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Association News
More than 10,000 affordable apartments are being preserved thanks to a $1.2 billion acquisition. The Community Development Trust (CDT), The Michaels Organization, and Goldman Sachs Urban Investment Group acquired 90 affordable housing communities. CDT now has more than 22,000 units under management. To read the entire statement, visit www.naahq.org/joint-venture-preserves-10000-affordable-apartment-homes. From December 2022 to February 2023, the National Apartment Association (NAA) commissioned ndp | analytics to conduct interviews with housing providers and developers from three different markets affected by rent control policies and proposals: St. Paul, Minn.; Santa Ana/Santa Barbara, Calif.; and Portland/Eugene, Ore. The housing provider research was supplemented with an online public opinion poll across the U.S. in February 2023. The top 10 insights are available by visiting www.naahq.org/10-things-americans-really-think-about-rent-control-housing-affordability.  Now is the time to start thinking about your entry for the NAHMA 2023 Communities of Quality (COQ) Awards competition. The awards competition application deadline to NAHMA is Nov. 2. The COQ Awards recognize outstanding property management companies providing the highest quality of safe, affordable multifamily rental housing in communities nationwide. A property must first apply for and achieve national recognition as an NAHMA Community of Quality with a minimum score of 325 points on its National Recognition application to be eligible for the awards competition. The deadline for submitting a COQ National Recognition application to a local AHMA for consideration in the national program is Sept. 7. If a property initially received less than 325 points when its COQ National Recognition application was first submitted, it may elect to update the original application to earn more points if improvements have since been made. Detailed instructions for updating the initial COQ National Recognition application are included in the COQ Awards application brochure. This year’s COQ Awards program is jointly sponsored by Navigate Affordable Housing Partners, a nonprofit engaged in developing, owning, and managing affordable housing, and also a federal contractor providing compliance and financial services on behalf of the Department of Housing and Urban Development (HUD) as the Section 8 Performance-Based Contract Administrator (PBCA) for multiple states; and Yardi, which develops and supports industry-leading compliance, accounting and property management software for every type and size of affordable housing provider. Award winners will be notified in early January 2024. They will receive their awards in a special ceremony at the NAHMA Biannual Top Issues in Affordable Housing Winter Conference, March 6-8, 2024, in Washington, D.C.
The two national associations sponsoring the Specialist in Housing Credit Management (SHCM) certification program invite your company to become a Specialist in Housing Credit Management Company, a corporate designation explicitly created to honor management companies that successfully maintain a significant portion of their properties and staff to the high standards of the SHCM certification program. The SHCM program, developed especially for management companies involved with properties developed and operated under the Low-Income Tax Credit (LIHTC) program, is sponsored by the National Affordable Housing Management Association (NAHMA) and the National Apartment Association Education Institute (NAAEI). Earning the SHCM Company designation publicly demonstrates that the company is among the finest managers of LIHTC housing in the industry. Event Calendar
Congress
In a show of strong bipartisan support, more than 100 members of the U.S. House of Representatives have co-sponsored the Affordable Housing Credit Improvement Act (AHCIA) of 2023 just three weeks after it was initially reintroduced. The AHTCC applauds the growing momentum in Congress to address the affordable housing crisis by enacting this key legislation to expand and strengthen the Low-Income Housing Tax Credit (Housing Credit). Article courtesy of the Affordable Housing Tax Credit Coalition Federal Regulation
The Internal Revenue Service (IRS) issued Revenue Ruling 2023-13, which provides various prescribed rates for federal income tax purposes, including applicable federal interest rates, adjusted applicable federal interest rates, and adjusted long-term and tax-exempt rates for August 2023. As provided in the ruling, the appropriate percentage for the 70% present value low-income housing credit is 7.94%, and the appropriate percentage for the 30% present value low-income housing credit is 3.40%. Additionally, under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July 30, 2008, shall not be less than 9%. Industry Trends
It is difficult to overstate the impact that access to safe, stable housing has on health. Housing is one of the most well-researched social determinants of health and, among other social factors, influences the health of families across the nation. Those who pay too much for housing, live in inadequate conditions, or lack access to housing altogether are at an increased risk of experiencing negative health outcomes, such as mental health conditions, poor maternal and infant health, chronic disease, and premature death. This is especially evident for those experiencing homelessness, who are often forced to utilize costly emergency room services to meet their elevated health needs. While the complexity of addressing housing as a social determinant of health remains apparent, innovation in the financing and implementation of housing and health services has led to meaningful solutions in communities around the country. Additionally, affordable housing created by the Housing Credit helps ensure that fewer people experience the negative health impacts of all degrees of housing instability—an umbrella term encompassing a range of circumstances from doubling up with another family to experiencing unsheltered homelessness. Article courtesy of the Affordable Housing Tax Credit Coalition |
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NAA Cultivate Sept. 27-28
