Biden options to stop eviction rise limited if vouchers fail
Much of the president’s recent concrete steps to address the lack of housing inventory rely on agency actions. His Department of Housing and Urban Development announced in September that the administration would restart a program to provide low-cost capital to housing finance agencies to develop affordable rental housing. Officials estimate the program will create or preserve 20,000 rental units through 2027. The Federal Housing Finance Agency also increased the cap on how much Fannie Mae and Freddie Mac can invest in tax credits for developers of affordable rental housing in underserved areas.
Bloomberg Law • October 12, 2021
Detroit market: keys unlock dreams initiative
Once colloquially called the “Motor City” for its booming auto industry, Detroit has for decades faced population loss, disinvestment and a lack of new construction because of this population loss, aging household infrastructure, and exclusionary housing policies that perpetuate gentrification and distress in the city’s housing market for Black households. Throughout the Detroit metropolitan statistical area (MSA), Black households, for example, have significantly lower homeownership rates and live in lower-price homes relative to Asian, Hispanic, and white households. To evaluate these trends, this chart book provides a comprehensive overview of racial disparities in homeownership in the Detroit MSA by analyzing household socioeconomic characteristics, mortgage and credit, home prices, and housing supply in Detroit that are all related to the lower Black homeownership rate and housing wealth in the region. The figures and tables aim to help local decision-makers identify and evaluate solutions to racial housing wealth disparities in their area and to offer metrics and benchmarks toward progress.
The Urban Institute • September 28, 2021
Low-income housing tax credits news briefs - October 2021
The Biden administration announced Sept. 1 a suite of changes geared at creating 100,000 affordable homes during the next three years. The administration’s fact sheet put the emphasis on the lower- and middle-income sectors of the market. Among the announcements was the relaunch of the Risk Sharing Program, a partnership between U.S. Department of the Treasury’s Federal Financing Bank and the U.S. Department of Housing and Urban Development (HUD) that delivers low-cost, Ginnie Mae-comparable financing to housing finance agencies; and boosting the low-income housing tax credit (LIHTC) equity cap for Fannie Mae and Freddie Mac.
Novogradac • October 1, 2021