The Spring Street Brief
The Spring Street Brief is a daily intelligence briefing on affordable housing in America. It covers LIHTC allocations, Section 8 voucher updates, HUD policy changes, private activity bonds, state housing finance agency deals, and emerging trends in affordable housing development. Designed for LIHTC investors, affordable housing developers, syndicators, lenders, and policy makers. AI-powered and human-curated, brought to you by Tom Carter at Spring Street Management Group.
Episodes
Episode 141: HUD HOTMA Adjustments and EHV Payment Standard Rollback
HUD has released its 2027 HOTMA inflationary adjustments and passbook rate, effective January 1, 2027, while simultaneously rescinding the waiver that allowed Emergency Housing Voucher (EHV) and Stability Voucher (SV) payment standards to reach up to 120% of Fair Market Rent. This episode walks through both actions and the cluster of additional HUD notices—on Title VI disparate-impact rul
Episode 140: Affordable Housing Credit Carryback Act Hits the Senate
Senators Ruben Gallego (D-AZ) and Mike Rounds (R-SD) have introduced S. 5366, the Senate companion to the Affordable Housing Credit Carryback Act. The bill would create a five-year carryback for the Housing Credit, giving LIHTC investors the ability to apply unused credits against prior-year tax liability — a structural change that could meaningfully expand investor capacity and improve p
Episode 139: HUD Rolls Back Energy Standards for HOME and HTF
HUD has issued revised energy efficiency standards for HOME Investment Partnerships Program and Housing Trust Fund new construction, rolling the baseline back to the 2009 International Energy Conservation Code and ASHRAE 90.1-2007. The change follows a federal court ruling in March that found HUD and USDA's adoption of the 2021 IECC mandate violated the Cranston-Gonzalez National Affordab
Episode 138: Kentucky Housing Corp Awards $231M in Tax-Exempt Bonds
Kentucky Housing Corporation (KHC) has announced the results of its 2026 tax-exempt bond funding round, selecting 15 applications and awarding more than $231 million in tax-exempt bonds paired with over $20 million in 4% Low-Income Housing Tax Credits. The funded projects will create or preserve 2,134 affordable rental units across Kentucky — a significant pipeline addition that signals K
Episode 137: HUD Revamps Community Choice Demonstration Rules
HUD has issued a formal notice revising the Community Choice Demonstration (CCD), the renamed Housing Choice Voucher mobility demonstration. The updates restructure the evaluation design, shift the enrollment timeline, and sharpen the rules governing recapture and reallocation of Mobility Demonstration Vouchers — changes with direct operational implications for participating public housin
Episode 136: First-Time Homebuyer Act Could Free Up PAB Cap for
The First-Time Homebuyer Affordability Act (H.R. 10075) was introduced by a bipartisan House quartet — Reps. LaHood, Panetta, Moore, and Suozzi — with a provision that carries major implications for multifamily affordable housing finance: exempting qualified mortgage bonds from the Private Activity Bond volume cap. If enacted, the bill would effectively end the competition between single-
Episode 135: Texas Awards $114M in Housing Tax Credits
Governor Greg Abbott has announced more than $114 million in housing tax credits awarded by the Texas Department of Housing and Community Affairs (TDHCA), covering 70 rental properties and financing the construction or rehabilitation of over 4,400 affordable units statewide. For LIHTC investors, syndicators, developers, and lenders, this is one of the largest single-cycle award announceme
Episode 134: Treasury Data Reveals Rural-Urban OZ Investment Gap
The IRS has released transitional guidance for current Opportunity Zone investors ahead of new OZ designations taking effect January 1, 2027, while a June 2026 Treasury Department analysis reveals a stark investment gap between rural and non-rural zones. Through 2024, the average rural OZ attracted just $7.3 million in investment compared to $23.3 million for non-rural OZs — a disparity w
Episode 133: D.C. Sues to Block HUD and Ginnie Mae Relocation
The District of Columbia has filed a lawsuit seeking to block the relocation of HUD and Ginnie Mae headquarters from Washington, D.C., to Alexandria, Virginia. The complaint invokes the Residence Act of 1790 and each agency's governing statutes, arguing no congressional authorization exists for the move. With more than 80% of HUD headquarters staff already relocated, the case has immediat
Episode 132: 121 House Democrats Push HUD to Drop Equal Access Rule
121 House Democrats, led by Financial Services Committee Ranking Member Maxine Waters (D-CA), have formally urged HUD to withdraw its proposed "Equal Access to Housing in HUD Programs Revisions" rule — a proposal that would roll back LGBTQ+ protections across HUD-funded housing programs and shelters. The move follows a June letter from 28 senators led by Elizabeth Warren and Jeff Merkley,
Episode 131: OCC and FDIC Propose Major CRA Threshold Overhaul
The OCC and FDIC have proposed sweeping changes to Community Reinvestment Act bank size thresholds that could remove 416 banks — a 61% reduction — from the large bank category subject to the CRA investment test. Since the CRA incentivized roughly 80% of Housing Credit equity investment in 2024 (just over $23 billion), the proposal carries major implications for LIHTC equity supply, syndic
Episode 130: Senate Panel Stalls Vote on HUD Inspector General Nominee
The Senate Banking, Housing, and Urban Affairs Committee convened on July 23 for a combined vote and hearing on several Trump administration nominees — but left Jeffrey Ledbetter, the president's nominee for HUD Inspector General, without a confirmation vote after the panel moved into closed session to review FBI background investigations. It's the second time the administration has attem
Episode 129: JP Morgan's $750B American Dream Housing Initiative
JP Morgan has announced plans to deploy more than $750 billion through 2035 under its American Dream Initiative to expand housing supply, preserve affordable units, and support homeownership across the U.S. The commitment — from the nation's largest multifamily lender — spans debt, equity, grants, policy advocacy, and public-private partnerships, with an explicit target of preserving 1 mi
Episode 128: Goldman Sachs Deploys $269M for Syracuse Parkside Commons
Goldman Sachs's Urban Investment Group has closed a $116 million construction loan anchoring a $269 million financing package for the redevelopment of Parkside Commons, a Section 8-backed affordable housing complex in Syracuse, New York. The deal, structured by BFC Partners and SAA Canopy Group, combines federal and state LIHTC equity, tax-exempt bond proceeds, and a major institutional c
Episode 127: Maryland DHCD Awards $1 Billion for Affordable Housing in
Maryland's Department of Housing and Community Development wrapped fiscal year 2026 with more than $1 billion in combined awards — low-income housing tax credits, state rental housing funds, Multifamily Bond Program financing, and energy efficiency program dollars — targeting the creation and preservation of 3,025 affordable rental units. For LIHTC investors, developers, syndicators, and
Episode 126: HUD Extends NSPIRE Compliance Deadline to February 2027
HUD's Office of Public and Indian Housing (PIH) has issued a formal notice extending the NSPIRE compliance deadline to February 1, 2027, for public housing authorities administering Housing Choice Voucher (HCV) and Project-Based Voucher (PBV) programs, including Moving to Work agencies. The notice formalizes a September email announcement and establishes revised administrative procedures
Episode 125: Kansas KHRC Releases 2027 Draft QAP for Public Comment
The Kansas Housing Resources Corporation has released its 2027 draft Qualified Allocation Plan, including a proposed-changes overview and a redlined version comparing the draft to the current plan. A virtual public hearing is scheduled for August 19, 2026 at 10:30 a.m., with registration required. For LIHTC developers, syndicators, and investors active in Kansas, the public comment period
Episode 124: Merchants Capital Closes $160M Tax Credit Equity Fund 31
Merchants Capital has closed on its Tax Credit Equity Fund 31, a $160 million multi-investor LIHTC equity fund backed by 10 institutional investors. The fund will inject equity into nine affordable housing properties, creating or preserving more than 1,400 affordable homes. For syndicators, developers, and LP investors, the closing is a concrete data point on the current state of institut
Episode 123: FY27 Continuing Resolution Moves Through Congress
With federal government funding set to expire on September 30, 2026, Congress is on track to pass a continuing resolution rather than full FY2027 appropriations. The House passed its version of a CR before heading to recess — with no Trump Administration anomalies included — while the Senate is expected to introduce its own stopgap before breaking on August 7. For LIHTC investors, develop
Episode 122: HUD OGC Rescinds 13 Fair Housing Guidance Documents
On July 17, 2026, HUD's Office of General Counsel (OGC) issued a notice rescinding 13 guidance documents effective September 25, 2025, covering Fair Housing compliance, the Violence Against Women Act (VAWA), the Mrs. Murphy exemption, and tenant admittance and eviction standards in federally assisted housing. The action follows a similar withdrawal of FHEO guidance documents in April, sig
Episode 121: USDA Proposes Section 515 Preservation Rule Change
USDA has published a proposed rule to amend its Section 515 Direct Multifamily Housing regulations, expanding the permissible uses of subsequent loans to include property acquisition. For developers, syndicators, and lenders working on rural affordable housing preservation, the change would open a new financing tool in one of the hardest-to-capitalize corners of the affordable housing mar
Episode 120: House CR, HUD FHA Guidance Withdrawal, and Public Charge
Three federal policy developments are colliding this week with direct consequences for LIHTC investors, developers, lenders, and compliance teams. The House is moving toward a continuing resolution instead of full FY appropriations, HUD has withdrawn Federal Housing Administration guidance documents affecting FHA-insured multifamily transactions, and the Department of Homeland Security ha
Episode 119: Oregon QAP Update Process for 2027–2028 Cycles
Oregon Housing and Community Services (OHCS) is advancing its Qualified Allocation Plan (QAP) update process ahead of the 2027 and 2028 LIHTC award cycles. A public engagement session scheduled for July 27, 2026 will review results from an April 2026 partner survey and open discussion on proposed QAP changes — giving developers, syndicators, lenders, and investors an early look at where O
Episode 118: Greystone Closes $137M Affordable Housing Fund II
Greystone Real Estate Capital has closed its second affordable housing fund, raising $137 million in LIHTC equity from eight institutional investors to support nearly 2,000 affordable housing units across 20 properties in nine states. Combined with the $105 million Fund I close in August 2025, Greystone has now raised $240 million in under 12 months — a signal of accelerating institutiona
Episode 117: HUD Publishes FY 2026 HCV Renewal Funding Inflation Factors
HUD has published its FY 2026 Renewal Funding Inflation Factors (RFIFs) for the Housing Choice Voucher (HCV) program, setting a national per unit cost growth projection of 2.337% and proposing a significant methodology change for FY 2027 that would incorporate local regulatory housing policy as a driver of rent inflation. The notice is effective July 6, with comments due August 5, 2026 —
Episode 116: HUD Moves to Rescind FFRMS Flood Standards
HUD has proposed a rule to rescind the Federal Flood Risk Management Standard (FFRMS) final rule and its associated regulations, originally published in April 2024. The proposed rule would restore HUD's Part 55 floodplain management regulations to their pre-April 2024 state — removing the elevated site elevation and freeboard requirements that affected HUD-assisted and HUD-insured project
Episode 115: Ohio OHFA Opens 9% LIHTC QAP Technical Amendment Comment
The Ohio Housing Finance Agency (OHFA) has opened a public comment period on the first draft of its 2026–2027 9% LIHTC Qualified Allocation Plan (QAP) Technical Amendment, alongside updated opportunity area data and maps from the Urban Institute. For developers, syndicators, and investors with active Ohio pipeline, this mid-cycle amendment has direct implications for site scoring, geograp
Episode 114: The 21st Century ROAD Act Is Now Law
The 21st Century Road to Housing Act — the ROAD Act — became law on July 11, 2026, without a presidential signature, after Congress passed it on June 23. Described as the most significant federal housing reform in a generation, the nearly 400-page bill includes dozens of provisions touching manufactured housing, zoning, Community Development Block Grants, the Rental Assistance Demonstrati
Episode 113: Trump Administration Moves to Kill HUD's Restore-Rebuild
The Trump administration's effort to eliminate HUD's Restore-Rebuild initiative is now a national story, following a Politico report that highlights the program's cancellation and its cascading effects on public housing authorities and affordable housing developers. The San Diego Housing Commission is walking back plans for 700 units; the Council of Large Public Housing Authorities says t
Episode 112: HUD's 2023 LIHTC Tenant Data Shows Record Low Incomes
HUD's newly released LIHTC Tenant Tables for 2023 reveal that 57.2% of LIHTC residents earn 30% or less of area median gross income — the highest share of extremely low-income tenants ever recorded in the dataset. With a national median tenant income of just $18,600 and nearly half of all residents receiving rental assistance, the data paints a clear picture of who the program is actually
Episode 111: USDA Section 515 Portfolio Is Shrinking Fast
The Housing Assistance Council's latest research brief confirms what many rural housing advocates have feared: USDA's Section 515 Multifamily Housing portfolio is shrinking faster than scheduled maturities alone would explain. With 504 properties already gone ahead of their loan maturity dates and seven Midwestern states each losing more than 10% of their Section 515 stock since 2021, the
Episode 110: FY 2026 CoC NOFO Faces New Legal Challenge
A coalition of local governments and nonprofits has filed a supplemental complaint challenging HUD's FY 2026 Continuum of Care Notice of Funding Opportunity, arguing it mirrors the version a federal court already found likely unlawful in December 2025. With applications still due August 26, developers and syndicators structuring supportive housing deals with CoC operating subsidies face r
Episode 109: Connecticut CHFA Releases Draft 2027–2028 QAP
The Connecticut Housing Finance Authority (CHFA) has released its draft Qualified Allocation Plan (QAP) for 2027 and 2028, opening a brief public comment window that closes July 10, 2026. For LIHTC developers, syndicators, investors, and lenders active in Connecticut, this two-year plan will govern how CHFA scores and ranks tax credit applications through the end of 2028 — making early en
Episode 108: HUD Waitlists RAD for PRAC Submissions Using PRI
HUD has announced that all Preservation Rent Increase (PRI) funding available under the RAD for PRAC program has been exhausted for calendar year 2026. Any new RAD for Section 202/Project Rental Assistance Contract conversion plan submissions that include PRI funding and were submitted after May 29, 2026, will be waitlisted on a first-come, first-served basis. For sponsors, syndicators, l
Episode 107: FHFA Proposes Major Overhaul of Duty to Serve Rules
The Federal Housing Finance Agency has proposed a sweeping overhaul of the Duty to Serve regulations governing Fannie Mae and Freddie Mac. The proposed rule replaces the existing prescriptive Activities framework with a flexible, principles-based approach — and expands LIHTC credit eligibility across all three Duty to Serve underserved markets. For LIHTC investors, affordable housing deve
Episode 106: HUD RFI Targets Product-Specific BABA Waivers
HUD has issued a Request for Information (RFI) targeting a shift from project-specific waivers to general applicability (product-category) waivers under the Build America, Buy America Act (BABA). For LIHTC developers and their construction teams, this is the most actionable near-term opportunity for relief from one of the most disruptive compliance requirements introduced into federally a
Episode 105: Trump Pulls Back on 21st Century Road to Housing Act
President Trump canceled a planned signing of the 21st Century Road to Housing Act, leaving enrolled housing legislation in a holding pattern with no rescheduled signing date confirmed. NAHB Chairman Bill Owens expressed confidence the bill will eventually become law, but the delay introduces meaningful uncertainty for LIHTC investors, developers, syndicators, and state HFAs watching for
Episode 104: DASH Act Reintroduced With LIHTC and MIHTC Provisions
Senator Ron Wyden (D-OR) and Rep. Val Hoyle (D-OR) have reintroduced the Decent, Affordable, Safe Housing for All (DASH) Act for the third consecutive Congress. The bill expands LIHTC, introduces a new Middle-Income Housing Tax Credit (MIHTC), restructures the first-time homebuyer tax credit to be advanceable at closing, and adds a new home-sale loss deduction of up to $100,000 for low- a
Episode 103: Missouri MHDC Opens Public Comment on 2028 QAP
The Missouri Housing Development Commission (MHDC) has opened a public comment period to gather input on topics under consideration for its 2028 Qualified Allocation Plan (QAP). With this window opening nearly two years ahead of the plan's effective year, developers, syndicators, lenders, and investors active in Missouri have an early and meaningful opportunity to influence how LIHTC and
Episode 102: Build Housing Affordably Act Targets BABA Reform
A bipartisan House bill — H.R. 9311, the Build Housing Affordably Act — has been introduced by Rep. Mike Flood (R-NE), Chairman of the House Housing and Insurance Subcommittee, and Rep. Maggie Goodlander (D-NH). The legislation targets Build America Buy America Act (BABA) requirements that have created cost and timeline friction for affordable housing developers relying on federal funding
Episode 101: May Housing Starts Drop 15% as Multifamily Craters
May housing starts fell 15.4% to a seasonally adjusted annual rate of 1.18 million units, but the headline understates the real shock: multifamily construction cratered 40.2% in a single month to an annualized pace of just 295,000 units — down 14.2% year-over-year. For LIHTC developers, syndicators, and lenders, the data lands at a critical moment, signaling that the construction pipeline
Episode 100: Fed Rate Hike Risk and the LIHTC Development Outlook
Bond markets have shifted from pricing in Fed rate cuts to assigning greater-than-even odds to a rate hike — a reversal with direct consequences for LIHTC developers, syndicators, and lenders. With core inflation at a three-year high of 3.3%, headline CPI at 3.8%, and the two-year Treasury up more than 70 basis points since March, the rate environment for affordable housing finance has ma
Episode 99: Cinnaire Closes $307M LIHTC Equity Fund
Cinnaire has closed Fund for Housing Limited Partnership 45 (Fund 45), a $307 million LIHTC equity fund targeting the creation and preservation of 2,259 affordable housing units across 27 properties in 10 states. The fund will directly benefit an estimated 5,196 residents and represents one of the larger single-fund LIHTC equity closes in Cinnaire's history — a notable signal of sustained
Episode 98: Shaheen & McCormick Push HUD for BABA Reforms
Senators Jeanne Shaheen (D-NH) and Dave McCormick (R-PA) have sent a bipartisan letter to HUD Secretary Turner calling for administrative reforms to the Build America, Buy America (BABA) waiver process. The current system — designed to accommodate products not domestically available in sufficient supply — has instead created significant delays and, in some cases, hard stops for affordable
Episode 97: Bill Pulte Named Acting Director of National Intelligence
President Trump appointed FHFA Director Bill Pulte as Acting Director of National Intelligence on June 2 — while keeping him in place as FHFA Director and chairman of both Fannie Mae and Freddie Mac. The dual role raises immediate questions about leadership bandwidth at the agency that oversees the GSEs, with direct implications for multifamily lenders, LIHTC syndicators, and affordable h
Episode 96: HUD's 2025 Point-in-Time Count: First Drop Since 2016
HUD released Part 1 of the 2025 Annual Homelessness Report, delivering the first year-over-year reduction in the national point-in-time count since 2016. With 745,652 people counted as homeless in January 2025 — a 3.3% decline from 2024 — the report offers a cautious but meaningful signal for housing-focused policy. For LIHTC developers, syndicators, and policymakers, the data lands at a
Episode 95: CHFA Multifamily Compliance Manual Updated
The Colorado Housing and Finance Authority (CHFA) has released a revised Multifamily Program Compliance Manual, updating guidance across three compliance policy areas for developments financed with Housing Tax Credits and/or CHFA multifamily loans. For owners, investors, syndicators, and compliance professionals with Colorado affordable housing assets, this is the new controlling document
Episode 94: CHFA Awards $11.5M in 9% Credits Across Connecticut
The Connecticut Housing Finance Authority (CHFA) has approved $11.5 million in 9% Low-Income Housing Tax Credit allocations supporting six developments across five Connecticut municipalities — Cromwell, Farmington, Hartford, Naugatuck, and New Britain. The awards will produce 319 total rental units, including 282 affordable apartments, spanning both new construction and preservation deals
Episode 93: Maryland's Twin Housing Acts Reshape Affordable Production
Maryland's General Assembly passed two significant pieces of housing legislation in 2026 — the Maryland Transit and Housing Opportunity Act and the Maryland Housing Certainty Act — alongside a Fiscal Year 2027 budget designed to support the Maryland Department of Housing and Community Development's affordable housing programs. For LIHTC developers, syndicators, and lenders active in Maryl
Episode 92: OMB's Proposed Rule Threatens $1 Trillion in Federal Grants
The Office of Management and Budget, joined by more than 40 federal agencies including HUD, has proposed a sweeping revision to government-wide rules governing federal financial assistance. With up to $1 trillion in funding in scope and a final rule targeted for October 1, 2026, the proposal carries direct implications for affordable housing developers, operators, and lenders reliant on H
Episode 91: FY 2027 T-HUD Bill Clears Subcommittee
The House T-HUD Appropriations Subcommittee passed its FY 2027 HUD funding bill last week on a 9-7 party-line vote, and the full House Appropriations Committee is marking it up today. With a total HUD budget of $71.4 billion — $5.9 billion below FY 2026 enacted levels — the bill sets the opening position for a funding fight that will directly affect LIHTC deal stacks, voucher availability
Episode 90: HUD Overhauls CoC Funding With $4.04B Recovery-First NOFO
HUD has released its Fiscal Year 2026 Continuum of Care Notice of Funding Opportunity — $4.04 billion in federal homelessness assistance structured around a fundamental policy shift away from housing-first and toward recovery, self-sufficiency, and competitive performance accountability. For developers, syndicators, and lenders with exposure to supportive housing, the implications for ope
Episode 89: 21st Century ROAD to Housing Act Clears the House
The 21st Century ROAD to Housing Act passed the House 396-13, with White House advisers signaling the President would sign the bill in its current form. Senate Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) issued a joint statement pledging to advance legislation — but signaled the Senate's version isn't simply a rubber stamp on the House bill. A ke
Episode 88: Carey and Panetta Introduce 5-Year LIHTC Carryback Bill
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 i
Episode 87: HUD Trims Environmental Review for Large Projects
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 closin
Episode 86: Ohio Awards $39.1M in 9% Tax Credits for 2026
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, syndicato
Episode 85: 21st Century ROAD to Housing Act Heads to House Floor
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:
Episode 84: HUD PIH Releases FY 2026 HCV Funding Allocations
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 vouch
Episode 83: FY27 HUD Budget Hearing and the 21st Century ROAD Act
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,
Episode 82: HUD FY2027 Budget: Cuts, Work Requirements, and CDBG End
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 devel
Episode 81: Trump Backs 21st Century ROAD to Housing Act
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 accele
Episode 80: The Sylvan Lottery Opens in Englewood Cliffs
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 amo
Episode 79: HUD Announces $1.1 Billion Investment in Tribal Housing
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, rehabilit
Episode 78: Novogradac Projects Record 2026 LIHTC and PAB Volume
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 p
Episode 77: Georgia SB 476 Caps State LIHTC at 50 Percent of Federal Amount
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 develo
Episode 76: Wisconsin Legislation Would Expand State LIHTC from $42M to $100M Annually
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 s
Episode 75: IRS Publishes 2026 LIHTC and PAB Population Figures
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 m
Episode 74: Delaware DSHA 2026 LIHTC Applications Open Through April 30
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 appli
Episode 73: Michigan MSHDA Opens 2026 LIHTC Funding Round
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 • S
Episode 72: California AB 2122 Would Allow LIHTC Lease Nonrenewals for Renovations
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
Episode 71: Five Star Bank Commits $10 Million to San Diego Supportive Housing
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 me
Episode 70: Forbes Report Highlights LIHTC Qualified Contract Loophole
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 comp
Episode 69: States Expand Revolving Loan Funds for Mixed-Income Housing
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 housingFunds offer below-market loans layered with LIHTC to improve project feasibili
Episode 68: Oklahoma Housing Paradox Highlights LIHTC Targeting Challenges
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 scarceDisconnect illustrates limitations of supply-side solutions al
Episode 67: North Carolina House Committee Debates LIHTC Tax Loophole
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 treatmentSome jurisdictions assess LIHTC properties at values reflecting income-restricted rentsCritics argue
Episode 66: FHFA Doubles GSE Annual LIHTC Investment Cap to $2 Billion Each
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 eachTotal GSE LIHTC investment capacity now $4 billion annually, up from $2 billionAt least 50% of invest
Episode 65: Hawaii HHFDC Opens 2026 LIHTC and Bond Funding Round
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 FundHawaii faces among highest housing costs nationally with Honolulu median rents exceeding $2,50
Episode 64: Arizona Releases 2026 9% LIHTC and NHTF NOFA
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 FundNOFA implements 2026-2027 Qualified Allocation Plan for competiti
Episode 63: Minnesota HFA Details OBBBA Implementation Impact
From Spring Street Management Group, this is The Spring Street Brief — your daily briefing on affordable housing in America. Today we discuss Minnesota Housing Finance Agency's analysis of the One Big Beautiful Bill Act's implementation.Minnesota Housing submits detailed correspondence to state legislators on OBBBA impact12% per capita increase translates to approximately $8 million addit
Episode 62: CREA Closes Record $403 Million LIHTC Fund
From Spring Street Management Group, this is The Spring Street Brief — your daily briefing on affordable housing in America. Today we discuss CREA's record-breaking LIHTC fund closing.CREA closes largest-ever LIHTC fund at $403 million for affordable housing developments nationwideFund reflects expanded pipeline from 12% OBBBA allocation increase and 25% bond thresholdInvestor base includ
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