Report: Impact of energy efficiency on VA home loans

“Mr. Sahadi took the results of the FSEC analysis and looked at the potential mortgage impact implications of a new HERS rated, energy-efficient home versus an older nonenergy efficient home. The results of this analysis found that a home with a HERS Index Score of 61 generated significant ‘additional buying power’ from $13,000 to over $24,000 with the same income and downpayment. This additional buying power would allow a VA borrower to gain the energy savings and health benefits of a high energy performance new home with lower housing costs than an older, less efficient home.”

https://www.resnet.us/articles/resnet-releases-study-on-impact-of-energy-efficiency-on-va-home-loans/

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

Charlotte-based Tartan Residential plans two workforce housing developments in Rock Hill

By Collin Huguley – Staff Writer, Charlotte Business Journal

“A Charlotte developer is moving forward with a pair of workforce housing projects in Rock Hill after receiving key approvals.

Dunbar Place Apartment Homes

Tartan Residential, a Charlotte-based developer of workforce and affordable housing, is planning two projects in Rock Hill: Johnston Farms Apartment Homes and Dunbar Place Apartment Homes. Rezoning requests for both projects were approved by Rock Hill City Council on Monday evening.

The larger of the two projects is Johnston Farms, which will be developed on a 24-acre site at the corner of South Anderson and Princeton roads. It will include five three-story buildings with 120 two- and three-bedroom units, according to city documents.

Dunbar Place will be developed on a 6.7-acre site on the corner of South Cherry Road and Constitution Boulevard. It will have commercial uses as well. On the housing side, the project will include one four-story building with 100 two-bedroom apartments, documents say.

The Dunbar Place site also includes an existing 16,000-square-foot building that was formerly used by American Legion. That building will be redeveloped, with about half of it being occupied by J.M. Cope Construction for its headquarters. The remainder of the building will be taken by a restaurant or retail use.

Tartan’s Jeff Carroll told the Charlotte Business Journal that he hopes to close on acquisition of the properties and begin construction on the projects in early 2021.

There are two possibilities for financing the projects, documents say. The projects will be funded by either tax-exempt bonds or opportunity zone financing.

If tax-exempt bonds are used, Tartan proposes rent and income restrictions between 30% and 80% of area median income, with a property-wide average of 60%. If opportunity zone financing is used, there will be rent and income restrictions between 50% and 100% of AMI, with an average of 80%.

Both housing projects will also include a workforce-training incentive program to help residents earn down payment assistance on future homes. Residents who complete fields of study at a local community college, technical school or university will qualify for assistance on a newly constructed home.

Documents say the program will provide a maximum of $10,000 per unit in assistance for up to 18 residents per year at Johnston Farms and a maximum of $10,000 per unit in assistance for up to 15 residents per year at Dunbar Place.”

– Charlotte Business Journal

https://www.bizjournals.com/charlotte/news/2020/08/25/rock-hill-affordable-housing-tartan-residential.html?iana=hpmvp_clt_news_headline

Davidson’s Landing Apartment Homes

Davidson’s Landing is a workforce housing development designed to serve middle-income renters in Kansas City. The community will consist of 115 units, together with a wide range of unit and site amenities.

The project also includes an employer exchange and workforce training incentives, providing first-time homeowner down payment assistance to residents obtaining a degree or trade certification while working full-time.

Construction is planned for late 2020.

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.

The Metallica Scholars Welding Program

“Founded in 2017, All Within My Hands Foundation is dedicated to creating sustainable communities by supporting workforce education, the fight against hunger, and other critical local services…. AWMH supports workforce education through the Metallica Scholars initiative, which is currently in its first year…. Our intended result is that approximately 1,000 students receive instruction enabling them to get higher paying jobs. In most cases this isn’t the accomplished by attending school for two years to receive an associate’s degree, but rather the result of a three- or six-month certificate program.”

https://www.allwithinmyhands.org/news-media/photo-video/metallicascholars.html