The Spring Street Brief

The Illinois General Assembly has introduced House Bill 4413 to renew the Illinois Affordable Housing Tax Credit — a state-level credit that layers with federal LIHTC. State Credit Importance: Fills financing gaps as development costs rise Makes marginal projects feasible Attracts investors layering state and federal credits Most states now have state housing credit programs Illinois Program: Supp...

CHAPA has released its first comprehensive report on Housing Choice Voucher utilization in Massachusetts, titled "Shaping Action: Findings on Use of Housing Choice Vouchers." Key Findings: Voucher success rates vary significantly across housing authorities Tight rental markets challenge voucher holders finding units Payment standards competitive but landlord participation limited LIHTC Integration...

The lowered private activity bond threshold took effect January 1st, and state HFAs are now rolling out implementation policies that vary significantly by state. Threshold Change: Minimum bond financing dropped from 50% to 25% of aggregate basis Less tax-exempt debt required per project Frees up bond volume cap for additional deals State Implementation: California CDLAC: Emergency rulemaking initi...

The FY2026 Transportation, Housing, and Urban Development appropriations bill provides $77.3 billion for HUD programs — a $7.2 billion increase and one of the largest in recent memory. Key Allocations: Public housing operating funds: $5.02 billion Public housing capital funds: $3.2 billion Continuum of Care (homeless services): $4.01 billion Housing Choice Vouchers: Full renewal funding plus incre...

The ROAD to Housing Act passed the Senate Banking Committee by a vote of 24 to 0 — unanimous bipartisan support signaling strong prospects for full Senate passage. Key Provisions: Streamlines environmental review processes for residential projects Expands HUD and USDA program coordination for rural housing Modernizes manufactured housing regulations and financing Expands down payment assistance el...

A coalition of 24 state attorneys general, led by California AG Rob Bonta, submitted comments opposing HUD's proposed rollback of Fair Housing Act disparate impact regulations. Disparate Impact Standard: Upheld by Supreme Court in 2015 (Texas v. Inclusive Communities) Allows challenges to practices with discriminatory effects No proof of discriminatory intent required Coalition Opposition: 24 stat...

CHFA announced reservations for nine affordable housing developments, supporting approximately 840 new units with federal and state Housing Tax Credits — one of the largest allocation rounds in recent history. Allocation Details: Nine developments across Colorado communities Mix of urban Front Range and smaller community projects New construction family housing, senior developments, and preservati...

HUD has announced the early termination of the Emergency Housing Voucher program, creating transition challenges for housing authorities and property owners nationwide. Program Background: Launched during pandemic via American Rescue Plan Act Approximately 70,000 vouchers funded for vulnerable populations Intended for absorption into regular Housing Choice Voucher program Impact by Region: San Die...

The House passed the Housing for the 21st Century Act by a vote of 390 to 9 — a remarkable display of bipartisan consensus on housing policy. The bill now advances to the Senate. Key Provisions: Directs HUD to publish best practices for local zoning reforms Includes pre-approved housing designs and model codes for rural, suburban, and urban contexts Increases FHA multifamily loan limits for larger...

The Office of Information and Regulatory Affairs concluded review of HUD regulatory changes, including rescission of the 30-day notice requirement for nonpayment evictions in federally assisted housing. 30-Day Notice Rescission: Current rule: 30 days' notice required before eviction for nonpayment New rule: Owners follow state and local eviction timelines Impact: Some states require as little as 3...

The reduced private activity bond financing threshold—from 50% to 25% of aggregate basis—took effect January 1, 2026, unlocking significant additional 4% LIHTC production capacity. What Changed: Previous threshold: 50% of aggregate basis in bond financing required New threshold: Only 25% bond financing needed for 4% LIHTC eligibility Result: Less bond volume cap consumed per project Impact: States...

Connecticut Housing Finance Authority announced state financing commitments for nine housing developments on January 28th, deploying LIHTC allocations, tax-exempt bonds, and state housing trust fund resources. Connecticut HFA 2026 Activity: Nine developments financed across multiple communities Combination of LIHTC, tax-exempt bonds, and state trust funds 2026 9% LIHTC application deadline: March...

HUD has published a proposed rule to eliminate the 2013 Fair Housing Act disparate impact regulations, representing a significant shift in fair housing enforcement policy with comments due in February. What Is Disparate Impact? Allows fair housing claims based on discriminatory effects without proving intent Challenges policies like tenant screening criteria and occupancy standards Protects agains...

Representative Mike Thompson introduced the American Affordability Act on February 3rd, proposing comprehensive measures to strengthen affordable housing programs and expand the Low-Income Housing Tax Credit. Key Provisions of the American Affordability Act: Additional LIHTC enhancements beyond the 12% increase in OBBBA New tax credits for first-time homebuyers facing affordability challenges Tax...

HUD has extended the compliance deadline for Sections 102 and 104 of the Housing Opportunity Through Modernization Act (HOTMA) to January 1, 2027, giving multifamily housing owners an additional year to implement the complex new requirements. HOTMA Compliance Extension: New deadline: January 1, 2027 (extended from January 2026) Affects income and asset calculation rules for HUD-assisted households...

The U.S. House of Representatives passed H.R. 5184, the Affordable HOMES Act, with bipartisan support on January 9, 2026, clearing the way for manufactured housing to play a larger role in addressing the national housing shortage. Affordable HOMES Act Key Provisions: Passed House 263-147 with 57 Democrats joining Republicans Restores HUD authority over manufactured housing energy standards Repeals...

The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to double their annual Low-Income Housing Tax Credit investment caps, creating a major new capital source for affordable housing developers. GSE LIHTC Investment Expansion: Fannie Mae: Cap increased from $1 billion to $2 billion annually Freddie Mac: Cap increased from $1 billion to $2 billion annually Total GSE LIHT...

The Section 8 Housing Choice Voucher (HCV) program faces significant uncertainty as Congress finalizes FY2026 spending, with proposed cuts and policy changes that could reshape rental assistance in America. FY2026 Section 8 Funding Proposals: House bill: Cuts assistance to 181,900 households Senate bill: Cuts assistance to 107,800 households Current program serves 2.4 million households—only 1 in...

The One Big Beautiful Bill Act (OBBBA) delivers the most significant Low-Income Housing Tax Credit expansion in years, with major benefits for affordable housing developers and investors starting in 2026. Key LIHTC Changes in the OBBBA: Permanent 12% increase in 9% LIHTC allocations beginning 2026 Bond financing threshold lowered from 50% to 25% for 4% LIHTC rehabilitation projects Estimated 80,00...

Your daily briefing on affordable housing. Today: Week two under new LIHTC framework, construction cost monitoring, record production forecast for 2026, and compliance infrastructure scaling.

Your daily briefing on affordable housing. Today: Greenwich UK affordability model lessons, state HFA innovative programs, community land trusts gain interest, and mixed-income development trends.

Your daily briefing on affordable housing. Today: Manufactured housing provisions take effect, FHA loan limits modernized, federal permitting streamlined, and interest rate outlook.

Your daily briefing on affordable housing. Today: LIHTC pricing stabilizes, 4% credit demand surges under new PAB threshold, syndicator pipelines grow, and investor appetite remains strong.

Your daily briefing on affordable housing. Today: Housing First approach reconsidered, Continuum of Care funding legal challenge, Native American housing programs, and permanent supportive housing pipeline.

Your daily briefing on affordable housing. Today: NJ awards $35M in AHTF funding, Chicago 1,700-unit development progresses, Greenfield MA expansion, and Milan Olympic Village conversion model.