- There are no major updates on the LIFELINE Act (R. 7078), but the bill is still in need of sponsors. Introduced earlier this month by Reps. Alma Adams and David Rouzer, the legislation is intended to address barriers limiting the use of State and Local Fiscal Recovery Funds (SLFRF) for LIHTC. If passed, the LIFELINE Act would enable states and localities to use SLFRF to make long-term loans to Housing Credit developments.
- The Administration released President Biden’s FY23 budget request yesterday, which has a topline number of $5.8 trillion. For housing, he proposed $71.9 billion in discretionary funding for HUD, a $6.2 billion increase over FY22 final levels, and an additional $35 billion in mandatory spending for a Housing Supply Fund.
His budget also calls for:
- 200,000 new Housing Choice Vouchers
- 11% increase (over FY22) for Homeless Assistance Grants
- 10% increase for public housing capital dollars
- 30% increase to HOME
- Increased LIHTC and $35B in mandatory funding – including $25B for affordable housing production grants
- $10B for grants to help remove barriers to affordable housing development, including needed zoning changes.
The President’s budget request kicks off the appropriations process each year and outlines proposed funding levels for each federal agency. However, Congress writes the budget, so they can choose to use the request as guidance or not.
- The NC Department of Commerce is accepting applications from local county, city and town governments for the Rural Transformation Grant Fund. $48 million is available for local government activities in four areas: Downtown Revitalization, Resilient Neighborhoods, Community Enhancements for Economic Growth and Rural Community Capacity building. These are new dollars allocated to the state through federal Coronavirus State and Local Fiscal Recovery funds: NC opens $48 million in Rural Transformation Grant funds to local governments | WECT News 6
- Habitat for Humanity received a transformational donation of $436M from author and philanthropist MacKenzie Scott last week. Awards were made to Habitat for Humanity International and 84 Habitat affiliates across the country, including eight in North Carolina:
- Asheville Area Habitat for Humanity
- Fayetteville Area Habitat for Humanity
- Habitat for Humanity of Catawba Valley
- Habitat for Humanity of Craven County
- Habitat for Humanity of Durham
- Habitat for Humanity of Orange County, NC
- Habitat for Humanity of the Charlotte Region
- Habitat for Humanity of the NC Sandhills
Habitats are planning to use the funding for a range of purposes, including land acquisition, construction, home preservation, neighborhood revitalization, and advocacy: MacKenzie Scott donates $436 million to Habitat for Humanity | AP News
- The City of Durham is launching a down payment assistance program for first-time homebuyers in partnership with Community Home Trust. Eligible households earning 80% AMI or below can apply for up to $20,000 towards a down payment or closing costs. The funds will be provided as a 15-year forgivable loan with 0% interest. The program has $5.7 million available to disperse through this fund: Looking to buy a home in Durham? A new city program can help with down payments. | News & Observer
- Resource: NLIHC released it’s Advocates’ Guide 2022: A Primer on Federal Affordable Housing & Community Development Programs & Policies
- THIS WEEK Virtual and In-Person Event: National Housing Conference hosts its annual Solutions for Housing Communications on Wednesday, 3/30
- Home values soared during the pandemic, except for these Black families | Washington Post
- A Modest Suggestion: The Four Government Mortgage Agencies Should Produce A Unified Report On Mission Activities | Harvard Joint Center for Housing Studies
- After Slow Start, U.S. States Spend Billions in Emergency Rent Relief | City Lab
- Affordable housing, long overlooked, getting federal boost | News & Observer
- Never Enough: Groups, Officials Tackle Affordable Housing Solutions | Wilmington Biz
- Leveraging public dollars, co-op ownership: Leadership Asheville Forum addresses affordable housing | Citizen Times
- Housing market tightens: Raleigh saw nation’s biggest drop in inventory since 2020 | News & Observer
- On affordable housing, it’s time for action | The Mountaineer