Enterprise worked with the Washington State Housing Finance Commission (WSHFC) to provide priority in the competition for tax-exempt bond financing and 4 percent low income housing tax credit applications, by way of application points. The result was that over half of the projects funded in this round will be including early learning centers.
The Low-Income Housing Tax Credit (Housing Credit) finances more than 90 percent of all affordable housing production and preservation, and the health of the program is critical for the housing stability of millions of low-income families. There are several simple federal actions that can provide timing relief and prevent projects from losing their tax credits due to COVID-19’s impact, some of which are statutory and others that are regulatory.
The majority of the House of Representatives has cosponsored the Affordable Housing Credit Improvement Act, H.R.3077, with a total of 221 members signed on to the bipartisan legislation. The Affordable Housing Credit Improvement Act (AHCIA) would strengthen and expand the Low-Income Housing Tax Credit (Housing Credit), our nation’s most successful tool for building and preserving affordable housing.
The city of Detroit has announced a federally-funded Preservation Partnership with Enterprise and other local affordable housing non-profits. The partnership will seek to identify apartment buildings that have low rents and help them be redeveloped in a way that preserves the affordability and prevents displacement. Evelyn Zwiebach, Enterprise Detroit Director for State and Local Policy, urges all Presidential candidates to commit to robust federal funding for critical affordable housing programs.
The problem of homelessness in the greater Seattle area has reached a crisis level in recent years, that requires ever more creative solutions. The most recent example of innovation in partnership and financing broke ground in Seattle’s Uptown neighborhood, near Seattle Center, on publicly owned land provided at nearly no cost by the city of Seattle (a $1 per year ground lease arrangement).
Today the Joint Center for Housing Studies (JCHS) at Harvard University released the State of the Nation’s Housing 2019, its annual assessment of the housing market, demographic trends and the housing challenges faced by U.S. households.
Enterprise's commitment to the Low-Income Housing Tax Credit -- including creating and preserving 154,000 affordable homes over the last 30 years -- has led us to create a distinct entity focused on the Housing Credit that will enhance our ability to meet the needs of our investor and developer partners.
Yesterday the Government Accountability Office (GAO) released a report on Low-Income Housing Tax Credit (Housing Credit) development costs, which analyzes total development costs in Housing Credit properties across 12 allocating agencies between 2011 and 2015.
Today the National Council of State Housing Agencies (NCSHA) published a new report, Variation in Development Costs for LIHTC Projects, which analyzes total development costs in Low-Income Housing Tax Credit (Housing Credit) developments nationwide.
The report, which documents the gap between wages and the cost of housing, and breaks down and maps housing wage data by state, metropolitan area and county, also points out that in no jurisdiction can a worker earning the federal or prevailing state minimum wage afford a two-bedroom rental home at FMR by working a standard 40-hour week.
The House and Senate have both approved the conference report of the Tax Cuts and Jobs Act. The House passed the bill yesterday by a vote of 227 – 203, with 12 Republicans and all Democrats voting against it, and had to vote again today because of some technical corrections that arose during Senate consideration.
A new report from the Bipartisan Policy Center, Building the Case: Low-Income Housing Tax Credits and Health, uses the robust evidence base linking affordable housing to better health outcomes to conclude “the Low-Income Housing Tax Credit contributes positively to the nation’s public health.”
Rep. Randy Hultgren (R-IL-14) is circulating a letter to House and Senate leadership opposing the proposed elimination of tax exempt private activity bonds in the House’s version of the Tax Cuts and Jobs Act (H.R. 1), focusing on the need for private activity bonds to support investments in our nation’s infrastructure.