Non-Profit Housing Association of Northern California (NPH)’s Post

The U.S. Department of Housing and Urban Development (HUD) issued its annual income determination for Low-Income Housing Tax Credit (LIHTC) communities, which changes the calculation in ways that may make it more difficult for some residents and investors to participate in the program: #affordablehousing #multifamily #realestate #rentcontrol

An op-ed from New York Housing Conference Executive Director Rachel Fee highlights the urgent need to strengthen the Low-Income Housing Tax Credit (Housing Credit) to effectively tackle New York's affordable housing crisis, and boost #affordablehousing supply across the country. "With rents on the rise and housing in short supply, this is one of the nation’s most effective weapons in the fight against a crisis that remains stubbornly severe...With federal lawmakers returning this month to a full legislative agenda, Leader Schumer, Leader Jeffries and the rest of the New York congressional delegation have an opportunity to make these broadly-supported, impactful changes that will allow New York to immediately finance thousands of shovel-ready developments that are currently waiting on the sidelines." Congress cannot wait any longer to take action on the affordable housing crisis. Read more here: https://lnkd.in/eGBZ-mRW

The decision by BAHFA to withdraw the $20 billion affordable housing bond measure is a very significant and tragic setback in addressing California's housing crisis. While I understand the complexities that led to the decision, the urgency of our housing crisis remains unchanged and the solutions cannot wait until 2026 or beyond when we may be able to pass a bond measure. The decision underscores the need for bolder solutions from our state and local governments. Incremental measures have failed, and we must take bold, immediate steps to eliminate the roadblocks that have hindered the construction of much-needed housing for far too long. The time has come to take decisive action to meaningfully reform CEQA, the Coastal Act, local zoning regulations, and all other impediments and obstacles to the rapid development of housing. As well-intentioned as those regulations may have been, they are directly responsible for where we are today - in a crisis of epic proportion. Since we aren’t going to have the financial support the bond would have provided, we have to refocus immediately on accelerating the construction of new housing. This includes both market-rate and affordable housing to meet the diverse needs of our communities. The lack of affordable housing is hurting California’s economy. Businesses are struggling to attract and retain talent, and the vibrancy of our communities is at risk. We simply cannot afford to wait any longer hoping the solutions will materialize someday. https://lnkd.in/g3uvM3ah

This important piece of bipartisan legislation is a key to expanding housing affordability and availability and comes at a critical time. With low housing inventory, high interest rates, and record high construction costs, building affordable housing in New York has never been harder. We need congress to pass this legislation that will have a real impact on people’s live.

🚨 Senate Bill 1537, the only bill Kotek requested this year, is a package of incentives and policy changes intended to boost construction and meet her goal of building 36,000 homes annually. Economists estimate Oregon is 140,000 homes short of the current demand and needs to build at least 500,000 new homes within the next 20 years. “You have the power, you have the resources to allocate to this bill,” Kotek said. “You can say ‘We’re going to do housing differently over the next few years.’” Money in the bank The state’s latest economic forecast, indicated a $1.7 billion surplus for the state in the budget cycle that ends in June 2025. Even after a 1% allocation to the state’s rainy day fund, lawmakers would be left with about $1.3 billion to spend or save as they see fit. Home Forward supports Senate Bill 1537. ❤️🏠⚖️ HOUSING is at the core of what we do, and PEOPLE are the reason it matters! https://lnkd.in/gKY2iGs4

Exactly right.

“At a time of heightening division in our politics, this [housing] crisis transcends party because it affects everyone. By enacting the Affordable Housing Credit Improvement Act, we can show that impactful bipartisan accomplishments aren’t a thing of the past in Washington,” write Rep. Darin Lahood and Rep. Suzan Delbene in the Hill. The AHCIA has 202 House cosponsors and 30 Senate cosponsors, equally divided between Republicans and Democrats. With strong interest in a tax package ahead of the Jan 19 spending deadline, we urge Congress to include improvements to the Housing Credit to create nearly 2 million affordable homes. https://bit.ly/3vwzvdR

“Let’s be clear — affordable housing and economic prosperity are inextricably linked because a workforce needs workforce housing. There is also no job growth if workers can’t find an affordable place to live and if employers can’t find workers. We see this vicious cycle playing out in local economies nationwide. By producing stable workforce housing in a broad range of areas, from fast-growing cities to farmworker housing in rural areas, enactment of the AHCIA and addressing the affordable housing crisis is a key part of our continued economic recovery. Also, because the Housing Credit is targeted at the local level based on area median income, in many areas this is housing for teachers, firefighters, police officers and other hardworking professions like restaurant, hospitality and retail workers — all essential parts of a thriving community.”

Local Governments need more tools to maintain and preserve current affordable housing and right of first refusal can be just that. Don't we want housing that was funded with taxpayer dollars to stay affordable? https://lnkd.in/eJY5Egnd

As the nation’s housing crisis continues, many cities are altering their policies. Some are making the programs stricter; some are offering more money or extending tax breaks for more years. No matter the approach, municipal leaders say they’re trying to figure out how to get more of their residents safely housed. There is no one right way to preserve and build affordable and workforce housing. Effective solutions are location-specific and will need to evolve as the community and the circumstances evolve. #AffordableHousingCrisis #collaborationwins #InnovationInHousing