Legally Speaking Archives

Due to the COVID-19 pandemic and resulting impacts on the economy and financial markets, as well as the Federal Reserve’s raising of short-term rates to stave off inflation, interest rates and construction costs have risen dramatically, resulting in funding gaps that many multifamily affordable housing developers in the four percent LIHTC space have had difficulty filling.

Against a backdrop of rising rents nationwide and a lack of housing supply in major cities, suburbs, and rural areas, leaders in Washington, DC are devoting significant time and attention to addressing the affordable housing crisis. President Biden, in his March 7th State of the Union address, called for Congress to enact his plan to “build and renovate two million affordable homes and bring…rents down.”

If 20 years ago you had told a young Henry Santana that someday he would run for Boston City Council, the recent immigrant from the Dominican Republic growing up in public housing would have thought you were playing a joke on him.

Federal Affordable/Workforce Housing Legislation Déjà Vue 

In May 2023, the Department of Housing and Urban Development (HUD) published guidelines related to its Green and Resilient Retrofit Program (GRRP).

In affordable housing and community development, nothing seems to captivate planners, developers, community advocates and government officials more than a proposed mixed-use development.

The Inflation Reduction Act of 2022 (IRA) provides a broad range of new incentives to install solar energy equipment, many of which are available to Low Income Housing Tax Credit (LIHTC) projects and some that are uniquely available for affordable housing.

The Housing Opportunity Through Modernization Act (HOTMA) introduces significant changes to many aspects of multifamily programs through amendments to certain sections of the United States Housing Act of 1937.

There are many considerations that go into the design of housing.

Developers across the country are discussing Florida’s new law, the Live Local Act (the Act). Many developers are discussing the Act’s zoning preemption provisions and its Missing Middle property tax exemption, which provide incentives for renting to individuals or families with incomes at or below 120 percent of the median annual adjusted gross income (AMI) for households within the metropolitan statistical area, or within the county in which such person or family resides.

Succession is not just a challenge of the C-suite.

As financing of affordable housing projects becomes more complex, ironing out the tax issues can make you appreciate today’s casual dress code.