- HUD is proposing to remove the London Interbank Offered Rate (LIBOR), the typical benchmark interest rate at which major global banks lend to one another as an approved index for adjustable interest rate mortgages (ARMs), and replace LIBOR with the Secured Overnight Financing Rate (SOFR) as a Secretary-approved index for newly originated forward ARMs. HUD also proposes to codify its removal of LIBOR and approval of SOFR as an index for newly-originated Home Equity Conversion Mortgage (HECM or reverse mortgage) ARMs. -They are accepting public comment on the proposed rule through November 18, 2022
State & Local Community Updates
- Early voting started last Thursday and runs through Saturday, Nov. 5.
- The North Carolina Housing Finance Agency recently announced a notice of funds for their Supportive Housing Development Program’s 2023 funding cycle. Program guidelines and additional application information can be found on the Agency’s website.
- Last week, Wilmington City Council approved the donation of 3 parcels of land on the city’s Northside to Cape Fear Habitat for Humanity. The organization will use the donated parcels to build affordable homes.
- Last week, Cumberland County Board of commissioners approved an infusion of $500K in ARPA dollars for the county’s rent assistance program. The County also expects to receive another $1.7M in ERA dollars that will go towards rent assistance. The program has been on hold since January, at which time it had provided over $14M in rent assistance. Applications will reopen on November 1.
- Durham County and Orange County’s property tax assistance programs for low-income homeowners are accepting applications. Both programs expanded eligibility this year by reducing the length of time an applicant has to have lived in their home from 10 years to 5 years and have already received over double the total number of applications received last year.
- Habitat for Humanity of Orange Co. announced last week that they received a $1M donation from the Oak Foundation for their Weaver’s Grove project, The 237-unit neighborhood will contain both market rate and Habitat homes.
- County Profile survey closes THIS THURSDAY 10/27. As the end of the year quickly approaches, the policy team here at the NC Housing Coalition is working on updating our County Profiles, which provide a snapshot of housing needs for each of North Carolina’s 100 counties. https://airtable.com/shrwNyne7N2bPG0q1
- Big thanks to Shawn Heath from the City of Charlotte Department of Housing & Neighborhood Services, who joined us on last week’s call to talk about the Source of Income protection policy that was passed in Charlotte in July 2022.
- [webinar] Using the Capital for Communities Scorecard to Boost Social Impact and Equity | Urban Institute, 10/31, 12PM
- [webinar] Stacked Decks: Building Inspectors And The Reproduction of Urban Inequality, Harvard Joint Center for Housing Studies, 11/4 @ 12:15
- [in-person] Housing Lunch and Learn | Pisgah Legal Services,11/9, 12:00-1:30pm @ First United Methodist in Hendersonville.
- Learn how local advocates are working together to prevent homelessness and create affordable housing opportunities in Henderson County. Lunch will be complimentary but registration is required. Sign up
- [hybrid] Next-Generation Innovations in Housing Affordability | Urban Institute, 11/15 @ 1pm
- [webinar] Toward New Narratives About Aging in Place | Harvard Joint Center for Housing Studies, 12/8 @ 12pm
- [in-person] HFA Institute 2023 | NCSHA, January 8-13, Washington, D.C.
- Registration is now open for the National Alliance to End Homelessness’s Innovations and Solutions for Ending Unsheltered Homelessness Conference. The conference will take place March 1–3, 2023, in Oakland, CA.
Resources & Reports
- Source of Income Protections and Access to Low-Poverty Neighborhoods | Urban Institute
- Reducing the Black-White Homeownership Gap through Underwriting Innovations | Urban Institute
- Maximizing the Inflation Reduction Act Benefits for Affordable Housing | Enterprise Community Partners
- Services in Housing: An Opportunity to Strengthen America’s Public Health Infrastructure | Enterprise Community Partners
In the News
- KDH ponders ways to ease housing crunch | The Outer Banks Voice
- Nags Head Board approves development moratorium | The Outer Banks Voice
- Wilmington Housing Authority updates commissioners on displaced residents | WECT
- Project to provide affordable housing for those with mental illness | The Chatham News + Record
- Bungalows to hit the market: Affordable complex faces uncertainty | The Davidsonian
- Construction begins on affordable housing development | WCCB
- Residential bidding wars may be over in Charlotte, but concerns about affordability aren’t | WFAE
- Charlotte and the state’s “difference of philosophies” on addressing affordable housing Charlotte Axios
- 16 projects, 4,562 housing units: How did we get here? | Santa Monica Daily Press
- San Antonio reaches ‘House America’ goal for ending homelessness | Bloomberg
- Gainesville commissioners eliminate single-family zoning citywide after split 4-3 vote | The Gainesville Sun
- DC wins largest-ever civil penalty in US Housing discrimination suit | Bloomberg
- Governor Hochul and Mayor Adams announce completion of $62 million affordable housing development in the Bronx￼ | Real Estate Weekly
- Coastal businesses’ hurricane recovery depends on rebuilding affordable housing | The Conversation
- Amid end to COVID help, homelessness surging in many cities | AP News
- Homeless voters face barriers to the ballot box, experts say | NY1
- Rent going up? One company’s algorithm could be why | ProPublica
- [Opinion] Is Wall Street really to blame for the affordable housing crisis? | The New York Times
- [Opinion] End of the endless post-storm recovery | The Hill
- [Opinion] Eviction reduction should be an explicit goal of the Low Income Housing Tax Credit program | Shelterforce
- [Op-Ed] President Biden’s plan to boost affordable housing is unprecedented — and necessary | Yahoo Finance