New Alert: July 29
Citi Community Capital Launches $100 Million Affordable Housing Preservation Fund with L+M Development Partners
Citi Community Capital ("CCC") and L+M Development Partners have created a $100 million New York Affordable Housing Preservation Fund (NYAH Preservation Fund) to stem the loss of affordable housing in the New York metropolitan area and to expand the stock of such housing through strategic rehabilitation and investment.
The NYAH Preservation Fund will focus on properties that may be at immediate or longer term risk of becoming unaffordable to low- and moderate-income households. In order to maximize its impact, the NYAH Preservation Fund will invest with a wide range of responsible owners and operators.
Click here for full press release.
News Alert: July 22
Enterprise Community Partners has issued a call to action in support of the extension of Low Income Housing Tax Credit exchange program, funding for the National Housing Trust Fund, the extension of the New Markets Tax Credit and the five-year Housing Credit carryback which still languish despite Senate passing the extension of unemployment benefits separately.
Click here for full alert and recommended actions.
News Alert: July 15
New York State Approves $18.4 Million in Grants and Financings for Affordable Housing, Economic Development and Foreclosure Prevention
New York State's housing agencies today approved $18.4 million in grants and financings to build and renovate affordable housing, help businesses grow and create jobs, and assist homeowners at risk of foreclosure.
The boards of the New York State Housing Finance Agency (HFA) and the New York State Affordable Housing Corporation (AHC), which are affiliates of "nyhomes," approved $13 million in financings to build and renovate 598 affordable housing units across the state.
The board of the Housing Trust Fund Corporation (HTFC), which is administered and staffed by the New York State Division of Housing and Community Renewal (DHCR), approved $5.4 million in awards through three different DHCR programs.
The HTFC approved more than $2 million in NYS Community Development Block Grants around the state to help businesses succeed, strengthen communities and downtowns, and create 148 jobs, including jobs for low- and moderate-income families. The board also approved $3.2 million to help organizations around the state provide free, professional foreclosure prevention services to homeowners at risk, including housing counseling and legal services.
Click here for full press release.
News Alert: July 15
Obama administration backs private twist to public housing
The Washington Post reports on the debate surrounding the Preservation, Enhancement and Transformation of Rental Assistance Act and its intention to encourage housing authorities to rely more heavily on private financing to pay for their $30 billion in renovation needs.
News Alert: July 13
GOLDMAN SACHS PARTNERS WITH NEW YORK CITY AGENCIES TO FINANCE COMMUNITY DEVELOPMENT IN BEDFORD-STUYVESANT BROOKLYN
The NYC Housing Development Corporation (HDC), the NYC Housing Preservation and Development (HPD), The Goldman Sachs Group, Inc. and BRP Development announced an innovative $45 million real estate transaction to develop much-needed affordable housing and retail space in Bedford-Stuyvesant, Brooklyn. To be built under Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), the new mixed-use, mixed-income project, called “The Bradford,” will include 105 apartments for low- and middle-income families. Click here for full press release.