The Spring Street Brief

Odcinki

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  Episode 163: Matt Jones Nominated as FHA Commissioner 21.09.2026 2min

  President Trump has nominated Matt Jones as FHA Commissioner and Assistant Secretary of Housing at HUD. Jones, who has been serving as Deputy Assistant Secretary for Single-Family Housing since 2025, brings deep experience across HUD, the Mortgage Bankers Association, Capitol Hill, and the private mortgage market. The nomination now awaits a confirmation hearing before the Senate Banking, Housing, and Urban Affairs Committee, with no date yet scheduled. For LIHTC investors, developers, and lenders relying on FHA multifamily programs, the leadership transition at FHA carries direct...
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  Episode 162: Fed Hikes to 4%, Raising AD&C Costs for Developers 18.09.2026 3min

  The Federal Reserve unanimously raised the federal funds rate to a target range of 3.75%–4% at its September policy meeting, citing inflation running at 3.4% year-over-year and elevated geopolitical and trade uncertainty. For LIHTC developers, syndicators, and lenders, the move translates directly into higher acquisition, development, and construction (AD&C) loan costs — compressing deal feasibility at a moment when affordable housing pipelines are already under pressure. Key Takeaways: The federal funds rate is now at a target range of 3.75%–4%, following a unanimous FOMC vote at the...
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  Episode 161: EHV-to-TPV Transition Memo from NHLP 17.09.2026 3min

  The Continuing Resolution extending federal appropriations through December 11 contains a pivotal provision — Section 153(b) — that directs HUD to issue Tenant Protection Vouchers to every family leased up with an Emergency Housing Voucher as of September 30, 2026. PHAs must complete those TPV issuances before December 31, 2026. The National Housing Law Project has released a detailed memo to guide PHAs and advocates through the transition, ensuring EHV families do not lose housing as the emergency program winds down.
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  Episode 160: New Hampshire Housing 2027 9% LIE-tek Final App Deadline 16.09.2026 2min

  New Hampshire Housing has issued a final reminder that applications for the 2027 9% LIHTC program are due Friday, September 25, 2026 at 5:00 PM via the HDS NextGen Application Portal. With a small-state allocation and a hard cutoff, developers and syndicators active in New Hampshire's affordable housing pipeline need to be submission-ready now. Key Takeaways: Final application deadline: Friday, September 25, 2026 at 5:00 PM — no late submissions accepted. Submissions must be completed through the HDS NextGen Application Portal; portal access issues must be resolved before the deadline.
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  Episode 159: Dominium Breaks Into Idaho with 251-Unit Caldwell Deal 15.09.2026 3min

  Dominium has acquired land in Caldwell, Idaho, to develop Residences at Wilson Creek — the company's first ground-up affordable housing project in the state. The 251-unit development will deliver two-, three-, and four-bedroom townhomes under the Section 42 LIHTC program, targeting family-sized affordable housing in the fast-growing Treasure Valley corridor. For LIHTC investors, syndicators, and lenders, this deal signals a meaningful geographic expansion by one of the sector's major developers into a market with historically limited affordable housing activity.
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  Episode 158: Kentucky's 2027 9% LIHTC Round Closes Sept. 11 14.09.2026 3min

  Kentucky Housing Corporation's competitive 9% LIHTC application window for the 2027 funding round closed at noon ET on September 11, 2026. For developers, syndicators, and lenders active in Kentucky affordable housing, the deadline marks the start of KHC's review and award process — and the beginning of the runway to position for the 2028 cycle. Key Takeaways: The 2027 competitive 9% LIHTC application deadline was 12:00 noon ET, Friday, September 11, 2026. KHC's submission portal experienced high traffic near the deadline — teams that submitted late should confirm receipt directly with KHC.
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  Episode 157: Affordable Housing's Fiscal Impact on Municipalities 11.09.2026 3min

  A peer-reviewed study in the Journal of Housing Economics delivers long-sought empirical ammunition for LIHTC developers, syndicators, and policymakers: large-scale affordable housing built under Massachusetts Chapter 40B generated more than $2,000 in new tax revenue per capita within three years of opening — without measurable harm to school quality, public safety, or traffic outcomes. The findings, drawn from developments built between 2002 and 2019, directly challenge the fiscal strain arguments that kill projects at the local approval stage.
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  Episode 156: North Carolina Deploys $1.46B in Affordable Housing 10.09.2026 3min

  North Carolina's Federal Tax Reform Allocation Committee, acting on recommendations from the North Carolina Housing Finance Agency, has approved tax credits and tax-exempt bonds for 53 developments that will unlock more than $1.46 billion in affordable housing construction. The awards span LIHTC, tax-exempt bonds, state loan programs, and $69.1 million in CDBG-DR disaster recovery funding for communities impacted by Hurricane Helene — making this one of the most layered capital rounds in the state's recent history. Key Takeaways: 53 developments approved across bond award cycles from...
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  Episode 155: North Carolina's $1.46B Affordable Housing Push 10.09.2026 3min

  The North Carolina Housing Finance Agency has completed its 2026 allocation round, unlocking more than $1.46 billion in affordable housing development through LIHTC, tax-exempt bonds, and a suite of state and federal loan programs across 53 approved developments. For developers, syndicators, and investors active in the Southeast, this round signals both the scale of North Carolina's pipeline and the state's strategy for making complex, layered deals work — including a significant infusion of disaster recovery capital tied to Hurricane Helene.
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  Episode 154: Tennessee THDA MTBA Round 3: $280M Now Open 09.09.2026 2min

  Tennessee Housing Development Authority (THDA) has opened Round 3 of its 2026 Multifamily Tax-Exempt Bond Authority (MTBA) program, making $280.4 million available for multifamily use. With a submission deadline of September 24, the window is narrow — and for developers, syndicators, and lenders active in Tennessee's 4% LIHTC market, timing is everything. Key Takeaways: $280.4 million in private activity bond authority is available under THDA's MTBA 2026 Round 3. Applications opened immediately upon announcement; the hard deadline is September 24, 2026.
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  Episode 153: GAO Reviews Opportunity Zone Incentive After OBBBA Overhaul 08.09.2026 3min

  The Government Accountability Office has released a comprehensive report on the Opportunity Zone tax incentive, responding to a congressional request for review in the aftermath of the One Big Beautiful Bill Act (OBBBA), enacted in 2025. The report examines how OBBBA provisions reshape future zone characteristics, what states and stakeholders experienced under the original program, how much is actually known about community impact, and whether the new law's reforms address the original program's documented shortcomings — a question with direct implications for LIHTC investors, developers,...
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  Episode 152: Florida's Live Local Act Stalls Without GSE Buy-In 07.09.2026 3min

  Florida's Live Local Act promised to unlock affordable and workforce housing development through tax exemptions and density bonuses — but three years in, nearly 50,000 of the 55,000 proposed units remain stalled. At the Leading Live Local 2026 event in Miami's Brickell neighborhood, developers and capital markets professionals identified the core bottleneck: Fannie Mae, Freddie Mac, and HUD are not yet underwriting Live Local deals at scale, and the path to GSE participation hinges on resolving a compliance and accountability debate with direct echoes of Texas's Public Facility Corporation...
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  Episode 151: HUD Releases FY27 FMR Calculation Methodology 04.09.2026 2min

  HUD has published a Federal Register notice detailing the methodology for calculating FY 2027 Fair Market Rents (FMRs), which set payment ceilings for Housing Choice Vouchers and other federal rental assistance programs. Key changes include revisions to how HUD calculates the utility portion of gross rent inflation factors and updates to trend factor forecasts — both of which affect how closely final FMR figures track real market conditions. The notice also outlines the HOTMA-required procedures for PHAs to request FMR reevaluations.
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  Episode 150: Tax-Exempt CMBS Breaks Into Affordable Housing Finance 03.09.2026 4min

  A $153 million tax-exempt affordable housing CMBS deal — eight times oversubscribed with $1.2 billion in orders — signals that private-label, tax-exempt commercial mortgage-backed securities are moving into the mainstream of affordable housing finance. For LIHTC developers, syndicators, and investors, a new federal PAB threshold reduction and growing institutional appetite are converging to make this structure an increasingly viable alternative to traditional agency and municipal bond executions. Key Takeaways: Systima Capital's July deal through the Public Finance Authority drew $1.2B+ in...
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  Episode 149: HUD Rescinds Fair Housing Design and Construction Liability 02.09.2026 2min

  HUD Secretary Scott Turner rescinded Obama-era Fair Housing Act guidance that had effectively eliminated the statute of limitations for design and construction claims, replacing it with new guidance that enforces Congress's explicit two-year limitations period. HUD cites over $110 million in repair costs imposed on building owners over the past five years under the old framework — costs the agency argues are ultimately passed to renters and homebuyers. For LIHTC developers, syndicators, and lenders, this shift has direct implications for how legacy asset liability is underwritten and how...
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  Episode 148: NH&RA Launches BABA Impact Collection Form 01.09.2026 3min

  NH&RA has launched a new project impact collection form to document real-world BABA (Build America, Buy America Act) compliance challenges affecting HUD-assisted affordable housing deals. The effort is part of active advocacy meetings with HUD and the Made In America Office (MIAO) within OMB, targeting faster waiver processing and broader compliance relief for the LIHTC and affordable housing development community. Key Takeaways: NH&RA is actively meeting with HUD and the Made In America Office (MIAO) within OMB to accelerate BABA waiver processing.
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  Episode 147: HUD Eases Public Housing Demolition and Disposition Rules 31.08.2026 3min

  HUD released updated demolition and disposition guidance on August 28, 2026, expanding the tools available to public housing authorities to redevelop, sell, or reposition distressed properties. The guidance broadens the definition of obsolete buildings, reduces administrative burdens for small PHAs, and expands relief for mixed-finance and scattered-site properties — all with the explicit goal of moving more public housing stock onto the Section 8 platform where private capital can be leveraged. Key Takeaways: HUD estimates a $170 billion capital-needs backlog across the national public...
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  Episode 146: BPC & NAAHL Unpack the 21st Century ROAD to Housing Act 28.08.2026 2min

  The Bipartisan Policy Center and the National Association of Affordable Housing Lenders (NAAHL) are hosting a joint policy forum on September 9, 2026, from 2–3 p.m. ET to examine implementation of the 21st Century ROAD to Housing Act. For LIHTC investors, developers, syndicators, and lenders, the forum comes at a critical moment — the regulatory and administrative details being resolved now will shape deal economics, housing supply outcomes, and state HFA activity for years ahead. Key Takeaways: The forum is scheduled for September 9, 2026, from 2:00–3:00 p.m.
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  Episode 145: Fannie Mae Executive Shakeup Hits Multifamily and LIHTC 27.08.2026 2min

  Fannie Mae abruptly cut roughly 12 senior executives last Friday, with eliminations concentrated in the multifamily lending unit, the low-income housing tax credit investment division, and finance, regulatory, and communications leadership. The Wall Street Journal first reported the shakeup, and Mortgage Point identified affected individuals by tracking removed employee profiles. For LIHTC investors, syndicators, and affordable housing lenders, the cuts raise immediate questions about deal continuity, underwriting appetite, and Fannie's institutional commitment to the affordable housing...
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  Episode 144: Interagency Rescission of Special Purpose Credit Programs 26.08.2026 3min

  On August 25, 2026, HUD led a seven-agency joint rescission of the Biden-era Interagency Statement on Special Purpose Credit Programs (SPCPs) under the Equal Credit Opportunity Act and Regulation B. The agencies — HUD, CFPB, DOJ, FDIC, NCUA, OCC, and FHFA — issued a unified directive telling creditors to stop relying on the 2022 guidance. For LIHTC lenders, syndicators, state HFAs, and GSE counterparties that built or expanded race-conscious credit programs under that framework, the compliance clock is now running. Key Takeaways: Seven federal agencies — HUD, CFPB, DOJ, FDIC, NCUA, OCC,...