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More state and local programs are being designed to address middle-income housing.
As a result of state legislation passed in May 2024, Colorado is creating a pilot program to help spur the development of rental housing for middle-income families. The legislation defines middle-income as annual household incomes between 80 percent to 120 percent of the area median income (AMI), or 80 percent to 140 percent for rural resort counties.
The Joint Center for Housing Studies of Harvard University recently released the latest version of its annual report, The State of the Nation’s Housing 2024. The report finds that housing costs continue to rise for both the for-sale and the for-rent housing markets.
Annual premium increases for affordable housing sites are ranging from 30% to 100%.
A broad coalition of groups representing America’s housing providers, lenders, and residents recently sent members of Congress and the Biden administration a letter outlining a number of bipartisan policies to address the causes of rising insurance premiums across the nation’s housing market.
When New York State lawmakers enacted its fiscal year 2025 budget last month, it included legislation intended to support housing statewide and address the state’s housing crisis. One part of the passed legislation was a measure to ban insurance carriers from discriminating against affordable housing providers.
A bipartisan group of 24 members of Congress recently sent U.S. Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel a letter urging the Treasury and IRS to issue guidance providing direction to state agencies and other LIHTC program participants, such as owners and managers, on the application of protections guaranteed by the Violence Against Women Act (VAWA) for residents of, and applicants for, affordable housing financed with LIHTCs.
The Federal Housing Finance Agency (FHFA) recently released its annual Housing Mission Report. An independent agency established by the Housing and Economic Recovery Act of 2008 (HERA), the FHFA is responsible for the effective supervision, regulation, and housing mission oversight of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank System, which includes the 11 Federal Home Loan Banks (FHLBanks) and the Office of Finance (OF).
The Biden administration recently released a fact sheet announcing new proposals to “Lower Housing Costs for Working Families.” The fact sheet was released in advance of President Biden’s State of the Union address, which committed efforts to bring housing costs down while increasing the housing supply.
The IRS recently published Notice 2024-12 with the population figures used to calculate the calendar year 2024 LIHTC and private activity bond limits for all 50 states; Washington D.C.; and U.S. territories.
The Federal Housing Finance Agency (FHFA) recently released a summary of responses it received after issuing a Request for Input (RFI) on how the agency could create and enforce renter protections for households living in rental properties with federally backed mortgages, namely through Fannie Mae and Freddie Mac. This RFI was significant because more than 12 million renters live in properties with federally backed mortgages and any renter protections created by FHFA could cover a significant share of renters across the nation.
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