March 23, 2023

Silicon Valley Bank was a key lender for affordable housing projects in the Bay Area. Its recent collapse could create construction delays and disrupt financing deadlines developers must meet to qualify for federal subsidies. 

In DC, several real estate developers are using the Housing Choice Voucher Program to turn a profit. They buy rent-stabilized buildings in low-income neighborhoods and market them to voucher holders, while failing to maintain proper living conditions. DC has been unable to address this business practice that preys on vulnerable tenants and erodes the city’s stock of affordable housing.

California governor Gavin Newsom is proposing a program that would tap federal health care funds to provide up to six months of rent to select high-need residents enrolled in Medi-Cal. Though states currently can't use federal Medicaid dollars to pay directly for rent, the governor is hoping the Biden administration will approve the transitional rent initiative amid the state’s worsening homelessness crisis. “There is a recognition that social factors like inadequate housing are driving health outcomes,” said Vikki Wachino, who served as national Medicaid director in the Obama administration.

Oregon house lawmakers passed measures that will fund $200 million of housing and homelessness services across the state, extend eviction timelines, and require new housing goals for cities. With more than 18,000 Oregonians experiencing homelessness, these measures are an initial step toward addressing the state’s homelessness crisis and housing shortage.