Affordable Housing Lenders Fill SVB’s Void In California
By Chuck Slothower, Law360
Affordable housing lenders and investors in California said the fallout from the collapse of Silicon Valley Bank has been muted to date, but cautioned that the lender's role would be tough to fill. SVB was a major lender in affordable housing, and its failure leaves a void, said Ari Beliak, president and CEO of Merritt Community Capital Corp., a nonprofit investment firm based in Oakland.
Biden Eyes New Funds For Housing, End Of 1031 Tax Program
By Valentina Pasquali, Law360
With his budget blueprint for the next fiscal year, President Joe Biden pitched Thursday a host of investments to increase low-income Americans' access to affordable housing, while again seeking to eliminate a tax provision that real estate pros frequently take advantage of as part of their transactions.
Senate Plan Aims to Revitalize Beaten-Down Communities
By John Doe, The Wall Street Journal
WASHINGTON—A bipartisan group of U.S. lawmakers is reviving efforts to spur the renovation of single-family homes in blighted neighborhoods, the latest effort to dent a long-term national housing shortage. Legislation introduced in the Senate aims to create a new tax credit to cover a developer’s costs when the renovation of a crumbling building exceeds a home’s potential selling price, so the project becomes feasible.
Senators introduce ‘Neighborhood Homes Investment Act’ to expand affordable homeownership opportunities and revitalize communities
Neighborhood Homes Coalition
Today, Senators Ben Cardin (D-MD) and Todd Young (R-IN) introduced legislation to create a new tax incentive that would produce 500,000 starter homes in under-resourced communities over the next decade.
CDFIs Need Easier Access to Government Capital, Groups Say
By Monica Hogan, Inside Mortgage Finance
Mortgage lending trade groups and community advocates recently offered tips to the Department of Housing and Urban Development and other government agencies on how federal programs can better facilitate the flow of capital and provide financial resources to historically underserved communities.
Supporters Push for Neighborhood Homes Investment Act
By Donna Kimura, Affordable Housing Finance
More lawmakers have signed on to support the Neighborhood Homes Investment Act, bringing the total to 100 members of the House of Representatives and 24 senators.
Divided Congress Will Slow Legislative Process
By Monica Hogan
Although still undecided at press time, partisan control of Congress will be by slim numbers, with implications for the housing-finance industry both in the lame-duck session that starts next week and in the new Congress, which convenes in January.
Tumultuous Housing Market Has Potential Homebuyers Craving Stability, Concerned About Affordability
By Amanda Jacobson Snyder
Housing experts say persistent supply issues may continue to drive prices beyond the reach of many. Americans across generations have an enduring desire to own their own home, but high prices driven by a persistent lack of supply have a large share of would-be homeowners doubtful of their ability to make the dream of homeownership come true.
Busy Days, Change Ahead for Congress After Election
By Monica Hogan, Inside Mortgage Finance
Legislative action could heat up following the midterm elections, including for issues related to housing, said two government relations consultants speaking this week at the annual National Association of Affordable Housing Lenders policy conference in Washington, DC.
“If you’re talking to policymakers, it’s crunch time to get things passed,” said Bryan Blom, vice president at Porterfield, Fettig & Sears.
