2nd Annual Member Appreciation Event – January 29, 2020

The Oklahoma Coalition for Affordable Housing is excited to host the 2nd Annual Member Appreciation Event at Main Event in Oklahoma City on January 29, 2020, immediately following the OHFA Board Meeting. Help us kick-off the new year with fun and networking for OCAH Members! Lunch will be provided along with 2 hours of game play and networking. Registration is complimentary to 2020 Paid Members. MEMBER-ONLY EVENT.

Register Here

2nd Annual Member Appreciation Event – January 29, 2020

The Oklahoma Coalition for Affordable Housing is excited to host the 2nd Annual Member Appreciation Event at Main Event in Oklahoma City on January 29, 2020, immediately following the OHFA Board Meeting. Help us kick-off the new year with fun and networking for OCAH Members! Lunch will be provided along with 2 hours of game play and networking. Registration is complimentary to 2020 Paid Members. MEMBER-ONLY EVENT.

Register Here

Join the ACTION Campaign Monthly Call on Friday, January 10

Join the ACTION Campaign Monthly Call on Friday, January 10

The ACTION Campaign Monthly Call will be held on Friday, January 10 at 2:00 pm EST. Please note the new call-in number and meeting ID for this week, as they are switching to Zoom conferencing. The monthly ACTION calls will return to the first Friday of the month in February.

Call-in information:

  • Phone number: 929-205-6099
  • Meeting ID: 178 785 337

2019 Legislative Wrap-Up

On December 20, the President signed a $1.4 trillion spending package to fund the federal government through fiscal year 2020, which included a $426 billion year-end tax package. Unfortunately, the final tax package did not include provisions from the Affordable Housing Credit Improvement Act (AHCIA). Earlier on in the final negotiations between Congressional leadership and the White House, the 4 percent Housing Credit rate – a key provision of the AHCIA – was included in the package. Ultimately, due to larger politics, the 4 percent Housing Credit rate and many other tax priorities did not make it into the final package. Nonetheless, advocates should be proud that this key AHCIA provision was initially recognized as a priority in the negotiations.

The final tax package did include a few notable wins for affordable housing and community development advocates. The New Markets Tax Credit, which was set to expire at the end of 2019, was extended through 2020 and received an increase in allocation authority from $3.5 billion to $5 billion. Additionally, nearly $1 billion of disaster Housing Credits for 2017–2018 California wildfire areas were included as a part of California’s 2020 Housing Credit allocation authority.

The ACTION Campaign would like to thank Housing Credit supporters who promoted the AHCIA, as well as the many Members of Congress who called for the Housing Credit to be included in the year-end tax deal. Please join us in thanking our many cosponsors, especially our champions Senators Maria Cantwell (D-WA), Todd Young (R-IN), Ron Wyden (D-OR), and Johnny Isakson (R-GA), and Representatives Suzan DelBene (D-WA), Kenny Marchant (R-TX), Don Beyer (D-VA), and Jackie Walorski (R-IN) for their tireless leadership. We are ready to continue the work in 2020 to advance our AHCIA priorities.

ACTION’s Year in Review

  • Affordable Housing Credit Improvement Act Introduced | On June 4, Senators Maria Cantwell (D-WA), Todd Young (R-IN), Ron Wyden (D-OR), and Johnny Isakson (R-GA), and Representatives Suzan DelBene (D-WA), Kenny Marchant (R-TX), Don Beyer (D-VA), and Jackie Walorski (R-IN), introduce the Affordable Housing Credit Improvement Act (AHCIA) of 2019 (S. 1703 and H.R. 3077).
  • Over 2,200 Affordable Housing Stakeholders Endorse the AHCIA | The same month of its introduction, more than 2,200 affordable housing advocates representing national, state, and local stakeholders endorse the AHCIA, signing-on to a letter to Congress in support of the legislation.
  • AHCIA Bill Leads Host Legislative Briefing on Bill | On June 21, several of the bill leads offices, including Senators Maria Cantwell (D-WA) and Todd Young (R-IN) and Representatives Suzan DelBene (D-WA) and Kenny Marchant (R-TX), hosted a legislative briefing for Congressional staff on the AHCIA. A panel of affordable housing experts were called in to speak, including Sarah Brundage, Senior Director of Public Policy, Enterprise, and Jennifer Schwartz, Director of Tax and Housing Advocacy, NCSHA.
  • AHCIA Cosponsorship Milestones | The AHCIA gained bipartisan momentum faster than ever in the 116th Congress, highlighting growing support among Members of Congress to address the nation’s affordable housing crisis. As of January 1, 2020, the AHCIA has 38 cosponsors in the Senate, including 46 percent of the Finance Committee, and 198 cosponsors in the House, including 69 percent of Ways and Means Committee. The House bill already has more cosponsors this Congress than in last year’s version of the bill (H.R. 1661).
  • Nearly 50 Mayors Endorse the AHCIA | On behalf of Mayors Jenny A. Durkan of Seattle and Victoria Woodards of Tacoma, Enterprise circulated a letter asking mayors across the country to call on Congressional leadership to advance the AHCIA. In just a few short weeks nearly 50 mayors signed-on to the letter, highlighting the Housing Credit’s nationwide support among local leaders.
  • ACTION Campaign Holds Over 150 Hill Meetings | The ACTION Campaign staffed more than 150 Hill meetings during the 116th Congress to educate and engage Congressional offices on the AHCIA and increase the cosponsorship count in both the Senate and the House.
  • ACTION Campaign Produces New & Updated AHCIA Resources | To support the thousands of affordable housing advocates working across the country to promote the AHCIA, the ACTION Campaign created and/or updated a number of advocacy resources this Congressional session. These include state and district fact sheets, a new series of Housing Bond fact sheets for certain states, a video series explaining each AHCIA provision, and special issue fact sheets.
  • ACTION Grassroots Advocacy Efforts | The ACTION Campaign supported the grassroots advocacy efforts of local affordable housing stakeholders, facilitating several calls to action, creating dozens of state and district specific emails and phone scripts, and generating numerous state-specific sign-on letters. Thank you to our nationwide ACTION members and supporters.
  • ACTION Membership Growth | The ACTION Campaign’s grassroots membership is its strength, and this year ACTION grew stronger than ever with now over 2,300 national, state, and local organizations and businesses in support of the Housing Credit. We look forward to continuing to grow the ACTION Campaign in 2020.

Policy Updates

2020 Presidential Candidates Bloomberg, Klobuchar, and Steyer Include Housing Credit Expansion in Affordable Housing Plans

Democratic Presidential candidates Michael Bloomberg, Senator Amy Klobuchar (D-MN), and Tom Steyer have released housing plans that include the expansion of the Housing Credit, among other recommendations. Bloomberg’s housing proposal would address the shortage of affordable housing through “an expansion of funding for the Low-Income Housing Tax Credit that would add hundreds of thousands of units of affordable housing over ten years.” Senator Klobuchar’s Housing First Plan would “push to expand current Low-Income Housing Tax Credit allocations to support the construction of additional units and work with states to strengthen rules to encourage a significant portion of [Housing Credit] construction in high opportunity neighborhoods.” Steyer’s affordable housing proposal would “increase LIHTC Housing Credit allocations by 50% over the next five years, establish a 4% housing credit floor for renovation projects, and enact reforms to create more than 500,000 additional affordable rental units.” It would also “prioritize [Housing Credit] projects that incorporate transit-oriented development, deep energy efficiency, and densification.”

View Bloomberg’s Housing and Earned Income Tax Credit Proposals here. View Senator Klobuchar’s Housing First Plan here. View Steyer’s Affordable Housing plan here.

OCC and FDIC Release Joint Proposal to Modernize CRA

On December 12, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) — two of the three main U.S. banking regulators — released a joint proposal to modernize the Community Reinvestment Act (CRA). The third regulator, the Federal Reserve, has not signed on to the OCC’s and FDIC’s notice of proposed rulemaking (NPRM). The proposal would overhaul CRA assessment boundaries, criteria for eligible CRA activities, banks’ reporting regimes, and how banks are scored overall for their performance.

The proposed rule would introduce a new "50%-5%" breakdown, which would require banks that receive more than 50 percent of its deposits from areas not tied to its physical branches to analyze the reported locations of its depositors and consider any zones that have a concentration of more than 5 percent of the bank’s deposits as new CRA assessment areas. Under the proposed rule, banks would be evaluated on the basis of both the total unit number of CRA-eligible loans and the total dollar amount lent to projects benefiting low-to-moderate-income communities. The proposed rule would also require regulators to develop a frequently updated list of commonly approved CRA activities, streamline the structure of CRA exams, and calculate CRA investment on an average, ongoing basis.

Once the OCC and FDIC publish the NPRM in the Federal Register, there will be a 60-day public comment period. The ACTION Campaign will be reviewing the proposal and considering its potential impacts on investments through the Housing Credit. Stay tuned for more information. Read the NPRM on the CRA Modernization and an American Banking piece highlighting key proposed changes in the NPRM.

OCAH Affordable Housing in Oklahoma – New Member Benefit!!

New Member Benefit! Members may forward information on properties for posting on this new OCAH Facebook page. This new page will be dedicated to matching our members and Oklahomans needing affordable housing! Please send over the following information to regangillespie:

  1. Property Name & Address
  2. Property Photos (6-10)
  3. Details on unit types, styles, rent ranges, AMIs served,
    security deposits, etc
  4. Website and/or phone number for potential renters to
    contact the site directly

To like or follow the page go to @OCAHAffordableHousing or the name of the page is OCAH Affordable Housing in Oklahoma.

Congresswoman Maxine Waters and Senator Kamala Harris Introduce Affordable Housing Bill

On November 21, House Financial Services Chairwoman Maxine Waters (D-CA-43) and Sen. Kamala Harris (D-CA) introduced the Housing is Infrastructure Act of 2019 (S.2951 & H.R.5187), a bill to invest over $100 billion in federal programs aimed at addressing housing affordability, including $70 billion to repair public housing.

The bill would also help spur affordable housing construction and development in low-income communities by providing $10 billion for the Community Development Block Grant Program, as well as $5 billion each for the HOME Investment Partnership Program and the Housing Trust Fund. It would also boost funding for the Capital Magnet Fund, catalyze development on Native American reservations through the Native American Housing Block Grant Program, and provide key funding for mitigation projects to limit damage from future disasters, among other things. Finally, the bill requires grantees to conduct outreach to minority and women owned businesses to inform them of opportunities created through the new funds.

President Signs $1.4 Trillion Spending Package to Fund the Government in FY20

President Signs $1.4 Trillion Spending Package to Fund the Government in FY20

Two weeks ago, President Trump signed a $1.4 trillion spending package funding the federal government for fiscal year (FY) 2020. The FY20 deal passed through Congress in the form of two minibus bills – H.R. 1865 and H.R. 1158. H.R. 1865 provides funding for domestic agencies and priorities, including HUD and USDA. H.R. 1158 includes funding for national security priorities at the Departments of Defense and Homeland Security, but also covers additional departments such as Treasury (funded through the Financial Services and General Government — or FSGG —subcommittee on appropriations).

Overall, lawmakers provided strong funding levels for housing and community development programs. The FY20 law provides $49.1 billion for HUD, which is an increase of $4.9 billion above the FY19 enacted level. Key highlights include $1.35 billion for the HOME Investment Partnership program; $3.4 billion for the Community Development Block Grant program — both $100 million increases from FY19 funding levels; and $36 million for the Section 4 Capacity Building for Affordable Housing and Community Development program, $1 million over FY19. The Treasury’s Community Development Financial Institutions (CDFI) Fund received $262 million, an increase of $12 million from FY19, and the USDA’s Multifamily Housing Preservation and Revitalization program received $28 million, an increase of $3.5 million from FY19. For more information on the funding allocations in the legislation, read our new blog from Enterprise Senior Director of Congressional Relations Liz Osborn.

NCSHA Identifies Increasing Commitment to Affordable Housing Investment Among Opportunity Funds

Nearly two-thirds of Qualified Opportunity Funds plan to invest in affordable housing and community development in Opportunity Zones, according to the latest edition of NCSHA’s Opportunity Zone Fund Directory, released today. A total of 196 funds representing nearly $45 billion in anticipated investment ― including 17 new funds ― are listed in this edition. Sixty-four percent (126) of the funds plan to invest in affordable or workforce housing or community revitalization. One year ago, just 22 of the 53 funds in the directory (42 percent) planned investment in this sector.

Steady Increase in Housing and Community Development Focus Among Opportunity Funds

https://i1.wp.com/gallery.mailchimp.com/c1a5dcdf55abbb69e3e963292/images/3fe05a83-a56a-426e-aca7-72cd4da766ee.jpg?resize=500%2C231&ssl=1
Percentage of Qualified Opportunity Funds that target investment in community development, affordable housing, or workforce housing

Nearly 90 percent of Opportunity Funds (176 of 196) anticipate investment in some form of commercial real estate, while 55 percent (107 of 196) plan to invest in economic development or small business development, and 27 percent (52 of 196) in infrastructure or renewable energy projects. Nearly all of the 196 funds plan to invest in multiple categories.

The percentage of funds planning to invest nationwide declined slightly to 31 percent, while funds targeting specific states or regions increased to 69 percent. Funds range in size from less than $1 million to $10 billion, with an average fund size of approximately $229 million. NCSHA will continue to update the directory as additional Opportunity Funds are announced. To add a fund to the directory, please complete this form.

Congress Reaches FY 2020 Spending Deal with Increased Funding for Affordable Housing

House and Senate leaders have agreed to a deal to provide full-year Fiscal Year (FY) 2020 appropriations for all federal agencies, including HUD and USDA, split into two “minibus” spending packages. The spending deal will fund HUD and USDA housing programs at or above levels proposed by the Senate earlier this year, though not as high as levels proposed by the House prior to the adoption of the bipartisan budget agreement this summer. The HOME Investment Partnerships program (HOME) is funded at $1.35 billion ― less than the $1.75 billion provided in the House version but more than the Senate version which would have flat-funded the program at $1.25 billion. The House this afternoon approved both minibuses and will now send them to the Senate. President Trump is expected to sign both spending packages before the current continuing resolution expires on Friday.

Affordable housing program highlights from the spending packages are below. For further information on specific program funding levels, please see NCSHA’s Appropriations Chart.

Year-End Tax Bill Will Not Include Housing Credit Provisions

Earlier this month, congressional leaders released the text of a tax package intended to advance this week along with FY 2020 spending legislation released yesterday afternoon. NCSHA, HFAs, other Housing Credit industry allies, and our Senate and House Housing Credit champions had mounted a remarkable campaign to include provisions from the Affordable Housing Credit Improvement Act, S. 1703/H.R. 3077, and the Save Affordable Housing Act, S. 1956/H.R. 3479, in the legislation. Unfortunately, despite our best efforts, the final bill does not include Housing Credit provisions from these bills.

Sources on the Hill reported that the 4 percent minimum Housing Credit rate for bond-financed properties had made it into the tax package on which negotiators were working. However, this and other provisions were stripped from the bill’s final version in the last hours of negotiation. It is our understanding that the decision to reduce the scope of the tax bill had nothing to do with the minimum rate provision, but rather that negotiators were unable to reach agreement on other aspects of the legislation and in the end fell back to what has been termed a “skinny package.”

One Housing Credit-related provision is included in the bill: increased Housing Credit authority for developments in qualified 2017 and 2018 presidentially-declared disaster areas in California resulting from wildfires, up to an amount equal to 50 percent of California’s 2017 and 2018 Housing Credit authority.

The bill extends until the end of 2020 certain expiring tax provisions, including the New Markets Tax Credit, for which it provides $5 billion in 2020; the exclusion from gross income of qualified principal residence indebtedness; and the treatment of mortgage insurance premiums as qualified residence interest. The bill also includes non-housing-related extensions of expiring tax provisions, additional disaster tax relief, and miscellaneous provisions. It does not include many of the technical corrections to the Tax Cut and Jobs Act (2017 tax reform) sought by Republicans or expansions of certain refundable tax credits sought by Democrats.