francisco Mayor Lee

Posted By Administration, Thursday, December 14, 2017

[Washington, DC - 12/13/2017] -The National Association of Local Housing Finance Agencies (NALHFA) mourns the loss of San Francisco Mayor Edwin Lee, an affordable housing advocate and Mayor of San Francisco. Lee died yesterday morning at the age of 65. The City of San Francisco said in a statement, "It is with profound sadness and terrible grief that we confirm that Mayor Edwin M. Lee passed away on Tuesday, December 12 at 1:11 a.m. at Zuckerberg San Francisco General Hospital. Family, friends and colleagues were at his side."

 

Lee started his career fighting for affordable housing in the Bay Area, working with immigrant communities as part of the San Francisco Asian Law Caucus. Over the years, Lee worked in five different city departments and served as the city's human rights commissioner and city administrator. He was sworn-in as mayor in 2011 and continued this work, fighting for housing affordability in a city managing the explosive growth of the tech industry.

 

The San Francisco Mayor's Office of Housing and Community Development (MOHCD) has been a long-time member of NALHFA, most recently hosting the 2017 NALHFA Annual Conference. Conference attendees had the opportunity to hear Mayor Lee speak about the importance of investing in affordable housing. Lee and his team at MOHCD have been working hard to decrease obstacles to the creation of new homes and to increase housing production by 160 percent. In 2014, the city set the ambitious goal of building 30,000 new or rehabilitated homes by 2020. They have already produced more than 17,000 homes in just three years, 35 percent of which are permanently affordable to low- and moderate-income residents.

 

NALHFA Board Member, Adam Cray of the MOHCD said of Mayor Lee's passing, "My colleagues and I are shocked and heartbroken by the sudden loss of Mayor Edwin Lee. Throughout his long career in public service, Mayor Lee was a tireless advocate for the development and preservation of affordable housing and for the rights of its residents. During this time of sorrow, we take solace in the profound legacy Mayor Lee leaves behind and find strength in our shared commitment to this important work."

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NALHFA Comes Out Against Several Provisions of the Proposed Tax Reform Legislation

Posted By Administration, Friday, November 3, 2017
[Washington, DC - 11/03/2017] -The National Association of Local Housing Finance Agencies (NALHFA) came out today in strong opposition to the House Ways and Means Committee tax reform legislation, the "Tax Cuts and Jobs Act" that was released yesterday. The proposed legislation would devastate the production of housing during a time when the country faces an affordable housing crisis.
 
The most devastating blow dealt in the bill was the termination of the tax exemption on private activity bonds (PABs). This includes multifamily Housing Bonds which are critical to the Low Income Housing Tax Credit (Housing Credit) program. Nearly fifty percent of all Housing Credit developments nationwide use private activity tax-exempt bond financing and the 4 percent credits they generate. The loss of PABs would decimate the production of affordable housing across the country.
 
"Private Activity Tax Exempt Bonds are an indispensable affordable housing resource for local HFAs," said NALHFA President Ron Williams. "Close to half of all Housing Credit developments utilize this financing source, and its elimination would cripple the affordable housing industry. At a time when our country is facing an affordable housing crisis, NALHFA urges Congress to preserve Private Activity Tax Exempt Bonds."
 
In addition, the corporate tax rate drop from 35 percent to 20 percent effective January 1, 2018 would have a significant negative impact on the Low Income Housing Tax Credit program. This dramatic decrease would likely make investment in Housing Credits less appealing to developers and investors. When an investor purchases tax credits from a developer under the Housing Credit program, the investor can use those credits to lower their annual federal tax bill. If an investor has a lower tax bill, they will not be willing to pay as much for these tax credits. While the Housing Credit is preserved under this legislation, the lowered corporate tax rate would be devastating to the program. This is a time when we need to strengthen the housing credit, not hinder it.
 
Lastly, under the proposal the New Markets Tax Credit (NMTC) allocation authority would be eliminated after 2017. The NMTC has been authorized through 2019, so this legislation would claw back two years of allocation that has already been authorized. The historic rehabilitation credit would be repealed beginning in 2018, and energy credits would be phased out. These additional losses would take away much needed resources to the affordable housing industry at a time when the industry needs them most.
 
"The housing industry is the foundation of our economy and this tax reform proposal would be detrimental to the affordable housing community," said Jonathan Paine, NALHFA Executive Director. "We urge policymakers to think twice before voting on the tax reform proposal and commit to protecting these invaluable programs that are so critical to providing affordable housing to so many that desperately need it."
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About NALHFA: The National Association of Local Housing Finance Agencies (NALHFA), founded in 1982, is the national association of professionals working to finance affordable housing in the broader community development context at the local level. As a non-profit association, NALHFA is an advocate before Congress and federal agencies on legislative and regulatory issues affecting affordable housing and provides technical assistance and educational opportunities to its members and the public. Members are city and county agencies, non-profits, and private firms, such as underwriters, consultants, financial advisers, bond counsel, and rating agencies, which help in producing housing from concept to completion.

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Republican Leadership Releases Tax Reform Framework: How Does It Affect Affordable Housing?

Posted By Administration, Thursday, September 28, 2017
Yesterday, the Trump Administration, in conjunction with Republican leadership, released the " Unified Framework for Fixing Our Broken Tax Code", a plan seeking lower tax rates, a simplified tax code, and economic growth. The framework was drafted by a group known as the "Big 6", consisting of House Speaker Paul Ryan, House Ways and Means Committee Chairman Kevin Brady, Senate Majority Leader Mitch McConnell, Senate Finance Committee Chairman Orrin Hatch, Treasury Secretary Steven Mnuchin and White House National Economic Council (NEC) Director Gary Cohn.
 
Below is a breakdown of the plans for important affordable housing and community development tools in the Big 6 tax framework: Click here for full story.

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