Habitat for Humanity International’s Post

FCI is excited to highlight the March closing of a $4 million New Markets Tax Credits (NMTC) deal with our partners Milwaukee Habitat for Humanity for the construction of 13 single-family homes in economically disadvantaged neighborhoods across Milwaukee. These homes will be available to households earning between 30-80% of the area median income. This project would not have been possible without the advisory services of Hope Community Capital LLC, a close partner of both Milwaukee Habitat for Humanity and FCI. Using NMTC allocation for the construction of for-sale single-family housing is a first for FCI. This method aligns with Milwaukee’s Community Development Alliance (CDA) Collective Affordable Housing Plan, which aims to provide housing opportunities for 18,000 Milwaukeeans earning 30-80% of the area median income over the next 10 years. These critical housing goals are instrumental in building a stronger, more resilient, and more equitable Milwaukee. Read more about this exciting NMTC project on our website: https://bit.ly/3wZocMC

This week, we learned that the Community Development Financial Institutions Fund (CDFI Fund) Fund will combine the 2024 and 2025 NMTC allocations rounds into one comprehensive $10 billion round. This is an exciting time for many of our partners, CDEs, and investors. With this news, we hope to hear from more CDEs interested in investing their NMTC allocations in transformative affordable homeownership projects. This is an excellent way to bundle economic development and equitable wealth-building opportunities. To date, less than two percent of NMTC allocations have been used on affordable homeownership, but we're excited about the potential to increase this number. If you are curious to learn more about how you can use NMTCs for affordable homeownership, we're here to help. You can view our NMTC funding models on our website, or reach out to us with questions: https://lnkd.in/gwGftkz6 #newmarketstaxcredits #affordablehomeownership #housingcrisis

🔸 $18 million was awarded in grant funding and loan commitments for multifamily development in the first round of HUD’s Green and Resilient Retrofit Program (GRRP). Announced last week, this first round of distributions will help fund upgrades for 28 multifamily properties that include more than 3,400 HUD-Assisted Multifamily rental homes. The GRRP, a first-of-its-kind HUD program, will simultaneously invest in energy efficiency, renewable energy generation, climate resilience, and low embodied carbon materials in HUD-assisted multifamily housing. Investments under the program will be made in affordable housing communities serving low-income families. The first wave of awards went to owners of properties participating in HUD’s Section 8 Project-Based Rental Assistance, Section 202 Supportive Housing for Low-Income Elderly, and Section 811 Supportive Housing for Low-Income Persons with Disabilities programs. Recipients of the first round went to applicants in the GRRP’s “Elements” award category. The recipients of the first round of awards are: ▪️ Vitus Group, LLC ▪️ Related Affordable ▪️ Enterprise Community Development ▪️ Colona House, LLC ▪️ Full Circle Communities ▪️ POAH ▪️ Fountain Place, LLC ▪️ Fairstead ▪️ Forward Housing Preservation LLC ▪️ Homes for America, Inc. ▪️ McCormack Baron Salazar ▪️ Skyline LLC ▪️ Delshah ▪️ L M Fund Management ▪️ Essence Development ▪️ Wesley Living Read the full press release here: https://bit.ly/3rd4BWt  Data Source: U.S. Department of Housing and Urban Development #Capstone #LandSales #CRE #Multifamily

I’m pleased to share this report I authored for the Housing Partnership Network describing the opportunities to expand the Family Self-Sufficiency Program (FSS) in the multifamily affordable housing sector. I’ve been studying FSS for the past twenty years and I think it holds a great deal of promise in helping families receiving housing assistance to increase their earnings, better manage their finances, and eventually build up assets that they can strategy tap to make progress in their lives. These are the building blocks of economic mobility. Originally restricted to select residents of public housing, Congress recently expanded the program to reach families benefitting from project-based assistance offered by an array of multi-family housing providers. This includes a set of innovative housing organizations that have been early adopters of FSS. After interviewing key staff and learning about their approaches to implementing FSS, I’ve identified a set of policy reforms that HUD and Congress can pursue to strengthen the program further. Expanding FSS in the multifamily sector can be a game changer.   Thanks to HPN and their partners for supporting this work, including Preservation of Affordable Housing, The Caleb Group, Eden Housing, Inc., The Community Builders, Inc., and Mercy Housing, Compass Working Capital and Stewards of Affordable Housing for the Future (SAHF). Read more: https://ow.ly/McLq50PwT6o

Scheduled for publication on the Federal Register on 5/29/24: "HUD's HOME Investment Partnerships Program (HOME program or HOME) provides formula grants to States and units of general local government to fund a wide range of activities to produce and maintain affordable rental and homeownership housing and provides tenant-based rental assistance for low-income and very low-income households. This proposed rule would revise the current HOME regulations to update, simplify, or streamline requirements, better align the program with other Federal housing programs, and implement recent amendments to the HOME statute. This rule also includes minor revisions to the regulations for the Community Development Block Grant and Section 8 Housing Choice Voucher (HCV) Programs consistent with the implementation of proposed changes to the HOME program."

Friends - this story came out the day before the tornados hit, so I want to make sure it doesn't get lost. With the tornadoes, we lost an additional 171 homes in Omaha with 299 more having major damage, so this research is more important than over. I imagine most of the owner occupied homes will be rebuilt, but what about the homes owned by out of state investors? In an ideal world, Omaha properties are owned by Omahans, not out of state investors who can't care about our community in the same way we do. Read the article below to find out more... Thanks to Cindy Gonzalez for more great reporting on housing and for providing the perspective from Habitat for Humanity of Omaha and our firsthand experiences.

Habitat GW is looking to raise $1.5 million by September 15, 2023 – as an investor, and you can help us reach our goal and help us build affordable housing in Fergus! We are providing a limited-time offer! A one-year fixed-term bond at 6.85% or a two-year fixed-term bond at 7.25% for our Community Bond investors. All bonds are secured by a registered mortgage registered against the property. A Bond Certificate and Trustee Agreement form the Community Bond legal document package. This bond has a minimum investment of $10,000. We’ve seen investors from all walks of life and from all corners of the country. We’ve had bus drivers stop in on their bus routes, cheque in hand. We’ve had grandparents investing alongside their grandkids, teaching them how to invest for good. We’ve had people selling their homes and re-investing right back into affordable housing. And, at the end of the day, some people want to pull out a percent of their existing portfolio and invest in something meaningful – to be an investor in building affordable housing – a project that makes a difference in the lives of so many people. We’re counting on your interest in investing in Habitat for Humanity; I invite you to learn more on our website at https://lnkd.in/gntukk-G.

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

Exciting News! 🌟 FHLB Atlanta has launched a new assistance program offering up to $15,000 for home buyers with incomes between 80.01% and 120% of AMI. Applications open on June 3rd! If you’re ready to explore your home buying options, let’s talk! Contact me today to learn more. #HomeBuying #AssistanceProgram #FHLBAtlanta #RealEstate #HomeOwnership #FinancialAssistance