Meeting Biden’s new climate target starts with affordable, sustainable housing
The Biden Administration sent a strong message last month with a commitment to cutting U.S. emissions in half by 2030, and it’s clear that housing will be central to a successful climate strategy. Both this announcement and the American Jobs Plan rightly center housing that is affordable to Americans as critical infrastructure—for climate benefits, community resilience and stability, improved health, and job creation. Biden’s plans include much-needed investments to address housing insecurity for millions of people and make an important down payment on climate solutions as well.
Next City • May 5, 2021
The complexity of financing low-income housing tax credit housing
The Low-Income Housing Tax Credit (LIHTC) Program has been the most important source of new affordable housing in the U.S. in recent decades, producing over 3 million new homes since its introduction in 1986. But putting together the funding to build a LIHTC development is difficult. Developers need to navigate an ever-changing, complex suite of funding sources and rules, all of which can contribute to time and cost inefficiencies that work against the goals of quickly increasing the supply of affordable housing.
Terner Center for Housing Innovation • April 26, 2021
Duty to Serve: Early lessons learned in underserved housing markets
Freddie Mac and Fannie Mae (“the Enterprises”) have played an essential role in the creation of the modern housing finance system in the US. They enabled access to financing to build or purchase rental and owner-occupied housing by increasing market liquidity and streamlining the mortgage lending process through standardization. Recently, they have been required to expand access to affordable housing finance for low- and moderate-income households through the Duty to Serve Program. It is an extension of the their mission to improve the function of housing finance markets, and is focused on underserved markets including manufactured, rural, and affordable housing preservation.
Lincoln Institute of Land Policy • April 2021