The Spring Street Brief

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  Episode 140: Affordable Housing Credit Carryback Act Hits the Senate 20.08.2026 2นาที

  Senators Ruben Gallego (D-AZ) and Mike Rounds (R-SD) have introduced S. 5366, the Senate companion to the Affordable Housing Credit Carryback Act. The bill would create a five-year carryback for the Housing Credit, giving LIHTC investors the ability to apply unused credits against prior-year tax liability — a structural change that could meaningfully expand investor capacity and improve pricing on affordable housing deals. The measure has been referred to the Senate Committee on Finance. Key Takeaways: S. 5366 introduced by Senators Gallego (D-AZ) and Rounds (R-SD) — a companion to H.R.
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  Episode 139: HUD Rolls Back Energy Standards for HOME and HTF 19.08.2026 3นาที

  HUD has issued revised energy efficiency standards for HOME Investment Partnerships Program and Housing Trust Fund new construction, rolling the baseline back to the 2009 International Energy Conservation Code and ASHRAE 90.1-2007. The change follows a federal court ruling in March that found HUD and USDA's adoption of the 2021 IECC mandate violated the Cranston-Gonzalez National Affordable Housing Act — and it carries direct cost implications for affordable housing developers and participating jurisdictions nationwide.
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  Episode 138: Kentucky Housing Corp Awards $231M in Tax-Exempt Bonds 18.08.2026 2นาที

  Kentucky Housing Corporation (KHC) has announced the results of its 2026 tax-exempt bond funding round, selecting 15 applications and awarding more than $231 million in tax-exempt bonds paired with over $20 million in 4% Low-Income Housing Tax Credits. The funded projects will create or preserve 2,134 affordable rental units across Kentucky — a significant pipeline addition that signals KHC's continued commitment to bond-financed affordable housing production at scale. Key Takeaways: KHC awarded more than $231 million in tax-exempt bonds across 15 selected applications in its 2026 round.
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  Episode 137: HUD Revamps Community Choice Demonstration Rules 14.08.2026 3นาที

  HUD has issued a formal notice revising the Community Choice Demonstration (CCD), the renamed Housing Choice Voucher mobility demonstration. The updates restructure the evaluation design, shift the enrollment timeline, and sharpen the rules governing recapture and reallocation of Mobility Demonstration Vouchers — changes with direct operational implications for participating public housing authorities and broader policy significance for the affordable housing industry. Key Takeaways: HUD's notice formally removes the Selected Mobility-Related Services (SMRS) treatment arm from the CCD,...
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  Episode 136: First-Time Homebuyer Act Could Free Up PAB Cap for 13.08.2026 3นาที

  The First-Time Homebuyer Affordability Act (H.R. 10075) was introduced by a bipartisan House quartet — Reps. LaHood, Panetta, Moore, and Suozzi — with a provision that carries major implications for multifamily affordable housing finance: exempting qualified mortgage bonds from the Private Activity Bond volume cap. If enacted, the bill would effectively end the competition between single-family mortgage bonds and multifamily 4% LIHTC bond deals for the same finite pool of state cap authority. Key Takeaways: H.R. 10075 would exempt qualified mortgage bonds from the PAB volume cap, directly...
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  Episode 135: Texas Awards $114M in Housing Tax Credits 12.08.2026 3นาที

  Governor Greg Abbott has announced more than $114 million in housing tax credits awarded by the Texas Department of Housing and Community Affairs (TDHCA), covering 70 rental properties and financing the construction or rehabilitation of over 4,400 affordable units statewide. For LIHTC investors, syndicators, developers, and lenders, this is one of the largest single-cycle award announcements in the Texas market and a significant signal about the state's affordable housing pipeline heading into the back half of 2026.
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  Episode 134: Treasury Data Reveals Rural-Urban OZ Investment Gap 11.08.2026 3นาที

  The IRS has released transitional guidance for current Opportunity Zone investors ahead of new OZ designations taking effect January 1, 2027, while a June 2026 Treasury Department analysis reveals a stark investment gap between rural and non-rural zones. Through 2024, the average rural OZ attracted just $7.3 million in investment compared to $23.3 million for non-rural OZs — a disparity with direct implications for developers and investors considering the upcoming designation round. Key Takeaways: Current OZ designations remain in effect through December 31, 2028; new designations take...
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  Episode 133: D.C. Sues to Block HUD and Ginnie Mae Relocation 10.08.2026 3นาที

  The District of Columbia has filed a lawsuit seeking to block the relocation of HUD and Ginnie Mae headquarters from Washington, D.C., to Alexandria, Virginia. The complaint invokes the Residence Act of 1790 and each agency's governing statutes, arguing no congressional authorization exists for the move. With more than 80% of HUD headquarters staff already relocated, the case has immediate implications for agency operations, program delivery, and the broader affordable housing finance ecosystem. Key Takeaways: D.C. filed suit to block relocation of both HUD and Ginnie Mae headquarters to...
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  Episode 132: 121 House Democrats Push HUD to Drop Equal Access Rule 07.08.2026 3นาที

  121 House Democrats, led by Financial Services Committee Ranking Member Maxine Waters (D-CA), have formally urged HUD to withdraw its proposed "Equal Access to Housing in HUD Programs Revisions" rule — a proposal that would roll back LGBTQ+ protections across HUD-funded housing programs and shelters. The move follows a June letter from 28 senators led by Elizabeth Warren and Jeff Merkley, and comes after the rule's comment period closed with over 23,000 submissions. For LIHTC developers, operators, lenders, and syndicators with HUD-connected assets, this is a live regulatory conflict risk...
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  Episode 131: OCC and FDIC Propose Major CRA Threshold Overhaul 06.08.2026 3นาที

  The OCC and FDIC have proposed sweeping changes to Community Reinvestment Act bank size thresholds that could remove 416 banks — a 61% reduction — from the large bank category subject to the CRA investment test. Since the CRA incentivized roughly 80% of Housing Credit equity investment in 2024 (just over $23 billion), the proposal carries major implications for LIHTC equity supply, syndication volume, and affordable housing production broadly. Key Takeaways: The proposed small bank threshold rises from $412 million to under $1 billion (lending test only); small banks are not subject to the...
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  Episode 130: Senate Panel Stalls Vote on HUD Inspector General Nominee 05.08.2026 3นาที

  The Senate Banking, Housing, and Urban Affairs Committee convened on July 23 for a combined vote and hearing on several Trump administration nominees — but left Jeffrey Ledbetter, the president's nominee for HUD Inspector General, without a confirmation vote after the panel moved into closed session to review FBI background investigations. It's the second time the administration has attempted to fill the post, following the withdrawn nomination of Jeremy Ellis on September 30, 2025. For LIHTC investors, developers, and lenders, the continued vacancy at the HUD IG office raises real...
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  Episode 129: JP Morgan's $750B American Dream Housing Initiative 04.08.2026 3นาที

  JP Morgan has announced plans to deploy more than $750 billion through 2035 under its American Dream Initiative to expand housing supply, preserve affordable units, and support homeownership across the U.S. The commitment — from the nation's largest multifamily lender — spans debt, equity, grants, policy advocacy, and public-private partnerships, with an explicit target of preserving 1 million affordable units. For LIHTC investors, developers, syndicators, and state HFAs, this represents one of the most significant single-institution capital commitments to the affordable housing ecosystem...
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  Episode 128: Goldman Sachs Deploys $269M for Syracuse Parkside Commons 03.08.2026 3นาที

  Goldman Sachs's Urban Investment Group has closed a $116 million construction loan anchoring a $269 million financing package for the redevelopment of Parkside Commons, a Section 8-backed affordable housing complex in Syracuse, New York. The deal, structured by BFC Partners and SAA Canopy Group, combines federal and state LIHTC equity, tax-exempt bond proceeds, and a major institutional construction loan to deliver 393 affordable apartments through a phased renovation and new-construction strategy — with every existing resident remaining in the community throughout the transition.
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  Episode 127: Maryland DHCD Awards $1 Billion for Affordable Housing in 31.07.2026 2นาที

  Maryland's Department of Housing and Community Development wrapped fiscal year 2026 with more than $1 billion in combined awards — low-income housing tax credits, state rental housing funds, Multifamily Bond Program financing, and energy efficiency program dollars — targeting the creation and preservation of 3,025 affordable rental units. For LIHTC investors, developers, syndicators, and lenders active in the mid-Atlantic, this round signals a robust near-term pipeline and a state agency operating at full deployment capacity.
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  Episode 126: HUD Extends NSPIRE Compliance Deadline to February 2027 30.07.2026 3นาที

  HUD's Office of Public and Indian Housing (PIH) has issued a formal notice extending the NSPIRE compliance deadline to February 1, 2027, for public housing authorities administering Housing Choice Voucher (HCV) and Project-Based Voucher (PBV) programs, including Moving to Work agencies. The notice formalizes a September email announcement and establishes revised administrative procedures for transitioning from legacy Housing Quality Standards (HQS) to the National Standards for the Physical Inspection of Real Estate — with significant implications for LIHTC developers, syndicators, and...
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  Episode 125: Kansas KHRC Releases 2027 Draft QAP for Public Comment 29.07.2026 2นาที

  The Kansas Housing Resources Corporation has released its 2027 draft Qualified Allocation Plan, including a proposed-changes overview and a redlined version comparing the draft to the current plan. A virtual public hearing is scheduled for August 19, 2026 at 10:30 a.m., with registration required. For LIHTC developers, syndicators, and investors active in Kansas, the public comment period now underway is the critical window to influence scoring criteria, threshold requirements, set-asides, and tie-breakers that will govern the entire 2027 allocation cycle.
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  Episode 124: Merchants Capital Closes $160M Tax Credit Equity Fund 31 28.07.2026 2นาที

  Merchants Capital has closed on its Tax Credit Equity Fund 31, a $160 million multi-investor LIHTC equity fund backed by 10 institutional investors. The fund will inject equity into nine affordable housing properties, creating or preserving more than 1,400 affordable homes. For syndicators, developers, and LP investors, the closing is a concrete data point on the current state of institutional appetite for tax credit equity. Key Takeaways: Fund 31 closed at $160 million, making it a significant multi-investor vehicle in the current market.
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  Episode 123: FY27 Continuing Resolution Moves Through Congress 27.07.2026 3นาที

  With federal government funding set to expire on September 30, 2026, Congress is on track to pass a continuing resolution rather than full FY2027 appropriations. The House passed its version of a CR before heading to recess — with no Trump Administration anomalies included — while the Senate is expected to introduce its own stopgap before breaking on August 7. For LIHTC investors, developers, and housing finance professionals, the key question is whether HUD-critical anomalies make it into the final deal. Key Takeaways: Federal funding expires September 30, 2026 — a CR is the base case,...
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  Episode 122: HUD OGC Rescinds 13 Fair Housing Guidance Documents 24.07.2026 3นาที

  On July 17, 2026, HUD's Office of General Counsel (OGC) issued a notice rescinding 13 guidance documents effective September 25, 2025, covering Fair Housing compliance, the Violence Against Women Act (VAWA), the Mrs. Murphy exemption, and tenant admittance and eviction standards in federally assisted housing. The action follows a similar withdrawal of FHEO guidance documents in April, signaling a department-wide rollback of interpretive guidance that owners, PHAs, and compliance professionals have relied on for years.
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  Episode 121: USDA Proposes Section 515 Preservation Rule Change 23.07.2026 3นาที

  USDA has published a proposed rule to amend its Section 515 Direct Multifamily Housing regulations, expanding the permissible uses of subsequent loans to include property acquisition. For developers, syndicators, and lenders working on rural affordable housing preservation, the change would open a new financing tool in one of the hardest-to-capitalize corners of the affordable housing market. Comments are due August 31, 2026. Key Takeaways: USDA proposes allowing Section 515 Direct Multifamily Housing subsequent loans to be used for acquisition — a use currently not permitted under...