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Carson Asks FTC to Investigate Websites
Department of Housing and Urban Development (HUD) Secretary Ben Carson requested that the U.S. Federal Trade Commission (FTC) investigate certain websites that may be selling assistance animal documentation. According to HUD, the certificates are not an acceptable substitute for authentic documentation provided by medical professionals. Furthermore, the websites are often misleading by implying they are affiliated with the federal government. The letter asks the FTC to investigate these websites for compliance with federal laws that protect consumers from unfair and deceptive acts or practices. HUD identified at least one website that contains the seal of HUD without authorization. To read HUD’s press release or to learn how to file a complaint, visit the Web Link provided below.
Industry Trends
"Making It Work: Affordable Housing and Supportive Services"
"FHFA: GSEs Continue to Meet Affordable Housing Goals"
"Affordable Housing: Solutions Require Collaboration, Breaking Free of Echo Chambers"
Congress
"Bill Introduced to Bar High-Housing Cost Adjustment for LIHTC AMI Calculation"
"Senator Warren Updates Housing Plan With Focus on Renters"
IRS-Related Activities
"IRS Sets 2020 LIHTC, Bond Caps"
State and Local Activities
"Miami Developer Will Address the Country’s Affordable Housing Crisis"
Association News
Learn About Diversity in the Workplace
NAAEI Offers Emotional Support Animals Online Course
Upcoming Webinar: Leveraging Your LinkedIn Profile
NAHMA Drug-Free Kids Calendar on Sale
2019 Q3 Apartment Jobs Snapshot
NAHMA Releases 2019 Affordable 100 List
Become a Specialist in Housing Credit Management® (SHCM®) Company!
Upcoming Events
Industry Trends
Making It Work: Affordable Housing and Supportive Services
Affordable Housing Finance (10/23/19) Bailey, Laura
Capital One works with government, nonprofit, and community stakeholders to create viable financing for affordable housing developments. For instance, Capital One agreed to finance Karis Village, an 88-unit community in Miami-Dade County being developed by Carrfour Supportive Housing, Florida’s largest nonprofit affordable housing developer. Seventy-four of the apartments will be allocated to tenants earning 60 percent of the area median income (AMI) or less, while 14 are reserved for those earning at or below 33 percent of the AMI. Roughly half are set aside for at-risk veterans transitioning from homelessness. In addition to providing an $8 million construction loan and purchasing $25 million in Low-Income Housing Tax Credits (LIHTCs), Capital One also provides a $250,000 social purpose grant, distributed evenly over 10 years, to fund health and wellness services, financial management, case management, and other initiatives. Separately, Capital One financed Plaza West, the first community in Washington, D.C., to offer support for households where grandparents raise their grandchildren, and one of only a handful in the United States. Developed by the Mission First Housing Group, Plaza West reserved 50 of its 223 apartments for "grandfamilies" earning between 30 percent and 60 percent of the AMI. The remainder of the units provide affordable housing for individuals and families earning less than 60 percent of the AMI. Capital One's support included a $7.5 million construction loan, a $35.5 million purchase of LIHTCs, and a 10-year, $200,000 social purpose grant to help fund on-site support services for residents.
FHFA: GSEs Continue to Meet Affordable Housing Goals
Notes from Novogradac (11/19/2019) Lawrence, Peter
The Federal Housing Finance Agency (FHFA) said in its 2018 Annual Housing Report that Fannie Mae and Freddie Mac met their 2018 affordable housing goals. The report measures affordable housing allocations for the National Housing Trust Fund (HTF) and Capital Magnet Fund (CMF), as required by the Financial Safety and Soundness Act of 1992. Each government sponsored enterprise (GSE) must set aside in each fiscal year an amount equal to 4.2 basis points (0.042 percent) for each dollar of the unpaid principal balance of its total new business purchases. Fannie Mae committed a total of $118 million in Low-Income Housing Tax Credit (LIHTC) equity in 2018 to rural areas, which was used to finance 42 properties, 13 of which were in especially needy rural areas, such as the Lower Mississippi Delta and part of Middle Appalachia. Fannie Mae's contribution to tribal land included four LIHTC equity investments supporting housing for Native Americans on tribal land. Similarly, Freddie Mac contributed $73 million in LIHTC equity to rural areas to support 17 properties, five of which were in high-needs rural regions. Unlike Fannie Mae, Freddie Mac relied solely on proprietary funds to invest in LIHTC properties. Modification and even the elimination of the GSEs have been discussed as housing reform proposals reconsider conservatorship of Fannie and Freddie. Any future plans should consider the value of multifamily goals, the much needed funds they contribute to the HTF and CMF, and the importance of GSEs' financing support in underserved markets.
Affordable Housing: Solutions Require Collaboration, Breaking Free of Echo Chambers
Connect Savannah (11/13/19) Rayno, Jeff
Jeff Rayno writes that Low-Income Housing Tax Credits (LIHTCs) represent a viable approach to addressing affordable housing. LIHTCs are supported by both the Federal Housing Administration and the U.S. Department of Housing and Urban Development. These agencies intend to focus on new construction and/or substantial rehabilitation. In Chatham County, Georgia, having a qualified non-profit developer with expertise in building such affordable housing options could help eradicate the problem. It might also be the catalyst to provide workforce housing to coincide with the expanding logistics tech corridor. Along with these federally assisted ideas, there needs to be buy-in by the local development community, Rayno adds. Scattered sites of affordable housing across the county fueled by tax incentives for accomplishing these goals should be a part of future planning and zoning consideration by all municipalities. The perception of many that affordable housing leads to lower market valuation is erroneous, and the statistics do not support this viewpoint. The National Multifamily Housing Council has issued The Housing Affordability Toolkit to help community leaders understand the process. It includes studies on eight cities across America, including Tampa and Atlanta. Their proximity should help the county identify similarities in the issues its faces and hopefully find answers.
Congress
Bill Introduced to Bar High-Housing Cost Adjustment for LIHTC AMI Calculation
Novogradac (11/18/2019)
Seven members of the House of Representatives have introduced legislation that would bar jurisdictions from using a high-housing-cost adjustment to calculate area median income for Low-Income Housing Tax Credit properties without approval from the U.S. Department of Housing and Urban Development. The Affordable Housing and Area Median Income Fairness Act of 2019 (H.R. 4984) would also authorize an additional $2.5 billion annually each over 10 years for the National Housing Trust Fund, the HOME Investments Partnership program, and the Community Development Block Grant program for areas that had or would have had a high-housing cost adjustment.
Senator Warren Updates Housing Plan With Focus on Renters
Curbed (11/18/19) Andrews, Jeff
Senator Elizabeth Warren (D-Mass.) has fleshed out her housing proposal as part of her campaign seeking the Democratic presidential nomination. She seeks to update federal housing programs such as the Low-Income Housing Tax Credit. She also proposes an "Innovation Lab" within the U.S. Department of Housing and Urban Development (HUD) to study policies that could make rents more affordable, such as rent control, multi-year leases, and zoning reform. Warren also pledges to eliminate the funding gap in the Public Housing Capital Fund, which has a significant backlog for repairs and improvements in public housing units. Warren adds, "My new Tenant Protection Bureau ... would enforce these federal tenant protections—like just-cause eviction—for tenants in all federally funded affordable housing developments, ensure safe and decent living conditions, and guarantee that landlords don’t illegally raise rents or fees in federally-subsidized housing." Warren envisions creating a national right-to-council fund that would provide legal representation for renters facing eviction or other issues. Furthermore, Warren is co-sponsoring a bill with Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez called the Green New Deal for Public Housing Act. The measure would provide funding to retrofit public housing units to be more eco-friendly and energy efficient, provide workforce training to public housing residents, and repeal the Faircloth Amendment that bars any net increase in public housing units.
IRS-Related Activities
IRS Sets 2020 LIHTC, Bond Caps
Affordable Housing Finance (11/07/19)
Increases in the Low-Income Housing Tax Credit (LIHTC) and private-activity bond caps for 2020 have been announced by the Internal Revenue Service. The amount used to calculate the state credit ceiling for LIHTCs will be the greater of $2.8125 multiplied by the state population, a 2 percent increase over this year, or the small state minimum of $3,217,500—a $50,625 increase over this year. For private-activity bonds, the amount used to calculate the volume cap will remain $105 multiplied by the state population. The state minimum will be $321,775,000 a $5,030,000 increase over this year, according to Revenue Procedure 2019-44.
State and Local Activities
Miami Developer Will Address the Country’s Affordable Housing Crisis
Miami Herald (11/20/19) San Juan, Rebecca
Jon Paul Pérez, executive vice president at Related Group, is partnering with Federal Housing Solutions to create a new venture called Pérez Housing Associates (PHA). The goal is to upgrade existing affordable housing stock nationwide using Section 42 tax credits. PHA will be separate from Related Urban, Related Group’s development division that proposes and constructs affordable housing communities. PHA's president will be Patrick Plunkett, founder of Federal Housing Solutions, which acquires and rehabilitates low-income and affordable multifamily properties. PHA expects to acquire, renovate, and reposition 1,000 residential units annually. Plunkett says the cost to renovate each unit will vary; the average cost per unit is about $25,000 to $30,000. The turnaround period is expected to be 12 months to 36 months. PHA will continue to manage and operate units that it renovates. Under Section 42, buildings must allot a specified percentage of units for residents earning less than 60% of the area’s median income. Rents are capped at 30 percent of the household’s adjusted gross income. Plunkett anticipates going under contract on several acquisitions in Alabama, two in Jacksonville, and another two in Houston. "We are looking at deals all over the country," Plunkett says.
Association News
Learn About Diversity in the Workplace
Diversity and inclusion are terms we hear a lot about today. Understanding how you became the person you are today and how this influences the way you think and act is an important first step in knowing how to apply your knowledge in the workplace. The National Apartment Association (NAA) recently held a webinar titled, “Diversity & Inclusion—Be Part of the Solution,” to discuss the business case for these efforts. Topics covered during the session included defining the elements, characteristics and purpose of diversity and inclusion; discussing the value of understanding your thoughts and actions in the workplace; establishing an action plan for becoming part of the solution; and gaining the confidence and tools to start a conversation in your workplace. This prerecorded webinar is available for purchase for $9.99 at the Web Link below.
NAAEI Offers Emotional Support Animals Online Course
The NAA Education Institute announces the availability of an online course on emotional support animals. This course addresses the challenges created by reasonable accommodation requests for assistance animals, including emotional support animals. Students will learn what the implementation of federal policies looks like in practice and will receive many resources that can be downloaded for easy reference. To purchase the three-hour course for $149 visit the Web Link below.
Upcoming Webinar: Leveraging Your LinkedIn Profile
Anne Pryor, a globally-recognized top-10 LinkedIn sales trainer, will share what’s new and what to do now to get known and grow your online profile, social connections and apartment community profile. Students will learn techniques to find meaningful connections to grow your personal and professional brand. The webinar will be held on Tuesday, Dec. 10, at 11 a.m. Eastern and costs $69. To register for the webinar, visit the Web Link below.
NAHMA Drug-Free Kids Calendar on Sale
It may not be pumpkin spice flavored, but it is our favorite fall tradition: the 2020 NAHMA Drug-Free Kids Calendar is now on sale. Be one of the first to own this collector’s item by downloading the order form and sending it in today. The calendar cost is $5.50 each, which is a Department of Housing and Urban Development and U.S. Department of Agriculture allowable project expense.
Purchase calendars before Nov. 8 and you are automatically entered in the lucky draw for prizes including NAHMA meeting registrations, books and gift cards. There is a small shipping and handling fee for each calendar.
The calendars feature outstanding original artwork by children, seniors and adults with special needs living in affordable multifamily housing. The underlying message for the annual calendar contest is always a drug-free theme but the association wanted to open the door for more avenues of expression, so a subtheme is incorporated into the poster contest. The subtheme this year is Sharing Our Stories: Learning from Others, Young and Old.
To download the order form, click on the Web Link provided. To see the national winners, visit
https://www.nahma.org/awards-contests/calendar-contest/current-winners
/.
2019 Q3 Apartment Jobs Snapshot
The NAA Education Institute brings you its workforce update: The Apartment Jobs Snapshot, which highlights labor force trends in the rental housing industry. The profile examines total job posting trends by position and geography as well as average salaries, time required to fill a position and the top skills found in job postings. Click on the Web Link for more information.
NAHMA Releases 2019 Affordable 100 List
The National Affordable Housing Management Association (NAHMA) announces its 2019 Affordable 100—a list of the 100 largest affordable multifamily property management companies ranked by affordable unit counts—is available on its website, click Web Link below, as well as in the June issues of NAHMA News, Affordable Housing Finance magazine and Units magazine. The NAHMA website version expands the list to the top 120 largest multifamily property management companies. In addition, the online version presents two specialty lists: the 25 largest housing credit (LIHTC) property management companies and the 25 largest Rural Development program property management companies.
Become a Specialist in Housing Credit Management® (SHCM®) Company!
The two national associations sponsoring the Specialist in Housing Credit Management® (SHCM®) certification program invite your company to become a Specialist in Housing Credit Management® Company, a corporate designation created specifically to honor management companies that successfully maintain a significant portion of their properties and staff to the high standards of the SHCM certification program.
The SHCM program, developed especially for management companies involved with properties developed and operated under the Low-Income Tax Credit (LIHTC) program, is sponsored by the National Affordable Housing Management Association (NAHMA) and the National Apartment Association Education Institute (NAAEI).
Earning the SHCM Company designation publicly demonstrates that a company is among the finest managers of LIHTC housing in the industry.
For more details on how to become a SHCM Company, click on the Web Link below.
Upcoming Events
NAA CompusConnex
February 18-19, 2020
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NAHMA Biannual Top Issues in Affordable Housing Winter Conference
March 8-10, 2020
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NAA Advocate
March 10-11, 2020
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NAA Apartmentalize
June 17-19, 2020
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NAHMA Biannual Top Issues in Affordable Housing Fall Conference
October 25-27, 2020
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News summaries © copyright 2019 SmithBucklin
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