- We’re calling for proposals for the 2024 Bringing It Home Conference on Ending Homelessness. The conference is scheduled for May 22-23 and workshop submissions are due by December 15. Submission forms can be found on our website: https://nchousing.org/bringing-it-home-2024/
- County Profiles & NCHC Resource Feedback
We want YOUR feedback – give us input about County Profiles as well as what other advocacy and policy resources and tools would be helpful for you.
Link to feedback: https://airtable.com/appg5jNYCjPIllFWB/shrrvZA31WQ5bTXe8
Link to County Profile gallery (see past County profiles): https://airtable.com/appg5jNYCjPIllFWB/shrmGHAQ7ySWh8JqI/tblaeOws9FPgKsvZV
- Register for 2023 NC Housing Works – October 23-24, 2023 at the Raleigh Convention Center: https://nchousingconference.com/. Registration closes on October 13th!
- Congress passed a stopgap funding bill on Saturday to avert a government shutdown before the midnight deadline. The measure keeps the government running through November 17, buying lawmakers more time to pass a longer-term spending package. The 45-day resolution originated in the House, where it passed with an overwhelmingly bipartisan vote, and the Senate passed it shortly after. The stopgap bill includes funding for disaster relief, which had been left out of the previously proposed continuing resolution.
- While an imminent shutdown was avoided, we’re not out of the woods yet. Lawmakers will now need to return to their negotiations on full-year appropriations to meet the new deadline of funding the government by November 17 to avoid risking another shutdown. Now the House will continue to bring individual spending bills to the House floor, and this includes the appropriations bill that funds essential programs at HUD. Because the cost of housing AND development continues to rise every year, HUD’s affordable housing and homelessness assistance programs MUST receive increased annual appropriations just to maintain the current number of people and communities served. Check out this post from NLIHC for advocacy opportunities.
- Last week the Affordable Housing Credit Improvement Act (AHCIA) reached 200 sponsors!
- On October 23 – a final rule by the Department of Labor pertaining to the Davis-Bacon Act of 1931 and related laws will go into effect. This is the first update to the Davis-Bacon in almost 40 years. This law requires that federal contractors pay the prevailing local wage to mechanics and laborers working on construction projects funded by the government. For tax credit properties this only applies to properties that also have federal subsidies.
- On October 19 the Low-Income Communities Bonus Credit Program will open for applications. The Department of the Treasury and the Internal Revenue Service added this to the Internal Revenue Code via the Inflation Reduction Act to promote cost-saving clean energy investments in low-income communities, on Indian land, as part of affordable housing developments, and benefiting low-income households. This can be combined with the Housing tax credit. More guidance will be coming out soon.
- On September 27, the Consumer Financial Protection Bureau released their annual residential mortgage lending activity and trends report for 2022. Some key findings include:
- Borrowers paid much more in costs and fees. Costs for borrowing rose 22% from 2021 to $5,954.
- The majority of the refinances in 2022 were cash out refinances. In 2021 the number of refinances was 8.3 million, but in 2022 this dropped to 2.2 million, a 73.2% decrease.
- Home equity lines of credit were the only form of refinancing that rose from 2021 to 2022.
- Average monthly mortgage payments increased more than 46% (driven by the rise in mortgage interest rates). On average the payments for a 30-year-fixed-rate mortgage rose from $1400 in December of 2021 to $2,045 in December 2022 – a 46.1% increase.
- Senator Dianne Feinstein from California passed away at the age of 90 on Friday. Senator Feinstein was the oldest member of the US Senate who served in Congress for more than 30 years. She was a champion for affordable housing, continually advocating for robust housing investments. California Governor Gavin Newsom has appointed Laphonza Butler, a Democratic strategist and adviser to Kamala Harris’ 2020 presidential campaign, to fill Senator Feinstein’s seat.
State Legislative Updates
- Speaker Tim Moore announced Thursday that he will not run for another term in the NC State House. He plans to finish out his term, which runs through the end of 2024, and he will also continue to serve as House speaker in the short session, which convenes in spring 2024. When asked if he will run for another office (like Congress), Moore said he wasn’t sure.
- Governor Cooper said that he will let the budget pass and become law without his signature – the FY23 -25 NC budget became law yesterday October 2.
- Still waiting on additional details regarding a technical corrections bill for the budget.
Local Community Updates
- The Charlotte City Council voted 7-3 last week to approve $13.2 million in local Housing Trust Fund dollars for six affordable housing projects and $4.3 million in federal funding for three projects. Together, the proposals will create more than 750 affordable housing units, according to the City Council. The vote came after a contentious public hearing, where surrounding residents voiced opposition to the proposed projects.
- The Chapel Hill Town Council passed a conditional zoning application for Chapel Hill Crossing, a residential project spanning 16 acres on Old Durham and Pope roads, near the Durham County line. The project could have over 300 apartments, cottages and townhouses, including about 20 for-sale homes and 26 for-rent apartments affordable to households earning $46,000 to $57,000 a year or a family of four earning $66,000 to $81,000 a year.
- The city of Winston Salem is making progress towards its goal of adding 750 units of affordable housing a year. The city council recently approved 216 units on the city’s Northeast side and is getting ready to approve another 180 multi-family units in the North Ward.
- Burlington’s city council held a brief, unplanned meeting on Friday where they formally agreed to return nearly $1.5 million in unspent federal subsidies to a consortium in Greensboro that had previously distributed HOME funds to Burlington on behalf of HUD. Last year, the city of Burlington chose to assemble its own consortium. With the remittance of this revenue, the stage is now set for Burlington to serve as its own lead agency that will ultimately distribute federal funds for affordable housing to local governments in Alamance, Caswell, Davidson, Randolph, and Rockingham counties.
Reports & Resources
- Learning from Land Use Reforms: Housing Outcomes and Regulatory Change | NYU Furman Center
- Home Prices And Interest Rates Still Rising, Shutting Out More Potential Homebuyers | Joint Center for Housing Studies of Harvard University
- Local Conduit Issuances of Affordable Housing Bonds in North Carolina: The Basics | Community and Economic Development Blog
- Emergency Rental Assistance in Action: Case studies on how the Emergency Rental Assistance (ERA) Program has benefited the lowest-income renters around the country | NLIHC
- How Real Estate Development Can Boost Urban Health | Stanford Social Innovation Review
- How Can We Advance Latino Homeownership and Housing Stability? | Housing Matters (Urban Institute)
- [virtual, typically $600; $290 with WAHN discount] Novogradac LIHTC Allocation/Underwriting Basics for WAHN Members | A deeply discounted training for WAHN members seeking more familiarity with the fundamental concepts of allocation and underwriting. Classes begin on 10/5, and continue weekly for a total of 6 90-minute sessions.
- NCHC former board member and Policy Committee member Mark Shelburne will be one of the instructors!
- [in-person, $255] Affordable Housing Seminar: Tools, Strategies, and Case Studies for Local Government Leadership | UNC School of Government, 10/6
- [virtual] Older Adults’ Pathways Into – And Out Of – Housing Insecurity And Homelessness | Harvard Joint Center for Housing Studies, 10/6, 1:00 p.m.
- [virtual] Calculating Change: The Continuing Conversation on Homelessness Data Reform | National Alliance to End Homelessness, 10/11, 1:00 p.m.
- [virtual] Our Homes, Our Votes: Housing is Built with Ballots | National Low Income Housing Coalition, 2-part webinar: 10/12 and 10/26, 2:30 p.m.
In the News
- Mountain towns need housing. The U.S. Forest Service has land. Guess what happens next. | Colorado Public Radio
- Habitat for Humanity: The Carter Work Project in Charlotte | Charlotte Talks with Mike Collins, WFAE 90.7
- Affordable housing remains an issue ahead of Durham municipal election | ABC 11
- EmPOWERment director Delores Bailey reflects on affordable housing in Chapel Hill | Daily Tar Heel
- The violence of evictions goes beyond displacement | Boston Globe