In the News

In the News

Sources of Tax Credit Equity Continue to Dry Up

October 1, 2008    

Two major government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, announced recently that they are not making new tax credit investments. Together, these GSEs accounted for approximately 40 percent of tax credit investment annually for the past decade or so.

A lower price for...

Sites Suffer Spike in Gang and Youth Violence

October 1, 2008    

In August, the manager of a tax credit site in Newark, N.J., reported that during this past summer, residents have suffered an increase in criminal activity that has been unusual even for inner-city housing projects. For example, as reported in the New York Post on August 6, four teenage...

D.C. Housing Authority Asked to Reconsider Pratt Decision

August 31, 2008    

In February, the D.C. Court of Appeals dealt the D.C. Housing Authority (DCHA) and its residents a setback. The court's decision in Pratt v. District of Columbia Housing Authority put a dent in DCHA's efforts to have local D.C. law support HUD's “One-Strike” policy. The...

HUD Calls for Response on Enterprise Income Verification

June 30, 2008    

HUD is seeking comments from owners and managers about its Enterprise Income Verification (EIV) System. Specifically, HUD would like to hear about the experiences of owners and managers in seeking and gaining access to the EIV System and in using various multifamily applications and reports...

D.C. Housing Authority to Seek Rehearing of Pratt Case

May 31, 2008    

In February, the D.C. Court of Appeals dealt the D.C. Housing Authority (DCHA) and its residents a setback. The court's decision in Pratt v. District of Columbia Housing Authority...

Affordable Housing Demand to Rise as Population Ages

April 30, 2008    

A study of the Washington, D.C., metropolitan area, released in January 2008 by the Urban Institute, indicates that as the result of an aging population, demand for affordable housing will rise significantly over the next 30 years. The study, titled “Housing in the Nation's Capital...

Home Sales, Housing Starts, Building Permits Drop in 2007

April 30, 2008    

Sales of new homes fell by 26 percent in 2007, the biggest drop since 1963, when record-keeping began, the U.S. Department of Commerce reported last month.

2007 was also the worst year for housing starts in 16 years and, perhaps, since the Great Depression. In December 2007, housing...

More Affordable Housing to Be Built on Public Land in NYC

March 31, 2008    

In line with New York City Mayor Michael C. Bloomberg's stated goal of locating and using public land to increase the supply of affordable housing, a new housing project is scheduled for construction on Manhattan's Lower East Side.

HUD Lifts Cap on Project-Based Vouchers at Tax Credit Sites

March 31, 2008    

As of Dec. 18, 2007, HUD ceased prohibiting project-based voucher rents from exceeding tax credit rents. According to housing groups such as the National Leased Housing Association (NLHA), the old voucher rule, which went into effect in October 2005, was flawed; it required a change in the...

National Housing Trust Fund Bill Sets 1.5 Million Unit Goal

March 1, 2008    

The national trust fund bill (H.R. 2895) passed by the House of Representatives sets a goal to create 1.5 million affordable housing units over the next 10 years.

“The growing shortage of affordable housing is one of the most serious social and economic problems facing our country,...

HOPE VI: Program with a Future?

March 1, 2008    

HOPE VI, a federal program that converts distressed public housing into mixed-income sites, has strong, bipartisan support in both Houses of Congress, although the current administration claims that HOPE VI has outlived its usefulness.