We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
The Joint Center for Housing Studies of Harvard University recently released its annual report, State of the Nation’s Housing 2023. The report combines analyses of data from the U.S. Census Bureau, HUD, Freddie Mac, the National Association of Realtors, RealPage, and other sources to provide a comprehensive snapshot of the country’s housing supply and demand.
On May 11, bipartisan groups of senators and representatives introduced the Affordable Housing Credit Improvement Act (AHCIA) of 2023 in the Senate and House. The AHCIA was first introduced in Congress in 2016, and has had increasing bipartisan support since then. Although it hasn’t passed, the provisions included in the AHCIA are often included in other major housing bills introduced each session.
HUD and the Treasury Department recently highlighted the Biden administration’s efforts to increase access to safe, quality housing by encourage the use of American Rescue Plan (ARP) funds for affordable housing production and preservation. The State and Local Fiscal Recovery Funds (SLFRF), authorized by the ARP, delivers $350 billion to state, territorial, local, and Tribal governments across the country to support their response to and recovery from the COVID-19 public health emergency.
Senate Finance Committee Chairman Ron Wyden recently reintroduced the Decent Affordable, Safe Housing for All (DASH) Act, which implements sweeping reforms to affordable housing financing in an effort to combat homelessness and expand affordable housing access.
The IRS recently published Notice 2023-22 with the population figures used to calculate the calendar year 2023 LIHTC and private activity bond limits for all 50 states; Washington D.C.; and U.S. territories. According to the data, the population figures increased 0.4 percent from 2022 to 2023. However, the 2023 national 9 percent LIHTC allocation increased 6.2 percent from 2022.
The White House recently announced new actions to increase fairness in the rental market and further principles of fair housing. Notable actions announced include:
In November, U.S. Senators Angus King (I-Maine), Sherrod Brown (D-Ohio), and Rob Portman (R-Ohio) and Rep. Brad Wenstrup (R-Ohio) and Rep. Danny Davis (D-Ill.) from the House introduced “The Housing for Homeless Students Act of 2022” to help homeless students, veterans, and foster youth access affordable housing while pursuing an education.
The IRS recently published the amounts of unused low-income housing tax credit carryovers for calendar year 2022. The carryover allocation is made up of LIHTCs that are not allocated by states but are added to a national pool and redistributed to qualified states that apply for the additional credits. Revenue Procedure 2022-37 details how $5.4 million of unused LIHTCs were divided among the eligible states in the national pool.
A recent report released by the National Council of State Housing Agencies (NCSHA) highlights the actions state housing finance agencies are going through in this period of increased labor, materials, and financing costs to ensure pending LIHTC projects can proceed as planned. The report is titled, “Filling Funding Gaps: How State Agencies are Moving to Meet a Growing Threat to Affordable Housing.”
On Aug. 16, President Biden signed into law the new Inflation Reduction Act (IRA), which includes significant investments to address climate change in affordable housing. The law provides billions of dollars in funding through direct spending and tax credits that can be used to preserve affordable housing, reduce energy costs, and increase community resilience.
RSS