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On average, developers needed to layer an average of 3.5 different funding sources to finance developments built between 2000 and 2018, according to a recent report published by the Terner Center for Housing Innovation at UC Berkeley. One in four sites layered at least five (and in some cases as many as 11) sources. The average number of sources has also increased over time, in line with the rise of development costs, according to the report, “The Complexity of Financing Low-Income Housing Tax Credit Housing.”
In a recent case from Alaska, an LIHTC site owner tried to exercise an option to be able to exit the affordability restrictions put in place by the extended use agreement. There are two ways an owner can escape extended use commitments, but the court ruled that neither applied here. In applying for LIHTCs and signing the restrictive agreement the owner clearly showed an intent to commit to maintaining affordability requirements for 30 years.
A recent study sought to glean lessons from the state and local rental assistance programs launched in 2020 before the emergency rental assistance programs funded by the coronavirus relief package signed into law on Dec. 27, 2020 ramps up. The difficult task of administering these funds will fall to state and local governments, many of which have never provided direct rental assistance, or will need to scale up their 2020 efforts significantly.
President Joe Biden recently unveiled his “American Rescue Plan,” a $1.9 trillion package of policies to address the healthcare, economic, and societal harms caused by the COVID-19 pandemic. He described it as an “emergency legislative package to fund vaccinations, provide immediate, direct relief to families bearing the brunt of the COVID-19 crisis, and support struggling communities.”
Janet L. Yellen was recently sworn in as the secretary of the Treasury Department. Ms. Yellen is the 78th Treasury secretary and the first woman to head the department. As Treasury secretary she will be involved in the design, negotiation, and passage of a stimulus package intended to revive the economy. The Treasury secretary also oversees the Internal Revenue Service (IRS), which administers the Low-Income Housing Tax Credit program.
LIHTC supports a little over 40 percent of the multifamily housing market in rural Persistent Poverty Counties (PPCs), according to a new Freddie Mac white paper.
More than 7,600 apartments, townhomes, and houses nationwide are currently exposed to at least one “coastal flood risk event” in a typical year, and more than 24,500 units may be so threatened by 2050, according to a new report by The National Housing Trust and Climate Central. Their analysis evaluates the risk to affordable housing from flooding related to sea-level rise over the next 30 years. In short, the number of affordable housing units at risk from coastal flooding and sea level rise is expected to more than triple over the next three decades.
Despite low interest rates and continued growth in some sectors, the health and economic consequences of COVID-19 coupled with racial tensions and climate change across the nation have exacerbated the rental supply and affordability crises, according to the recent 2020 State of the Nation’s Housing report. Released by Harvard University’s Joint Center for Housing Studies (JCHS), the report can be found at www.jchs.harvard.edu/state-nations-housing-2020.
The Consumer Financial Protection Bureau (CFPB) has announced that the IRS has extended to Nov. 21 the deadline to apply for a CARES Act Economic Impact Payment (EIP) for people who don’t normally file income taxes. The deadline had been Oct. 15 for eligible people to apply for their “stimulus checks.” The IRS urges non-filers to register using the free non-filers tool. This online tool was designed for eligible people who aren’t normally required to file a tax return.
On Oct. 9, the CDC issued FAQs for the eviction moratorium in place from Sept. 4 through Dec. 30. The FAQs were issued jointly by the CDC, HUD, the Department of Health and Human Services (HHS), and the Department of Justice (DOJ) to clarify outstanding questions related to the declaration used by tenants to certify eligibility for the protections, as well as timing for housing providers initiating evictions.
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