BlueHub Capital’s Post

💡 Philanthropic organizations can play a crucial role in preserving #affordablehousing by providing gap funding in the form of soft funds or low-cost loans, enabling the underwriting of lower rents and helping to meet community demand. Read Glick Housing Foundation's latest article for more on creative approaches to preservation.

In this Q&A with Affordable Housing Finance, Glick Housing Foundation president David Barrett discusses the growing housing shortage, significant barriers to meeting demand, and creative approaches to preservation. Ultimately, the best solutions will involve public-private partnerships: 🏘 Housing developers and providers can partner with city leaders to leverage property tax incentives for preserving #affordablehousing. Often, these exemptions are offered to encourage property upgrades and supportive services that improve the condition of affordable housing units and residents’ quality of life. 📈 HUD recently announced $30 billion in renewal funding for the Housing Choice Voucher program. Without concurrent expansion of funding for #housingpreservation — such as increased LIHTC allocations — voucher holders may struggle to find affordable homes. As state agencies are ultimately responsible for #LIHTC allocations, they must think about how to incentivize preservation projects when developing their policies. 💰 Philanthropic organizations can play a crucial role by providing gap funding in the form of soft funds or low-cost loans, enabling the underwriting of lower rents and helping to meet community demand. Read more and share your thoughts in the comments.

Great read on the underlying challenges of affordable housing development.

Amazing to see the Housing Accelerator Fund being put to work in City of Saskatoon. Great things happen when all levels of government cooperate! "Just over $13 million in HAF-related funding will be spread across 18 projects meant to lead to a total of 492 new affordable housing units." "The money flowing through the city will also enable agencies like Camponi and other community-based affordable housing providers to apply for further funds from other orders of government, Bishop noted, referencing affordable housing programs offered by the federal Canada Mortgage and Housing Corporation (CMHC) Société canadienne d'hypothèques et de logement(SCHL)." #housing #housingsupply #NationalHousingStrategy https://lnkd.in/dUdkgejz.

Alberta

🌟 Exciting Developments in Affordable Housing Preservation! 🌟   National Housing Trust (NHT) is embarking on a transformative new chapter in the fight to preserve affordable housing! This initiative represents a significant leap forward in ensuring that safe and affordable housing remains accessible to all, especially those in underserved communities.   NHT’s latest strategies are designed to tackle the pressing challenges in affordable housing with innovative solutions. From strengthening community partnerships to leveraging new technologies, their approach is set to make a substantial impact.   Key highlights of this initiative include:   ● Convening property owners and residents to understand their challenges and develop solutions that work for everyone to more effectively operate and maintain affordable housing in the long run. ● Collecting and aggregating new and existing data to estimate the number of homes at risk of deterioration or loss, and the cost to return these homes to safe and sanitary condition.   ● Shifting the narrative to ensure that decision-makers recognize preservation is a key solution to our nation’s housing supply shortage.   Read more about NHT’s new chapter and how it aims to make a difference: https://lnkd.in/eA8VWfXZ   #AffordableHousing #HousingPreservation #CommunityDevelopment #SocialImpact #NHT #HousingEquity

Several new affordable housing and shelter developments have broken ground in Minneapolis in recent weeks – the result of historic levels of investment from Hennepin County and other partners. The new projects will address a significant need for shelter and deeply affordable housing as the region continues to face an affordable housing crisis that disproportionately impacts communities of color. Hennepin County is a national leader in its work on affordable housing with a focus on reducing disparities and growing housing options for people with the lowest incomes. The county has significant investments in several projects in the development pipeline. The momentum in affordable housing production will continue as Hennepin County implements its multiphase approach for revenues from the new Metro Area Sales and Use Tax for Housing for metro counties and cities.

"And, to be very clear, there is no outside regulatory agency telling us that severe cuts to affordable housing are the only option to improve the health of our waterways. Nor is there evidence that the proposed approach will get us any closer to that goal. What we do know for certain, however, is that if we fail to heed these warnings, San Jose is headed to a dark future where tens of millions of dollars will vanish each year, with no money left to invest in the housing and homelessness prevention services that we already know work so well to keep our city safe, stable, and housed. That’s why now is the time to demand that we keep Measure E funds dedicated to housing, while also searching for new revenue sources that can further support this critical work."

We are excited to announce the results of our second annual AHP Nevada Targeted Fund competition💙. https://lnkd.in/guDGXHyQ This year the fund has awarded $9.4 million in affordable housing grants - almost double last year's commitment. 🏘 The nine important projects receiving the awards will create a total of 600 much-needed affordable housing units for lower-income families and individuals across the state. “The lack of affordable housing supply is one of the most challenging issues our country faces today, and this shortage is particularly acute in Nevada,” said Alanna McCargo president and CEO FHLBank San Francisco. Developed through collaboration with U.S. Senator Catherine Cortez Masto, the Nevada Targeted Fund launched in 2023. For the second year running, we are proud to deploy this funding in partnership with Nevada Housing Coalition to help address Nevada’s severe shortage of affordable housing in collaboration with our members, their community partners, and other stakeholders. ➡ Learn more about the Nevada Targeted Fund and view the full list of this year's funded projects on our website: https://lnkd.in/guDGXHyQ The 2024 AHP Nevada Targeted Fund grants will fund projects across Nevada, in urban, rural and tribal communities, including: Fallon, Nevada, New construction of homes on tribal land in the Fallon Paiute Shoshone Indian Colony, in collaboration with Clearinghouse CDFI and Fallon Paiute Shoshone Tribe. Rehabilitation of Fallon Senior Housing, in collaboration with Clearinghouse CDFI and AMERICAN COVENANT SENIOR HOUSING FOUNDATION INC. Las Vegas, Nevada, New construction of Tropicana Trails permanent supportive housing development, in collaboration with United Business Bank and Help Of Southern Nevada. Laughlin, Nevada, New construction of Laughlin Senior Apartments, in collaboration with City National Bank and Wisconsin Partnership for Housing Development. Lovelock, Nevada, rehabilitation of an affordable housing development, in collaboration with GREAT BASIN FEDERAL CREDIT UNION and AMERICAN COVENANT SENIOR HOUSING FOUNDATION INC. North Las Vegas, Nevada, new construction of Old Rose Gardens senior housing, in collaboration with Wells Fargo National Bank West and Southern Nevada Regional Housing Authority.

Link Wentworth welcomes the state government’s commitment to tackling the housing crisis in today’s budget. We commend the government for the investment in social housing - $5.1 billion over four years. Other initiatives such as the emergency housing and homelessness support services, the NSW Rental Taskforce and increased funding for maintenance of older social housing stock are all positive strategies to increase help to those most affected by the current crisis. Andrew McAnulty, CEO of Link Wentworth praised the Minns Government, Treasurer Mookhey, Minister Jackson and Minister Scully for such a clear statement of intent and significant investment towards providing safe, secure and affordable homes for all NSW residents. This announcement builds on the momentum of the past 12 months of planning reforms and the establishment of Homes NSW and the Rental Commissioner. “I encourage this landmark investment to be leveraged via community housing providers (CHPs) to layer funding sources and increase the new homes delivered with land from the state government and Federal Government Housing Australia Future Fund (HAFF). As not-for-profit organisations that reinvest surpluses back into housing stock for low-income residents, CHPs are well positioned—financially, strategically and ethically—to partner with government and private sector stakeholders, to increase the supply of social housing. Through a clear strategy to layer investment via community housing providers, the state government can make this critical and strategic investment go even further and provide more homes for those who need them most.” Rebecca Pinkstone Trina Jones Community Housing Industry Association NSW PowerHousing Australia Nathan Dal Bon Housing Australia Homes NSW #nswbudget #socialhousing #communityhousing #affordablehousing