Affordable Housing News & Views - June 2018

CohnReznick Insights 

Capitol Connection: Co-Sponsorship of the Affordable Housing Credit Improvement Act Picks Up Steam in U.S. Congress

Bob Moss delivers the latest updates from Capitol Hill and the status of affordable housing advocacy. With June being a key month on the affordable housing calendar for events and conferences, so too does it remain true in Washington. With the August recess canceled, the second half of the year will be just as active. Significant co-sponsorship exists for H.R. 1661 and S548, the Affordable Housing Credit Improvement Act. Bob shows the bipartisan nature of support for affordable housing as well as asking for more local outreach to representatives that have not yet signed on.

Better Understand Your Housing Properties: A Webinar on Latest Performance Trends

Having analyzed and published reports measuring the housing tax credit industry for years, CohnReznick’s Tax Credit Investment Services group recently issued its latest report along with the industry’s first interactive tool enabling you to see data down to the county level. Mixing high-level perspectives with granular data-driven insights, the report tracks the latest performance trends observed across the national housing tax credit portfolio consisted of over 20,000 properties. The interactive tool creates a detailed performance analysis down to the county level by leveraging data to help developers and investors develop best practices for benchmarking portfolios and offers insight into the performance of housing tax credits. CohnReznick invites you to an invitation-only webinar August 7 from noon to 1 p.m. ET to join the study authors as they review the highlights of the report, provide a walk-through of the online interactive tool and lead an interactive discussion on historical and current trends observed across the national housing tax credit portfolio.

NMTC Summit Focuses on Opportunity Zones, Technology and Infrastructure

More than 575 attendees attended CohnReznick’s 17th annual New Markets Tax Credit Summit held in Miami. Beyond traditional compliance and discussions about the intricacies of the NMTC program, the Summit focused on burgeoning technology impacts, Opportunity Zones, and resource allocation as P3s and infrastructure become a bigger part of the economic development ecosystem. Hear from attendees by searching for the #NMTCSummit hashtag and check out the video that premiered at the Summit featuring Chicago’s Woodlawn neighborhood. We heard from experts across the NMTC industry including the CDFI’s new program manager, Rosa Martinez; and Steve Glickman, co-founder and CEO at the Economic Innovation Group.

Related: Multifamily Expected to Keep Growing

The past 10 years have been good to multifamily developers and owners. Fueled by housing shortages and a rush of young professionals into urban cores, rents are expected to increase on average by 3.8% this year. In the post-recession market, shrinking unemployment and rising income have put further pressure on supply in major metro areas. A preference for renting over homeownership remains among millennials and baby boomers. David Kessler, CohnReznick’s Managing Partner for the Firm's Real Estate Industry Practice, breaks down the positive economic drivers while highlighting some cause for concern.

Around the Community

We will be attending and/or speaking at these events. We hope to see you!

NCSHA’s Housing Credit Connect – June 20-22

National Leased Housing Association’s 2018 Annual Meeting – June 20-22

PAHRA/MARC NAHRO Annual Spring Conference and Expo – June 24-27

Pennsylvania Housing Finance Agency Multifamily Affordable Housing Conference – June 27-29

NH&RA Summer Institute – July 18-21

Texas Housing Conference – July 23-25

 

In Case You Missed It  

News stories and headlines from the previous month

Opportunity Zones: What They Are, Why They Matter (Affordable Housing Finance)

Here’s how the growing housing affordability gap is affecting the US middle class (BuzzBuzzNews)

Activists in Austin Have a Novel Plan to Tackle its Affordable-Housing Crisis (The Nation)

LIHTC Investors Eye Second Half (Housing Finance)

Houston's Response To A Natural Disaster Might Fix Its Affordable Housing Problem (Bisnow)

Three Michigan Schools Adapted into Affordable Housing (Affordable Housing Finance)

Work Begins on YWCA’s Housing Complex for Families Escaping Violence, Homelessness (Inforum)

New Financing Program to Facilitate Preservation of Workforce Housing (Affordable Housing Finance)

Massachusetts House Approves Bill Allowing Creation of Community Benefit Districts (Fall River Herald News)

NLIHC Housing Policy Forum Sessions Now Available Online (Monarch Housing Associates)

Hawaii Bill Would Create 25,000 Affordable Housing Units Across Hawaii (KITV-Channel 4)

_{This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.}