The Spring Street Brief

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 cur...

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 timelin...

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, lende...

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 affo...

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-...

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, syndicat...

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, sy...

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 le...

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 sh...

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, an...

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 hi...

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 • Ne...

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 LIHT...

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...

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 f...

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 a...

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 le...

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 inco...

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 pe...

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 housing Funds offer below-market loans layered with LIHTC to improve project feasibility Revo...

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 scarce Disconnect illustrates limitations of supply-side solutions alone for...

From Spring Street Management Group, this is The Spring Street Brief — your daily briefing on affordable housing in America. Today we discuss North Carolina's legislative debate over LIHTC property taxation. North Carolina House Committee considers legislation on LIHTC property tax treatment Some jurisdictions assess LIHTC properties at values reflecting income-restricted rents Critics argue reduc...

From Spring Street Management Group, this is The Spring Street Brief — your daily briefing on affordable housing in America. Today we discuss FHFA's expansion of GSE LIHTC investment authority. FHFA doubles annual LIHTC equity investment cap for Fannie Mae and Freddie Mac to $2 billion each Total GSE LIHTC investment capacity now $4 billion annually, up from $2 billion At least 50% of investments...

From Spring Street Management Group, this is The Spring Street Brief — your daily briefing on affordable housing in America. Today we discuss Hawaii's 2026 affordable housing funding round. Hawaii HHFDC announces 2026 funding round combining LIHTC, Hula Mae bonds, and Rental Housing Revolving Fund Hawaii faces among highest housing costs nationally with Honolulu median rents exceeding $2,500 Geogr...

From Spring Street Management Group, this is The Spring Street Brief — your daily briefing on affordable housing in America. Today we discuss Arizona's 2026 funding availability for 9% LIHTC and National Housing Trust Fund resources. Arizona Department of Housing releases 2026 NOFA for 9% LIHTC and National Housing Trust Fund NOFA implements 2026-2027 Qualified Allocation Plan for competitive fund...