The Spring Street Brief

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• Episode 109: Connecticut CHFA Releases Draft 2027–2028 QAP 06.07.2026 3Min.

  The Connecticut Housing Finance Authority (CHFA) has released its draft Qualified Allocation Plan (QAP) for 2027 and 2028, opening a brief public comment window that closes July 10, 2026. For LIHTC developers, syndicators, investors, and lenders active in Connecticut, this two-year plan will govern how CHFA scores and ranks tax credit applications through the end of 2028 — making early engagement critical for anyone with a Connecticut pipeline. Key Takeaways: CHFA's draft QAP covers two full allocation cycles — 2027 and 2028 — giving it an unusually long governance horizon for Connecticut...
• Episode 108: HUD Waitlists RAD for PRAC Submissions Using PRI 03.07.2026 3Min.

  HUD has announced that all Preservation Rent Increase (PRI) funding available under the RAD for PRAC program has been exhausted for calendar year 2026. Any new RAD for Section 202/Project Rental Assistance Contract conversion plan submissions that include PRI funding and were submitted after May 29, 2026, will be waitlisted on a first-come, first-served basis. For sponsors, syndicators, lenders, and investors active in elderly affordable housing preservation, this announcement has immediate deal-structuring consequences.
• Episode 107: FHFA Proposes Major Overhaul of Duty to Serve Rules 02.07.2026 3Min.

  The Federal Housing Finance Agency has proposed a sweeping overhaul of the Duty to Serve regulations governing Fannie Mae and Freddie Mac. The proposed rule replaces the existing prescriptive Activities framework with a flexible, principles-based approach — and expands LIHTC credit eligibility across all three Duty to Serve underserved markets. For LIHTC investors, affordable housing developers, and structured finance practitioners, the comment deadline of July 24 and a target effective date of January 1, 2028, make this a near-term priority.
• Episode 106: HUD RFI Targets Product-Specific BABA Waivers 01.07.2026 3Min.

  HUD has issued a Request for Information (RFI) targeting a shift from project-specific waivers to general applicability (product-category) waivers under the Build America, Buy America Act (BABA). For LIHTC developers and their construction teams, this is the most actionable near-term opportunity for relief from one of the most disruptive compliance requirements introduced into federally assisted housing. Comments are due July 20, 2026. Key Takeaways: HUD's RFI targets product-category BABA waivers — meaning relief, once granted, would apply broadly across all projects using those products,...
• Episode 105: Trump Pulls Back on 21st Century Road to Housing Act 25.06.2026 2Min.

  President Trump canceled a planned signing of the 21st Century Road to Housing Act, leaving enrolled housing legislation in a holding pattern with no rescheduled signing date confirmed. NAHB Chairman Bill Owens expressed confidence the bill will eventually become law, but the delay introduces meaningful uncertainty for LIHTC investors, developers, syndicators, and state HFAs watching for any federal policy changes tied to the legislation. Key Takeaways: The 21st Century Road to Housing Act has cleared Congress — the only remaining step is a presidential signature.
• Episode 104: DASH Act Reintroduced With LIHTC and MIHTC Provisions 24.06.2026 3Min.

  Senator Ron Wyden (D-OR) and Rep. Val Hoyle (D-OR) have reintroduced the Decent, Affordable, Safe Housing for All (DASH) Act for the third consecutive Congress. The bill expands LIHTC, introduces a new Middle-Income Housing Tax Credit (MIHTC), restructures the first-time homebuyer tax credit to be advanceable at closing, and adds a new home-sale loss deduction of up to $100,000 for low- and middle-income sellers. For LIHTC investors, developers, and syndicators, the MIHTC provision and the LIE-tek strengthening language are the provisions with the most direct market implications.
• Episode 103: Missouri MHDC Opens Public Comment on 2028 QAP 19.06.2026 2Min.

  The Missouri Housing Development Commission (MHDC) has opened a public comment period to gather input on topics under consideration for its 2028 Qualified Allocation Plan (QAP). With this window opening nearly two years ahead of the plan's effective year, developers, syndicators, lenders, and investors active in Missouri have an early and meaningful opportunity to influence how LIHTC and MHDC resources will be allocated — before internal drafts are even in circulation. Key Takeaways: MHDC governs allocation of both 9% and 4% LIHTC through its annual QAP and associated Notice of Funding...
• Episode 102: Build Housing Affordably Act Targets BABA Reform 18.06.2026 2Min.

  A bipartisan House bill — H.R. 9311, the Build Housing Affordably Act — has been introduced by Rep. Mike Flood (R-NE), Chairman of the House Housing and Insurance Subcommittee, and Rep. Maggie Goodlander (D-NH). The legislation targets Build America Buy America Act (BABA) requirements that have created cost and timeline friction for affordable housing developers relying on federal funding streams, including LIHTC deals with federal program exposure. Key Takeaways: H.R. 9311, the Build Housing Affordably Act, was introduced as bipartisan legislation in the U.S. House of Representatives.
• Episode 101: May Housing Starts Drop 15% as Multifamily Craters 17.06.2026 3Min.

  May housing starts fell 15.4% to a seasonally adjusted annual rate of 1.18 million units, but the headline understates the real shock: multifamily construction cratered 40.2% in a single month to an annualized pace of just 295,000 units — down 14.2% year-over-year. For LIHTC developers, syndicators, and lenders, the data lands at a critical moment, signaling that the construction pipeline is under serious stress from elevated interest rates, rising costs, and persistent labor shortages. Key Takeaways: Overall May housing starts fell 15.4% to a 1.18 million seasonally adjusted annual rate...
• Episode 100: Fed Rate Hike Risk and the LIHTC Development Outlook 16.06.2026 3Min.

  Bond markets have shifted from pricing in Fed rate cuts to assigning greater-than-even odds to a rate hike — a reversal with direct consequences for LIHTC developers, syndicators, and lenders. With core inflation at a three-year high of 3.3%, headline CPI at 3.8%, and the two-year Treasury up more than 70 basis points since March, the rate environment for affordable housing finance has materially tightened. This episode breaks down the macro forces behind the shift and what they mean for deals in the pipeline today.
• Episode 99: Cinnaire Closes $307M LIHTC Equity Fund 15.06.2026 2Min.

  Cinnaire has closed Fund for Housing Limited Partnership 45 (Fund 45), a $307 million LIHTC equity fund targeting the creation and preservation of 2,259 affordable housing units across 27 properties in 10 states. The fund will directly benefit an estimated 5,196 residents and represents one of the larger single-fund LIHTC equity closes in Cinnaire's history — a notable signal of sustained institutional appetite for affordable housing tax credit investment. Key Takeaways: Fund 45 closed at $307 million in LIHTC equity — a significant raise in the current rate environment.
• Episode 98: Shaheen & McCormick Push HUD for BABA Reforms 12.06.2026 3Min.

  Senators Jeanne Shaheen (D-NH) and Dave McCormick (R-PA) have sent a bipartisan letter to HUD Secretary Turner calling for administrative reforms to the Build America, Buy America (BABA) waiver process. The current system — designed to accommodate products not domestically available in sufficient supply — has instead created significant delays and, in some cases, hard stops for affordable housing construction and preservation projects. For LIHTC developers, syndicators, and lenders working on federally assisted deals, this letter signals real momentum toward procedural relief that HUD can...
• Episode 97: Bill Pulte Named Acting Director of National Intelligence 11.06.2026 3Min.

  President Trump appointed FHFA Director Bill Pulte as Acting Director of National Intelligence on June 2 — while keeping him in place as FHFA Director and chairman of both Fannie Mae and Freddie Mac. The dual role raises immediate questions about leadership bandwidth at the agency that oversees the GSEs, with direct implications for multifamily lenders, LIHTC syndicators, and affordable housing developers who rely on Fannie and Freddie for bond credit enhancement and loan execution. Key Takeaways: Pulte retains all three roles simultaneously: FHFA Director, Fannie Mae chairman, and Freddie...
• Episode 96: HUD's 2025 Point-in-Time Count: First Drop Since 2016 10.06.2026 3Min.

  HUD released Part 1 of the 2025 Annual Homelessness Report, delivering the first year-over-year reduction in the national point-in-time count since 2016. With 745,652 people counted as homeless in January 2025 — a 3.3% decline from 2024 — the report offers a cautious but meaningful signal for housing-focused policy. For LIHTC developers, syndicators, and policymakers, the data lands at a pivotal moment for federal appropriations debates and CoC funding allocations. Key Takeaways: 745,652 people were counted as homeless in January 2025, a 3.3% decrease from 2024 — the first annual decline...
• Episode 95: CHFA Multifamily Compliance Manual Updated 09.06.2026 3Min.

  The Colorado Housing and Finance Authority (CHFA) has released a revised Multifamily Program Compliance Manual, updating guidance across three compliance policy areas for developments financed with Housing Tax Credits and/or CHFA multifamily loans. For owners, investors, syndicators, and compliance professionals with Colorado affordable housing assets, this is the new controlling document — and CHFA has directed stakeholders to use this version immediately for all questions on procedures, rules, and regulations. Key Takeaways: CHFA updated compliance policies across 3 multifamily program...
• Episode 94: CHFA Awards $11.5M in 9% Credits Across Connecticut 08.06.2026 3Min.

  The Connecticut Housing Finance Authority (CHFA) has approved $11.5 million in 9% Low-Income Housing Tax Credit allocations supporting six developments across five Connecticut municipalities — Cromwell, Farmington, Hartford, Naugatuck, and New Britain. The awards will produce 319 total rental units, including 282 affordable apartments, spanning both new construction and preservation deals. For LIHTC investors, syndicators, and lenders active in the Northeast, this round offers concrete signals about CHFA's current QAP priorities and the state of the Connecticut affordable housing pipeline.
• Episode 93: Maryland's Twin Housing Acts Reshape Affordable Production 07.06.2026 3Min.

  Maryland's General Assembly passed two significant pieces of housing legislation in 2026 — the Maryland Transit and Housing Opportunity Act and the Maryland Housing Certainty Act — alongside a Fiscal Year 2027 budget designed to support the Maryland Department of Housing and Community Development's affordable housing programs. For LIHTC developers, syndicators, and lenders active in Maryland, the combined effect of transit-focused production incentives, approval certainty provisions, and a state agency budget commitment could reshape deal flow and QAP priorities in the near term.
• Episode 92: OMB's Proposed Rule Threatens $1 Trillion in Federal Grants 04.06.2026 3Min.

  The Office of Management and Budget, joined by more than 40 federal agencies including HUD, has proposed a sweeping revision to government-wide rules governing federal financial assistance. With up to $1 trillion in funding in scope and a final rule targeted for October 1, 2026, the proposal carries direct implications for affordable housing developers, operators, and lenders reliant on HUD grants and related programs. Key Takeaways: The proposed rule affects up to $1 trillion in federal financial assistance across grants, cooperative agreements, and other assistance mechanisms.
• Episode 91: FY 2027 T-HUD Bill Clears Subcommittee 03.06.2026 4Min.

  The House T-HUD Appropriations Subcommittee passed its FY 2027 HUD funding bill last week on a 9-7 party-line vote, and the full House Appropriations Committee is marking it up today. With a total HUD budget of $71.4 billion — $5.9 billion below FY 2026 enacted levels — the bill sets the opening position for a funding fight that will directly affect LIHTC deal stacks, voucher availability, and HOME gap financing across the country. Key Takeaways: Total HUD funding proposed at $71.4 billion, a $5.9 billion reduction from FY 2026 enacted levels.
• Episode 90: HUD Overhauls CoC Funding With $4.04B Recovery-First NOFO 02.06.2026 3Min.

  HUD has released its Fiscal Year 2026 Continuum of Care Notice of Funding Opportunity — $4.04 billion in federal homelessness assistance structured around a fundamental policy shift away from housing-first and toward recovery, self-sufficiency, and competitive performance accountability. For developers, syndicators, and lenders with exposure to supportive housing, the implications for operating subsidy assumptions are immediate. Key Takeaways: HUD's FY2026 CoC NOFO releases $4.04 billion — described by HUD as a record funding level for the program.