Builders Patch Digest #9

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Twice a month, we send curated news about affordable housing, multifamily housing, and proptech to you. Have any suggestions, questions, or feedback? Drop us a line at [email protected]

In today's news...

??Housing on the Ballot: Voters to Decide on Nearly Three Dozen Measures Nationwide

??Shelterforce ? October 31, 2024

Election day brought approximately 35 housing-related ballot measures. Track these housing issues at the link below.

Key Points:

• Statewide Measures: Eleven states presented housing-related propositions, including California's Proposition 33, which seeks to repeal the Costa-Hawkins Rental Housing Act, thereby allowing local governments to implement rent control measures.
• Local Initiatives: Nearly two dozen city and county measures focus on funding and policies for affordable housing. For example, Los Angeles County's Measure A proposes increasing the sales tax to generate over $1 billion annually for housing and homelessness programs.
• Tenant Protections: Several measures sought to strengthen tenant rights and rent control. In Hoboken, New Jersey, locals voted whether landlords can pay a one-time fee to exempt their units from rent control regulations.

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?? Federal Land in the Southwest: Potential for Expanding Affordable Housing

?? NPR ? October 16, 2024

Both US parties are looking to the Southwest’s federal lands as an opportunity to tackle the national housing crisis. Vice President Harris and former President Trump have separately expressed support for using these lands to develop affordable housing, aiming to alleviate shortages in high-demand areas and offer new housing options for low- and middle-income families.

What You Need to Know:

• Land Resources: The federal government controls over 2 million acres in the Southwest, which could be repurposed for housing to address regional shortages.
• Potential Housing Impact: This initiative could add tens of thousands of affordable units, particularly for low- and moderate-income households in areas where the cost of housing continues to rise.
• Environmental and Infrastructure Concerns: Experts warn that developing on federal lands may require significant investments in infrastructure and could impact local ecosystems if not managed sustainably.

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??Boston Financial Launches $170 Million Fund to Enhance Affordable Housing in 13 States

?? Housing Finance ? November 6, 2024

Boston Financial has announced the closing of a $170 million Low-Income Housing Tax Credit (LIHTC) fund dedicated to creating and preserving affordable housing across multiple states. This initiative aims to address the rising demand for affordable rental units and to support diverse communities nationwide.

Highlighted Facts:

• Investment Scope: The fund will back 16 developments, resulting in 1,418 affordable rental homes across 13 states, including California, Illinois, Louisiana, Maine, Maryland, Massachusetts, North Carolina, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, and Wisconsin.
• Community Impact: Approximately 45% of the properties will serve minority communities, with several developments designated for seniors, veterans, individuals with disabilities, and formerly unhoused families.
• Economic Benefits: The initiative is projected to generate over 2,100 jobs, contributing an estimated $250 million in wages and business income to local economies, along with more than $90 million in tax revenue.

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