Rising income inequality, combined with high housing costs, and a shortage of affordable rental housing across the nation and particularly in large metropolitan regions, has been creating a significant financial burden for growing numbers of working families, especially those of low-income workers. And the COVID-19 pandemic and related shutdowns and layoffs have exacerbated this problem.
On June 29, the House of Representatives passed H.JRes.90, a Congressional Review Act resolution to reverse the Office of the Comptroller of the Currency’s (OCC) final rule on the Community Reinvestment Act.
NLIHC and the Public and Affordable Housing Research Corporation (PAHRC) released a new report, 2020 Picture of Preservation, that explores the pivotal role the federal government plays in building and preserving affordable rental homes at a time when millions of people in America are facing housing instability during the coronavirus pandemic. This report highlights the need for additional resources to protect the affordability of these homes; nearly 300,000 may be lost from the nation’s affordable stock in the next five years.
This week, NCSHA published a report showing how lowering the “financed-by” threshold — commonly referred to as the 50 percent test — for bond-financed Housing Credit projects would impact available Private Activity Bond cap and could increase multifamily affordable housing production.