New REIT Will Focus on Affordable Housing

“Avanath Capital Management and MacFarlane Partners, two of the largest African American-owned real estate companies in the US, have jointly filed paperwork with the SEC to create a new REIT. It is reportedly the first REIT to focus on Opportunity Zones, though it will look to other properties as well.

The company will ‘invest in, develop, redevelop and manage mostly affordable and workforce multifamily properties in Opportunity zones, in dynamic, US metropolitan areas,’ the filing said.”

https://www.globest.com/2020/10/08/new-reit-will-focus-on-affordable-housing/?slreturn=20200915235945

The Paces Foundation and Soho Housing Partners Announce Strategic Partnership

“The Paces Foundation and Soho Housing Partners are pleased to announce they have entered into a strategic partnership, combining Paces’ industry leading affordable housing development and preservation services with Soho’s exceptional capabilities structuring complex financial solutions that make quality investments for workforce housing communities possible.”

https://www.prnewswire.com/news-releases/the-paces-foundation-and-soho-housing-partners-announce-strategic-partnership-301151832.html

Freddie Mac: New Research Shows Affordable Housing Shortage Persists

“Less than 10% of rental units are affordable to renter households earning 50% of median renter income (MRI), according to new research released today by Freddie Mac (OTCQB: FMCC) Multifamily. Building on last year’s ‘Diminishing Affordability – Inescapable’ report, the new study isolates renter income to more accurately capture the availability of affordable housing to individual renters.”

https://www.globenewswire.com/news-release/2020/08/26/2084311/0/en/Freddie-Mac-New-Research-Shows-Affordable-Housing-Shortage-Persists.html

Thoughtful design can create high-quality affordable multifamily housing

“Developers who build affordable housing face a lot of hurdles: complex subsidy programs, expensive labor and materials, onerous local land use regulations, and, of course, community opposition. Neighboring residents often worry that low-cost housing will be ugly and comprised of hulking, boxy structures with cheap-looking facades. But while affordable housing developers do have tight budget constraints, there are strategies that allow them to build apartments that are visually appealing and offer comfort and convenience to their residents while meeting all the essential requirements of safe, healthy housing.

In this article, we examine strategies to save costs on three building components: the exterior shell, interiors, and services.”

https://www.brookings.edu/research/affordable-housing-doesnt-have-to-look-cheap-inside-or-out/

HousingThink Podcast – Episode 13

Multifamily Building Systems was established to improve the energy efficiency of affordable and workforce housing. In this episode we hear from industry professionals about MBS’s strategy to optimize the performance of multifamily housing.

Introduction to Net Benefit Analysis: A New Way of Designing Workforce Housing

In this video we show how Tartan Residential and Multifamily Building Systems utilized Net Benefit Analysis to design and engineer a new family of garden apartment buildings serving the affordable and workforce housing market.

The YIMBY Act Passes House by Voice Vote

“The YIMBY Act, which was championed by Representatives Denny Heck (D-Wash.) and Trey Hollingsworth (R-Ind.), would use Community Development Block Grant Consolidated Plans to support modernizing outdated codes that hinder housing and undermine sound local plans. The senate version of the legislation (S. 1919) was introduced last year by Senators Todd Young (R-Ind.) and Brian Schatz (D-Hawaii).”

https://dennyheck.house.gov/media-center/press-releases/yes-in-my-backyard-act-passes-house-by-voice-vote

https://www.planning.org/home/action/nimby/

Why Affordable Housing Is So Hard to Find in America’s Big Cities

“Vanessa Brown Calder found for the Cato Institute that increased land-use regulation is associated with rising real average home prices in 44 states and that rising zoning regulation is associated with rising real average home prices in 36 states. ‘In general,’ she finds, ‘the states that have increased the amount of rules and restrictions on land use the most have higher housing prices.’ As a result, the $200 billion in federal funds, which was spent on subsidizing, renting, and buying homes in 2015, went to states with more restrictive zoning and land-use rules. ‘Federal aid thus creates a disincentive for the states to solve their own housing affordability problems by reducing regulation,’ Brown Calder finds.”

https://fee.org/articles/why-affordable-housing-is-so-hard-to-find-in-america-s-big-cities/

How Developers are Helping Teachers Find Affordable Housing

“According to the National Education Association, teacher salaries from the 2018-19 school year are down 4.5 percent compared to salaries from the 2009-10 school year, when adjusting for inflating. Over that same time period, the Case-Shiller National Home Price Index has risen by 43.1 percent.

This means many teachers have been forced to leave their school communities—particularly in high-cost metro areas like San Francisco and New York City—or to leave the profession altogether. ”

https://www.curbed.com/2019/5/7/18535284/affordable-housing-teachers-landed-village

Prohibiting Underground Parking Creates Obstacles for Affordable Housing

“DOEE has indicated that it intends to prohibit purely residential buildings from building underground parking garages unless they obtain a code modification. Mixed-use projects, however, would be allowed to use underground parking garages ‘by right’ and no longer need to obtain a variance. These proposed changes would place another obstacle to delivering affordable housing in the District.”

https://www.jdsupra.com/legalnews/d-c-s-department-of-energy-environment-94186/