Affordable Housing

News & Analysis as of

CFPB Issues Compliance Bulletin on Unlawful Discrimination Based on Receipt of Mortgage Assistance

In a new compliance bulletin (Bulletin 2015-02), the CFPB “reminds” creditors of their obligation not to discriminate against applicants because their income includes vouchers from the Section 8 Housing Choice Voucher (HCV)...more

Bill introduced in Senate to create permanent LIHTC rate floors

On May 5, 2015, Senators Maria Cantwell (D-WA) and Pat Roberts (R-KS) introduced the “Improving the Low-Income Housing Tax Credit Rate Act” (S. 1193), which would create a permanent 9% minimum low-income housing tax credit...more

Plan Confirmation Feasibility: “I Know It When I See It”?

In re Brandywine Towhouses, Inc., 524 B.R. 889 (Bankr. N.D. Ga. 2014) – The debtor was a nonprofit that owned a low and moderate income housing cooperative. It proposed a plan of reorganization that contemplated...more

In case you missed it … Recent HUD notices

Over the past month, HUD has published a number of administrative notices that cover a variety of matters for housing providers, particular for PHAs and others who administer project-based Section 8 assistance. Below is a...more

Thousands of applicants are willing to accept NYC “Poor Door” building

The Housing Plus Blog has previously reported on the “Poor Door” controversy on August 14, 2014 and September 3, 2014. The New York Times reported on April 20, 2015 that 88,000 people applied for the 55 units located in the...more

California Supreme Court Hears Oral Argument Over City’s Inclusionary Housing Set-Aside

On April 8, 2015, the California Supreme Court heard oral argument in California Building Industry Association v. City of San Jose (Affordable Housing Network of Santa Clara County et al.), S212072, a case with statewide...more

Congress hears testimony on Public-Private Partnerships in affordable housing

Would private developers build affordable housing if there were no government subsidies? Rep. Mike Capuano (D-MA) and his colleagues explored that question and other topics during a House Financial Service Subcommittee...more

Affordable, small, and manufactured housing loans prioritized as GSEs approach volume caps

The government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, have announced that they are quickly approaching their 2015 volume caps. In January of this year, the Federal Housing Finance Agency (FHFA), who...more

Real Estate: Foundation - April 2015

In this issue: - How NMTCs Benefit Real Estate Community Development Initiatives - Noteworthy Real Estate Deals - What’s Your Priority? An Open-Ended Examination of Pennsylvania’s Mechanics’ Lien...more

New York AG Takes Proactive Approach to Regulation of Nonprofits

Signaling increased oversight of nonprofit organizations, the New York Attorney General’s Office recently began to scrutinize the management and operation of New York nonprofits in an effort to head off potential crises...more

Reinstatement of a LIHTC LURA following foreclosure

Note: This post is the final part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects....more

LIHTC exit strategies: Foreclosure

Note: This post is part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects....more

Mortgage Claims: Sometimes the Debtor Wins, and Sometimes the Lender Wins

Brandywine Townhouses, Inc. v. Fed. Nat’l Mortgage Ass’n (In re Brandywine Townhouses, Inc.), 518 B.R. 671 (Bankr. N.D. Ga. 2014) – The debtor objected to a secured creditor’s claim on a number of grounds: it did not...more

HUD announces proposed rule implementing expanded Violence Against Women Act protections

Last week, HUD has announced a proposed rule to implement protections arising under the Violence Against Women Reauthorization Act of 2103 (VAWA). The reauthorization added a number of programs covered by VAWA, including...more

LIHTC exit strategies: Right-sizing the loan

Note: This post is part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects...more

Chicago Affordable Housing Ordinance passes: key provisions, key requirements

Chicago’s City Council has approved an amendment to the existing affordable housing ordinance (the 2015 ARO) which will change, and in most cases increase, affordable housing requirements applicable to residential projects...more

HUD and Census Bureau Announce New Residential Construction Activity in February

On March 19, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for February 2015: (i) BUILDING PERMITS: Privately...more

Park Square Homes Helps Habitat For Humanity Build 8 homes in 5 days

Hard work, dedication and a passion for our community – these are just a few things that make our client, Park Square Homes, stand out! Most recently, Park Square Homes participated in Habitat for Humanity of Greater...more

The RAD cap is increased — now what?

Before a robust crowd at the recent Best of the West in Affordable Housing Development and Finance conference sponsored by Ballard Spahr and CSG Advisors in San Francisco, the value and evolution of the U.S. Department of...more

LIHTC exit strategies: Loan sale

Note: This post is part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects....more

Sort Through Affordable Housing Development Acronyms

Real estate developers looking to enter the affordable housing marketplace are familiar with the acronym “LIHTC” (low-income housing tax credit), but may be wondering how one works with a public housing agency (PHA) to obtain...more

The New Jersey Supreme Court has reopened the doors to Affordable Housing Litigation

The New Jersey Supreme Court has unanimously held that the administrative process run by COAH in which municipalities show compliance with affordable housing obligations is no longer working and municipalities are no longer...more

HUD Clarifies How Davis-Bacon Applies to Project-Based Voucher and RAD Programs

The U.S. Department of Housing and Urban Development (HUD) recently published a new notice pertaining to the applicability of Davis-Bacon labor requirements to housing considered to be “existing” housing under the...more

Summary of HUD’s LEAN 232 Program Email Blast: Office of Residential Care Facilities (ORCF), February 2015

In an effort to summarize the highlights of the LEAN Email Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper Hamilton are providing this quick synopsis of the latest LEAN update. Our aim...more

Does micro housing present opportunities for affordable housing?

Two recent news stories highlight a possible surge in the development of housing in high cost rental markets like New York and Washington, DC. A New York Times article and NPR story featured approaches to living in small...more

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