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Friday, September 15, 2017
The Fall Finance Conference is fast approaching! There is still time to register and make your hotel reservations. This event will be hosted by Chapman & Cutler at their office in downtown Chicago on Friday, September 22 from 7:30 am to 4:30 pm.
Chapman & Cutler has reserved a block of hotel rooms at the Hyatt Centric The Loop: Chicago Loop Hotel for the night of September 21. The discounted room rate s $229 per night.
The Fall Finance Conference will feature prominent keynote speakers that will discuss a variety of subjects relevant to the Local Housing Finance Industry. Click here to register and to view our featured keynote speakers.
Last Thursday, NALHFA members met with White House staff in a first of its kind housing policy working group. The purpose of the meeting was to allow NALHFA members the opportunity to communicate directly with decision makers at the federal level about current challenges in housing policy, as well as solutions, in a member-driven conversation.
Representing NALHFA was Rich Froehlich, Elizabeth Strojan, and Eric Enderlin from the NYC Housing Development Corporation and Patricia Ward from the Tarrant County Community Development and Ho
using Division. NALHFA was joined by several National Association for County Community and Economic Development (NACCED) members who together developed the agenda for the meeting.
Ja'Ron Smith, Director of Urban Affairs and Revitalization for the White House, kicked off the meeting by sharing where the Administration was on a number of housing related issues. He said they are still working on a tax reform policy and getting into the weeds on the Low Income Housing Tax Credit (LIHTC) program. He acknowledged that Congress is in a good spot with LIHTC, but they are still crafting their position on the program and how it relates to tax reform. The Administration is also very focused on what housing looks like in rural communities and finding housing solutions that address issues in a holistic way while at the same time empowering people. They are also looking at economic development programs and trying to create connectivity and coordination with housing programs.
Ralph Gaines, Principal Deputy Assistant Secretary for Community Planning and Development (CPD) at the Department of Housing and Urban Development (HUD) also provided a brief overview of CPD's strategy on housing to the group. He said CPD is taking a step back and trying to be innovative within their current structure. They are working on interconnecting programs, getting private participation in HUD projects, building opportunities, and developing public interest in their activities. Overall, they are working to enhance the things that are working, address the things that are not working, and identify opportunities for growth within the Department. Johnson Joy, HUD's Chief Information Officer was also present in the meeting and he gave a brief overview of his work to identify these areas within HUD's information systems.
Next, Chuck Robbins, President of NACCED, gave an introduction for NACCED and NALHFA, talking about successful areas in affordable housing, and areas that need improvement. He identified LIHTC as the number one tool for developing and preserving affordable housing, but pointed out with the current affordable housing crisis, more needs to be done to grow and enhance the program. The credits are not worth as much as they were 2 years ago, especially with the looming threat of a lowered corporate tax rate. Furthermore, programs like HOME have had funding steadily decrease over the last 10 years, making it harder and harder to find projects that can be funded by the program. He also outlined the rising costs of housing, including increased labor and material costs and a lack of contractors, subcontractors, and skilled laborers.
Eric Enderlin, NALHFA member and President of the New York City Housing Development Corporation (NYCHDC), said the best way to enhance and increase LIHTC resources is to pass the Affordable Housing Credit Improvement Act (S. 548) as it increases the housing credits by 50% and provides much needed stability to the program. Rich Froehlich, NALHFA Board Member and Chief Operating Officer, Executive Vice President & General Council for NYCHDC, pointed out that the legislation also provides much needed support for the development of affordable housing in rural areas. Additionally, the income averaging provision of the legislation will help all jurisdictions by giving the program greater flexibility and allowing communities to serve a broader set of incomes, improving economic feasibility. Froehlich went on to point out that these outcomes all serve much of what the Administration has set as its goals for affordable housing: increased flexibility, greater program efficiency, improved access in under-served areas, and enhanced public-private partnerships.
The meeting took a turn to infrastructure and economic development when Smith told the group the Administration is still very committed to pushing an improved infrastructure policy focused on economic development and local control. Froehlich asked if housing would be part of the infrastructure plan, and Smith indicated that the door is not closed on housing being considered in infrastructure reform, but the President’s plan is focused on big ticket items like bridges, broadband, transportation, and roads. Patricia Ward noted that quality housing is a huge part of infrastructure development and it is an economic development tool that allows renters to have buying power they otherwise would not have. Robbins also pointed out that the Community Development Block Grant (CDBG) program is largely used for infrastructure development at the local level. He went on to describe the importance of local infrastructure development such as safe drinking water infrastructure, wastewater facilities, ADA accessible sidewalks, and community roads. These projects rely on federal investment, and if the CDBG program continues to lose funds, it will have a detrimental effect on communities across the country.
A theme that continued to reverberate throughout the conversation, especially by Richard Youngblood, Special Assistant for HUD's Center for Faith-Based and Neighborhood Partnerships, is the need for more public-private partnerships in affordable housing programs. Youngblood described the conversations he has had with business owners across the country and how there is increased interest in these types of relationships due to the President's emphasis on economic growth. Previously, he said many business owners were intimidated by getting involved with the federal government because there are so many regulations and laws to comply with. They see these barriers as potential liabilities for their bottom line. Youngblood encouraged the group to outline the reasons why local businesses and nonprofits stay away from public-private partnerships as this will help HUD and the Administration craft policy that will be more encouraging of these partnerships.
The White House and HUD staff echoed the need for NALHFA and NACCED members to outline what is working and what is not working for affordable housing programs. Specifically, they would like to know of regulations and other barriers that make it more difficult to efficiently and effectively utilize these programs. Furthermore, they want to keep the dialogue open between NALHFA and NACCED and continue this conversation through future policy working group meetings. Finally, they would like to hear your success stories, especially programs where you have utilized public-private partnerships or have developed other unique relationships that have enhanced these programs. This is an exclusive opportunity for NALHFA members to have direct contact with federal decision makers as they develop the policies that will affect future affordable housing programs. If you have comments or stories you would like to share, please contact NALHFA Policy Director, Heather Voorman, at hvoorman@nalhfa.org.
[Washington, DC] The Board of Directors of the National Association of Local Housing Finance Agencies (NALHFA) has announced the appointment of Jonathan M. Paine, CAE, as its executive director effective June 30, 2017. Paine has been serving as the Interim Executive Director since February 6 replacing Marc Selvitelli, who left the association to pursue another career opportunity. Read more.
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.
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
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!
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.
[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.
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.
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!
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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Last Thursday, NALHFA members met with White House staff in a first of its kind housing policy working group. The purpose of the meeting was to allow NALHFA members the opportunity to communicate directly with decision makers at the federal level about current challenges in housing policy, as well as solutions, in a member-driven conversation. 
Eric Enderlin, NALHFA member and President of the New York City Housing Development Corporation (NYCHDC), said the best way to enhance and increase LIHTC resources is to pass the Affordable Housing Credit Improvement Act (S. 548) as it increases the housing credits by 50% and provides much needed stability to the program. Rich Froehlich, NALHFA Board Member and Chief Operating Officer, Executive Vice President & General Council for NYCHDC, pointed out that the legislation also provides much needed support for the development of affordable housing in rural areas. Additionally, the income averaging provision of the legislation will help all jurisdictions by giving the program greater flexibility and allowing communities to serve a broader set of incomes, improving economic feasibility. Froehlich went on to point out that these outcomes all serve much of what the Administration has set as its goals for affordable housing: i.png)
A theme that continued to reverberate throughout the conversation, especially by Richard Youngblood, Special Assistant for HUD's Center for Faith-Based and Neighborhood Partnerships, is the need for more public-private partnerships in affordable housing programs. Youngblood described the conversations he has had with business owners across the country and how there is increased interest in these types of relationships due to the President's emphasis on economic growth. Previously, he said many business owners were intimidated by getting involved with the federal government because there are so many regulations and laws to comply with. They see these barriers as potential liabilities for their bottom line. Youngblood encouraged the group to outline the reasons why local businesse
