Zions Bank’s Post

Exciting news for New Jersey residents! Our very own Governor Phil Murphy has unveiled an innovative plan to revolutionize our state's approach to affordable housing. The proposal involves allocating $10 million from the Affordable Housing Trust Fund towards creating new ADU (Accessory Dwelling Unit) opportunities across select communities. What does this mean? Well, imagine transforming your unused garage space, attic, or even building a cozy little tiny house in your backyard—all while providing much-needed low-cost rental or ownership possibilities for families in need. To sweeten the deal, participating homeowners will receive incredible incentives such as up to $100k in forgivable loans and construction financing when collaborating with local nonprofit organizations. Moreover, they'll have access to expert guidance every step of the way through comprehensive technical assistance programs. This initiative is not only a win-win situation but also represents a significant leap forward in addressing NJ's longstanding struggle with affordability issues. #AffordableHousingNJ, #AccessoryDwellingUnits, and #PhilMurphyBudget2025! 🏠🎉🌿

I'm thrilled to see our client, Henrico County Development Authority and the Henrico County government, leading the charge in creating accessible and affordable homeownership opportunities! 🏡   Henrico County's latest initiative involves establishing a trust dedicated to enhancing access to affordable homeownership. This pioneering effort is set to address one of the most pressing issues facing communities today: the availability of affordable housing. By creating this trust, Henrico County is not only tackling housing affordability head-on but also setting a benchmark for other regions to follow. We believe in the power of innovative strategies to drive economic development and community well-being. Henrico County's approach is a testament to what can be achieved when forward-thinking policies and community-focused solutions come together.     #EconomicDevelopment #AffordableHousing #HenricoCounty #InnovativeSolutions #CamoinAssociates #CommunityEmpowerment #SustainableHousing

Affordable housing is a critical issue for many communities. The recent endeavors by Delaware developers using the Delaware Catalyst Fund offer a promising model for providing affordable housing to middle-class workers. By leveraging federal COVID-19 relief funds, developers like Charly Bass Davis are transforming vacant homes into vibrant, affordable living spaces for teachers, firefighters, and emergency personnel. The initiative not only revitalizes neighborhoods but also provides crucial opportunities for residents to own homes without displacement. With subsidies up to $120,000 per home and construction loans, this program addresses the challenges of high construction costs in areas with blighted properties. However, it's essential to reflect on the broader implications. How can we ensure that these efforts are sustainable? What policies can we advocate for to make affordable housing an enduring reality? Is your community implementing similar innovative solutions? Share your thoughts on the challenges and successes of affordable housing in your area. 🏠😊 #AffordableHousing #NonprofitSector #CommunityRevitalization #Transparency #WorkforceHousing #HousingDevelopment #Philanthropy

A study in 2016 showed that Charlotte had a housing deficit of 30,000 units, with a majority of that need being for low and moderate income families. Even in the most recent study for the state, there is more than 45K units deficit in affordable housing and 24K of that is in Charlotte alone. While some headway has been made it is still a severe problem. Critical housing solutions require innovative solutions and collaboration. For anyone needing inspiration of how to work with local government, developers, faith based organizations and nonprofits, I encourage you to watch the short video below. In a nut shell, St. Paul Baptist Church donated a portion of its land for affordable housing development. The city and Bank of America assisted the developer with funding and tax credits. Further the city utilized funding from its Housing Trust Fund using monies from voter approved housing bonds. Together this group was able to provide 112 units of affordable housing. As housing becomes more and more unaffordable, insurance rates are escalating and gentrification seems to push forward, we must all play a part in finding solutions to ensure that at a minimum, adequate housing solutions are provided to everyone to afford.

https://lnkd.in/g7h6dkCe 🏘 Exciting News for Kent County! 🎉 Last week the Kent County Commission took the next step in launching the Kent County Homes Fund. 🌟 What does this mean for West Michigan? Kent County’s investment makes it the largest of its kind and the second fund to be created in West Michigan. Both Ottawa and Kent Counties have now moved forward with these ground-breaking initiatives. What is the Kent County Homes Fund? 🏡 What is the Kent County Homes Fund? The revolving loan fund will provide a steady source of capital that can be reinvested into new projects as loans are repaid. This self-sustaining model will amplify the impact of each dollar invested, fostering a cycle of progress that will continue to uplift our community for decades. 🏙 Why Does This Matter? This is critical movement forward in our ongoing efforts to ensure that every individual and family has access to safe, stable, and affordable housing. 🤝 The approval to move forward with local Community Development Finance Institution (CDFI) IFF has set a powerful example for other communities nationwide, highlighting the transformative potential of innovative financing mechanisms to address housing supply challenges.

Attention folks in the housing development world: a quick heads up that the Michigan State Housing Development Authority “MI Neighborhood” grant program went LIVE this morning. The $12+ Million in funding that is allocated for our West Michigan region is directed toward three distinct buckets: New Unit Production, Rehabilitation, and Public Amenities. Note there is a rolling deadline, and applications will start being reviewed (and awarded) on April 15th. Both for-profit and nonprofit developers are eligible to apply, as well as local units of government, with a maximum grant cap of $2 million per applicant. One of MSHDA’s considerations will be how proposed projects align with our Regional Housing Partnership action plan. (see Region F on this page: https://lnkd.in/gj4wzWq2).   Here’s the link to the MI Neighborhood program page, including application link and all the associated information: https://lnkd.in/gUigwVTM

Grant Funding Opportunity: Request for Proposals – Overview HOUSING ASSISTANCE COUNCIL 2024 Affordable Housing for Rural Veterans January 10 @ 2:00 pm - 3:00 pm EST The Housing Assistance Council (HAC) is again seeking proposals under its Affordable Housing for Rural Veterans Grant Program. This #grant program supports bricks-and-mortar projects that assist low-income, elderly, and/or disabled veterans with critical home repairs, and accessibility modifications, support homeless veterans, help veterans become homeowners, and/or support the rehabilitation and or modification of affordable rental housing. Grants typically range up to $30,000 per organization and must support bricks-and-mortar projects that assist low-income, elderly, and/or disabled veterans with critical home repair, make #accessibility #modifications, support homeless veterans, help #veterans become homeowners, and/or secure affordable rental housing. The AHRV Initiative is funded through the generous support of The Home Depot foundation. This webinar will provide an overview of the Affordable Housing for Rural Veterans Grant Program, eligibility criteria, and the RFP process, and provide an opportunity to ask questions specific to potential applicant projects. *Potential applicants are encouraged to delay submission of grant proposals until after attending the overview session. No phone calls please. Program staff will be available to answer questions during a webinar on January 10.  Applications are due by 4:00 pm Eastern on Monday, January 22. For more information, contact HAC staff, ahrv@ruralhome.org. #nonprofit #ruralcommunities #homesafety #occupationaltherapy #SDOH #aginginplace #livinginplace #forsafetyssake #virginiahousing #agingservices #disabilitysupport #consulting

Affordable housing is a vehicle for neighborhood revitalization, but why are affordable housing development projects so expensive? A recent Crain's Chicago Business piece unpacks the nuances of the federal tax credit system, capital stacks, and rising construction costs, all of which contribute to the high cost of affordable housing projects. While #nonprofits like LUCHA, a Stronger Nonprofits Initiative participant, find ways to navigate the affordable housing system, there's an opportunity for public-private partnerships to better support these much needed projects. Learn more about the high cost of affordable housing here: https://lnkd.in/djsR6u9p

"Now, we face a perfect storm of financial, economic, and logistical challenges. Federal assistance has expired, but residents still struggle to pay their bills. Despite our efforts to contain rent increases, we face a massive backlog of unpaid rent. Housing courts are overwhelmed, stalling eviction cases. With most residents who are subject to eviction typically owing up to a year’s worth of rent, we are consistently running on a deficit. On top of all this, costs have skyrocketed. Property tax and insurance have increased by 30 percent a year in some areas. Overall maintenance and capital improvement costs are soaring. And some previously minor cost categories—such as security—are growing exponentially. Financial losses and cash-flow problems make it harder for nonprofit housing developers to obtain financing, maintain properties, and support a healthy portfolio that attracts investors and residents." 

"St. Ambrose offers a broad slate of services, including an in-house real estate brokerage, financial counseling, legal help and access to down payment assistance. In a city scarred by the legacy of redlining, blockbusting, and other predatory and racist real estate practices, the non-profit’s program has strengthened vulnerable neighborhoods throughout Baltimore and, according to new data, has also helped hundreds of families to build generational wealth. As policy makers consider how to address Baltimore’s declining population and vacant housing surplus, St. Ambrose’s targeted and comprehensive housing program can also serve as a model for revitalizing city neighborhoods and increasing homeownership throughout the city." Homeownership is a primary way to build family wealth and pass it down to future generations. Register TODAY for one of St. Ambrose’s FREE Homebuying Workshops! If you are buying a home for the first time, or just want some advice on how to prepare for homeownership, and connect to resources that make home ownership possible, you should consider meeting with a HUD certified housing counselor. email intake@stambros.org.