Latest news with #Low-IncomeHousingTaxCredits
Yahoo
3 days ago
- Business
- Yahoo
If housing project loses federal funds, Kalamazoo County could step in
KALAMAZOO, Mich. (WOOD) — A long-planned housing project for people in addiction recovery could be at risk after federal budget cuts. Kalamazoo County commissioners may allocate $2 million to help fill the gap. Since 2018, developers have been working to address a critical housing need in Kalamazoo. Edison Community Partners has been working with Kalamazoo County agencies, city leaders and others to bring Kalamazoo Recovery Housing, or , to reality. The development looks to support people recovering from opioid and methamphetamine addiction through counseling, treatment, training programs and more on the 6.6-acre campus, according to the developer's website. The project hit a significant block with the loss of federal funding. EPA Greenhouse Gas Reduction Funds from the Biden-era Inflation Reduction Act backed part of the project. An signed by President Donald Trump during his first day in office cut the funding stream for the program. That cancelled the cash flow to projects like Kalrecovery. Guiding Light starts new recovery program for women On Tuesday, the Kalamazoo County Board of Commissioners reviewed the possibility of allocating $2 million of opioid settlement money into the project. 'To make that $4 million hole they need at least $2 million immediately, or they are going to lose out on (Low-Income Housing Tax Credit) money. The whole project would pretty much crumble,' said the board's Vice Chair John Taylor. He said while he approves of the move, there is some hesitancy of increasing the county's share in a developer's project. 'That being said if we don't act on this, the city of Kalamazoo put in money on this, the state put in money on this, everybody, a large number of funders have come together to try and make this project whole,' he said. According to the meeting documents, Edison Community Partners have $12.1 million in Low-Income Housing Tax Credits from the state. $1.2 millon was provided by the City of Kalamazoo through American Rescue Plan Act funds and $876,000 is provided by the county's Homes for All millage. To maintain the LIHTC, developers will need a new funding commitment before an August deadline. 'What is going on?': Confusion, grief after 2023 mass overdose Board Chair Jen Strebs said the project fits the requirements to benefit from the settlement fund. She added that the goals of the project are aligned with what the money is meant for. 'The question about a development really should be about what does it accomplish and how affordable is it? This was one of the few developments that we looked at across our portfolios that prioritized much more deeply affordable units and also addressed the issues related to substance use. So, for me it's a heck yes,' said Strebs. The county is projected to have $4.78 million in the opioid settlement fund. Strebs said that amount is expected to grow under future settlement agreements. News 8 attempted to contact Edison Community Partners by phone and email but has yet to hear back. A final vote on the allocation is expected to take place at a later commission meeting. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
7 days ago
- Business
- Yahoo
Advocates alarmed over proposed cuts to workforce housing loan program
Commerce Street Apartments will be adjacent to Elizabeth Street Apartments shown here. (Photo: Greg Childress) North Carolina housing advocates are sounding the alarm over proposed cuts to the Workforce Housing Loan Program (WHLP) administered by the N.C. Housing Finance Agency (NCHFA) in combination with federal Low-Income Housing Tax Credits. The state Senate's version of the FY 25-27 budget does not include funding for WHLP. The House version allocates $5 million for one year of the two-year biennium. Gov. Josh Stein's spending plan calls for $30 million in non-recurring funding for the WHLP. The previous budget included $35 million in non-recurring program funding. The WHLP was created to help 'construct or substantially rehabilitate' multi-family affordable housing units. The money is used in combination with federal low-income housing tax credits to provide gap funding to make affordable housing development financially feasible in difficult-to-serve markets. The WHLP has financed thousands of apartments for seniors, families and members of the state's workforce across 59 counties since it was created 10 years ago. The proposed program cuts come as the need for affordable housing grows across the state, members of the N.C. Housing Coalition said last week. 'Without the WHLP, many developments would not be possible, especially in rural areas,' a coalition spokesperson said during its weekly housing call. 'As construction and development costs continue to rise, cuts to this program could shutter much needed investments into the construction and preservation of affordable homes across the state.' The coalition is urging housing advocates and others across the state to contact members of the House Appropriations Committee and urge them to protect and restore the WHLP to $35 million. 'This is an existing program that works, and we already know it works, and it does a really wonderful job of leveraging public funds with private dollars,' said Stephanie Watkins-Cruz, the coalition's director of housing policy. 'If there's ever a time to not cut housing investments, this is the time.' Watkins-Cruz noted that the program is structured so that Tier 1 counties are eligible for up to $3 million in funding. Tier 1 counties are the most economically distressed among the state's three tiers. Several counties in the 2025 Qualified Allocation Plan are in eastern North Carolina. Several are also on the list of disaster-impacted counties from Hurricane Helene in Western North Carolina. They include Alexander, Graham, McDowell, Mitchell, Rutherford, and Wilkes counties. To see the full list of counties in each tier, click here to visit the 2025 Final QAP. See page 8 for county award limits.
Yahoo
14-05-2025
- Business
- Yahoo
Newton to get 60+ affordable housing units
NEWTON, Kan. (KSNW) — The wait for affordable housing can be long. One development in Newton has over 100 names on its waiting list, but it hopes to have more units available soon. Mennonite Housing wants to build 28 more units for residents aged 55+, as Phase 2 of its senior housing development, Harvest Pointe, on West First Street. On Tuesday, the Newton City Commission gave the go-ahead for Housing Revenue Bonds for the project. Last month, the Commission waived $40,000 in permit fees. Kansas measles cases climb to 56, mostly in SW Kansas Those actions should help the organization's application for Low-Income Housing Tax Credits. The Commission also helped with another housing project on Tuesday. It approved the final plat for expansion on the west side of Emberhope's Newton campus. The plan is for Hope Estates to have 38 affordable housing units for teens aging out of foster care, foster families, and seniors. Emberhope is concerned that youth leaving foster care who don't have housing resources could wind up homeless or incarcerated. At Hope Estates, the organization will provide housing and optional supportive services. For more Kansas news, click here. Keep up with the latest breaking news by downloading our mobile app and signing up for our news email alerts. Sign up for our Storm Track 3 Weather app by clicking here. To watch our shows live on our website, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
04-05-2025
- Business
- Yahoo
Housing authority uses tax credit model to move projects forward
Getting affordable housing units online for low-income residents is difficult — and the process behind construction has undergone change since the late 1990s. The Santa Fe Civic Housing Authority — an independent nonprofit that works to ensure rental units remain affordable in the city — has sought out limited partners for projects in the push to get units online. In these cases, the authority serves as the "general partner" and has less than a 1% ownership stake in many properties in its portfolio. The quasi-governmental organization has an annual budget of around $15 million, Executive Director Ed Romero said, with about $10 million coming in grants and the other $5 million from a combination of federal contracts and tenants' rent payments. Among the properties in the housing authority's portfolio are Española Public Housing, which spans 178 units; Villa Hermosa, a 116-unit public housing community in the St. Francis Drive corridor; and Phase 2 of the Tierra Contenta project, which has 80 units. In the town of Bernallillo, it also controls the 96-unit Village in the Bosque. Romero noted the authority has fewer units on the east side of Santa Fe, a historic area with more stringent restrictions for construction. The nonprofit's affordable housing projects in Santa Fe have land-use restrictive agreements, or LURAs, guaranteeing they receive a specific number of Low-Income Housing Tax Credits from the federal government over a specific time period. The model is one in which housing authorities have converted public housing stock to project-based rentals, leveraging federal government programs that allow them to convert public units to Housing Choice aid vouchers to ensure affordability for low-income residents. The investor in these projects assumes the role of limited partner and receives tax credits in return. "The way the tax credit project works is you have a deal in which you bring on an equity investor," Romero said. "The equity investor gets credits, plus they get 99% of the income and losses of a property for the next 15 to 30 years, depending on how long they want to stay in the project. "But what they bring to it is 70% of the capital that is required to remodel the apartments," he said, "and it's a structure that HUD turned to back in '97, '98 when they stopped funding the construction of affordable housing."
Yahoo
24-04-2025
- Business
- Yahoo
Holyoke developer lands state backing for 14 new units on Lyman Street
HOLYOKE — With help from the state, a developer will create 14 apartments in downtown Holyoke, part of a $18 million package of grants announced this week by Gov. Maura Healey. The state funding will help build 288 new housing units in six Gateway Cities across Massachusetts. C Elliott Developers LLC received $952,000 to create housing units at 174 Lyman St. in Holyoke. The awards are the last round of Housing Development Incentive Program (HDIP) grants for 2024. This year, a record number of new homes were built after Healey increased HDIP funding from $10 million to $30 million a year. Healey also added $57 million as part of a $1 billion tax cuts package signed in October 2023. Overall, the administration awarded $72 million to create 1,544 new housing units in Gateway Cities in 2024. In a statement, Healey said the incentive program has succeeded in creating 'more reasonably priced housing in Gateway Cities.' 'We were proud to expand this program as part of our historic tax cuts package, and we're thrilled to see this funding being put to work across the states,' Healey said. 'Together, we're making it more affordable for people to live in their communities while also attracting more business, industry and culture to our incredible Gateway Cities.' Community Development Director Alicia M. Zoeller was unavailable for comment. Lt. Gov. Kim Driscoll said the administration is dedicated to addressing housing needs. 'This funding brings a significant impact to cities across the state and goes a long way toward making Massachusetts a more affordable place to live, work, start a family and build a future,' Driscoll said. The announcement was made Tuesday at 347 Main St. in Fitchburg, an eight-unit housing development and previous HDIP award recipient. The program aims to build market-rate housing to help the economy, increase housing variety and create lively neighborhoods, backers say. The governor's plan includes the $5.12 billion Affordable Homes Act, the MBTA Communities Law, more Low-Income Housing Tax Credits and work by the Housing Advisory Council and the Unlocking Housing Production Commission. Read the original article on MassLive. Read the original article on MassLive. Read the original article on MassLive.
