Michigan primary wins bolster momentum for zoning reforms
Housing reform cosponsors who faced challengers won by 47.2 points on average, even as local governments oppose zoning preemption
Affordable Housing
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Squeezed NYC affordable housing properties face reckoning
New York City’s regulated affordable housing sector is confronting a worsening financial squeeze, and a reckoning is coming unless solutions emerge, according to a new survey of owners, managers, lenders and other industry participants. The survey by affordable housing nonprofit NYC Housing Partnership found that 62% of respondents said operating costs have risen to unsustainable […]
Greystone’s new $137M fund lands as LIHTC investment rises
Greystone raised $137 million for a second multi-investor LIHTC fund in less than a year and now exceeds $240 million in total equity. The fund targets 1,960 units across 20 properties in nine states.
Florida county’s impact fees put new Live Local projects at risk
Indianapolis-based apartment developer Milhaus started building an apartment project in Manatee County, Florida, under the state’s Live Local Act after securing its funding earlier this year. It may be one of the few to be built in the county, next to Sarasota, under the law, until lawsuits over a major increase in impact fees are […]
DeSantis signs Live Local 4.0 housing reform into Florida law
Gov. Ron DeSantis signed the fourth iteration of the Live Local Act on Friday, cementing the state’s commitment to building affordable housing. House Bill 1389 takes effect July 1. It extends state preemption of local zoning rules and closes a loophole that local governments used to discriminate against affordable housing projects with relative impunity. Since […]
FHFA pushes GSEs to embrace chattel loans in Duty to Serve proposal
The FHFA has proposed replacing its existing Duty to Serve regulation with an outcome-based framework that would change how Fannie Mae and Freddie Mac support manufactured housing, affordable housing preservation and rural housing.
PNC Bank closes $251.4 million affordable housing fund
PNC Bank closed a $251.4M LIHTC fund to back 16 properties and more than 1,700 affordable rentals nationwide
Colorado’s Drive It Home financing kicks off with affordable condos
A small condominium project in Denver’s West Colfax neighborhood may be the best evidence yet that Colorado’s housing reforms are producing real results. The Colorado Housing and Finance Authority this month closed a $5.7 million low-interest construction loan for Wolff Street Flats, a 23-unit affordable for-sale development by Osina Development and Modus Real Estate. It […]
New York reform prioritizes housing production over climate review
New York state’s most sweeping reform of a 50-year-old environmental review law is on the books. Gov. Kathy Hochul secured the changes as part of the state budget, cutting red tape on housing construction. Developers, municipalities and environmental advocates are watching to see how the law works in practice in the real world. Rules still […]
Illinois Gov. Pritzker’s sweeping housing reform package hits a wall
Illinois Gov. J.B. Pritzker’s push to reshape the state’s housing landscape ended with nary a whimper last week, with no votes as National Homeownership Month began. His sweeping Building Up Illinois Developments plan stalled before the legislature adjourned, leaving the most ambitious housing proposals with little room to maneuver until fall. His plan sought to […]