Latest news with #LIHTC
Yahoo
4 days ago
- Business
- Yahoo
Regions Affordable Housing Names David Payne Head of Originations
Payne brings over 20 years of industry experience to lead teams helping clients create and expand access to affordable housing BIRMINGHAM, Ala., June 05, 2025--(BUSINESS WIRE)--Regions Bank on Thursday announced David Payne has been elevated to Head of Originations for Regions Affordable Housing. In this role, Payne will oversee all affordable housing originations by relationship managers supporting developers in many key growth markets across the country. Through low-income housing tax credits (LIHTCs), comprehensive financial solutions, and a holistic suite of additional banking options, Payne will provide business development and leadership to the group. He has 23 years of industry experience in affordable housing and will leverage that work to guide the Originations team to deepen support with developers. Payne will report directly to Katie Such, Head of Regions Affordable Housing. "Regions Affordable Housing is uniquely positioned to provide financial services and solutions clients need to expand affordable housing access and strengthen our communities for the long-term," Such said. "David Payne is an advocate for affordable housing, an intentional collaborator and a respected industry leader. We look forward to his work helping current clients grow and welcoming future clients to experience the Regions approach to affordable housing." Payne previously served as co-head of Originations for Regions Affordable Housing and led the bank's work in sourcing and originating transactions across the Southeast. He served as a relationship manager and credit underwriter before that. Additionally, Payne has leadership experience with various state-level affordable housing trade groups over the years. "Regions Affordable Housing has skilled bankers with deep industry experience in affordable housing finance, and it is a real honor to lead the Originations team into the future," Payne said. "At a time when affordable housing is critically needed to support continued economic growth, Regions can make a difference in helping developer clients and community leaders with the resources to create safe and affordable housing options for residents. The result is stronger communities and improved quality of life for the long term." Regions Bank, through Regions Affordable Housing LLC, is a national leader in affordable housing. Through the LIHTC program, Regions is one of the nation's largest participants in affordable housing finance, providing comprehensive real estate banking and capital markets services to meet the debt and equity capital needs of developers and investors. Regions Bank is also a Fannie Mae DUS MAH Lender, HUD/FHA Affordable Lender, and Freddie Mac Optigo TAH lender. About Regions Financial CorporationRegions Financial Corporation (NYSE:RF), with $160 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at View source version on Contacts Media Contact: Jennifer ElmoreRegions BankRegions News Online: Regions Media Line: 205-264-4551 Sign in to access your portfolio
Yahoo
29-05-2025
- Business
- Yahoo
Lawsuits filed centered around tenants rights
SPRINGFIELD, Mo. — Dozens were on hand at the Greene County Courthouse, announcing two lawsuits against current and previous owners of two housing properties. 'They filed two cases, a class action lawsuit that will try to maintain their affordable housing and a different lawsuit that seeks justice for those tenants who were illegally evicted from their properties,' Gina Chiala, the senior attorney and executive director at the Heartland Center for Jobs and Freedom said. The first suit, Chiala says, is centered around what was once called 'Cedarwood Terrace' and 'Rosewood Estates' which was previously owned by Zimmerman Properties and Wilhoit Properties. At those properties, they were affordable-housing focused for about two decades. 'These properties are governed by the LIHTC program, the low income housing tax credit program, and when you receive millions of dollars in tax credits from taxpayers, the owners are required to provide affordable housing and they're required to provide that housing for a certain period of time,' Chiala said. 'They're required to maintain affordable housing for 30 years. The prior owners, Zimmerman Properties and Wilhoit Properties opted out after 20 years. There is a loophole in the law that allows them to do that if they take certain steps that will keep that property affordable or at least try to keep it affordable. They did not follow those steps, and that's why this lawsuit has been brought. Zimmerman Properties and Wilhoit Properties sought to opt out of the LIHTC program in January of 2022. There's then a year waiting period after that. The tenants had no idea what was going on, and then in 2023 they were given permission to opt out. In 2023, they sold the property again without the tenants knowing.' Chiala says the second suit is more focused on the new owners of the properties, GPS Property Management. 'The tenants didn't find out until spring of 2024 that that property had been sold and was slated for luxury apartments and that they were going to have to leave, and that was hugely unjust,' Chiala said. Ozarks First drove to both properties to speak with an office manager or property owner but no one was present for comment. Ozarks First also called Zimmerman/Wilhoit and went to their headquarters but was told our voicemail was being sent to someone who would get back to us but at the time this story was written, we have no received a response. Another defendant in the suit is Bryan Properties, calling the company property managers for the newly purchased complexes. Jami Johnson, one of the plaintiffs in the suit, says she is struggling to find affordable housing. 'I have absolutely no idea because I've looked and there's just nothing out there that's affordable and accessible,' Johnson said. 'I mean, it's hard enough finding something affordable, but you add in accessibility and people with need accessible housing generally move into a place and stay there.' She says that's just a snapshot of a larger housing crisis in the Queen City. 'Springfield has a shortage of affordable, accessible housing and where am I going to live and what am I going to do,' Johnson adds. 'When we first found out that the property sold and that we were going to have to move, I started looking and there's no affordable, accessible housing available.' Johnson says there's no ill will towards the previous and current property owners, she just wants to be home, a rate she can afford. 'I have no ill will toward them. I just ask them to do the right thing and let us stay. We've done nothing wrong and we're just asking to stay at a place that's affordable and accessible and our communities there and the people that I've lived near for over 17 years,' Johnson said. Attempts for comment from the previous and current owners have not been returned. Chiala says tenants have told her new units are hovering around the $1,200 monthly rent, whereas many tenants are used to rent payments around $500 a month. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Axios
21-05-2025
- Business
- Axios
Federal affordable housing incentive faces a Des Moines pause
The City of Des Moines should pause new projects that utilize the low-income housing tax credit (LIHTC) until suburban communities contribute a larger share of the metro's affordable housing, according to new recommendations from an out-of-state consultant. Why it matters: The LIHTC is one of the country's most common tools for creating affordable housing, giving local and state governments billions of dollars in annual budget authority. Advocates say LIHTC-funded projects drive development, while critics contend the program creates an unequal distribution of poverty in some areas. Catch up quick: The LIHTC program, administered by the IRS and state agencies, provides tax credits to developers in exchange for maintaining affordable housing, usually for 10 to 15 years. Projects typically require approval from local governments before they are awarded incentives. By the numbers: As of January, DSM had 90 projects using the LIHTC to provide more affordable rents for low-income families, according to a report by the Iowa Economic Development & Finance Authority. West Des Moines had eight, Johnston had four, Ankeny had three, and Urbandale had one. State of play: DSM is developing its first comprehensive citywide housing strategy, which will shape the allocations of the LIHTC and other incentives for future projects. Charles Buki, president of Maine-based urban planning firm CZB, recommended the LIHTC pause, saying that developers can exploit the system in deals that don't always benefit the city in boosting its tax base as much as other types of projects. He recommends the city boost allocations to Invest DSM and Improving Our Neighborhoods (ION). The big picture: The debate over the usefulness of the LIHTC continues, with groups like the Cato Institute testifying before a congressional oversight subcommittee this month that it is an inefficient solution to housing affordability. What they're saying: Councilperson Josh Mandelbaum said a pause on using the LIHTC "abdicates Des Moines' responsibility to provide affordable housing" and would have prevented recent projects like Star Lofts along Ingersoll. Councilperson Joe Gatto, however, said residents in his south-side ward are becoming weary of having LIHTC projects in their backyards. "I bet if there was a project that came forward south of Grand, your neighbors might feel a little bit different," Gatto told Mandelbaum during last week's meeting. Zoom in: Matt Hauge, spokesperson for the Polk County Housing Trust Fund, tells Axios that the LIHTC plays a vital role in revitalizing neighborhoods and supporting economic development and that a blanket cessation of its use in DSM "is just a bad idea." Developer and former state Sen. Jack Hatch tells Axios that the proposal to pause the LIHTC is "misinformed" and rooted in a "lack of knowledge of housing finance."
Yahoo
14-05-2025
- Business
- Yahoo
Detroit's next mayor can do these 3 things to support neighborhoods beyond downtown
Detroit stands at a pivotal moment. Mayor Mike Duggan is preparing to leave office after 11 years at the end of 2025. The city's next leader will inherit not only a revitalizing downtown but also neighborhoods like Belmont, Petosky-Otsego and Van Steuban that are grappling with housing instability and decades of neglect and disinvestment. My research on housing insecurity, homelessness and urban governance, along with broader scholarship on equitable development, suggests that Detroit's future depends on more than marquee developments like the Michigan Central Station Development. It depends on strengthening neighborhoods from the ground up. Here are three strategies that could help Detroit's next mayor build a just and resilient city by focusing on transitional neighborhoods: Stable housing is the foundation of thriving communities. Yet, housing instability in Detroit is both widespread and deeply entrenched. Before the pandemic, roughly 13% of Detroiters, or about 88,000 people, had been evicted or forced to move within the previous year. Families with children faced the highest risk. Many Detroiters had little choice but to remain in deteriorating housing, crowd into shared living arrangements or relocate elsewhere because of an estimated shortfall of 24,000 habitable housing units. While building more housing is essential, preventing displacement requires more than new construction. It also demands policies that preserve affordability and protect tenants. Researchers have found that household stabilization policies, such as legal representation in eviction court, rent control and property tax relief, have the most immediate impact. In Detroit, addressing the wave of expiring Low-Income Housing Tax Credit, or LIHTC, units remains an urgent priority. When units reach the end of their compliance period in this federal program, typically 15 years, owners are no longer required to maintain affordable rents and can raise prices. This 'conversion to market rate' often results in the loss of affordable housing for low-income residents. In response to a projected loss of 10,000 units by 2023, Detroit launched the Preservation Partnership that secured affordability commitments for about 4,000 units. However, it remains difficult to determine exactly how many of the at-risk units were ultimately lost, and when, due to reporting lags, inconsistencies and overlapping affordability programs. Despite the city's efforts, a 2023 analysis found that a substantial affordability gap persists, with many households unable to comfortably afford market-rate housing without spending more than 30% of their income, which is the standard set by the Department of Housing and Urban Development for affordability. The Michigan State Housing Development Authority continues to support affordable housing through tax credit allocations. However, a growing number of LIHTC properties in areas experiencing redevelopment are reaching the end of their affordability periods, putting them at risk of converting to market rate. National estimates suggest that nearly 350,000 units could lose affordability by 2030 and over 1 million by 2040 without sustained local and regional preservation efforts. Stabilizing Detroit's housing market means ensuring that those who stayed during the hardest times are not pushed out as reinvestment takes hold. To achieve this, the next mayor could expand rental assistance and support tenant organizing efforts. This is particularly needed in transitional neighborhoods where renters come together to fight unfair evictions, improve housing conditions and push for more stable rents. Many view Detroit's vast tracks of vacant land, estimated in the hundreds of thousands of parcels, as blight. But they could also be seen as a public asset and a generational opportunity if brought together with the right public strategies. Land trusts can turn empty lots into valuable neighborhood spaces. A land trust is a nonprofit that holds land for the community and keeps housing affordable over the long term, a key to preventing displacement. Research also shows that greening strategies can improve community health, cohesion and equity. Cities like Philadelphia and Cleveland have launched urban greening initiatives that transform vacant lots into community gardens, small parks and tree-filled spaces. Research shows that these projects can help stabilize property values and strengthen neighborhoods by reducing blight, encouraging investment and creating safer, more attractive environments. Detroit has a land bank, a public agency that manages vacant and foreclosed properties. The city has also invested in some green infrastructure. But experts say that these efforts require stronger city leadership, teamwork across departments and real input from residents. These are areas where Detroit still has room to grow. By collaborating with residents to cocreate a land use vision, the next mayor could prioritize community ownership and ecological restoration instead of speculative redevelopment. Neighborhood strength is about more than buildings — it's about people. As the Brookings Institution notes, economic opportunity is key to long-term safety, and investing in youth is a proven violence reduction strategy. Detroit's neighborhoods have long faced a lack of investment in schools, recreation centers and social services. This leaves families vulnerable and fuels cycles of poverty and criminalization. Under these conditions, young people, especially Black and brown youth, are more likely to be policed, punished and pushed into the criminal justice system. A 2021 study found that the Detroit Public Schools Community District reported 2% of its students experienced homelessness, despite 16% of households with children reporting recent eviction or forced moves. This gap reveals major service and awareness gaps. And when families fall through those gaps, it's often children who suffer the most. Addressing these gaps requires investing in mental health services, youth development programs and violence prevention, rather than relying solely on policing or incarceration. These approaches recognize that true public safety comes from access to stable jobs, quality education and supportive services that meet people's health, housing and social needs. Some of the most effective strategies include restorative justice in schools and outreach to older adults and residents experiencing homelessness. These are not luxuries. They are essential infrastructure for neighborhood vitality. Detroit is often held up as a cautionary tale of urban decline, or more recently, as a comeback story driven by downtown revitalization. But in my opinion, its true test lies in what comes next: whether the city can translate momentum into equity for the communities that have long been left behind. The next mayor has the chance to shift the narrative by centering housing justice, reclaiming land for public good and investing in the people who make Detroit a city worth fighting for. Read more of our stories about Detroit. This article is republished from The Conversation, a nonprofit, independent news organization bringing you facts and trustworthy analysis to help you make sense of our complex world. It was written by: Deyanira Nevárez Martínez, Michigan State University Read more: Detroit's lack of affordable housing pushes families to the edge - and children sometime pay the price Almost half of evicted women and families in metro Detroit say they were illegally pushed out of their homes Knocking down abandoned buildings has a lot of benefits for Detroit − but it's costly for cities Deyanira Nevárez Martínez is a trustee of the Lansing School District Board of Education and is currently a candidate for the Lansing City Council Ward 2.
Yahoo
13-05-2025
- Business
- Yahoo
Saddleback Village at Stonegate in Maricopa, Arizona, Breaks Ground on 215 New Affordable Housing Units
Western Alliance Bank Affordable Housing Investments Group Provides $54.8M in Construction Financing PHOENIX, May 13, 2025--(BUSINESS WIRE)--Western Alliance Bank today announced the groundbreaking of Saddleback Village at Stonegate, an affordable housing development in Maricopa, Arizona, located south of Phoenix. Western Alliance Bank provided construction financing for the development. Saddleback Village is being developed by Dominium, a leading national developer, owner and manager of affordable housing. Western Alliance Bank, as construction lender, provided a $54.8 million tax-exempt construction loan, while Walker & Dunlop has arranged $45.7 million in permanent debt and $41.5 million in Low-Income Housing Tax Credit (LIHTC) equity for the project. Through this collaboration, Western Alliance Bank continues to play a leading role in shaping the future of affordable housing in Arizona, ensuring that families across the state have access to quality, affordable living options. "As Arizona's largest locally headquartered bank and the largest bank in Maricopa County, Western Alliance Bank is proud to continue expanding our role as a leading source of financing for affordable housing projects in the Phoenix area," said Philipp Smaczny, managing director of Affordable Housing Investments for Western Alliance Bank. "We look forward to bringing additional, much-needed affordable housing to Maricopa, in partnership with Walker & Dunlop and Dominium." Once completed, the Saddleback Village community will consist of 215 two-, three- and four-bedroom family rental homes in 123 one- and two-story buildings. "Affordable housing is a critical need across Arizona, and Saddleback Village is a strong example of how thoughtful, well-structured financing can help meet that demand," said John Ducey, Chief Production Officer of Affordable Debt & Equity Investments at Walker & Dunlop. "We're proud to partner with Dominium on this important development and thank Western Alliance Bank for its role as construction lender and LIHTC investor and Freddie Mac for its role as permanent debt provider. Together, we're supporting a long-term solution that brings quality homes to families in Maricopa." Under the LIHTC program, 100% of the 215 units will be rent- and income-restricted for households earning at or below 60% of Pinal County's Area Median Income (AMI). This makes it possible to offer the rare opportunity for single-family home-style living at affordable rents, providing families with an alternative to apartment-style living. About Western Alliance Bank With more than $80 billion in assets, Western Alliance Bancorporation is one of the country's top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, offers a full spectrum of tailored commercial banking solutions and consumer products, all delivered with outstanding service by banking and mortgage experts who put customers first. Major accolades include being ranked as a top U.S. bank in 2024 by American Banker and Bank Director and receiving #1 rankings on Extel's (formerly Institutional Investor's) All-America Executive Team Midcap 2024 for Best CEO, Best CFO and Best Company Board of Directors. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide. For more information, visit Western Alliance Bank. About Walker & Dunlop Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry. View source version on Contacts Media contact: Jinine Martin, jmartin@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
