Build Back Better is Sent Back to the Drawing Board
Following Senator Manchin’s December announcement that he wouldn’t support the Build Back Better Act as a comprehensive package, the future of the legislation remains uncertain. Senate Democrats are working to revive pieces of the plan and President Biden confirmed that the path forward will likely include a scaled-back version of the bill. Last week, Senator Manchin said that he’s open to re-starting negotiations, but from a blank slate.
The new version will prioritize components that are supported by all Senate Democrats in order to ensure its advancement. Parts of the original bill that are left out could be repackaged into stand-alone bills, which would require support from all Senate Democrats and at least 10 Senate Republicans.
While the situation is fluid, housing does not appear to be included in the current set of priorities for a reformulated package. Advocates are continuing to urge members of Congress, especially Democratic Senators, to protect affordable housing investments as part of any reconciliation bill.
FY21 Grant Awards for Housing Counseling Announced by HUD
The U.S. Department of Housing and Urban Development (HUD) announced the long-awaited FY21 grant awards to support housing counseling agencies and intermediary organizations. The Comprehensive Housing Counseling Awards include $2,072,154.00 for North Carolina-based agencies, which is the state’s largest award in recent years.
Housing Credit Deadline Extensions Released by IRS
The IRS issued guidance to extend certain LIHTC program deadlines & provide other flexibilities aimed at relieving the continued impacts of COVID-19. The IRS initially provided deadline extensions and other accommodations in July 2020 and again in January 2021. Many of these have since expired, leading to this latest round of extensions. A summary of the guidance can be found on The Affordable Tax Credit Coalition’s website.
Preliminary Applications Received by NCHFA for 2022 Housing Credit Projects
The North Carolina Housing Finance Agency (NCHFA) has received preliminary applications for the 2022 Housing Credit (LIHTC) cycle. The Agency received 127 preliminary 9% applications from 52 counties. 118 of the applications ares for new construction and 9 are for rehabilitation. 17 tax-exempt bond applications were also received. The list of 2022 Preliminary Applications is available on NCHFA’s website.
Mountain Projects Received Large Land Donation for Affordable Housing
In Haywood County, a 137-acre parcel of land in the Panther Creek community will be donated to Mountain Projects to help fund affordable housing. The land is worth $1M, and while not economically feasible to build affordable housing on the property, it can be sold to support the agency’s existing housing development efforts.
Apartments Proposed for Asheville Include Affordable Units
The Asheville City Council will consider rezoning for a proposed 300 unit multi-family apartment building off of Sardis Road. 10% of the planned apartments will be affordable. A separate project proposed for Haywood Street aims to create 45 affordable apartment homes and has received the green light from the Asheville Planning and Zoning Commission.
Plan to Develop Eastway Crossings Announced by Greystone Affordable Development and Urban Trends Real Estate
Eastway Crossings, a $28.9 million affordable housing LIHTC community located on Charlotte’s east side, will offer apartments for senior residents aged 55 years and older with household incomes at or below 60 percent of the area median income (AMI).
Durham Rent Relief Program Launched by the City and Legal Aid
The City of Durham and Legal Aid of NC launched the Durham Rent Relief Program to provide emergency assistance to city residents impacted by the pandemic. The Durham Rent Relief Program is taking applications and provides up to 18 months of rental and utility assistance to City of Durham residents who have experienced financial hardship. Assistance is available on a first-come, first-served basis until funding runs out.
Reports, Resources and Events
The NYU Environmental Law Journal and the NYU Center on Race, Inequality, and the Law – Virtual Event: Free the Land: Land Tenure and Stewardship Reimagined Friday, 1/28 @ 9 AM
Joint Center for Housing Studies of Harvard University –
- Live Streamed Event: Dunlop Lecture with HUD Secretary Marcia Fudge Tuesday, 2/8 @ 6:30 PM
- New Report Shows A Surging Rental Market, Starkly Divided By Race And Renter Incomes
- Virtual Event: Housing Policy Forum 2022 March 22 & 23 from 12:30 – 5:30 PM
- Report: Tenant Protections and Emergency Rental Assistance during and beyond the COVID-19 Pandemic
UNC Greensboro Center for Housing and Community Studies – Report: Enduring Impact of Racialized Planning in Southern Cities
Pew Research Center – Report: A Growing Share of Americans Say Affordable Housing Is a Major Problem Where They Live
NY Times –
- Something Has to Give in the Housing Market. Or Does It?
- Oped: It Should Take More Than 10 Minutes to Evict Someone
WRAL Tech Wire – One in five Black applicants denied mortgages in NC, report finds
WCNC Charlotte – Charlotte is still one of the hottest housing markets in the country