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 180: USDA RD Updates Section 538 and Launches Preservation Pilot
USDA Rural Development has updated the Section 538 Guaranteed Loan Program and launched a new Multifamily Housing Preservation Pilot, effective October 9, 2026, through September 25, 2028. For LIHTC developers, lenders, and syndicators active in rural markets, these changes signal a deliberate effort to reduce deal friction and accelerate preservation of aging USDA-assisted stock — with a
Episode 179: Build America Caucus Targets BABA Exemption for Affordable
The Build America Caucus, co-chaired by Rep. Josh Harder (D-CA) and Rep. Celeste Maloy (R-UT), released its Build More Agenda ahead of the 2026 midterm elections. A key provision for affordable housing stakeholders: a proposed exemption from Buy America Build America (BABA) requirements — a compliance layer that has added cost and procurement complexity to HUD-assisted and bond-financed m
Episode 178: California Wildfire Insurance and Affordable Housing Risk
New research from the Terner Center for Housing Innovation examines the intersection of California's escalating home insurance premiums and its deepening affordable housing crisis. As climate-linked wildfire disasters push insurers out of high-risk markets, LIHTC developers, syndicators, and lenders face real pro forma risk — from preservation deals in the wildland-urban interface to new
Episode 177: Chicago's 2023 LIHTC Round: 11 of 13 Projects Still Unbuilt
Thirty months after Chicago announced its 2023 LIHTC awards, only 2 of 13 funded projects have closed and broken ground — a concrete signal that the city's layered approval process is straining one of affordable housing's most important financing tools. With $562M in estimated development costs on the line and construction inflation pushing per-unit costs higher, the stalled pipeline rais
Episode 176: HUD Releases 2027 DDA and QCT Designations
HUD has published its notice designating Difficult Development Areas (DDAs) and Qualified Census Tracts (QCTs) for 2027 LIHTC allocations. The designations carry a 30% eligible basis boost — a figure with direct implications for deal feasibility, equity pricing, and year-end allocation strategy for developers, syndicators, and lenders active in both 9% and 4% bond-financed transactions.
Episode 175: Pennsylvania HFA Study: 180K Affordable Units at Risk
The Pennsylvania Housing Finance Agency, in collaboration with the Housing Initiative at Penn, has released a sweeping study — Understanding and Preserving Federally Supported Housing in Pennsylvania — finding that more than 180,000 affordable rental units across the commonwealth face long-term supply and affordability risks. The report maps federally supported rental housing statewide an
Episode 174: House Democrats Push for 120-Day CRA Comment Extension
House Democrats on the House Financial Services Committee, led by ranking member Maxine Waters (D-CA), have formally urged FDIC Chairman Travis Hill and Comptroller of the Currency Jonathan Gould to extend the public comment period on proposed Community Reinvestment Act (CRA) rule changes to at least 120 days. The Affordable Housing Action Coalition (ACTION) has simultaneously mobilized i
Episode 173: Affordable Housing Preservation and Protection Act
A bipartisan bill — the Affordable Housing Preservation and Protection Act — was introduced last week by Senator Lisa Blunt Rochester (D-DE) and Representatives Shontel Brown (D-OH) and Carlos Gimenez (R-FL). The legislation targets distressed HUD-assisted housing through a new loan program, expanded HUD intervention authority, and stronger community engagement requirements. The National
Episode 172: KHC's New Non-Compliant Master List, Effective 2027
Kentucky Housing Corporation has announced it will publish a public Non-Compliant Master List of multifamily management companies and owners beginning January 1, 2027. Entities named on the list — for failing to meet KHC multifamily compliance policies, HUD/state regulations, or Section 42 requirements — will be barred from KHC funding applications until all issues are resolved. For LIHTC
Episode 171: USDA–HUD MOU Targets Rural Housing Deregulation
USDA and HUD signed a historic Memorandum of Understanding on September 29, 2026, establishing a formal interagency framework to streamline environmental reviews, environmental impact statements, and physical inspections across their overlapping housing portfolios. Mandated by Section 802 of the 21st Century ROAD to Housing Act (enacted July 11, 2026), the MOU has direct implications for
Episode 170: Treasury Proposes OZ Reporting Requirements
The IRS has published a notice of proposed rulemaking that would impose new reporting requirements on qualified opportunity funds (QOFs) and qualified opportunity zone businesses (QOZBs). The proposal requires QOFs to file information returns with the IRS, furnish statements to investors upon disposition, and requires QOZBs to furnish statements to any QOF holding an interest in them. The
Episode 169: 21st Century ROAD Act and the Future of HCVs
The Bipartisan Policy Center convened a high-profile webinar on September 28, 2026, examining the 21st Century ROAD to Housing Act and its consequences for HUD's Housing Choice Voucher program. With HUD Assistant Secretary for Public and Indian Housing Benjamin Hobbs delivering opening remarks alongside panelists from the National Apartment Association, the Public Housing Authorities Dire
Episode 168: CDFI Fund Opens $5 Billion 2026 NMTC Round
The CDFI Fund has officially opened the calendar year 2026 New Markets Tax Credit (NMTC) allocation round, making $5 billion in tax credit authority available to Community Development Entities. With a registration deadline of October 6 and a final application deadline of November 10, the timeline is compressed — and for affordable housing developers, syndicators, and lenders who layer NMT
Episode 167: Missouri MHDC Draft 2028 QAP Open for Comment
Missouri's Housing Development Commission has released its draft 2028 Qualified Allocation Plan (QAP) for public comment. MHDC is accepting written submissions through 5:00 p.m. on October 16, 2026, and a public hearing is scheduled for October 15, 2026, at 1:00 p.m. CT. For LIHTC developers, syndicators, and investors with Missouri exposure or pipeline, the draft QAP and its accompanying
Episode 166: Torres Pushes Regulators to Cut LIHTC Capital Requirements
Rep. Ritchie Torres (D-NY) has formally asked the Federal Reserve, FDIC, and OCC to reduce the Basel III risk weight for LIHTC equity investments and associated loans from 100% to 20% — an 80-percentage-point reduction that could materially change the economics of bank participation in the affordable housing tax credit market. The letter adds congressional pressure to an advocacy campaign
Episode 165: HUD Proposes CoC Incentives Beyond Housing First
HUD has published a Notice of Research Justifying Additional Incentives for Certain Activities to Reduce Homelessness in the Federal Register, dated September 11, with a public comment deadline of October 13. The notice proposes offering unspecified bonuses or incentives to Continuums of Care (CoCs) that adopt homelessness reduction strategies beyond the Housing First model — a significan
Episode 164: House Financial Services Markup: FHLBank AHP and Eviction
The House Financial Services Committee held a markup today featuring two bills with direct implications for affordable housing finance. H.R. 10325, introduced by Ranking Member Maxine Waters (D-CA), would raise the mandatory Federal Home Loan Bank contribution to the Affordable Housing Program from 10% to 15% of annual net earnings beginning in 2026 — a 50% increase in required AHP set-as
Episode 163: Matt Jones Nominated as FHA Commissioner
President Trump has nominated Matt Jones as FHA Commissioner and Assistant Secretary of Housing at HUD. Jones, who has been serving as Deputy Assistant Secretary for Single-Family Housing since 2025, brings deep experience across HUD, the Mortgage Bankers Association, Capitol Hill, and the private mortgage market. The nomination now awaits a confirmation hearing before the Senate Banking,
Episode 162: Fed Hikes to 4%, Raising AD&C Costs for Developers
The Federal Reserve unanimously raised the federal funds rate to a target range of 3.75%–4% at its September policy meeting, citing inflation running at 3.4% year-over-year and elevated geopolitical and trade uncertainty. For LIHTC developers, syndicators, and lenders, the move translates directly into higher acquisition, development, and construction (AD&C) loan costs — compressing d
Episode 161: EHV-to-TPV Transition Memo from NHLP
The Continuing Resolution extending federal appropriations through December 11 contains a pivotal provision — Section 153(b) — that directs HUD to issue Tenant Protection Vouchers to every family leased up with an Emergency Housing Voucher as of September 30, 2026. PHAs must complete those TPV issuances before December 31, 2026. The National Housing Law Project has released a detailed mem
Episode 160: New Hampshire Housing 2027 9% LIE-tek Final App Deadline
New Hampshire Housing has issued a final reminder that applications for the 2027 9% LIHTC program are due Friday, September 25, 2026 at 5:00 PM via the HDS NextGen Application Portal. With a small-state allocation and a hard cutoff, developers and syndicators active in New Hampshire's affordable housing pipeline need to be submission-ready now.
Key Takeaways:
Final application deadlin
Episode 159: Dominium Breaks Into Idaho with 251-Unit Caldwell Deal
Dominium has acquired land in Caldwell, Idaho, to develop Residences at Wilson Creek — the company's first ground-up affordable housing project in the state. The 251-unit development will deliver two-, three-, and four-bedroom townhomes under the Section 42 LIHTC program, targeting family-sized affordable housing in the fast-growing Treasure Valley corridor. For LIHTC investors, syndicato
Episode 158: Kentucky's 2027 9% LIHTC Round Closes Sept. 11
Kentucky Housing Corporation's competitive 9% LIHTC application window for the 2027 funding round closed at noon ET on September 11, 2026. For developers, syndicators, and lenders active in Kentucky affordable housing, the deadline marks the start of KHC's review and award process — and the beginning of the runway to position for the 2028 cycle.
Key Takeaways:
The 2027 competitive 9%
Episode 157: Affordable Housing's Fiscal Impact on Municipalities
A peer-reviewed study in the Journal of Housing Economics delivers long-sought empirical ammunition for LIHTC developers, syndicators, and policymakers: large-scale affordable housing built under Massachusetts Chapter 40B generated more than $2,000 in new tax revenue per capita within three years of opening — without measurable harm to school quality, public safety, or traffic outcomes. T
Episode 156: North Carolina Deploys $1.46B in Affordable Housing
North Carolina's Federal Tax Reform Allocation Committee, acting on recommendations from the North Carolina Housing Finance Agency, has approved tax credits and tax-exempt bonds for 53 developments that will unlock more than $1.46 billion in affordable housing construction. The awards span LIHTC, tax-exempt bonds, state loan programs, and $69.1 million in CDBG-DR disaster recovery funding
Episode 155: North Carolina's $1.46B Affordable Housing Push
The North Carolina Housing Finance Agency has completed its 2026 allocation round, unlocking more than $1.46 billion in affordable housing development through LIHTC, tax-exempt bonds, and a suite of state and federal loan programs across 53 approved developments. For developers, syndicators, and investors active in the Southeast, this round signals both the scale of North Carolina's pipel
Episode 154: Tennessee THDA MTBA Round 3: $280M Now Open
Tennessee Housing Development Authority (THDA) has opened Round 3 of its 2026 Multifamily Tax-Exempt Bond Authority (MTBA) program, making $280.4 million available for multifamily use. With a submission deadline of September 24, the window is narrow — and for developers, syndicators, and lenders active in Tennessee's 4% LIHTC market, timing is everything.
Key Takeaways:
$280.4 million
Episode 153: GAO Reviews Opportunity Zone Incentive After OBBBA Overhaul
The Government Accountability Office has released a comprehensive report on the Opportunity Zone tax incentive, responding to a congressional request for review in the aftermath of the One Big Beautiful Bill Act (OBBBA), enacted in 2025. The report examines how OBBBA provisions reshape future zone characteristics, what states and stakeholders experienced under the original program, how mu
Episode 152: Florida's Live Local Act Stalls Without GSE Buy-In
Florida's Live Local Act promised to unlock affordable and workforce housing development through tax exemptions and density bonuses — but three years in, nearly 50,000 of the 55,000 proposed units remain stalled. At the Leading Live Local 2026 event in Miami's Brickell neighborhood, developers and capital markets professionals identified the core bottleneck: Fannie Mae, Freddie Mac, and H
Episode 151: HUD Releases FY27 FMR Calculation Methodology
HUD has published a Federal Register notice detailing the methodology for calculating FY 2027 Fair Market Rents (FMRs), which set payment ceilings for Housing Choice Vouchers and other federal rental assistance programs. Key changes include revisions to how HUD calculates the utility portion of gross rent inflation factors and updates to trend factor forecasts — both of which affect how c
Episode 150: Tax-Exempt CMBS Breaks Into Affordable Housing Finance
A $153 million tax-exempt affordable housing CMBS deal — eight times oversubscribed with $1.2 billion in orders — signals that private-label, tax-exempt commercial mortgage-backed securities are moving into the mainstream of affordable housing finance. For LIHTC developers, syndicators, and investors, a new federal PAB threshold reduction and growing institutional appetite are converging
Episode 149: HUD Rescinds Fair Housing Design and Construction Liability
HUD Secretary Scott Turner rescinded Obama-era Fair Housing Act guidance that had effectively eliminated the statute of limitations for design and construction claims, replacing it with new guidance that enforces Congress's explicit two-year limitations period. HUD cites over $110 million in repair costs imposed on building owners over the past five years under the old framework — costs t
Episode 148: NH&RA Launches BABA Impact Collection Form
NH&RA has launched a new project impact collection form to document real-world BABA (Build America, Buy America Act) compliance challenges affecting HUD-assisted affordable housing deals. The effort is part of active advocacy meetings with HUD and the Made In America Office (MIAO) within OMB, targeting faster waiver processing and broader compliance relief for the LIHTC and affordable
Episode 147: HUD Eases Public Housing Demolition and Disposition Rules
HUD released updated demolition and disposition guidance on August 28, 2026, expanding the tools available to public housing authorities to redevelop, sell, or reposition distressed properties. The guidance broadens the definition of obsolete buildings, reduces administrative burdens for small PHAs, and expands relief for mixed-finance and scattered-site properties — all with the explicit
Episode 146: BPC & NAAHL Unpack the 21st Century ROAD to Housing Act
The Bipartisan Policy Center and the National Association of Affordable Housing Lenders (NAAHL) are hosting a joint policy forum on September 9, 2026, from 2–3 p.m. ET to examine implementation of the 21st Century ROAD to Housing Act. For LIHTC investors, developers, syndicators, and lenders, the forum comes at a critical moment — the regulatory and administrative details being resolved n
Episode 145: Fannie Mae Executive Shakeup Hits Multifamily and LIHTC
Fannie Mae abruptly cut roughly 12 senior executives last Friday, with eliminations concentrated in the multifamily lending unit, the low-income housing tax credit investment division, and finance, regulatory, and communications leadership. The Wall Street Journal first reported the shakeup, and Mortgage Point identified affected individuals by tracking removed employee profiles. For LIHT
Episode 144: Interagency Rescission of Special Purpose Credit Programs
On August 25, 2026, HUD led a seven-agency joint rescission of the Biden-era Interagency Statement on Special Purpose Credit Programs (SPCPs) under the Equal Credit Opportunity Act and Regulation B. The agencies — HUD, CFPB, DOJ, FDIC, NCUA, OCC, and FHFA — issued a unified directive telling creditors to stop relying on the 2022 guidance. For LIHTC lenders, syndicators, state HFAs, and GS
Episode 143: Ohio HFA Releases 2026 4% LIHTC Bond Gap Financing Draft
The Ohio Housing Finance Agency (OHFA) has released its first draft of program year 2026 guidelines for its 4% LIHTC with Bond Gap Financing (BGF) program, opening a short public comment window that closes August 27, 2026. For developers, syndicators, and lenders active in Ohio's four percent bond market, the draft guidelines — available in both clean and redline formats — directly govern
Episode 142: 2026 National Housing Trust Fund Allocations Released
HUD has released the 2026 National Housing Trust Fund (HTF) allocations for all states and jurisdictions, with a total of $255 million available — up $32 million from the $223 million allocated in 2025. The HTF exclusively targets rental housing for extremely low-income households (at or below 30% of AMI), making it a critical gap-financing layer in complex LIHTC deal structures. Develope
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
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