The Spring Street Brief

HUD has published its FY 2026 Renewal Funding Inflation Factors (RFIFs) for the Housing Choice Voucher (HCV) program, setting a national per unit cost growth projection of 2.337% and proposing a significant methodology change for FY 2027 that would incorporate local regulatory housing policy as a driver of rent inflation. The notice is effective July 6, with comments due August 5, 2026 — a narrow window for PHAs, syndicators, lenders, and LIHTC stakeholders with PBV exposure to engage. Key Takeaways: HUD projects national per unit cost growth at 2.337% between FY 2025 and FY 2026. The RFIF notice is effective July 6, 2026; public comments are due August 5, 2026. HUD is updating its PUC prediction methodology — not just setting an inflation number. For FY 2027, HUD proposes adding a factor for local land use, permitting, and regulatory housing policies that may be influencing local rent inflation above national trends. The proposed localized regulatory factor could increase HAP contract revenue predictability in supply-constrained markets with restrictive zoning environments. Syndicators and lenders underwriting deals with project-based voucher components should monitor how the FY 2027 methodology change interacts with local market conditions in their portfolios. PHAs relying on RFIF projections for renewal budget planning should review the methodology changes before the August 5 comment deadline. The FY 2027 methodology proposal is the more consequential development here. HUD explicitly linking local regulatory housing policy to funding inflation factors is a notable shift — one that could affect underwriting assumptions in high-cost, supply-constrained markets and reshape how PHAs and project-based voucher deals are modeled. Stakeholders with active PBV pipelines or PHA advisory relationships should engage the comment process before the August 5 deadline. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

HUD has proposed a rule to rescind the Federal Flood Risk Management Standard (FFRMS) final rule and its associated regulations, originally published in April 2024. The proposed rule would restore HUD's Part 55 floodplain management regulations to their pre-April 2024 state — removing the elevated site elevation and freeboard requirements that affected HUD-assisted and HUD-insured projects in or near floodplains. For LIHTC developers relying on FHA-insured debt or other HUD program dollars, the proposal would reduce site selection friction and eliminate costly engineering requirements triggered by the 2024 rule. Comments are due September 8, 2026. Key Takeaways: HUD's proposed rule targets the FFRMS final rule published in April 2024 — a full rescission of its elevated flood hazard standards. HUD's Part 55 floodplain management regulations would generally revert to their pre-April 2024 state. Flexibilities related to floodways, categorical exclusions, exemptions from Part 55 applicability, and the decision-making process would be preserved — not rescinded. Deals using FHA 221(d)(4) or 223(f) financing on sites near Special Flood Hazard Areas are directly affected — reduced elevation and freeboard requirements lower development cost and complexity. Developers and syndicators with deals in the pipeline structured around FFRMS requirements should revisit site engineering assumptions with environmental counsel. The public comment period closes September 8, 2026 — state HFAs, syndicators, and developers have a direct opportunity to shape the final rule. The proposed rule represents a broader rollback of Biden-era climate risk standards embedded in HUD program requirements. This proposal is a significant policy reversal with real deal-level implications. For teams active in HUD-insured lending or layering HUD grants into LIHTC transactions, now is the time to assess how the FFRMS has affected your underwriting and site selection — and whether the retained flexibilities adequately address floodplain risk management going forward. Engaging in the comment process before September 8 is the clearest way to influence the final outcome. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The Ohio Housing Finance Agency (OHFA) has opened a public comment period on the first draft of its 2026–2027 9% LIHTC Qualified Allocation Plan (QAP) Technical Amendment, alongside updated opportunity area data and maps from the Urban Institute. For developers, syndicators, and investors with active Ohio pipeline, this mid-cycle amendment has direct implications for site scoring, geographic eligibility, and additional credit allocation strategies heading into the next competitive round. Key Takeaways: OHFA has posted the first draft of its 2026–2027 9% LIHTC QAP Technical Amendment for public comment — a mid-cycle revision with potential scoring implications across the state. Updated Urban Institute data and maps have been published alongside the draft, directly affecting how OHFA defines opportunity areas and eligible geographies for competitive scoring. The comment period also covers OHFA's additional credits policy, which governs how allocations beyond standard awards are handled — a key lever for deals with above-average credit need. The comment deadline is 5 p.m. on the date published on OHFA's website; written submissions must be received by that time. Developers should cross-reference active Ohio sites against revised Urban Institute maps immediately — a change in opportunity area designation can materially alter a deal's competitive scoring position. Ohio operates one of the most active 9% LIHTC programs in the Midwest, making QAP amendments consequential for a large share of regional affordable housing pipeline. Substantive public comment during this window is the last point of real leverage to influence final QAP language before the amendment is locked for the cycle. Mid-cycle QAP technical amendments don't happen in a vacuum — when an agency like OHFA updates its underlying opportunity mapping through a partner like the Urban Institute, the ripple effects on deal competitiveness can be significant. Teams with Ohio pipeline should treat this comment period as an active workstream, not a passive notification. Review the maps, assess your sites, and engage with the additional credits policy language if it touches your capital stack. The window is open now. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The 21st Century Road to Housing Act — the ROAD Act — became law on July 11, 2026, without a presidential signature, after Congress passed it on June 23. Described as the most significant federal housing reform in a generation, the nearly 400-page bill includes dozens of provisions touching manufactured housing, zoning, Community Development Block Grants, the Rental Assistance Demonstration program, and bank investment capacity. For LIHTC investors, developers, syndicators, and lenders, several provisions have direct and near-term implications for deal structure, financing capacity, and preservation pipelines. Key Takeaways: Section 203 raises the Public Welfare Investment Cap from 15% to 20% of overall bank capital, expanding balance-sheet room for CRA-driven affordable housing equity investment. Section 204 reforms CDBG to permit new housing construction for the first time, allowing cities to allocate up to 20% of their CDBG funds toward new development. Section 212 expands the Rental Assistance Demonstration (RAD) program, giving PHAs broader authority to take on debt for unit preservation and rehabilitation. Section 301 eliminates HUD's permanent steel chassis requirement for manufactured homes; Section 303 updates FHA lending rules to allow home improvement loans for manufactured homes used as ADUs — opening a new federally backed financing lane. Section 208 authorizes a $200 million innovation fund for communities that increase housing supply, subject to congressional appropriation. HUD is directed under Section 107 to develop zoning and land use best practices for localities — guidance that could influence future state QAP incentive structures. The bill does not appropriate new demand-side dollars, does not address HUD staffing cuts, and leaves the mixed-status rule and housing-first policy questions unresolved. The ROAD Act's passage required genuine cross-aisle cooperation — Senate Banking Chair Tim Scott and Ranking Member Elizabeth Warren, House Financial Services Chair French Hill and Ranking Member Maxine Waters all had to find common ground. That political signal matters as much as the technical provisions: housing affordability is now a durable bipartisan priority, which sets the table for future, potentially larger reforms. For practitioners, the immediate focus should be on HUD implementation guidance for the CDBG construction flexibility and the Public Welfare Investment Cap increase, and on how state HFAs begin to incorporate the new manufactured housing financing pathways into upcoming QAP cycles. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The Trump administration's effort to eliminate HUD's Restore-Rebuild initiative is now a national story, following a Politico report that highlights the program's cancellation and its cascading effects on public housing authorities and affordable housing developers. The San Diego Housing Commission is walking back plans for 700 units; the Council of Large Public Housing Authorities says the move contradicts HUD's stated mission. For LIHTC investors, developers, and lenders with Restore-Rebuild exposure in their pipelines, the implications are immediate and concrete. Key Takeaways: The Trump administration is moving to shut down HUD's Restore-Rebuild initiative, drawing national coverage from Politico. The San Diego Housing Commission is walking back plans to build 700 new affordable units that were structured around Restore-Rebuild funding. CLPHA CEO La Shelle Dozier called the move a direct contradiction of HUD's stated goal to expand affordable housing supply. Restore-Rebuild was one of the few remaining federal tools capable of delivering deep affordability layering in markets where 9% credits alone cannot close the financing gap. NH&RA led a letter-signing effort to HUD as recently as June 24 urging reconsideration — a sign that organized industry advocacy is underway but has not reversed course. Deals with Restore-Rebuild assumptions in their financing stacks face repricing, restructuring, or collapse without a replacement mechanism. State HFAs may face pressure to respond through QAP incentives or state-funded bridge programs as the federal gap widens. With the fiscal year-end approaching and congressional appropriators still engaged on housing funding, there is a narrow window for legislative intervention. Developers and PHAs with active Restore-Rebuild pipelines should begin stress-testing their financing structures now and engaging state HFAs about potential gap-filling strategies. The program's elimination is not yet finalized in statute, but the administrative intent is clear — waiting is not a strategy. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

HUD's newly released LIHTC Tenant Tables for 2023 reveal that 57.2% of LIHTC residents earn 30% or less of area median gross income — the highest share of extremely low-income tenants ever recorded in the dataset. With a national median tenant income of just $18,600 and nearly half of all residents receiving rental assistance, the data paints a clear picture of who the program is actually serving and raises urgent questions for investors, developers, and policymakers about income targeting, layered subsidy, and underwriting assumptions. Key Takeaways: 57.2% of LIHTC residents are classified as extremely low-income (≤30% AMI) — the highest share ever recorded in this dataset. Only 6.2% of residents earn more than 60% AMI, meaning the program is heavily concentrated well below its statutory eligibility ceiling. 48.3% of LIHTC residents received monthly rental assistance in 2023 — the highest share since HUD began tracking this figure in 2015. The national median LIHTC tenant income was $18,600; nearly 20% of households reported annual income of $10,000 or less. The growing share of assisted tenants signals deepening interdependence between the LIHTC program and the Housing Choice Voucher system. This data strengthens the policy case for extremely low-income set-asides and deeper income targeting in state QAPs. Developers and underwriters should reassess rent collection risk assumptions given the declining income profile of the LIHTC tenant population. The 2023 Tenant Tables arrive at a moment when state housing finance agencies are refining their qualified allocation plans and Congress is debating the future of both the LIHTC program and the voucher system. The convergence of these policy tracks matters: if nearly half of LIHTC tenants depend on rental assistance to afford a tax credit unit, program design decisions made in Washington and in state capitals are more tightly coupled than ever. Stakeholders across the capital stack should be using this data now — in QAP comment periods, in advocacy, and in deal structuring. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The Housing Assistance Council's latest research brief confirms what many rural housing advocates have feared: USDA's Section 515 Multifamily Housing portfolio is shrinking faster than scheduled maturities alone would explain. With 504 properties already gone ahead of their loan maturity dates and seven Midwestern states each losing more than 10% of their Section 515 stock since 2021, the affordable rural housing supply is eroding now — and USDA's own projections show the worst is still ahead, with exits peaking around 2040 and the program potentially depleted by 2056. Key Takeaways: 504 Section 515 properties have exited the portfolio before their mortgage maturity date — signaling early opt-outs and deterioration, not just scheduled wind-down. Seven states — Nebraska, North Dakota, Michigan, South Dakota, Wisconsin, Indiana, and Iowa — each lost more than 10% of their Section 515 housing stock between 2021 and 2026. Michigan recorded the largest unit loss: 2,072 affordable rural housing units departed the program in just five years. Losses are concentrated in the Midwest and Upper Great Plains, where early Section 515 loans are now reaching maturity — making this a regional crisis first, but a national one soon. USDA projects annual exits will accelerate sharply, peaking around 2040, with complete program depletion possible by 2056. Section 515 markets largely fall outside the LIHTC financing stack, meaning lost units are rarely replaced by conventional affordable housing mechanisms. Preservation opportunities exist now in the seven hardest-hit states — before the exit curve steepens further. For LIHTC investors, syndicators, and rural lenders, this brief is a signal to watch for preservation vehicles targeting Section 515 — including potential loan restructuring programs, new USDA appropriations, and rural housing tax credit proposals that have been circulating in Congress. The states losing the most units today are also the states most likely to assemble preservation pipelines first. That's where the near-term deal flow will be. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

A coalition of local governments and nonprofits has filed a supplemental complaint challenging HUD's FY 2026 Continuum of Care Notice of Funding Opportunity, arguing it mirrors the version a federal court already found likely unlawful in December 2025. With applications still due August 26, developers and syndicators structuring supportive housing deals with CoC operating subsidies face real underwriting uncertainty as the litigation advances. Key Takeaways: Plaintiffs filed a supplemental complaint in the existing CoC lawsuit, extending the legal challenge from the FY 2025 NOFO to the newly released FY 2026 NOFO. A preliminary injunction issued in December 2025 already blocked HUD's altered FY 2025 CoC NOFO, reverting to the prior FY 2024–25 version. Plaintiffs argue the FY 2026 NOFO "bears many similarities to the version the court already determined likely to be unlawful" — strong language signaling a high-confidence legal posture. FY 2026 CoC applications are still due August 26, despite the active litigation — applicants must decide whether to proceed under a potentially enjoined NOFO. CoC operating subsidies are frequently paired with LIHTC equity in permanent supportive housing deals; litigation-driven disruption creates bankability risk for deals in predevelopment. Any emergency motion for a temporary restraining order before August 26 could force HUD to extend the deadline or revert to prior NOFO terms. Developers and syndicators with CoC-dependent deals should build contingency language into timelines and monitor court dockets closely. This case is a live test of HUD's authority to reshape the CoC program's criteria and emphasis through the NOFO process alone. If the court extends injunctive relief to the FY 2026 cycle, it would mark the second consecutive year HUD's CoC funding notice has been blocked — a significant constraint on the agency's ability to redirect the program without statutory or regulatory change. Stakeholders across the supportive housing spectrum should treat August 26 as a fluid target and maintain close contact with their legal counsel and CoC intermediaries as the case develops. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The Connecticut Housing Finance Authority (CHFA) has released its draft Qualified Allocation Plan (QAP) for 2027 and 2028, opening a brief public comment window that closes July 10, 2026. For LIHTC developers, syndicators, investors, and lenders active in Connecticut, this two-year plan will govern how CHFA scores and ranks tax credit applications through the end of 2028 — making early engagement critical for anyone with a Connecticut pipeline. Key Takeaways: CHFA's draft QAP covers two full allocation cycles — 2027 and 2028 — giving it an unusually long governance horizon for Connecticut LIHTC deals. A virtual public hearing is scheduled for July 7, 2026 at 10:00 AM ET via Zoom; all stakeholders are invited to participate. Written comments are accepted through close of business July 10, 2026 — just three days after the hearing. Submissions can be sent by email or by mail to Terry Nash Giovannucci, CHFA, 999 West Street, Rocky Hill, CT 06067. QAP provisions that merit close review include scoring criteria, set-aside allocations, geographic targeting, income targeting requirements, and developer fee caps — all of which directly affect deal feasibility. Syndicators and investors should use the draft to anticipate deal flow composition (project type, location, tenant population) from Connecticut over the next two years. Any party with active or planned Connecticut LIHTC applications should prioritize submitting formal comments before the July 10 deadline. With a two-year QAP, CHFA is setting the rules of the road for Connecticut affordable housing finance through the end of 2028. Changes embedded in this draft — whether to basis limits, scoring weights, or set-aside priorities — will compound across two full funding rounds. Stakeholders who engage now, during the comment period, have the best opportunity to shape outcomes before the plan is finalized. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

HUD has announced that all Preservation Rent Increase (PRI) funding available under the RAD for PRAC program has been exhausted for calendar year 2026. Any new RAD for Section 202/Project Rental Assistance Contract conversion plan submissions that include PRI funding and were submitted after May 29, 2026, will be waitlisted on a first-come, first-served basis. For sponsors, syndicators, lenders, and investors active in elderly affordable housing preservation, this announcement has immediate deal-structuring consequences. Key Takeaways: All PRI funding available under RAD for PRAC has been fully exhausted for calendar year 2026. New RAD for PRAC conversion plan submissions with PRI submitted after May 29, 2026, will be waitlisted and evaluated first-come, first-served. HUD's immediate priority is to assess funding availability and obligations tied to submissions already in the pipeline as of June 25, 2026. Deals submitted before May 29 are likely queue-protected; post-cutoff submissions face an indeterminate hold. PRI is often the critical bridge between existing PRAC contract rents and the rents required to support debt service in a conversion — making its absence a potential deal-stopper for many transactions. No timeline has been published for when HUD will resolve the backlog or when new PRI capacity may become available. Sponsors with post-cutoff submissions should confirm their waitlist position and engage their HUD field office directly to understand deal status relative to the June 25 assessment date. The exhaustion of PRI capacity this far into the calendar year signals that demand for RAD for PRAC conversions is outpacing available resources — a reflection of both the scale of need in the aging Section 202 housing stock and a rapidly building pipeline. Stakeholders should monitor HUD's funding assessment closely and evaluate whether alternative deal structures are viable while awaiting PRI availability. Proactive communication with HUD field offices and early queue positioning will be essential for deals dependent on this funding source. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The Federal Housing Finance Agency has proposed a sweeping overhaul of the Duty to Serve regulations governing Fannie Mae and Freddie Mac. The proposed rule replaces the existing prescriptive Activities framework with a flexible, principles-based approach — and expands LIHTC credit eligibility across all three Duty to Serve underserved markets. For LIHTC investors, affordable housing developers, and structured finance practitioners, the comment deadline of July 24 and a target effective date of January 1, 2028, make this a near-term priority. Key Takeaways: FHFA proposes to eliminate the current Activities framework entirely, including Statutory and Regulatory Activity lists, Additional Activities, extra credit provisions, and minimum activity requirements from three-year plans. Enterprises would instead be permitted to pursue any action consistent with Duty to Serve, unless FHFA has specifically deemed it ineligible by regulation or case-by-case review. LIHTC investments would earn Duty to Serve credit across all three underserved markets — rural housing, manufactured housing, and affordable housing preservation — up from rural only under the current framework. The restriction on subordinate multifamily liens (previously limited to energy and water improvement financing) would be removed, opening the door to broader layered financing structures for multifamily affordable deals. The income calculation methodology would be revised to more accurately reflect families in areas of concentrated low-income populations, and affordability determinations for manufactured housing communities would be updated. Comments on the proposed rule are due July 24, 2026; regulatory changes are targeted to take effect January 1, 2028. A correction affecting refinancing mortgages that are not arms-length or borrower-driven transactions was posted June 26, 2026. The shift from a prescriptive activity checklist to a principles-based framework with a published ineligible-actions list will fundamentally reshape how Fannie Mae and Freddie Mac structure their Duty to Serve plans — and, by extension, how they engage with LIHTC deals, manufactured housing finance, and preservation transactions. The July 24 comment deadline gives the industry a narrow window to influence what ends up on the ineligible list. Practitioners with active pipeline in any of the three underserved markets should engage now. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

HUD has issued a Request for Information (RFI) targeting a shift from project-specific waivers to general applicability (product-category) waivers under the Build America, Buy America Act (BABA). For LIHTC developers and their construction teams, this is the most actionable near-term opportunity for relief from one of the most disruptive compliance requirements introduced into federally assisted housing. Comments are due July 20, 2026. Key Takeaways: HUD's RFI targets product-category BABA waivers — meaning relief, once granted, would apply broadly across all projects using those products, not just on a deal-by-deal basis. The 30-day comment period closes July 20, 2026 — a tight window requiring immediate action from developers and their procurement teams. Covered product categories include HVAC systems (VRF, heat pumps, PTACs), plumbing fixtures, door hardware, elevators, fire alarm/suppression systems, solar panels, wood trusses, and a broad range of electrical components. Heat pump subcategories specifically called out include cold climate air-source, ducted split, ductless mini-split, geothermal/ground source, and water source — all common in energy-efficient affordable housing. Electrical components targeted include LED lighting fixtures, panelboards, distribution panels, GFCI receptacles, surge protection devices, and security cameras. NH&RA has announced it will submit a comment and has offered to assist others in drafting submissions. Project-specific BABA waivers are slow and resource-intensive; general applicability waivers would remove deal friction across the entire affordable housing pipeline for affected product types. The Build America, Buy America Act has added significant procurement complexity to federally assisted housing deals since its implementation. This RFI is HUD's clearest signal yet that it recognizes the operational burden and is looking for an evidence-based path to systemic relief. The public record built from this comment period will directly influence the scope and speed of any waivers granted — making the quality and specificity of developer and contractor submissions critically important. If your pipeline includes deals subject to BABA, this filing deserves attention at the leadership level today. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

President Trump canceled a planned signing of the 21st Century Road to Housing Act, leaving enrolled housing legislation in a holding pattern with no rescheduled signing date confirmed. NAHB Chairman Bill Owens expressed confidence the bill will eventually become law, but the delay introduces meaningful uncertainty for LIHTC investors, developers, syndicators, and state HFAs watching for any federal policy changes tied to the legislation. Key Takeaways: The 21st Century Road to Housing Act has cleared Congress — the only remaining step is a presidential signature. President Trump canceled the signing with no rescheduled date announced as of today. NAHB Chairman Bill Owens characterized the situation as a timing issue, not a policy breakdown — language that typically signals active negotiation. Developers and syndicators with deal structures or financing assumptions tied to any new federal housing authority in this bill should carry a contingency flag on effective dates. If the delay moves toward a veto or pocket veto, state HFA QAP planning that anticipated federal policy changes would need to be reassessed. Housing supply and affordability remain explicit political pressure points — Congressional passage of a bill of this scope is not routine and is unlikely to be abandoned quietly. Watch for a White House statement clarifying the basis for the delay; that statement will determine whether this is a weeks-long pause or a more significant obstacle. The legislative work is done — this is now an executive timing question. For LIHTC market participants, the practical implication is straightforward: do not underwrite to any policy change in this bill until a signing is confirmed. State HFAs drafting or finalizing QAPs should build flexibility for federal provisions that remain contingent on enactment. The market signal here is a holding pattern, not a collapse — but the distinction only matters if you're positioned accordingly. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Senator Ron Wyden (D-OR) and Rep. Val Hoyle (D-OR) have reintroduced the Decent, Affordable, Safe Housing for All (DASH) Act for the third consecutive Congress. The bill expands LIHTC, introduces a new Middle-Income Housing Tax Credit (MIHTC), restructures the first-time homebuyer tax credit to be advanceable at closing, and adds a new home-sale loss deduction of up to $100,000 for low- and middle-income sellers. For LIHTC investors, developers, and syndicators, the MIHTC provision and the LIE-tek strengthening language are the provisions with the most direct market implications. Key Takeaways: The DASH Act has now been introduced in three consecutive Congresses (2023, 2024, and 2026); it has failed to advance out of committee both prior times. The bill proposes a new Middle-Income Housing Tax Credit (MIHTC) — a separate credit structure targeting the gap between LIHTC-eligible households and market-rate renters, which would require new equity market infrastructure to deploy. LIHTC is explicitly named as a strengthening target, alongside investment in deeply affordable housing for extremely-low-income households. The first-time homebuyer tax credit is restructured to be advanceable at closing, eliminating the liquidity gap that previously delayed access until tax filing season. A new home-sale loss deduction — new to this version of the bill — allows low- and middle-income sellers to deduct up to $100,000 when they sell for less than their original purchase price. Housing Choice Vouchers are central to the bill's homelessness strategy, with a five-year mandate to house all people experiencing homelessness, prioritizing children and families. The bill's fate depends on markup activity in the Senate Finance and House Ways and Means committees — neither of which has advanced prior versions. The DASH Act's repeated reintroduction reflects durable Democratic consensus on housing supply, voucher expansion, and tax credit tools — but legislative momentum remains the open question. For the LIHTC community, MIHTC is the provision worth building institutional familiarity with now. If it ever advances, syndicators and equity investors will need frameworks ready. Track Senate Finance and House Ways and Means for any sign of markup activity. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The Missouri Housing Development Commission (MHDC) has opened a public comment period to gather input on topics under consideration for its 2028 Qualified Allocation Plan (QAP). With this window opening nearly two years ahead of the plan's effective year, developers, syndicators, lenders, and investors active in Missouri have an early and meaningful opportunity to influence how LIHTC and MHDC resources will be allocated — before internal drafts are even in circulation. Key Takeaways: MHDC governs allocation of both 9% and 4% LIHTC through its annual QAP and associated Notice of Funding Availability (NOFA). The comment period targets the 2028 QAP — opening approximately two years ahead of the plan's effective year, which is earlier than many peer state HFAs. Written comments can be submitted directly to MHDC and are formally incorporated into the QAP development process. Key policy levers subject to change include scoring criteria, basis limits, income targeting requirements, set-aside categories, and developer fee structures. Early input — submitted before internal drafts are circulated — typically carries more influence than comments on a published draft. Missouri is one of the more active Midwest HFAs; QAP changes have direct implications for project feasibility and investor returns across the state's deal pipeline. Stakeholders with views on rural vs. urban prioritization, income averaging, deeper affordability scoring, or basis boost policy should act now. Missouri's decision to solicit feedback this early signals that MHDC intends a deliberate, stakeholder-informed process for the 2028 cycle. For organizations with Missouri projects in development or under evaluation, this is the moment to engage — not after a draft is released. Monitor MHDC communications for draft publication timelines and plan your comment strategy accordingly. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

A bipartisan House bill — H.R. 9311, the Build Housing Affordably Act — has been introduced by Rep. Mike Flood (R-NE), Chairman of the House Housing and Insurance Subcommittee, and Rep. Maggie Goodlander (D-NH). The legislation targets Build America Buy America Act (BABA) requirements that have created cost and timeline friction for affordable housing developers relying on federal funding streams, including LIHTC deals with federal program exposure. Key Takeaways: H.R. 9311, the Build Housing Affordably Act, was introduced as bipartisan legislation in the U.S. House of Representatives. Lead sponsors are Rep. Mike Flood (R-NE), Housing and Insurance Subcommittee Chairman, and Rep. Maggie Goodlander (D-NH) — a pairing designed to attract votes from both sides of the aisle. The bill directly addresses BABA domestic content procurement requirements that have added cost drag and schedule risk to affordable housing deals with federal funding exposure. The stated goal is to "strike a better balance" between promoting domestic production and sustaining the affordable housing development pipeline — framed as a housing production argument, not a deregulatory one. BABA compliance friction has hit deals involving HUD programs and certain bond-financed structures particularly hard, where domestic supplier availability and pricing have not kept pace with project needs. Flood's subcommittee chairmanship gives the bill a credible path to markup — making this more than a messaging exercise. Developers with projects in predevelopment that rely on federal funding should model both current BABA compliance costs and potential relief scenarios as the bill advances. BABA has been a quiet deal-killer and cost inflator across the affordable housing pipeline since its requirements expanded under the infrastructure law. This bill represents the first serious, bipartisan legislative vehicle aimed at resolving that tension. Developers, syndicators, and lenders should monitor committee activity closely and engage their federal advocacy channels now — the window for industry input on bill language is typically widest before markup. A Senate companion bill, if introduced, would signal genuine momentum toward enactment. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

May housing starts fell 15.4% to a seasonally adjusted annual rate of 1.18 million units, but the headline understates the real shock: multifamily construction cratered 40.2% in a single month to an annualized pace of just 295,000 units — down 14.2% year-over-year. For LIHTC developers, syndicators, and lenders, the data lands at a critical moment, signaling that the construction pipeline is under serious stress from elevated interest rates, rising costs, and persistent labor shortages. Key Takeaways: Overall May housing starts fell 15.4% to a 1.18 million seasonally adjusted annual rate (HUD/Census Bureau). Multifamily starts dropped 40.2% in May to a 295,000 annualized pace — the sector is down 14.2% vs. May 2025. Single-family starts declined 1.9% to an 882,000 annualized rate, down 6.7% year-over-year; homes under construction at 587,000, off 5.9% from a year ago. Multifamily permits fell 2.8% to a 527,000 annualized pace in May, though they remain up 2.5% vs. May 2025 — a modest forward-pipeline signal worth watching. The Northeast is the only region running positive on both starts (+17.5% YTD) and permits (+10% YTD); the South is down 6.7% on permits YTD. NAHB's June builder sentiment survey weakened further, with elevated mortgage rates and affordability challenges cited as primary headwinds. New LIHTC transactions underwriting today face elevated feasibility risk — the starts-to-permits gap indicates financing and cost execution, not demand, is where deals are stalling. The divergence between permits (relatively stable) and starts (sharply lower) is the key signal for affordable housing finance professionals. It suggests developers intend to build but cannot make the numbers work at current cost and rate levels — a dynamic that directly pressures LIHTC equity pricing, increases gap financing needs, and may drive further requests for basis boosts or state subsidy layering. Teams actively underwriting new transactions in the South and West should stress-test construction budgets more aggressively and revisit financing structures before locking commitments. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Bond markets have shifted from pricing in Fed rate cuts to assigning greater-than-even odds to a rate hike — a reversal with direct consequences for LIHTC developers, syndicators, and lenders. With core inflation at a three-year high of 3.3%, headline CPI at 3.8%, and the two-year Treasury up more than 70 basis points since March, the rate environment for affordable housing finance has materially tightened. This episode breaks down the macro forces behind the shift and what they mean for deals in the pipeline today. Key Takeaways: The two-year Treasury has risen more than 70 basis points since March, reflecting a bond market repricing from easing to potential tightening. Core PCE inflation is running at 3.3% — a three-year high and well above the Fed's 2% target — eliminating near-term justification for rate cuts. Headline CPI reached 3.8% year-over-year, also a three-year high, driven in part by energy and commodity prices tied to the Iran conflict and lingering tariff impacts. Q1 and Q4 2025 GDP averaged just 1% annualized growth, while the personal saving rate fell to 2.6% — the lowest since June 2022 — signaling household financial stress relevant to rental demand underwriting. Single-family built-for-rent starts fell 26% on a four-quarter basis to 62,000 homes, reflecting broad developer caution that should be mirrored in affordable pipeline assumptions. Mortgage rates are expected to remain above 6% through 2026, keeping pressure on 4% LIHTC bond pricing and debt service coverage in new construction deals. Residential construction added only 900 jobs in May, led by remodeling — a signal of constrained new-build capacity that affects affordable housing timelines and labor cost assumptions. The rate environment has changed faster than many pipeline deals were underwritten to handle. With no credible near-term catalyst for Fed easing and geopolitical uncertainty keeping inflation elevated, LIE-tek developers and their capital partners should be revisiting interest rate stress tests before commitment, not after. A resolution of the Iran conflict remains the most plausible inflation relief valve, but the timeline is unpredictable. Deals that are thin at today's rates deserve a hard look now. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Cinnaire has closed Fund for Housing Limited Partnership 45 (Fund 45), a $307 million LIHTC equity fund targeting the creation and preservation of 2,259 affordable housing units across 27 properties in 10 states. The fund will directly benefit an estimated 5,196 residents and represents one of the larger single-fund LIHTC equity closes in Cinnaire's history — a notable signal of sustained institutional appetite for affordable housing tax credit investment. Key Takeaways: Fund 45 closed at $307 million in LIHTC equity — a significant raise in the current rate environment. The fund will finance 2,259 affordable housing units across 27 properties in 10 states. An estimated 5,196 residents will benefit directly from Fund 45 investments. The fund explicitly blends new construction with preservation, giving Cinnaire pipeline flexibility across deal types. Geographic diversification across 10 states signals a risk-management structure designed for institutional corporate investors. The close indicates continued investor demand for LIHTC equity despite tax policy uncertainty and compressed deal economics. Developers in Cinnaire's Midwest, Mid-Atlantic, and Southern footprint should engage now on fund allocation and deal timing. Fund 45's close arrives at a moment when preservation pipelines are competing aggressively for equity capital alongside new construction. Cinnaire's ability to blend both deal types into a single $307 million vehicle — and close it — suggests the fund structure resonated with investors seeking diversification. Developers and syndicators should treat this as both a market signal and a near-term equity access opportunity, particularly as deployment timelines will shape deal economics for participating properties through the remainder of the year. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Senators Jeanne Shaheen (D-NH) and Dave McCormick (R-PA) have sent a bipartisan letter to HUD Secretary Turner calling for administrative reforms to the Build America, Buy America (BABA) waiver process. The current system — designed to accommodate products not domestically available in sufficient supply — has instead created significant delays and, in some cases, hard stops for affordable housing construction and preservation projects. For LIHTC developers, syndicators, and lenders working on federally assisted deals, this letter signals real momentum toward procedural relief that HUD can deliver without waiting for Congress. Key Takeaways: Bipartisan Senate pressure targets HUD's BABA waiver backlog, which has caused significant project delays and blocked some affordable housing deals entirely. The letter calls on HUD Secretary Turner to improve communication around waiver request status — a basic transparency gap developers have flagged for months. Senators are pushing for faster action on completed waiver submissions, meaning requests already in queue should not be stalled by administrative inaction. HUD is asked to assess the actual availability of BABA-compliant housing products — addressing the root supply chain disconnect driving most waiver requests. All three requested reforms are administrative in nature, meaning HUD can act without new legislation — a faster potential path to relief than a statutory fix. Projects using HOME funds, CDBG dollars, or other federal financing that triggers BABA applicability are most directly affected. New Hampshire developers with active BABA concerns should contact Ilana Morof directly for advocacy and technical support. The bipartisan framing here is significant. When both sides of the aisle are putting the same ask in writing to a cabinet secretary, it increases the likelihood of an administrative response. Developers and sponsors with deals stalled on BABA waivers should document the specific timeline and cost impacts — that data is exactly what congressional offices and HUD need to justify accelerated action. Watch for HUD guidance or a public response from Secretary Turner's office in the coming weeks. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

President Trump appointed FHFA Director Bill Pulte as Acting Director of National Intelligence on June 2 — while keeping him in place as FHFA Director and chairman of both Fannie Mae and Freddie Mac. The dual role raises immediate questions about leadership bandwidth at the agency that oversees the GSEs, with direct implications for multifamily lenders, LIHTC syndicators, and affordable housing developers who rely on Fannie and Freddie for bond credit enhancement and loan execution. Key Takeaways: Pulte retains all three roles simultaneously: FHFA Director, Fannie Mae chairman, and Freddie Mac chairman, in addition to his new acting intelligence post. Senate Majority Leader John Thune (R-SD) warned Pulte would face a "lengthy road" to Senate confirmation if nominated permanently — Trump has indicated no permanent nomination is planned, bypassing a confirmation vote. Bipartisan criticism came from Sen. Chuck Schumer (D-NY) and Sen. John Cornyn (R-TX), the latter saying he sees "no evidence of any qualifications for that job." Section 702 of FISA — authorizing warrantless surveillance of foreign targets — expires June 12; Pulte's appointment threatens to complicate bipartisan reauthorization efforts ahead of that deadline. FHFA leadership distraction carries downstream risk for multifamily deal structures that depend on GSE execution certainty, including bond credit enhancement and LIHTC equity transactions. Acting status insulates the appointment from a Senate vote, meaning no near-term forcing function for leadership change at FHFA. For affordable housing deal teams, the practical question is whether FHFA's multifamily and affordable housing agenda maintains momentum under a director now carrying a second, high-profile national security portfolio. Developers and lenders with active GSE-dependent transactions should monitor for any signs of policy slowdown or delegated authority at the agency level. If GSE engagement softens on bond or LIHTC deals in the months ahead, Pulte's divided attention will be the first variable to examine. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

HUD released Part 1 of the 2025 Annual Homelessness Report, delivering the first year-over-year reduction in the national point-in-time count since 2016. With 745,652 people counted as homeless in January 2025 — a 3.3% decline from 2024 — the report offers a cautious but meaningful signal for housing-focused policy. For LIHTC developers, syndicators, and policymakers, the data lands at a pivotal moment for federal appropriations debates and CoC funding allocations. Key Takeaways: 745,652 people were counted as homeless in January 2025, a 3.3% decrease from 2024 — the first annual decline since 2016. Families experiencing homelessness fell 11.3%; unaccompanied youth dropped 7.9%; unsheltered homelessness declined 2.9%; homeless veterans fell 1.2%. Illinois posted the steepest state-level drop at -43.6%, followed by Hawaii at -41.3% and Florida at -11.1%; California fell 2.8% and New York fell 7.9%. Since 2013, overall homelessness is up 27%, unsheltered homelessness is up 36%, and chronic homelessness is up 81%. An estimated 17,500 people per week entered homeless systems for the first time over the course of 2024, underscoring the sustained demand pressure on housing resources. Ann Oliva of the National Alliance to End Homelessness warned that "homelessness remains a crisis" despite the positive headline, calling for sustained investment in housing-focused programs. Part 2 of the report — which includes subpopulation and program-level data used in CoC funding allocations — is still pending and will be critical for supportive housing and rental-assistance-layered LIHTC deals. The report is already being deployed on both sides of the federal budget debate — by advocates as proof that housing-first interventions work, and by fiscal hawks as justification for funding reductions. For LIHTC developers and syndicators with supportive housing components or projects layered with rental assistance, the upcoming Part 2 data will be the more actionable release. State-level outliers like Illinois and Hawaii signal where concentrated public investment is moving the needle — and where deal flow may follow. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The Colorado Housing and Finance Authority (CHFA) has released a revised Multifamily Program Compliance Manual, updating guidance across three compliance policy areas for developments financed with Housing Tax Credits and/or CHFA multifamily loans. For owners, investors, syndicators, and compliance professionals with Colorado affordable housing assets, this is the new controlling document — and CHFA has directed stakeholders to use this version immediately for all questions on procedures, rules, and regulations. Key Takeaways: CHFA updated compliance policies across 3 multifamily program areas simultaneously — a scope that signals either federal regulatory realignment (likely HOTMA) or monitoring-driven corrections. The revised manual governs all CHFA-financed developments with Housing Tax Credits, CHFA multifamily loan financing, or a combination of both. CHFA has explicitly designated this as the authoritative version — prior editions are no longer controlling for procedures, rules, or regulations. LIHTC developments out of conformance on income calculation, asset verification, or recertification procedures face findings that can escalate to credit recapture. HOTMA implementation remains an active recalibration point for state HFAs; any alignment in this update has immediate implications for site-level compliance programs. Syndicators and investors with Colorado assets should confirm asset management and compliance monitoring partners have reviewed the new manual and benchmarked it against current practices. Developers with active CHFA-financed deals in lease-up or construction should complete their review before the first compliance monitoring event under the new framework. State HFA compliance manual updates rarely make headlines, but they set the standard by which properties are measured during monitoring — and findings under an updated framework can carry serious consequences for LIHTC equity. Colorado operators and investors should treat this as effective immediately, pull the full change list from CHFA, and close any gaps between current site practices and the new guidance before the next monitoring cycle. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The Connecticut Housing Finance Authority (CHFA) has approved $11.5 million in 9% Low-Income Housing Tax Credit allocations supporting six developments across five Connecticut municipalities — Cromwell, Farmington, Hartford, Naugatuck, and New Britain. The awards will produce 319 total rental units, including 282 affordable apartments, spanning both new construction and preservation deals. For LIHTC investors, syndicators, and lenders active in the Northeast, this round offers concrete signals about CHFA's current QAP priorities and the state of the Connecticut affordable housing pipeline. Key Takeaways: CHFA allocated $11.5 million in 9% LIHTCs across six developments in a single board-approved round. The 319-unit portfolio includes 282 affordable apartments — approximately 88% affordability across the slate. Five municipalities received awards: Cromwell, Farmington, Hartford, Naugatuck, and New Britain — signaling a geographic distribution preference in the current QAP cycle. The round covers both new development and preservation, creating distinct underwriting profiles for lenders and syndicators on construction financing and exit assumptions. Annual credit per affordable unit runs roughly $36,000 — a benchmark for syndicators pricing Connecticut 9% deals against current construction cost environments. Suburban and small-city markets (Naugatuck, Cromwell) clearing the same credit threshold as Hartford suggests CHFA is actively rewarding non-urban supply solutions. Developers with projects in the Connecticut pipeline should analyze this round for active QAP preference signals before the next application cycle. Connecticut's affordable housing shortfall remains measured in the tens of thousands of units, so 282 affordable apartments won't close the gap on its own. But this allocation confirms that CHFA's 9% pipeline is active and competitive heading into the second half of 2026. Investors and lenders tracking Northeast market health should watch for corresponding state bond or Housing Trust Fund activity to fill financing gaps — particularly on new construction deals in the smaller markets represented in this round. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Maryland's General Assembly passed two significant pieces of housing legislation in 2026 — the Maryland Transit and Housing Opportunity Act and the Maryland Housing Certainty Act — alongside a Fiscal Year 2027 budget designed to support the Maryland Department of Housing and Community Development's affordable housing programs. For LIHTC developers, syndicators, and lenders active in Maryland, the combined effect of transit-focused production incentives, approval certainty provisions, and a state agency budget commitment could reshape deal flow and QAP priorities in the near term. Key Takeaways: Two bills passed in 2026: the Maryland Transit and Housing Opportunity Act and the Maryland Housing Certainty Act — each targeting a distinct barrier to affordable housing production. The Transit and Housing Opportunity Act focuses on production near transit corridors, a signal that transit-oriented sites may receive favorable treatment in future QAP scoring cycles. The Housing Certainty Act is designed to reduce entitlement and approval unpredictability — a direct risk-reduction mechanism for 9% LIHTC deals with tight credit reservation timelines. Maryland DHCD's FY2027 budget is explicitly framed as supporting robust affordable housing investment and safeguarding existing program capacity alongside the new legislative framework. Specific appropriation figures tied to the new acts have not yet been publicly detailed — watch for Maryland DHCD guidance releases for dollar amounts and program-level allocations. Developers should map existing pipeline against Maryland transit corridors now, ahead of any QAP revisions that may incorporate the new legislative priorities. State HFA watchers should monitor Maryland's next QAP cycle closely — new production legislation paired with a budget commitment frequently precedes changes to set-asides and scoring criteria. Maryland's legislative move is part of a broader state-level trend of pairing transit-oriented development policy with affordability mandates. For deal teams active in the state, the window between legislative passage and QAP operationalization is the highest-leverage period for site selection and partnership positioning. Early alignment with stated policy priorities has historically translated into competitive advantages in 9% allocation rounds and stronger bond-financing narratives in 4% transactions. Stay close to Maryland DHCD communications over the coming months. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The Office of Management and Budget, joined by more than 40 federal agencies including HUD, has proposed a sweeping revision to government-wide rules governing federal financial assistance. With up to $1 trillion in funding in scope and a final rule targeted for October 1, 2026, the proposal carries direct implications for affordable housing developers, operators, and lenders reliant on HUD grants and related programs. Key Takeaways: The proposed rule affects up to $1 trillion in federal financial assistance across grants, cooperative agreements, and other assistance mechanisms. Comments are due July 13, 2026; OMB is targeting a final rule effective October 1, 2026. E-Verify screening and English-only materials requirements would add new compliance layers to HUD and other federal grant programs. Fraud allegations would be referred directly to inspectors general and prosecutors, bypassing standard internal agency review processes. Proposed limits on disparate-impact enforcement could alter fair housing compliance strategies for affordable housing operators. Greater authority for political appointees over grant approvals and monitoring reduces agency-level flexibility and insulation from political intervention. OMB would gain expanded discretion to withhold funding — introducing timing and certainty risk for transactions dependent on reliable federal funding flows. This rule is not abstract policy. If finalized as proposed, it restructures the compliance environment and funding certainty for any affordable housing deal touching federal grants. Stakeholders with operational exposure to HUD programs should submit detailed, program-specific comments before the July 13 deadline. The October 1 effective date leaves little runway for implementation planning once a final rule is issued. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The House T-HUD Appropriations Subcommittee passed its FY 2027 HUD funding bill last week on a 9-7 party-line vote, and the full House Appropriations Committee is marking it up today. With a total HUD budget of $71.4 billion — $5.9 billion below FY 2026 enacted levels — the bill sets the opening position for a funding fight that will directly affect LIHTC deal stacks, voucher availability, and HOME gap financing across the country. Key Takeaways: Total HUD funding proposed at $71.4 billion, a $5.9 billion reduction from FY 2026 enacted levels. HOME funded at $500 million, down from $1.25 billion — a significant cut, but an improvement over FY 2026's starting position, when both the President's budget and the House bill proposed zeroing it out entirely. Tenant-based Section 8 at $38.083 billion, slightly below the $38.4 billion enacted in FY 2026 — a narrow but real gap for housing authorities already under pressure. Project-based Section 8 receives a $432 million increase over FY 2026 enacted levels, coming in at $18.975 billion — a positive signal for preservation and new construction pipelines. Choice Neighborhoods zeroed out again; Congress restored it at $25 million in FY 2026, but that outcome is not guaranteed to repeat. HOME, CDBG, public housing, and several other programs exempted from Build America, Buy America compliance for FY 2027 and prior years — a significant relief provision for deals where BABA has been slowing draws and closings. Continuum of Care funded at $3.778 billion, down $231 million from enacted levels, but the House rejected the administration's proposal to eliminate CoC and fold homeless assistance into ESG. Today's full committee markup is the next inflection point. The House bill is the floor of negotiations, not the ceiling — the Senate is expected to take a less aggressive posture on cuts, particularly for HOME and tenant-based vouchers. Developers and syndicators with HOME-dependent deal structures should model a wide range of outcomes. The BABA exemption provision, if it survives to enactment, would remove a material compliance barrier on HOME-funded closings. Watch for Senate appropriators' response and any floor amendments that could shift the HOME or voucher numbers before a final conference agreement takes shape. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

HUD has released its Fiscal Year 2026 Continuum of Care Notice of Funding Opportunity — $4.04 billion in federal homelessness assistance structured around a fundamental policy shift away from housing-first and toward recovery, self-sufficiency, and competitive performance accountability. For developers, syndicators, and lenders with exposure to supportive housing, the implications for operating subsidy assumptions are immediate. Key Takeaways: HUD's FY2026 CoC NOFO releases $4.04 billion — described by HUD as a record funding level for the program. $1.3 billion is specifically reserved for new projects, with explicit priority given to Transitional Housing and Supportive Services over permanent supportive housing. Automatic renewal of CoC grants is eliminated; CoC recipients must now competitively scrutinize and prioritize projects based on performance outcomes. HUD is conditioning funding on prohibiting facilitation of illicit drug use, directly targeting harm-reduction models that have operated within CoC-funded programs. HUD is actively encouraging new applicants, signaling that incumbent grantees no longer hold a structural funding advantage. Deals carrying CoC-dependent operating revenue — particularly those built on housing-first frameworks — face genuine renewal risk under the new NOFO structure. State QAP scoring of supportive housing and lender underwriting of CoC grant revenue may need to be reassessed as the federal program's priorities realign. This NOFO represents the most significant structural overhaul of the CoC program in its history. For the affordable housing finance community, the shift isn't just ideological — it changes the risk profile of supportive housing deals that depend on CoC operating subsidies. Developers, syndicators, and lenders should review existing and pipeline deals for CoC revenue exposure, and state HFAs should expect pressure to realign supportive housing priorities in upcoming QAP cycles. The $1.3 billion in new project funding is a real opportunity, but only for organizations positioned to compete under the new performance and programmatic framework. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The 21st Century ROAD to Housing Act passed the House 396-13, with White House advisers signaling the President would sign the bill in its current form. Senate Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) issued a joint statement pledging to advance legislation — but signaled the Senate's version isn't simply a rubber stamp on the House bill. A key fault line over institutional investor home-buying restrictions remains unresolved between progressive lawmakers in both chambers. Key Takeaways: The House passed the 21st Century ROAD to Housing Act 396-13, reflecting overwhelming bipartisan support rarely seen on housing legislation. The White House issued a Statement of Administration Policy indicating presidential advisers would recommend the President sign the bill as passed — a strong pre-signature signal. Senate Banking Committee Chairman Scott and Ranking Member Warren issued a joint statement committing to continue work toward a bill that can pass the Senate, stopping short of endorsing the House text outright. The institutional investor single-family home-buying provision remains a point of disagreement between House Financial Services Ranking Member Maxine Waters (D-CA) and Senator Warren — a fault line that could force amendments or a conference process. The Senate previously passed its own strong bipartisan housing bill, meaning reconciliation between chambers is a live possibility, introducing timeline risk for practitioners. LIHTC stakeholders should monitor the Senate Banking Committee for markup activity and any targeted amendments to the institutional investor provision. The bill's momentum is real — a 396-13 vote and White House backing are rare alignments — but Senate procedure and intra-progressive disagreements could slow final passage. This is one of the most significant bipartisan housing pushes in years, and the political window appears genuinely open. For affordable housing investors, developers, and syndicators, the near-term question is whether the Senate moves on the House text or insists on its own version — and how the institutional investor provision gets resolved without fracturing the coalition. Track Senate Banking Committee activity closely over the coming weeks. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Representatives Mike Carey (R-OH) and Jimmy Panetta (D-CA) have introduced the Affordable Housing Credit Carryback Act (H.R. 9012), a bipartisan standalone bill that would allow Low-Income Housing Tax Credit investors to carry back unused credits up to five years against prior tax liability. For LIHTC investors, syndicators, and developers, the proposal addresses a structural limitation in the current tax code that constrains investor absorption capacity and deal pricing. Key Takeaways: H.R. 9012 would permit 5-year carrybacks of unused LIHTC against prior-year tax liability — a mechanism currently unavailable for the Housing Credit. The current code allows only 20-year carryforwards, which defers value and reduces capital efficiency for investors who hit absorption ceilings in a given year. A carryback mechanism can generate immediate tax refunds rather than stranded credits, improving investor liquidity and willingness to commit capital. Improved investor absorption capacity is a direct input to credit pricing — better pricing at the deal level helps developers close financing gaps in a high-cost construction environment. The bill was introduced with bipartisan support: Rep. Carey sits on the House Ways and Means Committee, giving the bill a sponsor with direct committee standing. H.R. 9012 has been referred to Ways and Means — the same committee that would handle any broader tax legislation where this provision could be incorporated. The bill may move as a standalone measure or be folded into a larger tax package; either path requires early engagement from industry stakeholders. The Affordable Housing Credit Carryback Act is early-stage legislation, but it targets a real friction point that the LIHTC investor community has long identified. With a Republican co-sponsor on Ways and Means and a bipartisan House introduction, the bill has a credible path to at least a committee hearing. Developers, syndicators, and lenders should monitor the Ways and Means calendar closely and engage their congressional contacts now — particularly as broader tax legislation remains active in the current session. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

HUD has published an interim rule eliminating the final clearance-officer approval step in its environmental review process for large federally assisted multifamily projects — those with more than 200 units or a mortgage above $5 million. The rule takes effect June 22, with a public comment period open through July 21. For LIHTC developers, syndicators, and lenders navigating tight closing timelines, the change removes a late-stage regulatory bottleneck that HUD itself acknowledges can jeopardize deals. Key Takeaways: The interim rule removes the final HUD clearance-officer approval for multifamily projects with 200+ units or a mortgage above $5 million receiving federal assistance. Effective date is June 22; public comments are due by July 21 — a real opportunity to shape whether the rule is finalized as written. HUD argues the requirement — added by a single sentence in 1996 to a 1971 rule — is not statutorily required and duplicates earlier review steps. The change is framed under Trump's Unleashing American Energy executive order, part of a broader agency-wide deregulatory push. Secretary Turner has also rolled back eviction-related rules and energy-efficiency standards, establishing a consistent pattern of regulatory rollback on the production side. Two March executive orders further direct agencies to eliminate development barriers and ease community bank mortgage underwriting restrictions. Developers with deals currently in the HUD environmental review pipeline should confirm with counsel how the June 22 effective date applies to in-process transactions. The administration is building a deregulatory posture on housing production that, for LIHTC professionals, has tangible deal-level implications. The comment period is open and data-driven submissions from developers and lenders who have experienced timeline disruptions from the current clearance-officer step could directly influence the final rule. Watch for further regulatory rollbacks as HUD continues reshaping its operating framework under Secretary Turner. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The Ohio Housing Finance Agency has awarded more than $39.1 million in 9% Low-Income Housing Tax Credits for 2026, issuing conditional commitments to 25 developments across the state. The awards represent a full annual credit round for Ohio, with projects spanning new construction and preservation of affordable rental housing for low- to moderate-income residents. For investors, syndicators, lenders, and developers active in the Ohio market, the announcement signals the start of active equity and construction finance negotiations for a competitive slate of deals.Key Takeaways:OHFA awarded more than $39.1 million in annual 9% LIHTC credits for the 2026 round — roughly $391 million in gross ten-year credit authority before pricing.25 developments received conditional commitments, averaging just under $1.6 million in annual credits per project.Awards are conditional commitments from the OHFA Board — carryover agreements have not yet been executed, placing projects in the document and due diligence phase.Equity investors who pre-screened 2026 Ohio deals should expect formal term sheet activity to accelerate in the near term; the window to enter specific transactions is narrowing.OHFA's QAP priorities — community revitalization areas, deepest income targeting, and rental assistance pairings — shaped competitiveness in this round and will continue to do so in future cycles.Developers who did not receive 2026 awards should analyze this cycle's scoring outcomes now to strengthen positioning before the 2027 round opens.Ohio's oversubscribed round reflects national trend: 9% credit demand consistently exceeds state allocation authority across virtually every HFA.Ohio remains one of the more active Midwestern states for affordable housing tax credit investment, and the 2026 round reinforces that pipeline depth. Syndicators and lenders not already engaged with these 25 projects should move quickly. For developers and policy stakeholders, the award list is the most current read on how OHFA is operationalizing its QAP priorities when supply is constrained — study it before the next allocation cycle begins.Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

The House Financial Services Committee released an updated version of the 21st Century ROAD to Housing Act, and the full House is expected to vote on the bill today — notably without the SAVE America Act attached, despite President Trump calling for its inclusion. For LIHTC investors, developers, syndicators, and lenders, the decision to decouple these two measures is the critical signal: the affordable housing finance provisions now have a chance to move on their own terms, at least through the House.Key Takeaways:The House Financial Services Committee released an updated version of the 21st Century ROAD to Housing Act ahead of today's floor vote.The bill is advancing without the SAVE America Act, despite explicit pressure from President Trump via social media — a significant procedural decision by House leadership.Decoupling the SAVE America Act removes a potential complicating rider from the affordable housing finance provisions in the ROAD Act.A clean House passage would strengthen the bill's posture heading into the Senate, where it will face pressure within a broader reconciliation framework.Prior versions of the ROAD Act have included provisions relevant to LIHTC deal structures, bond financing, and HUD program administration — making floor amendments today a key watch item.Any modification to the tax title or housing finance provisions during floor consideration could affect deal pricing and credit assumptions for transactions in the pipeline.If the bill passes the House, attention shifts immediately to Senate Finance and the question of what survives a conference process.The next 48 hours are a genuine inflection point for affordable housing legislation in this Congress. A successful House vote without the SAVE America Act sets up a cleaner Senate fight — but the Senate's reconciliation environment remains unpredictable. Developers and investors with active deal timelines should stay close to their government relations contacts and monitor floor amendments in real time. What passes the House today shapes the negotiating baseline for everything that follows.Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

HUD's Office of Public and Indian Housing has published its FY 2026 Housing Choice Voucher funding allocation notice, introducing targeted policy changes to Housing Assistance Payments and Administrative Fees. While the notice largely mirrors the FY 2025 framework, the adjustments carry direct implications for PHA administrative capacity, project-based voucher deal underwriting, and voucher lease-up timelines across the country.Key Takeaways:PIH's FY 2026 HCV allocation notice is now published and effective — deal teams should update pro formas accordingly.Policy changes are concentrated in two areas: Housing Assistance Payments (HAP) and Administrative Fees.HAP funding levels set the ceiling on rent subsidies in PBV transactions closing or renewing in FY 2026 — high-cost metro deals are most exposed to compression risk.Administrative fee rates directly affect PHA capacity to run PBV solicitations, process inspections, and advance LIHTC layered closings.Historically, underfunded administrative fees have caused PHAs to slow-walk new PBV commitments, creating mid-year closing risk for developers and lenders.The publication of formal allocation guidance signals administrative continuity at the program level despite ongoing congressional budget uncertainty.PHAs should assess administrative capacity against the new fee parameters before committing to new PBV solicitations in the second half of 2026.This notice lands at a critical moment for voucher-dependent affordable housing pipelines. Developers, syndicators, and lenders with active PBV deals should reconcile FY 2026 HAP and administrative fee parameters against existing underwriting assumptions immediately. PHAs weighing new solicitations should model administrative fee sufficiency before making commitments they may not be able to operationalize.Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

HUD Secretary Scott Turner faced bipartisan support for HUD programs during FY27 budget hearings before both the House and Senate Appropriations Committees last week — a notable signal amid broad discretionary spending pressure. At the same time, the House released an amended 21st Century ROAD to Housing Act on May 14, with a floor vote expected this week. For LIHTC investors, developers, syndicators, and lenders, the convergence of an active appropriations fight, a major housing supply bill, and early reconciliation maneuvering makes the next several weeks unusually high-stakes.Key Takeaways:HUD Secretary Scott Turner testified before both the House and Senate Appropriations Committees in response to the Trump administration's FY27 budget request.Bipartisan committee support for HUD programs creates political cover for preserving Housing Choice Voucher and project-based rental assistance funding — both critical to LIHTC deal structures and compliance.The amended 21st Century ROAD to Housing Act text was released May 14; a House floor vote is expected the week of May 18.House Republicans held a closed-door meeting on May 12 to discuss a potential third reconciliation package — a vehicle that could carry tax title changes affecting LIHTC, depreciation, or bond financing.A separate $72 billion reconciliation bill focused on ICE and CBP funding is already in progress, signaling active use of the reconciliation process this Congress.NLIHC joined a national sign-on letter urging full inclusion of the Rural Housing Service Reform Act in the final housing supply package — a provision relevant to deals in rural markets and USDA-financed properties.HUD's proposed Equal Access Rule NPRM, which would scale back equal access protections in HUD programs, is drawing legal analysis from the National Housing Law Project, with a webinar scheduled for May 20.Deals currently in predevelopment or financing are underwriting into a policy environment that could shift on multiple fronts at once. The ROAD Act's amended text deserves a close read for provisions touching private activity bond volume cap, zoning preemption, or federal land and financing tools. The third reconciliation conversation is early — but it is already happening behind closed doors, and the LIHTC community should be engaged before the vehicle takes shape.Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

HUD Secretary Scott Turner testified before the House Appropriations Subcommittee on May 12, 2026, outlining President Trump's FY2027 budget for HUD. The proposal includes the elimination of the Community Development Block Grant program, work requirements for rental assistance recipients, and a series of targeted funding allocations — all of which carry direct implications for LIHTC developers, syndicators, lenders, and housing operators who depend on the federal affordable housing infrastructure.Key Takeaways:The FY2027 budget proposes full elimination of the Community Development Block Grant (CDBG) program, a common gap-financing source in affordable housing deal stacks.Work requirements of at least 20 hours per week and 5-year time limits are proposed for able-bodied adults in HUD rental assistance programs, including Section 8.$160 million is allocated for FHA administrative contracts to support homeownership access and program operations.$30 million is secured for the Melania Trump Foster Youth to Independence initiative, targeting the roughly 20,000 youth who age out of foster care annually, nearly 1 in 4 of whom experience homelessness.$30 million each is proposed for the Program Integrity Initiative and Project HUGS, HUD's sub-recipient reporting and improper payment detection program.HUD's FY25 Agency Financial Report identified over $5 billion in potential payment errors, including payments to nearly 30,000 deceased tenants — a figure driving the administration's oversight push.From January 2025 to March 2026, HUD reports supporting homeownership for over 1.2 million households, more than 70% first-time buyers — a metric Turner used to frame disciplined policy outcomes.The FY2027 budget is a proposal, not law — CDBG elimination has been proposed and rejected in prior cycles. But the directional signal matters for deal structuring now. Developers and lenders with CDBG in their financing stacks should assess alternative gap sources. LIHTC asset managers and compliance officers at properties with project-based or tenant-based vouchers should begin evaluating what work requirement tracking and potential increased turnover would mean for their operating pro formas. The appropriations process will determine what survives, but the administration's priorities are on the table.Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

President Trump publicly called on Congress to pass the Senate version of the 21st Century ROAD to Housing Act via Truth Social, drawing an immediate supportive response from Senate Banking Committee Chairman Tim Scott (R-SC). For LIHTC investors, developers, syndicators, and lenders, this rare alignment between the White House and a key Senate committee chair signals a potentially accelerating legislative timeline with direct implications for affordable housing finance and production.Key Takeaways:President Trump posted on Truth Social Monday urging Congress to pass the Senate version of the 21st Century ROAD to Housing Act — a direct White House endorsement.Senator Tim Scott (R-SC), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, publicly thanked the president on X, signaling committee-level alignment and readiness to move.The bill targets regulatory and land use barriers to housing production, with provisions that could reduce soft costs and improve deal feasibility for LIHTC transactions.White House backing shortens the effective window for industry stakeholder engagement — Senate committee markup could come quickly while presidential attention remains focused.LIHTC developers and syndicators should assess how the Senate version interacts with existing tax credit structures and Private Activity Bond volume cap rules.State HFAs and lenders should monitor provisions affecting federal fund flows to state-level affordable housing programs.The House will need to reconcile its own version — bicameral differences could affect final provisions relevant to the tax credit industry.Presidential attention on housing legislation is rare and time-limited. With Senator Scott positioned to move quickly in committee, industry participants — developers, syndicators, investors, and HFAs — should be engaging their Senate offices now to ensure that LIHTC protections and enhancements are part of the final bill. This is an opening, not a guarantee, and the window for meaningful input may close faster than a typical legislative cycle.Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Affordable Homes New Jersey has opened a waiting list for 90 income-restricted rental apartments at The Sylvan in Englewood Cliffs, Bergen County — a high-amenity mixed-income development steps from the George Washington Bridge. With rents ranging from $559/month studios to $1,766/month three-bedrooms against market-rate comparables reaching $5,700/month, the affordability discount is among the sharpest in the region. For LIHTC investors and developers, this deal offers a window into mixed-income structure, layered financing, and demand dynamics in one of New Jersey's most competitive submarkets.Key Takeaways:Waiting list applications are open now through June 2 — the deadline is firm and tenant selection is by random lottery.Affordable rents range from $559/month (studio) to $1,766/month (3BR); market-rate units in the same building run $1,950–$5,700/month, a gap of up to $4,000+/month.The 90 affordable units span very-low, low, and moderate income tiers, suggesting layered financing likely involving 4% LIHTC and state or county sources.The Sylvan is a mixed-income site: 90 affordable rental units within a larger development that also includes 112 market-rate townhomes.Geographic preference applies to applicants living or working in Bergen, Hudson, Passaic, or Sussex counties; veterans receive an additional preference tier.Amenities include a fitness center, pool, resident lounge, game room, and coworking space — a competitive amenity package that supports long-term occupancy stability.Location above the Palisades, minutes from the GWB, places this deal in a high-demand, transit-proximate submarket where affordability discounts are most durable.Mixed-income developments in high-cost, transit-accessible Northeast submarkets continue to represent some of the most defensible LIHTC investments in the region. The Sylvan's structure — deep affordability discount, layered income tiers, and a competitive amenity package within a market-rate community — is a model worth watching as New Jersey's pipeline evolves. Developers and syndicators with community outreach obligations tied to this or adjacent Bergen County deals should act before the June 2 window closes.Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Episode 79: HUD Announces $1.1 Billion Investment in Tribal Housing HUD announces over $1.1 billion in affordable housing investment for Tribal communities. Learn how this major federal commitment addresses housing disparities in Indian Country and creates opportunities for tribal housing authorities. KEY TAKEAWAYS: • $1.1 billion investment includes grants for new construction, rehabilitation, and preservation of affordable housing on tribal lands • Funding distributed through multiple HUD programs, including Native American Housing Assistance and Self-Determination Act • Tribal communities face severe housing shortages, with homeownership rates significantly below national average • HUD providing technical assistance to tribal housing authorities to strengthen their ability to develop and manage affordable housing • Partnerships that respect tribal sovereignty and prioritize tribal employment and ownership are increasingly attractive to federal funders For tribal housing authorities and developers, this funding creates significant opportunity. Tribal communities can access grants for housing development without the competitive pressure of the broader LIHTC market. However, the application process is complex, and tribal housing authorities must navigate federal requirements and tribal governance structures. The $1.1 billion investment is part of broader federal efforts to address housing disparities. Combined with LIHTC and other programs, this funding demonstrates sustained federal commitment to expanding affordable housing supply across all communities. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 78: Novogradac Projects Record 2026 LIHTC and PAB Volume Novogradac projects 2026 as a record year for LIHTC and private activity bond volume, with equity commitments potentially exceeding $15 billion. Understand the market dynamics driving unprecedented deal flow and what it means for developers. KEY TAKEAWAYS: • IRS's 2026 per-capita LIHTC multiplier of $3.05 is the highest in program history • Combined with slight population growth, this translates to record total LIHTC allocations available nationwide • 25% bond threshold is driving volume by freeing up bond volume cap for additional projects • Syndicators report strong investor appetite for LIHTC equity • Banks are actively competing for LIHTC financing opportunities • Novogradac projects 2026 LIHTC volume could exceed $15 billion in equity commitments, the highest on record However, this volume comes with challenges. Construction costs remain elevated. Gap financing is increasingly constrained. Developers are competing intensely for limited resources. The expanded LIHTC allocation is enabling more deals, but the total capital available is still insufficient to address the nation's affordable housing shortage. For developers and investors, 2026 represents a critical window of opportunity. The expanded LIHTC resources and strong market conditions create favorable conditions for project development. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 77: Georgia SB 476 Caps State LIHTC at 50 Percent of Federal Amount Georgia Senate Bill 476 caps state LIHTC at 50% of federal amounts for 2027+ applications. Discover how this policy shift affects project feasibility and what developers need to know about the 2026 application window. KEY TAKEAWAYS: • Georgia's state LIHTC has been a critical resource for affordable housing developers • New cap limits state credits to maximum of 50% of federal, effectively reducing available capital for many projects • Policy rationale centers on state budget constraints and concerns about program cost • Cap applies to applications submitted in 2027 and beyond; 2026 applications are not affected • Sunset provision in 2031 creates uncertainty about long-term policy direction For Georgia developers, the implications are substantial. Projects that previously layered state and federal LIHTC will now have less total capital available. This could affect project feasibility, particularly for deals in secondary markets or with deeper income targeting. Developers with projects in the pipeline should prioritize 2026 applications to access the full state credit before the cap takes effect. Georgia's cap also signals broader state budget pressures. Other states may consider similar measures if state revenues decline or competing priorities emerge. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 76: Wisconsin Legislation Would Expand State LIHTC from $42M to $100M Annually Wisconsin Senate Bill 942 proposes expanding the state LIHTC program from $42 million to $100 million annually and eliminating bond requirements. Learn how this transformational legislation could reshape Wisconsin's affordable housing market. KEY TAKEAWAYS: • Wisconsin currently has one of the smaller state LIHTC programs relative to its population • Proposed expansion would position Wisconsin among the top states for state-level tax credit support • Bond requirement elimination would allow developers to pursue state LIHTC projects without competing for limited bond volume cap • $100 million annual allocation would enable approximately 400-500 additional units annually • Over a decade, this could produce 4,000-5,000 additional affordable units The bill reflects growing recognition among state policymakers that federal LIHTC alone is insufficient to address housing shortages. States like Illinois, Ohio, and Massachusetts have expanded state credits in recent years. Wisconsin's proposed expansion follows this trend and responds to documented affordable housing shortages in Milwaukee, Madison, and other growing markets. For Wisconsin developers, this legislation represents transformational opportunity. However, the bill must navigate the legislative process, and passage is not guaranteed. State budget constraints and competing priorities could affect the bill's prospects. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 75: IRS Publishes 2026 LIHTC and PAB Population Figures The IRS releases 2026 population figures establishing record LIHTC allocations and private activity bond volume caps. Understand how the $3.05 per-capita multiplier impacts your state's affordable housing pipeline. KEY TAKEAWAYS: • 2026 population figures reflect slight growth from 2025, resulting in record per-capita LIHTC multiplier of $3.05 • This is the highest multiplier in LIHTC history, reflecting population growth and permanent 12% allocation increase under OBBBA • California's 2026 allocation increased by approximately $50 million compared to 2025 • Texas gained roughly $45 million; New York added approximately $35 million • 25% bond threshold reduction means states can finance more LIHTC projects with same volume cap allocation Understanding these figures is essential for developers. The IRS population data determines your state's available LIHTC allocation. Developers should work with their state HFA to understand how much allocation is available, when applications are due, and what the competitive landscape looks like. The record multiplier signals strong market conditions. Syndicators report robust investor appetite for LIHTC equity. Banks are actively competing for LIHTC financing opportunities. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 74: Delaware DSHA 2026 LIHTC Applications Open Through April 30 The Delaware State Housing Authority opens 2026 LIHTC applications with an April 30th deadline. Discover how the 25% bond threshold and expanded allocation create opportunities for Mid-Atlantic developers. KEY TAKEAWAYS: • Delaware's 2026 allocation reflects expanded LIHTC resources under OBBBA • State accepting applications for both 9% competitive credits and 4% credits with tax-exempt bond financing • New 25% bond threshold now in effect, enabling more efficient project structuring for acquisition-rehabilitation deals • Delaware faces limited land availability, high construction costs, and significant affordability gaps • DSHA prioritizing projects serving households at or below 60% of area median income The April 30th deadline is firm and non-negotiable. Developers should ensure applications are complete, including site control documentation, preliminary financing commitments, comprehensive market studies, and local government support letters. DSHA has published detailed application guidelines and is available for pre-application meetings to help developers understand requirements and strengthen proposals. Delaware's relatively small allocation means competition is intense. Developers should prioritize projects that are shovel-ready, have strong local support, and address documented housing needs. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 73: Michigan MSHDA Opens 2026 LIHTC Funding Round The Michigan State Housing Development Authority opens applications for the 2026 LIHTC funding round with expanded resources under OBBBA. Learn about the 25% bond threshold and how it affects your project financing. KEY TAKEAWAYS: • Michigan's 2026 allocation reflects the permanent 12% increase in 9% LIHTC authority under OBBBA • State is accepting applications for both 9% competitive credits and 4% credits with tax-exempt bond financing • 25% bond threshold now in effect, reducing bond financing requirements from 50% to 25% of aggregate eligible basis • Michigan faces an estimated shortage of over 200,000 affordable rental units • MSHDA prioritizing projects serving extremely low-income households and demonstrating strong development capacity Key application requirements include demonstrated experience with similar projects, site control documentation, preliminary financing commitments, comprehensive market studies, and local government support letters. Applications demonstrating readiness to proceed with construction within 12 months score highest in MSHDA's evaluation process. This episode covers Michigan's 2026 LIHTC funding opportunity and what developers need to know to compete successfully. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 72: California AB 2122 Would Allow LIHTC Lease Nonrenewals for Renovations California Assembly Bill 2122 could reshape LIHTC property management by allowing lease nonrenewals for major renovations or sales. Understand the implications for property owners and tenants in the nation's largest LIHTC market. KEY TAKEAWAYS: • Current California law generally requires LIHTC properties to renew leases for eligible tenants • AB 2122 would create exceptions allowing nonrenewal if property is undergoing substantial rehabilitation or being sold • Could affect tens of thousands of LIHTC residents in California, the nation's largest LIHTC market • Property owners argue flexibility is necessary for property preservation and modernization • Tenant advocates warn it could displace vulnerable residents The April 22nd hearing will be critical. Expect testimony from property owners, tenant advocates, housing finance agencies, and community organizations. The outcome could influence similar legislation in other states. California's policy decisions often set precedent for the broader affordable housing industry. For LIHTC property owners in California, this is essential to monitor. If AB 2122 passes, it could significantly change your lease renewal obligations and your ability to execute capital improvement plans. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 71: Five Star Bank Commits $10 Million to San Diego Supportive Housing Five Star Bank announces a major $10 million LIHTC equity commitment to the Marvel in the Mission, a 136-unit permanent supportive housing development in San Diego. Discover what this signals about investor appetite for supportive housing deals. KEY TAKEAWAYS: • 100% of units targeted at or below 30% of area median income • Project combines 4% LIHTC with tax-exempt bond financing, city gap financing, and private equity • Construction costs exceed $600,000 per unit in San Diego • Supportive housing projects demonstrate strong financial performance and deep social impact • On-site wraparound services include case management, mental health services, substance abuse treatment, and employment support For developers and syndicators, this signals continued strong investor interest in supportive housing. Banks and institutional investors recognize both the social impact and the financial stability of supportive housing projects with wraparound services. Supportive housing has lower turnover rates and stronger rent collection than conventional affordable housing. This episode explores the Five Star Bank commitment and what it means for supportive housing development in high-cost markets like San Diego. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 70: Forbes Report Highlights LIHTC Qualified Contract Loophole A critical loophole in LIHTC qualified contracts allows properties to exit affordability requirements after just 30 years. Learn how this impacts 500,000+ affordable units and what preservation strategies are available. KEY TAKEAWAYS: • Properties representing over 500,000 affordable units will reach their 30-year compliance period end between 2026 and 2035 • In some states, this represents 20-30% of the existing LIHTC stock • The Affordable Housing Credit Improvement Act includes preservation provisions that could address this gap • State housing finance agencies are exploring preservation programs and right-of-first-refusal policies For property owners, this creates both risk and opportunity. Owners approaching compliance period end should understand their options for refinancing, preservation, or transition. For developers and syndicators, preservation deals may become increasingly attractive as the market recognizes the value of maintaining affordability. LIHTC preservation is critical to maintaining America's affordable housing stock. This episode breaks down the qualified contract loophole and what it means for your portfolio. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

From Spring Street Management Group, this is The Spring Street Brief — your daily briefing on affordable housing in America. Today we discuss state expansion of revolving loan funds for mixed-income housing development.Multiple states expanding revolving loan fund programs for affordable and mixed-income housingFunds offer below-market loans layered with LIHTC to improve project feasibilityRevolving structure allows repayments to support future developmentsWyoming Community Development Authority among states enhancing fund capacityOversubscription in recent rounds indicates strong developer demandRepayment requirement encourages financial discipline while recycling capitalFunds fill widening gap between debt capacity, equity, and total development costsThe expansion of state revolving funds complements federal LIHTC increases under OBBBA. More credit authority creates more deals requiring gap financing.Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.Keywords: revolving loan fund, gap financing, mixed-income housing, LIHTC, affordable housing, state housing finance agency, Wyoming, Community Development Authority, below-market loans, construction costs, OBBBA, One Big Beautiful Bill Act, workforce housing, economic integration, residual receipts, refinancing, capital recycling, Spring Street Management Group]]>

From Spring Street Management Group, this is The Spring Street Brief — your daily briefing on affordable housing in America. Today we discuss Oklahoma's housing affordability paradox and its implications for LIHTC development.Oklahoma Watch analysis reveals paradox: vacant rental units exist yet affordable options remain scarceDisconnect illustrates limitations of supply-side solutions alone for affordabilityOHFA has made significant LIHTC investments over 50-year historyMismatch persists for extremely low-income renters below 30% AMIMarket-rate vacancy doesn't translate to affordability for lowest-income householdsOHFA QAP includes incentives for lower income tiers but economics remain challenging30% AMI targeting requires substantial additional subsidy beyond LIHTC equityAs LIHTC allocations expand under OBBBA, ensuring production reaches households with greatest need requires intentional QAP targeting and complementary resources like project-based vouchers.Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.Keywords: Oklahoma, OHFA, Oklahoma Housing Finance Agency, LIHTC, affordable housing, housing paradox, vacancy rate, extremely low-income, 30% AMI, income targeting, QAP, Qualified Allocation Plan, project-based vouchers, Section 8, Housing Choice Voucher, supply-side, housing shortage, deep affordability, gap financing, Spring Street Management Group]]>