New Maps Help Professionals Locate Low-Income Housing Development Opportunities
The National Association of Home Builders (NAHB) recently introduced new maps for industry professionals interested in providing homes for lower-income families and learning more about development and financing opportunities using the LIHTC.
NAHB’s Economics and Housing Policy group made eight maps of metro areas pinpointing where the LIHTC program is used the most. The association used data from HUD along with housing data from the U.S. Census. The new NAHB map is available to members of the NAHB Housing Credit Group.
In addition to the NAHB map, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency recently announced the 2017 list of distressed or underserved non-metro areas where banks can receive Community Reinvestment Act (CRA) credit for certain activities.
Areas under the list are eligible to receive CRA consideration for revitalization or stabilization activities. Among other things, the law is intended to encourage depository institutions such as commercial banks and savings associations to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations. Authorities said this year’s list “continues to reflect local economic conditions, including unemployment, poverty and population changes.”