Explore

Rapid Read Rapid Read
Expiration of Subsidies Threatens U.S. Affordable Housing Stock, Report Warns

Expiration of Subsidies Threatens U.S. Affordable Housing Stock, Report Warns

A significant portion of affordable housing units in the United States is at risk as subsidies and affordability restrictions are set to expire, leading to a 'slow-motion erosion' of affordable homes. Nearly 329,000 Low-Income Housing Tax Credit (LIHTC) homes, representing 12.3% of the tracked tax-credit stock, have affordability end dates between 2026 and 2030. Across all federally assisted housing programs, over 440,000 homes will reach a subsidy or restriction end date during this period. While an expiration doesn't automatically mean a loss of affordability, it creates a critical decision point where continued affordability must be renegotiated or re-financed. Rising interest rates, insurance, labor, and construction costs are making it increasingly difficult to recapitalize these aging properties, posing a significant challenge to preserving affordable housing.
Rapid Read Rapid Read
Cleveland's Affordable Housing Fund Secures $53 Million, Developing 216 New Units

Cleveland's Affordable Housing Fund Secures $53 Million, Developing 216 New Units

Mayor Justin Bibb announced that Cleveland's affordable housing fund has successfully raised $53 million, leading to the development of 216 new housing units. This initiative, launched last year with a goal of $100 million to create 2,500 to 3,000 new units, focuses on financing rental housing for low to moderate-income residents, specifically those earning less than 80% of the area median income, which is approximately $55,000 annually. The program also aims to develop at least 100 units of for-sale housing and undertake neighborhood-scale rehabilitation projects. The fund received an initial $18 million in seed money from the city, utilizing surplus American Rescue Plan Act funding. Key financial commitments include $20 million from KeyBank, $10 million from Huntington Bank, and $5 million from Fifth Third Bank. LISC Fund Management, an affiliate of the national community development nonprofit Local Initiatives Support Corporation, manages the fund, which is modeled after a similar successful program in ...
Rapid Read Rapid Read
Government Explores Modular Construction to Address U.S. Affordable Housing Shortage

Government Explores Modular Construction to Address U.S. Affordable Housing Shortage

Governments at federal, state, and local levels are increasingly exploring modular construction as a key strategy to combat the persistent affordable housing shortage across the United States. This approach involves factory-built housing units that can significantly reduce construction timelines, improve production efficiency, and offer a wider range of housing options. The federal government supports affordable housing through funding for new developments, assistance programs, and financing initiatives, but recognizes the need to increase the overall supply of homes. State and local governments are updating zoning rules, encouraging accessory dwelling units (ADUs), and streamlining permit approvals to facilitate faster and more efficient housing construction, with modular housing fitting into these efforts.
Rapid Read Rapid Read
Federal Agencies Rescind Interagency Statement on Special Purpose Credit Programs

Federal Agencies Rescind Interagency Statement on Special Purpose Credit Programs

Several federal agencies, including the Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), Department of Housing and Urban Development (HUD), Department of Justice (DOJ), and Federal Housing Finance Agency (FHFA), have jointly rescinded the 'Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B.' This statement was originally issued in February 2022. The Federal Reserve Board, the eighth agency involved in the 2022 statement, separately withdrew its guidance. The rescission stems from the agencies' determination that the 2022 statement no longer aligns with current interpretations of the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA), which prohibit discrimination based on protected characteristics. Specifically, the rescinded statement referenced an outdated version of Regulation B that permitted...
Trendline Trendline
AI Wealth Intensifies San Francisco Housing Market Competition, Creating 'Mansion Shortage'

AI Wealth Intensifies San Francisco Housing Market Competition, Creating 'Mansion Shortage'

AI Wealth Intensifies San Francisco Housing Market Competition, Creating 'Mansion Shortage'
Trendline Trendline
San Francisco Apartment Complex Offers 'Flex Zen Spaces' and Tesla Rentals

San Francisco Apartment Complex Offers 'Flex Zen Spaces' and Tesla Rentals

San Francisco Apartment Complex Offers 'Flex Zen Spaces' and Tesla Rentals
USA Today USA Today
Florida county launches down payment lottery for 3 homes. How it works

Florida county launches down payment lottery for 3 homes. How it works

Miami-Dade launched a new initiative intended to provide residents access to "affordable homeownership" via a lottery.
Rapid Read Rapid Read
LA Más Secures $200,000 in Community Investments to Combat Housing Speculation in Northeast Los Angeles

LA Más Secures $200,000 in Community Investments to Combat Housing Speculation in Northeast Los Angeles

LA Más, a nonprofit organization in Northeast Los Angeles, has successfully raised $200,000 through direct loans from individual community investors. These investments, made at a minimum of $25,000 per investor with a one-percent interest rate over a five-year term, are unsecured loans directly to the nonprofit and are not tied to buildings as collateral. This initiative is part of LA Más's broader strategy to acquire properties and remove them from the speculative housing market, aiming to preserve affordable housing for working-class residents. The organization recently closed escrow on two neighboring rent-stabilized apartment buildings on Drew Street in Glassell Park, totaling 31 units, which more than doubles its housing portfolio. This acquisition was financed through a complex capital stack that included a joint-venture co-investment from Self-Help, local philanthropic funds, public dollars from the new LA County Affordable Housing Solutions Agency (LACAHSA), and these community investments. LA Más ...
Rapid Read Rapid Read
Chicago Residents Protest Proposed Lakefront Development in Edgewater

Chicago Residents Protest Proposed Lakefront Development in Edgewater

Residents in Chicago's Edgewater neighborhood are protesting a proposed high-rise development along the lakefront, planned for the site of the Emanuel Congregation synagogue. The development, which includes approximately 600 units and a new place of worship, has sparked division within the community. Opponents, led by groups such as Edgewater Residents for Responsible Development and the Association of Sheridan Road Condo and Cooperative Owners, argue that the project would reduce public access to Lake Michigan, violating the 1973 Lakefront Protection Ordinance. They advocate for the city to acquire private property along the lakefront for public park expansion. Supporters of the development, including members of the Emanuel Congregation and the Jewish Council of Urban Affairs, highlight that 20% of the units will be affordable housing and believe the project will enhance the area and preserve beach accessibility. The latest proposal, from July, outlines one five-story building west of Sheridan Road and tw...
Trendline Trendline
2900 Terrace Residential Tower in Miami's Edgewater Tops Out Ahead of Schedule

2900 Terrace Residential Tower in Miami's Edgewater Tops Out Ahead of Schedule

2900 Terrace Residential Tower in Miami's Edgewater Tops Out Ahead of Schedule
Rapid Read Rapid Read
City of Tulsa and Local Developers Address 'Missing Middle' Housing Shortage with New Initiatives

City of Tulsa and Local Developers Address 'Missing Middle' Housing Shortage with New Initiatives

Cities across the United States, including Tulsa, Oklahoma, are grappling with a significant shortage of affordable, quality housing, particularly in the 'missing middle' — housing options that bridge the gap between single-family homes and large apartment complexes. According to Zillow, there's an estimated national deficit of 4.7 million homes. In response, local developers like Red River Development, founded by brothers Steven and Ryan Watts, are creating luxury rental home communities to cater to a growing demographic of younger professionals transitioning from apartments and empty nesters looking to downsize. These communities are experiencing high occupancy rates, exceeding the average apartment occupancy. The National Low Income Housing Coalition reports an even more acute shortage of 7.2 million affordable rental units for extremely low-income renters. This housing deficit is attributed, in part, to a slowdown in new home construction following the 2008 Great Recession.
Rapid Read Rapid Read
Houston Faces Significant Rental Affordability Crisis Despite Lower Rents Compared to Other Major U.S. Cities

Houston Faces Significant Rental Affordability Crisis Despite Lower Rents Compared to Other Major U.S. Cities

Houston is experiencing a severe rental affordability crisis, with a significant portion of its renters classified as 'cost-burdened,' meaning they spend over 30% of their income on housing. A Kinder Institute analysis of federal estimates for 2024 revealed that Houston had the second-highest share of cost-burdened renters among the 10 largest U.S. cities, with approximately 55% of renters (around 293,000 households) crossing this threshold. This issue persists despite Houston's median rent being lower than many other major cities, including New York City. The problem is exacerbated by lower median household incomes for Houston renters, which fell by $2,600 year-over-year in 2024, while the median rent for a two-bedroom apartment increased by 1.8%. The city's affordable housing policies and government investment are described as modest compared to cities like New York City and Los Angeles, which have rent control ordinances, or Chicago and Philadelphia, which offer substantial financial support for renters...