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Archive for month: February, 2016

The ACTION Campaign Seeks Support to Expand the Low Income Housing Tax Credit

February 29, 2016
February 29, 2016

-1The ACTION Campaign is calling on Congress to expand the Low-Income Housing Tax Credit (Housing Credit).

Leaders from both sides of the aisle, including President Obama and House Speaker Ryan, recognize that persistent poverty is both destructive to families and a barrier to our nation’s economic growth. Affirmative policy solutions are needed to prevent people from falling through the cracks and instead, expand opportunity to improve economic well-being.

Unfortunately, the scarcity of affordable housing is a significant obstacle to the nation’s efforts to alleviate poverty. While programs like the Earned Income Tax Credit are critical to increasing the incomes of low-income families, more help is needed to bring down the costs of housing – the single largest expense for low-income families.

For this reason, the ACTION Campaign is calling on Congress to address our nation’s severe shortage of affordable rental housing by raising the cap on Housing Credit allocation authority by at least 50 percent.

Read the letter and sign on. The deadline for signing on to the letter is Friday, March 11.

All existing ACTION Campaign members will be included in the letter, so if you are already an ACTION Campaign member you do NOT need to sign on. However, it is  encouraged to share the letter with networks to show broad support for the Housing Credit.

If you have any questions or want to remove your organization from the letter, contact Emily Cadik at ecadik@enterprisecommunity.org before the March 11 deadline.

0 Comments/in HAND News, Member Events & Success Stories /by H.A.N.D.

Bisnow’s Fifth Annual Affordable Housing Forum

February 28, 2016
February 28, 2016

vWRR3dFA_400x400On March 24th, Bisnow and presenting sponsor Nixon Peabody will host a forum about the latest development on HUD, Tax Credits, Community Development and more! Speakers include:


Buwa Binitie
, managing principal, Dantes Partners
David Bowers, vice president & mid-atlantic market leader, Enterprise Community Partners
Monica Hilton Sussman, former deputy general counsel, HUD, partner, Nixon Peabody
Brett Macleod, executive director, Community Development Banking, Chase
Jeff Lesk, DC managing partner, Nixon Peabody
Winell Belfonte, partner, CohnReznick
Jim Knight, president, Jubilee Housing
Jane Lang, chair, Eugene M. Lang Foundation, founder, Atlas Performing Arts Center.

More speakers to be announced! To purchase tickets, click here.   

0 Comments/in Uncategorized, HAND News, Member Events & Success Stories /by H.A.N.D.

HAND Member Spotlight: Bank of America Merrill Lynch, the Collaborator, Invests in Northern Virginia

February 23, 2016
February 23, 2016

Derrick APAH

(L-to-R: Michael Chiappa, APAH; Derrick Perkins, BAML; Peter Engel, APAH; Crystal Jackson, BAML)

The Springs Apartments – an affordable, family-friendly, 104-unit, transit-oriented, located in the heart of Arlington – may not be scheduled to open until mid-2016, but this new mixed-use community is creating a lot of buzz within the region.  With developer Arlington Partnership for Affordable Housing (APAH) and the rest of the development team on board, the property has already had a “topping out” and is well on its way to becoming a sound home for Arlington residents. As part the investment team, Bank of America Merrill Lynch (BAML) is one of the property’s proud funders and is excited that it has been able to help bring housing stability to this northern Virginia neighborhood.

“We are focused on helping local communities address critical housing needs and revitalize neighborhoods,” said Derrick Perkins, senior vice president of community development, BAML. “With our investment in The Springs, we are succeeding in our efforts in helping to create homes for families in this dynamic region.”

For nearly 30 years, BAML has fueled economic development and achieved national award-winning recognition by providing communities across the country with greater access to capital and credit. A leader in community development, the bank has achieved an extensive track record of success by dedicating itself to the financial needs of its clients and strategic partners – and the development needs of its communities.

Nationally, the bank is working diligently to achieve its community development lending and investment goal of $1.5 trillion within a decade. Launched in January 2009, BAML is on the right path in executing against this goal and is using financing tools such as LIHTC to reach its target.  To date, it has placed more than $7.5 billion in equity in LIHTC-financed communities – which represent more than 5,000 apartment communities across the nation.

With The Spring, BAML invested more than $20 million in LIHTC equity; however that was not the banks only contribution. It also used an innovative funding source from the Department of Justice which allowed for a greater reduction on some of the targeted rents within the apartment community.

“Investing in projects like The Springs is a rewarding experience. In addition to helping to create homes close to employment centers and sound community amenities, it’s also gratifying to work with partners like APAH, who are truly committed to providing sustainable investment in our neighborhoods,” said Derrick. “Being a HAND member allows us to interact with strong affordable housing developers throughout the region – and at times, throughout the country.”

In addition to providing valuable networking opportunities, BAML also leverages the other benefits of being a HAND member.  The training and capacity building series helps to refresh the skills of experienced associates, and affords educational opportunities to those who are new to the industry as well.

HAND is pleased to spotlight Bank of America Merrill Lynch as a member who certainly contributes to our organization’s COLLABORATION, INNOVATION and TRANSFORMATION within the metropolitan area!

 

0 Comments/in Member Events & Success Stories, HAND Member Profiles /by H.A.N.D.

Applications to the Catalogue for Philanthropy: Greater Washington (CFP) are now open

February 15, 2016
February 15, 2016

CFP_FloatingLogo_72dpiThe Catalogue for Philanthropy is now accepting applications for nonprofits to join the its network. Being part of the Catalogue network means you will be recognized as “one of the best” high-impact, community-based nonprofits in the region – something that means so much to supporters, both existing and new. The Catalogue’s track record shows that when nonprofits engage in a committed partnership with CFP, they receive both financial and other returns. (The Catalogue has helped raise over $30 million since 2003 for its network of over 300 charities.)

ABOUT THE CATALOGUE FOR PHILANTHROPY
The mission of the Catalogue for Philanthropy: Greater Washington is to create strong and vibrant communities by connecting caring citizens with worthy community causes. For donors‚ this means we take the guesswork out of giving by identifying the best community-based charities in Washington D.C. and nearby Maryland and Virginia counties. For nonprofits‚ it means we raise visibility through the distribution of our annual print Catalogue‚ events‚ and campaigns‚ and we create resources and run educational workshops throughout the year to help elevate their capacity to do good.

Applications are due by 11:59pm on Sunday, February 28th.

Click here to learn more and to apply.

0 Comments/in Uncategorized, HAND News, Member Events & Success Stories /by H.A.N.D.

Dollars and Sense: 2015 Enterprise Green Communities Criteria Costs, Specifications and Scopes Web Event

February 15, 2016
February 15, 2016

sponsors-enterprise-community-investment-platinumTo support anyone using the 2015 Criteria, Enterprise Green Communities is releasing a series of newly developed resources to help you achieve your sustainability goals.

This live online event  (February 25, 2016, from 2:00 p.m. to 3:30 p.m. ET), introduces new resources developed to accompany the 2015 Green Communities Criteria: The 2015 Criteria Cost Survey and the 2015 Criteria Specifications with Scopes of Work (SOW).

By attending this web event, participants will be able to:
– Understand the purpose of these resources, what they cover and how to access them.

– Estimate the incremental cost of meeting the individual measures of the 2015 Criteria as compared to standard construction practices.

– Edit our building specifications template for your multifamily or single-family affordable housing, to ensure that your construction documents are aligned with the 2015 Criteria.

– Customize a model SOW for your single-family project to ensure your contractors and trades are aligned around your sustainability goals.

Presenters will include: Jessica Pitts of Bridgewire Consulting (2015 Criteria Cost Survey) and Alistair Jackson of O’Brien and Company (2015 Criteria Specifications and Scopes of Work).

Click here to register!

0 Comments/in Uncategorized, HAND News, Member Events & Success Stories /by H.A.N.D.

President Obama Unveils FY 2017 Budget Request

February 15, 2016
February 15, 2016

Recently, the President submitted to Congress his fiscal year (FY) 2017 budget request–the final budget request of his presidency.

Overall, the budget request provides a $2.1 billion increase in funding for affordable housing and community development programs. The budget proposes additional resources for the U.S. Department of Housing and Urban Development (HUD) to expand the number of Housing Choice Vouchers for homeless families with children, to increase funding for Homeless Assistance Grants, as well as to help revitalize distressed communities throughout the country. Moreover, the budget fully funds the U.S. Department of Agriculture (USDA) rural rental housing assistance program.

The budget request contains a number of proposals related to tax policy and other federal agencies that directly impact housing and economic opportunities for low-income families. For more details, see Enterprise’s comprehensive overview of the President’s FY 2017 budget and our updated FY 2017 budget chart.  For a version of this Action Alert that you can share on social media, see Enterprise’s blog post.

Now that the President’s budget has been released, it is time for affordable housing and community development organizations to take action.

Here are 3 things you can do TODAY to help protect affordable housing and community development programs:

1. Sign the national letter urging Congress to make funding for affordable housing and community development a top priority. Enterprise and other leaders of the Campaign for Housing and Community Development Funding launched this letter to bring together housing, community development, and transportation organizations to ensure that the Transportation, Housing and Urban Development (THUD) Appropriations Subcommittee gets the highest allocation possible. With this investment, communities across the nation can access the federal resources they need to thrive and meet the needs of their most vulnerable residents. The deadline to sign on is February 19.

2. Sign the national letter to protect and fully fund Section 4 in FY 2017. Section 4 strengthens communities across the nation by providing critical support to local nonprofit organizations that develop affordable housing, finance small businesses, revitalize commercial corridors, and help address local healthcare, childcare, education and safety needs. Despite this successful track record, the Obama Administration proposes to essentially eliminate Section 4 in his FY 2017 budget request. In response, Enterprise, LISC, and Habitat for Humanity are leading an effort to fully fund Section 4 at no less than $35 million in FY 2017. The deadline for organizations to sign on is February 18.

3. Sign the national HOME letter to restore funding to at least $1.2 billion in FY 2017. For over 20 years, HOME has proven to be one of the most effective, locally driven tools to help states and communities address their most pressing housing needs. In recent years, HOME funding has been cut in half, making it more difficult for low-income seniors, people with disabilities, veterans, families with children, and homeless populations to access the housing they need. That’s why Enterprise and other members of the HOME Coalition are urging Congress to restore HOME funding to at least $1.2 billion.The deadline for organizations to sign on is March 1. For more information, see Enterprise’s recent blog post and their #SaveHOME  campaign site.

If you have any questions about the President’s budget request–or how you can help protect funding for affordable housing programs–please contact Diane Yentel (dyentel@enterprisecommunity.org) or Sarah Mickelson (smickelson@enterprisecommunity.org).

0 Comments/in Uncategorized, HAND News, Member Events & Success Stories /by H.A.N.D.

The Community Foundation in Prince George’s County Announce 2016 Request for Proposals

February 11, 2016
February 11, 2016

The Community Foundation in Prince George’s County is pleased to announce the 2016 Request for Proposals for the Transforming Neighborhood Initiative (TNI) Fund for Community Innovation. Created by The Office of the Prince George’s County Executive and Prince George’s County Public Schools, the TNI Fund will offer program and general operating support of up to $15,000 for organizations serving youth, ages 0-18, in the TNI communities of East Riverdale/Bladensburg, Glassmanor/Oxon Hill, Hillcrest Heights/Marlow Heights, Kentland/Palmer Park, Langley Park, and Suitland/Coral Hills.

For more information, please view the full set of application guidelines here.

Technical Assistance
The Community Foundation will offer a pre-proposal webinar to review the RFP Guidelines and online application system on Thursday, February 18, 2016 from 10:00 – 11:30AM. Pre-registration is required. To register for the webinar, click here.

Apply Online
Before applying, please carefully review the eligibility requirements and the program objective defined in the application guidelines document to ensure your proposal will be accepted and reviewed by the Foundation. All applications must be submitted online on Tuesday, March 8, 2016 at 5pm. Final grant decisions will be announced by July 1, 2016.

To begin the online application, click here.

0 Comments/in Uncategorized, HAND News, Member Events & Success Stories /by H.A.N.D.

Stewards of Affordable Housing for the Future: Power of Collaboration

February 1, 2016
February 1, 2016

EZ Retrofit – A Free, Simple Way to Save Energy!

Washington, D.C. – Monday, February 1, 2016 – Almost two years after the initial launch, Stewards of Affordable Housing for the Future (SAHF) is pleased to announce the release of EZ Retrofit 3.0!

EZ Retrofit is a free, do-it-yourself, excel-based audit tool that addresses cost and complexity concerns typically associated with traditional third party audits. It was developed by SAHF in collaboration with ICF International and Bright Power, Inc.

Rebecca Schaaf, the Senior Vice President of Energy at SAHF stated that “Opportunities exist for nearly every building to save energy and water, but it’s not always worth it to pay for an audit. EZ Retrofit gives owners a detailed analysis specific to their building to help them select upgrades and start saving.”

EZ Retrofit provides owners and managers with an easy way to identify cost-effective energy and water efficiency upgrades specific to their building. It enables owners to customize a retrofit scope for their individual property. After running EZ Retrofit, owners can integrate changes that can:

– Reduce energy and water consumption and costs
– Increase property efficiency
– Reduce maintenance and extend equipment life
– Improve indoor air quality and tenant comfort
– Attract and retain tenants

A costs analysis of 32 multifamily was conducted by SAHF using the EZ Retrofit tool. The median projected energy and water cost savings from SAHF’s analysis were $338/unit/year. This is generally comparable with other recent studies of national multifamily programs, including an analysis of 179 multifamily properties which participated in HUD’s Green Retrofit Program (GRP). Results from HUD analysis indicated actual first year savings of $308/unit/year from energy and water upgrades*.

Since the release of EZ Retrofit, property owners and auditors have applied it to more than 4500 affordable housing units across the U.S. Owners of multifamily buildings who apply recommendations produced by EZ Retrofit, stand to reap substantial cost savings.

“EZ Retrofit not only provides valuable recommendations, but also offers fast results at no cost, with little disruption to the property.” stated Dennis Hidalgo, Energy & Sustainability Manager, Volunteers of America. He added, “Plus, it’s a great tool for comparing cost and energy savings quoted by contractors. We’ve already identified other properties where EZ Retrofit will be helpful in identifying opportunities for savings.”

*Reference: “Energy and Water Savings in Multifamily Retrofits,” SAHF/ Bright Power, 2014

Interested in Learning How the EZ Retrofit Can Help You Save Money?
Join SAHF on February 18th for the EZ Retrofit 3.0 Webinar
Register Today!

0 Comments/in Uncategorized /by H.A.N.D.

FHA to Cut Insurance Rates on Multifamily Mortgages

February 1, 2016
February 1, 2016

HUD No. 16-008

FHA TO CUT INSURANCE RATES ON MULTIFAMILY MORTGAGES
Lower rates expected to stimulate production and rehabilitation of affordable rental housing

WASHINGTON – In an effort to help preserve and increase the amount of affordable, quality rental housing across the country, the Federal Housing Administration (FHA) today announced a multifamily insurance rate reduction designed to encourage capital financing of affordable and energy-efficient apartments. The rate reductions announced today will take effect on April 1, 2016, and will directly impact FHA’s Multifamily Housing Programs and properties housing low- and moderate-income families and/or developments installing energy-efficient systems or building within federal energy guidelines. Read FHA’s new Multifamily Insurance Rates.

U.S. Housing and Urban Development (HUD) Secretary Julián Castro made the announcement today during a visit to an affordable housing complex in Columbus, Ohio. FHA estimates that the multifamily insurance rate reductions will spur the rehabilitation of an additional 12,000 units of affordable housing per year nationally, meaning over the next three years nearly 40,000 families could benefit from higher quality and affordable housing.

“Families across the country are struggling through an affordable housing crisis,” said Secretary Castro. “By reducing our rates, this Administration is taking a significant step to encourage the preservation and development of affordable and energy efficient housing in communities large and small. This way, hard-working families won’t have to make the false choice between quality or affordable housing.”

FHA’s new annual multifamily insurance rates include:

– For ‘Broadly Affordable’ housing (at least 90% of the units are under Section 8 contract and/or covered by Low Income Housing Tax Credit (LIHTC) affordability requirements), FHA is lowering annual rates to 25 basis points, a reduction of 20 or 25 basis points from current rates.

– For Affordable mixed-income properties that is properties that set-aside units based on affordability including partial LIHTC, partial section 8, inclusionary zoning, or other local affordability requirements, FHA is lowering annual rates to 35 basis points, a reduction of 10 to 35 basis points from current rates.
For energy-efficient properties (those committed to industry-recognized green building standards,AND committed to energy performance in the top 25 percent of multifamily buildings nationwide), FHA is lowering annual rates to 25 basis points, a reduction of 20 to 45 basis points. Qualification for the top 25% will be determined using EPA’s Portfolio manager 1-100 score.

– To ensure that the Broadly Affordable and energy-efficient properties benefit directly from the lower rates, FHA will limit the fees that can be charged on these loans.

– Multifamily insurance rates for market-rate properties that are not energy efficient (as defined above) will remain unchanged.

FHA is also reducing upfront premiums to support the affordable housing and energy efficiency goals stated above and to streamline the premium structure. Upfront insurance rates will be set at 25 basis points for Broadly Affordable and Energy-Efficient properties and 35 basis points for Mixed-Income properties. Upfront premiums for market rate properties that are not energy-efficient will remain unchanged.

Each year the U.S. loses more than 300,000 affordable housing units. FHA’s multifamily rate reductions will help preserve and maintain affordable housing by making rehabilitation more cost-effective and allowing the U.S. to better preserve its limited affordable housing stock. Most of the affordable housing in the U.S. was built prior to 1980, making it more than 30 years old. These premium reductions will allow developers to renovate this housing, providing families with better quality places to live. The reductions will allow owners of affordable housing developments to free up the capital needed to support higher levels of rehabilitation or increase the number of affordable units—both of which will increase the access families will have.

Nearly half (49.3 percent) of all renter households spent more than 30 percent of income on housing in 2014, including more than one quarter (26.4 percent) who devoted more than half of income to housing.[1] Since 2000, rents have risen while the number of renters who need affordable housing has increased. The pressure to find affordable housing to rent is more severe for very poor households. Only 28 of every 100 extremely low-income renter households in the United States were able to find decent, affordable homes in 2013.

Encouraging more energy efficient multifamily housing

One-out-of-every-four U.S. households live in multifamily housing units and spend approximately a combined $40 billion on energy costs each year. Making these housing units 20 percent more energy efficient would save $8 billion per year and cut greenhouse gas emissions by over 430 million tons. The lower multifamily insurance rate for energy-efficient projects will contribute to this effort by encouraging owners to adopt higher standards for construction and rehabilitation, resulting in greater energy and water efficiency, reduced utility costs, and improved indoor air quality.

Lowering rates in a responsible way

The reduced rates announced today are made possible by the strong health of the FHA Multifamily portfolio,which stands at a historically low default/delinquency rate of 0.15 percent. FHA’s Multifamily business traditionally generates significant revenue for taxpayers; these changes will leverage over $400 million in new mortgage financing for affordable housing/energy-efficient development without significantly decreasing overall revenue. Even with these reductions, affordable and energy-efficient loans originated in Fiscal Year 2016 are projected to generate net revenue for the federal government.

**The proposed rule is available in the Federal Registrar. Comments are due on Feb. 17, 2016.**

 

 

0 Comments/in Uncategorized, HAND News, Member Events & Success Stories /by H.A.N.D.

Maryland Affordable Housing Coalition Holds 2016 Housing Day

February 1, 2016
February 1, 2016

mahc annual Meeting

Show your legislators that the Rental Housing Works Programs brings jobs and affordable housing to Maryland. Urge them to continue funding for this program and other key rental housing programs in 2017 by attending the MAHC Housing Day on February 18th in Annapolis. Learn about important legislative initiatives, network with other housing professionals, and show legislators that rental housing matters.

Affordable housing provides Maryland residents with a safe place to live and raise their families, and creates needed job….register for the 2016 Housing Day now!

Housing Day Agenda

8:00 – 9:00am Breakfast & Networking

9:00 – 11:00am Program

11:00am Legislative Visits Begin

For more information and to register, go here.

 

0 Comments/in Uncategorized, HAND News, Member Events & Success Stories /by H.A.N.D.

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