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The latest in industry news with the insight of Dominion Due Diligence Group (D3G) President, Rob Hazelton

 

Citi Showcases RAD Project that D3G Supported

Check out this cool video highlighting the successful transformation of a property devastated by super storm Sandy. The first RAD conversion for NYCHA Housing. https://youtu.be/kdGDtAC6Wrk 

Bipartisan Bills to Improve LIHTC

Rob was on the Hill yesterday, hearing from and meeting with a few of the Representatives who helped to push this legislation!

 

After months of work by NAHB's Housing Credit Group members, legislation has been introduced in the House and Senate to improve the Low-Income Housing Tax Credit, as well as provide it with additional resources.

In the Senate, the Affordable Housing Credit Improvement Act (S. 1703) has been introduced by Sens. Maria Cantwell (D-Wash.); Ron Wyden (D-Ore.), the ranking member of the Senate Finance Committee; Johnny Isakson (R-Ga.); and Todd Young (R-Ind.)

The House bill (H.R. 3077) was introduced by Reps. Suzan DelBene (D-Wash.), Kenny Marchant (R-Texas), Don Beyer (D-Va.) and Jackie Walorski (R-Ind.).

The Affordable Housing Credit Improvement Act includes key provisions NAHB strongly supports. The bill would:

  • Establish a permanent minimum 4% credit floor. Currently, this credit rate floats, and the current low interest rate environment results in 15 to 20% less equity available for development. Establishing a 4% minimum floor would provide more predictability and flexibility in financing projects, making more types of properties financially feasible and significantly increasing unit production.
  • Increase 9% credit allocations by 50%.
  • Prohibit local approval and contribution requirements, which can be misused to block affordable housing projects.
  • Rename the Low-Income Housing Tax Credit the Affordable Housing Tax Credit.

Sen. Cantwell's leadership on this issue has been critical to garner bipartisan support for this legislation.

The Affordable Housing Credit Improvement Act will help boost the production of sorely needed affordable rental apartment units. NAHB strongly supports this legislation and will push for its consideration by the Congress.

 

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Choice Neighborhoods Initiative Awarded to Norfolk and Newport News in Virginia

D3G is proud to have assisted both Newport News and Norfolk, both successful recipients of large Choice Neighborhoods Initiative (CNI). Congratulations to both localities on their hard work!

https://www.hud.gov/press/press_releases_media_advisories/HUD_No_19_060 

 

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FHA OFFERS INCENTIVES FOR PROPERTY OWNERS WHO INVEST IN OPPORTUNITY ZONES

HUD Multifamily issued additional Opportunity Zone incentives today. As a dedicated housing professional for 25 years, I think there is still a lot more HUD could do to encourage Affordable Housing in Opportunity Zones.

 

You can read the HUD release here - https://www.hud.gov/press/press_releases_media_advisories/HUD_No_19_058

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Updates To the Environmental Review Requirements for RAD Conversions - Quick Reference Guide

HUD has recently revised the Quick Reference Guide for Environmental Review Requirements for RAD Conversions. This version provides a more streamlined organization of information, incorporates frequently asked questions that have come up over the past few years, and introduces simplified environmental reviews for RAD conversions to PBRA that do not entail any work. This guide is applicable to both components of RAD (i.e., for public housing, Mod Rehab, Rent Supp & RAP, and soon 202 PRAC conversions). 

 

 

 

 

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