MidPen Housing Corporation’s Post

The Low Income Housing Tax Credit is among the most powerful tools for creating and preserving affordable homes. At a time when families are shelling out far too much in rent - from big cities to small towns to Indian Country to rural America - it's heartening to see Republicans and Democrats rally together for this commonsense solution to an all-too-familiar problem.

The Governor’s plan to boost housing development in New York includes incentivizing municipalities to opt into the state’s recently created Pro-Housing Community Program certification. In order to receive such certification, municipalities must show commitment to increasing their housing stock and identifying impediments to housing growth. Only municipalities that receive the Pro-Housing certification would be eligible for certain state funding from a cumulative allotment of up to $650 million.   The Governor did not include any “good cause” eviction provisions in her Executive Budget. Over the next several weeks, the State Legislature will release their versions of a state budget setting a baseline for budget negotiations with an expected final agreement around the April 1, 2024 fiscal deadline. https://lnkd.in/g2QE-yT8

🚨 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

I know this will be an unpopular take among many, but until we, as a nation, decide to **adequately fund** programs addressing the housing needs of the roughly 3 out of 4 **lower-income** families who are eligible for existing housing programs -- but are not served by them due to lack of funding -- we shouldn't be starting a new program to fund middle-income housing. Where there are market shortages, let zoning and related reforms address those. https://lnkd.in/gyAP8chn

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

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

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

Increasing housing supply requires balancing new construction and preservation. How are communities prioritizing preservation and what more can be done in our region? NHT and HAND are teaming up to present a webinar series on #preservation! Hear from government officials and affordable housing industry champions discussing how preservation can be achieved through the Low Income Housing Tax Credits (LIHTC) and how to leverage the Qualified Allocation Plan (QAP) and other policies to advance preservation priorities. Join us on 7/18 for our first session, Leveraging QAPs to Preserve Affordability and the second on 7/25 for Challenges and Opportunities for Preserving Affordability. More info/register: https://ow.ly/MgYg50StSTn #housing