KCG Companies’ Post

Governor Pritzker and the Illinois Housing Development Authority are proud to announce this year's 2024 federal Low-Income Housing Tax Credit (LIHTC) developments. The IHDA Board approved $23.8 million in LIHTC that will finance the creation and preservation of 16 affordable housing developments in 10 counties throughout Illinois. Once completed, the developments will offer 792 affordable units for low- to moderate-income families, seniors, and persons with special needs. Over the past five years, IHDA has financed the creation and/or preservation of 157 developments with 8,639 affordable housing units through LIHTC. This public-private program is the largest generator of affordable housing in that nation and allows for IHDA to continue to produce new housing annually for low-income renters across Illinois. Read more about the developments at https://ow.ly/7IOG50SIv8E

We are thrilled to witness developments being made in Arizona to offer solutions that bring hope and stability to working families statewide. Leading this charge is the Arizona Starter Homes Act, a promising initiative aimed at simplifying the home-building process. By removing unnecessary barriers and expediting construction, this initiative seeks to make homeownership more accessible and affordable for all Arizonans. This heartwarming proposal is a huge step towards a better community. We believe that every hardworking individual deserves the opportunity to have a place to call home. Complementing this, SB1415 proposes the legalization of accessory dwelling units (ADUs), or casitas, in our larger cities. This move opens up new possibilities for creating intimate, community-oriented living spaces, enriching our neighborhoods with additional warmth and character. Besides that, HB2374 also introduces a forward-thinking approach by proposing the elimination of parking minimums for certain housing developments, potentially making way for more residential spaces and less unused asphalt. Alongside, other commendable proposals aim to enhance the state Low-Income Housing Tax At A New Leaf, we are heartened by these efforts and their potential to significantly impact our communities. The vision of more accessible and affordable housing aligns with our mission to support individuals and families on their path to stability and self-sufficiency. These initiatives signal a big move towards a future where every Arizona neighbor has access to a stable, affordable home. The journey towards finding an affordable home may soon become easier, thanks to these significant development aimed at addressing the housing affordability crisis. https://lnkd.in/gscETQGt

Can Washington solve the housing crisis? Erin Norman's recent opinion piece in Governing Magazine argues that while President Biden's budget proposes significant funding for housing, including tax credits and grant programs, these measures are unlikely to address the underlying problem of housing scarcity. Instead, the article advocates for empowering communities through incentives to state and local governments to adopt innovative solutions tailored to their specific needs, such as converting empty commercial real estate into residential dwellings; removing zoning restrictions to allow for more housing construction; and updating the definition of “manufactured housing” to allow builders more flexibility in design and construction of accessory dwelling units. I'm curious to hear your thoughts. Is the solution best left to state and local governments, or is tax credit and grant funding from Washington also needed to effectively increase housing supply? #housingpolicy #zoning https://lnkd.in/gButtp7M

Joined by members of the Westchester County Board of Legislators, Westchester County Executive George Latimer signed Land Acquisition Acts that allocate $2,700,000 for the purchase of land in Yonkers, and $3,000,000 for the purchase of land in the Village of Ossining for the construction of affordable housing. Both properties will be marketed and leased to residents ages 62 years and older. The Yonkers property will offer 94 affordable housing units for seniors earning at or below 30% of the area median income, and the Ossining property will provide 74 units for seniors earning at or below 40% of the area median income. The Land Acquisition Acts are the first pieces of legislation Latimer will sign in 2024, proving that furthering fair housing throughout Westchester remains a primary focus. Latimer said: “Our responsibility as a County government is to make sure that the opportunity for affordable housing is always there. Having access to decent housing is a basic, human right, and homes need to remain at a price point that all people can afford. This legislation is about filling a critical need that people have across our County, and when we allocate significant funding towards the construction of affordable units, we are helping to improve the quality of life for many of our residents and families.” Read more here: https://ow.ly/S30g50QyY7Q

As REALTORS®, we know Affordable Housing is an IMPORTANT factor in a community's quality of life and, therefore, an important issue in the real estate business. RAGC opposes Issue 24, Cincinnati's Affordable Housing Charter Amendment. While Issue 24 is a well-intentioned effort that aims to combat housing shortages, it falls drastically short of solving the Affordable Housing issue. Issue 24 increases taxes and fails to address the underlying barriers to housing affordability. Issue 24 misses the mark and glaringly overlooks the acute shortage of over 30,000 housing units in Cincinnati. As REALTORS®, we want to educate our friends, families, colleagues, and clients to understand the negative impact of Issue 24 tax increases and the absence of real solutions. CALL TO ACTION: simply SHARE this post 🙏 Let’s show Cincinnati that we know what needs to be done – work to pass innovative policy solutions over added taxes to address and rectify Cincinnati's prevailing housing crisis. Get all the details here → https://buff.ly/49emy8b

Perfect timing. The math for buying a home may no longer make sense in the current environment. The surge in #MortgageRates has driven monthly mortgages 52% higher than the average apartment rent. Before the Fed started raising rates, a household with a housing budget of $2,000 could afford a home valued at more than $400,000; now with the current rates, that value is less than $295,000. Read between the lines: when you add property tax and homeowners' insurance the disparity gets higher. --- #Housing that is affordable (not "affordable housing") begins at the local level in policies and regulations that are imposed. CC: National Association of Home Builders, Robert Dietz, Karl Eckhart

Excellent new report from Eli Kahn and Salim Furth at Mercatus Center at George Mason University on housing supply reform across the country in 2024! Give it a read! https://lnkd.in/gHhKRtJv For those of us in CA: "In California, the epicenter of the American housing supply crisis, housing supply is not only on the agenda—it is a top-tier issue. In late 2023, the Golden State enacted more than a dozen housing supply bills, primarily making reforms to the permitting process but also refining ADU law and making the state’s required local planning process more stringent. Dozens more housing supply bills have been introduced in 2024 and remain under consideration as of this writing."

Newsday editorial on housing has it right as NYS lawmakers attempt to bring a package of reforms together in this years budget once again. Governor Kathy Hochul's office authorized a message to 1,100 Long Island community business and government leaders in December that there would be no housing mandates or override of zoning in this year's legislative session. The push was to work collaboratively with local communities on the Pro Housing program and deliver needed infrastructure to our Towns and Villages. Over 200 Federal, State, County, Town and Village officials opposed mandates and NYS overule of local zoning last year. With that near unanimous support we have to be hopeful that whatever deal is being pushed in Albany focuses on bringing needed resources to our communities in direct subsidies to get housing built, vouchers to help the neediest among us and infrastructure investment in safe streets, sewers so we can have expanded growth. No matter what the public must be engaged locally to help plan their own neighborhoods. Building trust around the housing issue is the most important issue after three plus years of housing mandate proposals from Albany that have increased opposition to housing and essentially drove the effort around collaboration around many 10,000 units being planned in a ditch. Check out Newsday's take on the top housing issues coming together in Albany. https://lnkd.in/ecZYCfdn

“Developers Tap Municipalities in Attempt To Address Housing’s ‘Missing Middle’” The CoStar Group article posted in the comments below 👇 discusses the "missing middle" in multifamily housing, where middle-income renters like essential workers of teachers and firefighters are priced out of both high-end and affordable housing. Rising costs have forced some to move to more affordable areas, and the article highlights partnerships between private developers and municipal housing authorities as a solution. 1) Players: Developers such as The NRP Group LLC have created 2,300 affordable units in Austin through local government partnerships, while Waterford has developed over 4,000 units in California. 2) Financing and Incentives - Traditional low-income housing programs, such as the Low-Income Housing Tax Credit (“LIHTC”), focus on those earning less than 60% of AMI, leaving a gap for those earning between 61% and 120% of AMI. - Creative solutions include tax abatements, tax-exempt bond financing, and rental assistance programs. - For instance, Waterford's Dallas project benefited from a 99-year property tax abatement for reserving a portion of units for middle-income renters. 💡 What other solutions can increase housing for the missing middle? Share your thoughts in the comments below 👇! Please like 👍, comment below 👇, or share 👉. Click the 🔔 in my profile to get notified of my posts. And follow me for more content like this. #home #multifamily #homerental #buildtorent

Here we go again! Attention housing professionals! 8 months have passed, we have a new government and a new King's Speech to digest. Here are the housing headlines: - "Get Britain Building"- planning reform to enhance quality infrastructure and housing - Renters reform to end no fault evictions and review grounds for possession - Leasehold and commonhold reform So nothing unexpected there of course. I've no doubt that Jay Mehta and Jamie Childs will be keeping their eyes peeled for all planning reform, Simon Murphy and Jamie Kidd on renters reform, and Estelle Corner and I on all things leasehold and commonhold reform. There are only 184 properties registered as "commonhold" in England and Wales (as of 30 June 2023). Place your bets how many will exist by the next election.... #thekingsspeech #socialhousing #housingcrisis #commonhold #leaseholdreform #rentersreform #planningreform #howespercival #lifemoresure