- TRAINING & ENGAGEMENT
- ANNUAL MEETING
- HAND PSA
Pizza, anyone? On October 12, 2017, HAND treated its member Alexandria Housing Development Corporation (AHDC) to lunch at Pizza Paradiso in Alexandria, VA. AHDC was the winner of our promotion that gave the first 25 members to renew their membership a chance to win a lunch with HAND staff. The gathering was an excellent opportunity for HAND to catch up with the AHDC staff and learn about its latest projects.
Led by Executive Director Jonathan Frederick, AHDC was incorporated in 2004. Its mission is to “develop and preserve quality housing that is affordable and support our residents to thrive as members of the Alexandria community.”
In addition to welcoming new staff this year, the organization continues to advocate for affordable housing in the city of Alexandria (including a recent letter to the editor in Alexandria Times). Their team has also been hard at work on new development. Of note, The Bloom is a partnership between AHDC and the Carpenter’s Shelter (CS) designed to provide CS with a new shelter facility topped by 97 units of AHDC-managed affordable housing. Slated to open in 2019, the building will also feature a community room, three outdoor terraces, a 1,600 square foot production garden and a playground. 10 units will be reserved as permanent supportive housing units for former CS residents, with wrap-around services provided.
HAND staff looks forward to continuing to engage with AHDC and all of our members over the coming weeks and months!
The U.S. Department of Housing and Urban Development (HUD) recently announced an agreement to resolve a discrimination complaint brought by fair housing advocates against Maryland’s Department of Housing and Community Development (DHCD) challenging the fairness of the State’s Low-Income Housing Tax Credit Program. From HUD’s press release:
“The agreement establishes policies, incentives, and more flexible program rules that will streamline the creation of affordable housing in higher opportunity neighborhoods in the Baltimore region.
Specifically, the settlement will increase the number of affordable housing units in the region by as many as 1,500, with more than 1,000 of those units being new construction. In addition, developers of affordable housing will no longer have to satisfy previously required local scoring or approval criteria before applying for state-allocated tax credits. Read the Conciliation and Voluntary Compliance Agreement.
‘Skyrocketing housing prices in the Baltimore region are making it harder than ever for hardworking families to find decent housing at prices they can afford,’ said Anna Maria Farías, HUD Assistant Secretary for Fair Housing and Equal Opportunity. ‘Today’s agreement will help ensure that people of all backgrounds who call this area home have more affordable housing options in higher opportunity neighborhoods.’
The agreement announced today is the result of a complaint filed with HUD in 2011 by the Baltimore Regional Housing Campaign (BRHC), a coalition of housing and civil rights organizations. BRHC said the state maintained a policy requiring local jurisdictions to approve proposed affordable housing projects prior to the consideration or allocation of Low-Income Housing Tax Credits (LIHTC) to fund construction. The coalition’s complaint alleged that requiring local jurisdiction pre-approval prevented the placement of LIHTC-funded properties in predominately White areas, thereby limiting housing opportunities for African American and Hispanic families in communities of opportunity.
Under the terms of the agreement, DHCD will:
It is our pleasure to congratulate Victory Housing and several other HAND members, who recently received the Maryland Department of Housing and Community Development (DHCD) Commitment to Excellence award in the Financial Innovation category at the Maryland Housing Conference! The groups were recognized for the first use of the Freddie Tax-Exempt Loan (TEL) in Maryland.
Montgomery County, Maryland boasts the highest income in the state, as well as the highest median housing prices. However, seniors in this area are often unable to afford quality housing on a fixed income. Enter Victory Housing and Capital One (and a host of other HAND members and partners).
Two years ago, the two organizations started to work together on Victory Crossing, a mixed-income rental community in Silver Spring. Capital One’s Community Finance team provided an $11.3 million tax exempt construction loan as well as a $5.8 million investment in low income housing tax credit equity via its partner Hudson Housing Capital. Capital One Multifamily Finance served as the Freddie Mac/Seller Servicer providing an $8 million tax exempt permanent loan takeout. Other financing support came from the Maryland Department of Housing and Community Development Administration (DHCD), Montgomery County Department of Housing and Community Affairs (DHCA), and the Housing Opportunities Commission of Montgomery County (HOC). Other important players in the development include: Hamel Builders (General Contractor); Habitat America (Management); Krooth & Altman and Eichner, Norris and Neumann (Legal – Lender).
Victory Crossing will provide 105 units of housing for senior households, 95 of which are for households with incomes at or below 40%, 50%, and 60% of area median income. In addition, HOC will provide a Housing Assistance Payment Contract for 39 units, under which each household will pay only 30% of their income towards rent.
Victory Crossing will be comprised of one- and two-bedroom units for households with at least one resident 62 years of age or older. The building will offer several amenities for the residents, including a community room, theater room, library, sun room, computer room, game room, art and crafts room and a wellness room. It is is slated for completion in 2018.
Date: Thursday, October 26, 2017
Georgetown University School of Continuing Studies
640 Massachusetts Avenue NW
Washington, DC 20001
Georgetown University School of Continuing Studies
Too often building improvements that advance energy and environmental performance can seem like a costly luxury or a drain on capital budgets when building owners, developers or property managers have to make tough choices on deploying limited financial resources for affordable housing preservation.
However, with well-structured projects and smart financing, the long-term savings realized on utility bills from thoughtful energy building measures can improve project cash flows and allow these operating savings to pay for capital investment that improve housing affordability, quality, health and safety, and maximized returns.
This informational briefing engages property owners, potential energy project developers, and clean energy financing partners to showcase how smart energy projects are improving financial performance in affordable housing, including deep dives into offsetting project construction costs as well as reducing operating budgets.
Session 1: Addressing Shortfalls in Capital Budgets and Deepening Affordability with Smart Energy Finance
Session 2: Asset Management: Maintaining Savings and Affordability through Smart Energy Strategies
Registration: You can register for the event here.
On September 28, 2017, the leadership of Federal City Council, the 2030 Group, and the Greater Washington Board of Trade addressed the Board of WMATA to offer its views regarding specific reforms it believes are essential to put the Metro system on a long term and sustainable path. Mayor Tony Williams, CEO and Executive Director of Federal City Council, gave opening remarks on behalf of the coalition. Consistent with the June 22nd letter (of which HAND was a signatory) to Governors Hogan and McAuliffe, Mayor Bowser, and USDOT Secretary Chao, Mayor Williams focused his remarks on the need to implement reforms in three categories: WMATA’s governance structure, operations, and funding regime.
It is the coalition’s belief believe that the three principles of reform are interrelated and should not be viewed as mutually-exclusive.
Mayor Williams remarked, “this is not simply an academic discussion or theoretical exercise. On the contrary, with the extraordinary opportunity presented to this region by the Amazon Headquarters solicitation, this discussion is playing out in real time with real world consequences.” Moreover, as he continues, “if we are to continue to be a region that can attract the largest and most innovative corporations, like Amazon, as well as the most skilled and talented workforce the country has to offer, we must seize upon the unique opportunity before us and act boldly and aggressively to reform the Metro system.”
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