Housing News Roundup: March 29, 2018
What the Budget Deal Means for Affordable Housing
A provision of the newly approved spending bill increases the number of affordable housing tax credits for the first time in a decade, which Senator Maria Cantwell says “will help us deal with the tremendous deficit we have in affordable housing.” But it will not close the gap created by the corporate income tax cut. Analysis by the national accounting firm Novogradac & Company shows there will still be a large shortage of units that will not be produced or preserved.
Source: New York Times
Miami Teachers May Soon Live at School
As housing in Miami becomes increasingly unaffordable for teachers with modest salaries, Miami-Dade County is considering building a new mid-rise middle school with a floor dedicated to residential units. Depending on its success, the county aims to construct a 300-unit apartment complex beside an elementary school. Ned Murray, associate director of Florida International University’s Metropolitan Center, says it “is a good idea, because land is such a difficult piece of the puzzle.”
Source: Miami Herald
Sonoma County Has Its Own Housing Crisis
Rental costs in Sonoma County, California, have increased as much as 30 percent since wildfires burned 15,000 acres of the region last year. Rebuilding has been difficult because of a limited labor market for construction, density zoning limits, and other factors. In the meantime, Santa Rosa and Sonoma County have added staff to their permitting departments. “It seems that the community at large is willing to accept that there’s a housing crisis and that government intervention is needed to solve it,” said Felicity Gasser of the Sonoma County Community Development Commission.
A New Down Payment Assistance Program Aims to Expand Homeownership
A new down payment assistance program from the quasi-public agency MassHousing will allow qualified low-to-middle-income buyers in Massachusetts to purchase homes without a down payment by providing them a second loan, repayable over 15 years. MassHousing’s executive director, Chrystal Kornegay, says it is far from the predatory practices that attracted buyers before the foreclosure crisis. “This program intends to reach folks who are creditworthy but don’t have the savings to get into the marketplace…. We want to ensure that homeownership remains accessible to working families.”
A Snapshot of Nevada’s Mounting Housing Crisis
Southern Nevada is in the midst of a growing affordable housing crisis. Public housing waiting lists have more than 30,000 names, more than 10 times the number of homes available through public housing programs. Additionally, Nevada has the country’s fourth-lowest homeownership rate, rents are rising, and too few affordable units are being built. For some of Nevada’s lowest-income residents, rental assistance can be crucial.
Source: Las Vegas Review-Journal