Century Housing’s Post

The federal Low Income Housing Tax Credit currently dominates the affordable financing market, but doesn't provide financing for the diverse type of affordable housing we need in one of the most rural states in the US. Montana could multiply the collective value of our already massive state surplus by drastically expanding the financing tools available to housing professionals. This could take shape through a state-wide housing innovation fund that provides both grant funding and low-cost financing focused on enabling a diversity of housing projects. Such a fund would deploy significant capital with necessary flexibility to small-scale, community-minded housing professionals, enabling them to deliver affordable housing using creative ownership and affordability structures, like co-op conversions (see North Missoula Community Development Corporation's work!), co-housing, land trusts, deed restrictions, community investment cooperatives, and more. #montanarealestate #mtpol #affordablehousing #montanahomes #montana #mountainwest #ruraldevelopment #ruralhousing

The need for affordable housing is undeniable. Single-family rentals can be part of the solution. Designed specifically for renters, they offer families more space & stability compared to traditional apartments and provide the sense of community so many people looking for homes are in search of. This Forbes article touches upon this critical issue and points out that without collaboration between public and private sectors, it will be difficult to solve. That’s why Quinn Residences is focused on helping to build homes in thriving communities where people can feel at home. If we can be a part of the solution and provide families with a place to lay down roots then we know we’ve accomplished our goal. What are your thoughts on SFRs as a solution to the housing crisis? Drop your comments below. https://bit.ly/4aRW2Bo #sfr #btr #realestatemarket #housingmarket #rentvsbuy #affordablehousing #communityliving

Housing Solutions to Meet the Housing Crisis The U.S. housing crisis now touches every part of our country, across multiple income segments and all housing types. The crisis is often attributed to restrictive land use policies. But the crisis has more systemic and complex roots, which will demand a broader set of solutions. My latest piece, co-authored with Michael Saadine, Benjamin Preis and Emily Desmond, frames the crisis in new ways. The housing system is federated, with responsibilities divided across multiple layers of government and sectors of society. Everyone is in charge so no one is in charge. The system is also highly financialized. In recent years, for example, it has become more lucrative for investors to buy housing for speculative or other reasons than to build it. And the system is fossilized. The mainstay federal housing programs have been around since the mid 1980s and early 1990s, becoming more rigid and ossified over the decades. Solving this crisis will not happen via tinkering with or tweaking the existing system. We need bolder, more disruptive interventions. The good news is that a growing number of states and localities are experimenting with a broad set of solutions. Zoning reform is a consistent focus. But communities are also moving solutions that touch upon Land, Construction, Capital, Regulation and Delivery. Scaling these innovations across the country, with routinized practices and products, new functions and intermediaries and (hopefully) ambitious federal reforms and investments, needs to be the order of the day. To that end, the Nowak Metro Finance Lab and Accelerator for America will launch a bipartisan National Housing Crisis Task Force next month. Stay tuned …. https://lnkd.in/ed4Hu2nD

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.

HUD issues $13.5M in affordable housing grants HUD has allocated $135 million in grants aimed at boosting affordable housing initiatives across the country, focusing on communities with high housing needs. These grants will support various projects, including construction, rehabilitation, and supportive services for low-income families and individuals. Learn more about how these funds could impact housing availability in your area. "Realty Roundup: Your Source for Timely Real Estate News 📰" https://lnkd.in/emAJZfu5

Always follow the money. Low Income Housing Tax Credits (LIHTC) are practically the only game in town for developers to create new affordable housing units. This deep dive by Shelterforce (Miriam Axel-Lute) is worth reading. While the program helps build affordable housing for people making ≤ 60% AMI, it is strictly a rental program and hard to complete projects of less than 100 units in size. What is clear is that there is a need for more and different kinds of affordable housing funding. https://lnkd.in/ecxsBB73 Does inclusionary housing programs help shift the needle meaningfully to offer more housing options for people making ≤ 100% AMI? What expectations should be built in around owning or renting for people in this space? What other financing options might developers look to? #affordablehousing #lihtc #realestatedevelopment #rentalproperty #housingfinance

This month, as part of #RetownRevision's celebration of innovative and sustainable affordable housing projects, we spotlight the Sequoia Commons project in the rural Southwest. Located in Tulare County, CA, this initiative stands out for its targeted approach to addressing the needs of chronically homeless individuals and integrating supportive housing solutions. Sequoia Commons is a development project supported by rental subsidies from the Kings/Tulare Homeless Alliance and Tulare County Health and Human Services. This support is crucial for ensuring the sustainability of the housing model, which focuses on providing much-needed affordable units along with integrated resident services. The project also benefits from a collaborative approach with local behavioral health and mental health agencies, emphasizing the importance of resident programs in developments with Permanent Supportive Housing (PSH) units. Such programs are vital for enhancing the quality of life for residents and ensuring they have the necessary support to maintain their housing and health. Sequoia Commons has been financed through a blend of sources aimed at enhancing housing stability and community support for the most vulnerable. Key funding sources include the Low-Income Housing Tax Credit (LIHTC) and tax-exempt bonds, which have been crucial in ensuring the financial feasibility of the project. Additionally, the Federal Home Loan Bank of San Francisco's Affordable Housing Program has provided essential grants that contribute to the project's capital stack. The support from state officials has been instrumental, with funds allocated through California's Affordable Housing and Sustainable Communities, Infill Infrastructure, and Multifamily Housing programs. These programs are designed to promote sustainable community development by integrating affordable housing with broader economic and environmental goals. Sequoia Commons serves as an exemplary model of how partnerships and collaborative funding strategies can be effectively utilized to create impactful housing solutions in rural areas. By leveraging local resources and focusing on sustainability and support, Sequoia Commons not only provides housing but also fosters a supportive community for its residents. This project exemplifies the potential of rural housing developments to improve lives through innovative approaches to design, financing, and service provision. It underscores the importance of continued investment in affordable housing to meet the diverse needs of rural communities in the Southwest. #Retown applauds these efforts! Sources: https://lnkd.in/gszRqsV9

Spotlighting creative wins from a community that worked to improve housing affordability in their region! Developing affordable housing in rural communities can be a challenge for several reasons. Development happens on a smaller scale and creates higher construction costs per unit that can discourage private developers from building there. However, CNEDD has creatively used several financing mechanisms to provide affordable rental and homeownership opportunities, down payment assistance, and home repairs. #housingcrisis #winning #federalreserve #federalcommunities https://lnkd.in/eVFikXuj

At Equity Platforms, we own and operate affordable housing assets that provide quality apartments for veterans, families coming from shelters, and senior citizens. For EACH unit that we market, we get an average of 30 - 50 applications within a week. THE DEMAND IS INSATIABLE, and to make matters worse, landlords across the country are increasingly rejecting tenants who have vouchers. With a shortage of 7 million apartments, there's simply not enough units. As an affordable housing operator, I'm able to see these challenges first hand, and after being in the trenches, I must say that I'm scared for what the future holds. The reality is that there is a national pandemic brewing, and we cannot rely wholly on the government to come to the rescue. No matter our socio-economic background, we can no longer sit on the sidelines as if this won't affect ALL OF US. It's time for communities to come together to be a part of the solution. Check out the CRE Report's newest article titled "Affordable Housing: America's Next Pandemic", which breaks down some of the challenges and viable options we have to tackle the problems head on. Beatriz Durant Jey Van-Sharp 🐺🌹 Michael McConnell Brian Phillips, Alexis Mena Shaun Pannell Roshaun Davis

A compelling and informative read about LIHTC. Thank you, Rochelle Mills, for sharing!   Here is a sampling of the voices featured in Miriam Axel-Lute’s Shelterforce article:   - It’s important, says Rich Wallach, “that we come up with alternate models that aren’t tied to that whole ecosystem of investors and attorneys and accountants.”   - Sean Closkey would like to see more homeownership development programs, and something to allow nonprofits to compete with private equity firms to acquire single-family homes.   - “In a rational world,” says Ben Metcalf, “we would have a shit-ton more project-based vouchers,” which would provide an alternative source of subsidy for the construction and operation of more truly affordable housing. Add to that, he says, “some sort of shallow subsidy that’s available to help folks build moderate-income housing” and “some sort of coherent limited equity co-op investment program that’s being backstopped by the federal government” to expand ownership opportunities.   - Tom De Simone suggests that not only do we need more and different programs, but that a least some of those programs should be structured to cover a larger portion of development costs—therefore requiring less time and energy spent scrambling to assemble multiple sources.   - What do we need to do? The answer was nearly universal: We need more and different kinds of affordable housing funding. That is the only way to turn away from a monoculture toward a more balanced housing ecosystem. As Rochelle Mills says, “we’ve got to have more than one tool in the toolbox.” Read on!