"We need to build truly affordable housing for those earning no more than 60% of area median income, rather than projects that pad developers’ bank accounts."
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In the know. 1. The National Housing Supply and Affordability Council predicts a shortfall of 257,000 homes by 2029. 2. The Council's State of the Housing System 2024 outlines 10 areas for improving the housing system, including social housing investment and addressing regional-specific challenges. 3. Planning efficiency, land release, and infrastructure are key factors in increasing housing supply. 4. Purpose-built student accommodation, retirement living communities, and build-to-rent housing are seen as solutions to the housing shortage. 5. The federal government has an opportunity to create 160,000 new homes by 2033 through reforming withholding tax rates for build-to-rent housing. https://lnkd.in/gi4mt3kX https://lnkd.in/gTPC8jYB
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⚡️Housing undershoot forecast 1. The National Housing Supply and Affordability Council predicts a shortfall of 257,000 homes by 2029. 2. The Council's State of the Housing System 2024 outlines 10 areas for improving the housing system, including social housing investment and addressing regional-specific challenges. 3. Planning efficiency, land release, and infrastructure are key factors in increasing housing supply. 4. Purpose-built student accommodation, retirement living communities, and build-to-rent housing are seen as solutions to the housing shortage. 5. The federal government has an opportunity to create 160,000 new homes by 2033 through reforming withholding tax rates for build-to-rent housing.
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The national housing crisis is driving a renewed interest in expanding the Low-Income Housing Tax Credit (LIHTC) program. Discover the opportunities this program will provide for developers looking to enter the affordable housing market and ensure deals pencil: https://hubs.ly/Q02vd77J0
3 Low-Income Housing Tax Credit (LIHTC)Trends Developers Need to Know
northspyre.com
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ATTENTION! 📣 Planning to escape the late payment blues? Don't forget to declare! The Vacant Home Tax (VHT) is here again! So make sure you're in the clear. 💸🚫 Late payment fee is $250.00. Just click the link below and declare your property status now: https://lnkd.in/e_k73WAQ Wondering what's the deal with VHT? It aims to boost housing supply by urging owners to keep their residential spaces bustling. 🔄 Have your say: Is it a game-changer for our housing crises or just another "cash grab" move by the government? 🤔 What do you think? #RealEstate #VacantHomeTax #HousingCrisis #DeclareToday
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A neighborhoodist. Host of Place Matters podcast. Researching, writing, and consulting on neighborhoods as the unit of social change.
Shelterforce is at it again with incredibly helpful content. If you are trying to understand the housing shortage and affordability crisis, one thing you will run into over and over is LIHTC - low income housing tax credits. LIHTC is simultaneously necessary, complicated, and at times problematic. Here is a very helpful introduction to the whole thing. #placematters
LIHTC for Regular People
shelterforce.org
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For those that had to answer the recurring “What is it exactly that you do for work?” question over the holidays, share this guide! #lihtc
A neighborhoodist. Host of Place Matters podcast. Researching, writing, and consulting on neighborhoods as the unit of social change.
Shelterforce is at it again with incredibly helpful content. If you are trying to understand the housing shortage and affordability crisis, one thing you will run into over and over is LIHTC - low income housing tax credits. LIHTC is simultaneously necessary, complicated, and at times problematic. Here is a very helpful introduction to the whole thing. #placematters
LIHTC for Regular People
shelterforce.org
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📢 **BIG NEWS** for Affordable Housing Funding in the US! 🏠 The Low-Income Housing Tax Credit (LIHTC) is undergoing a significant overhaul, with major proposals aiming to expand its reach and impact! 🚀 Here's what you need to know: - 12.5% boost for the 9% version of the LIHTC 📈 - More credits for affordable housing projects 🏗️ - Lowered percentage requirement for tax-exempt bond financing 💸 These changes could lead to the creation of 200,000 new affordable units! 🤩 While supporters see this as a crucial step forward, critics argue that it might not be enough to address the housing scarcity faced by the lowest-income brackets 📉 The fate of this legislation hangs in the balance as the Senate weighs competing priorities 🤔 Let's keep our fingers crossed for this significant development in affordable housing funding! 🤞 #LIHTC #AffordableHousing #HousingPolicy #RealEstate #Legislation #USNews
'This Is A Big Deal': LIHTC Could See Most Significant Reform In Decades
bisnow.com
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Affordable Housing Developer - Operations - Business Development- Vice President of the Board - Mentor
🏡 Exciting News in Housing Legislation! 🏡 Hey everyone! 🌟 I'm thrilled to share a game-changing development in housing legislation that's making waves on Capitol Hill! Last month, Senators Ron Wyden and Dan Sullivan, along with Representatives Jimmy Panetta and Mike Carey, introduced the bipartisan Workforce Housing Tax Credit Act. 🇺🇸 This groundbreaking legislation is a move towards creating a middle-income housing tax credit (MIHTC) and mirrors the success of the low-income housing tax credit (LIHTC). 🏠 The bill empowers state housing finance agencies to allocate credits to developers through a competitive process, ensuring efficient distribution. Key features include credits allocated to states based on population, a fantastic starting point of $1 per capita in 2024, with a small-state minimum of $1.5 million. 📈 New buildings can snag 50% of the cost over the credit's lifetime, while rehabilitated and bond-financed buildings get a credit equal to 20% of the building's cost. To qualify, at least 60% of a building's units must be occupied by individuals with incomes at 100% or less of the area median income, keeping rents restricted to 30% of the designated income. 🌐 The proposed legislation spans a 15-year period for providing credits, coupled with a 15-year compliance period. According to Novogradac estimates, this bill could finance around 344,000 affordable rental homes, addressing the crucial need for middle-income housing nationwide. 🏘️ For a quick summary of the bill, supporters have released a one-page overview to keep us all in the loop. 📄 This bipartisan initiative is a giant leap in addressing housing challenges for middle-income individuals and families. 🚀 We'll be keeping a close eye on the progress of the Workforce Housing Tax Credit Act and will keep you posted on any exciting developments. Have a fantastic day, everyone! 🌈 #HousingLegislation #BipartisanProgress #AffordableHousing #MIHTC #WorkforceHousingAct 🏠✨ https://lnkd.in/gMXAW5Wv
S.1136 - 117th Congress (2021-2022): Affordable Housing Credit Improvement Act of 2021
congress.gov
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Funding affordable housing development is complicated! How Low Income Housing Tax Credits power this work can be a challenge to explain. Check out Shelterforce's "LIHTC for Regular People" project. They've helped clarify this funding resource and how it works: https://lnkd.in/e4rJmXpr
LIHTC for Regular People
shelterforce.org
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Autumn Statement 2023 Here, Tim Foreman, Managing Director of Land and New Homes of LRG comments yesterday’s Autumn Statement: “Considering the timing of the Autumn Statement in the electoral cycle, the Chancellor’s announcements were surprising. “The Government has a challenge ahead in boosting the economy, improving public sentiment and changing lives in such a way that it can turn around votes. Quick wins in the Autumn Statement might have included meaningful support for first time buyers or initiatives to enable people to move up the housing ladder – the abolition of Stamp Duty, for example. “While we welcome longer term initiatives including efforts to address the nutrient neutrality problem and investments in proptech for the public sector, the Chancellor’s support for the industry is very much aimed at the earliest stages of the development process – a process which is long at the best of times and particularly slow at the moment. “The initiatives to support social and affordable housing – to enable housing associations to access cheaper loans and provide additional revenue local authority housing funds – are welcome. Currently the requirements on developers which effectively constitute development tax (affordable housing, infrastructure, community infrastructure, CIL, Section 106, biodiversity net gain and other planning obligations) often result in proposed schemes becoming unviable. This then impacts on affordable housing provision, house prices in the open market and developer profit. Should public funding for social and affordable housing help mitigate these growing costs, more schemes would be completed more quickly. But whether increased funding for affordable housing will bring this about remains to be seen. “Similarly, the newly announced fees rebate for planning applications delayed by local authorities is welcome as a means of speeding up the process, but I wonder how local authorities will comply given their resourcing issues – and whether a quick determination may be a negative determination, which would do little to boost housing. “While there are elements in this Statement to improve elements of the development process over the long term, I doubt it is an election-winner.” #AutumnStatement #economy #firsttimebuyers #StampDuty #nutrientneutrality #socialhousing #affordablehousing #housingassociations #planningapplications
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