Episode 87: HUD Trims Environmental Review for Large Projects

Episode 96: HUD's 2025 Point-in-Time Count: First Drop Since 2016

HUD released Part 1 of the 2025 Annual Homelessness Report, delivering the first year-over-year reduction in the national point-in-time count since 2016. With 745,652 people counted as homeless in January 2025 — a 3.3% decline from 2024 — the report offers a cautious but meaningful signal for housing-focused policy. For LIHTC developers, syndicators, and policymakers, the data lands at a pivotal moment for federal appropriations debates and CoC funding allocations. Key Takeaways: * 745,652 people were counted as homeless in January 2025, a 3.3% decrease from 2024 — the first annual decline since 2016. * Families experiencing homelessness fell 11.3%; unaccompanied youth dropped 7.9%; unsheltered homelessness declined 2.9%; homeless veterans fell 1.2%. * Illinois posted the steepest state-level drop at -43.6%, followed by Hawaii at -41.3% and Florida at -11.1%; California fell 2.8% and New York fell 7.9%. * Since 2013, overall homelessness is up 27%, unsheltered homelessness is up 36%, and chronic homelessness is up 81%. * An estimated 17,500 people per week entered homeless systems for the first time over the course of 2024, underscoring the sustained demand pressure on housing resources. * Ann Oliva of the National Alliance to End Homelessness warned that "homelessness remains a crisis" despite the positive headline, calling for sustained investment in housing-focused programs. * Part 2 of the report — which includes subpopulation and program-level data used in CoC funding allocations — is still pending and will be critical for supportive housing and rental-assistance-layered LIHTC deals. The report is already being deployed on both sides of the federal budget debate — by advocates as proof that housing-first interventions work, and by fiscal hawks as justification for funding reductions. For LIHTC developers and syndicators with supportive housing components or projects layered with rental assistance, the upcoming Part 2 data will be the more actionable release. State-level outliers like Illinois and Hawaii signal where concentrated public investment is moving the needle — and where deal flow may follow. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Episode 95: CHFA Multifamily Compliance Manual Updated

The Colorado Housing and Finance Authority (CHFA) has released a revised Multifamily Program Compliance Manual, updating guidance across three compliance policy areas for developments financed with Housing Tax Credits and/or CHFA multifamily loans. For owners, investors, syndicators, and compliance professionals with Colorado affordable housing assets, this is the new controlling document — and CHFA has directed stakeholders to use this version immediately for all questions on procedures, rules, and regulations. Key Takeaways: * CHFA updated compliance policies across 3 multifamily program areas simultaneously — a scope that signals either federal regulatory realignment (likely HOTMA) or monitoring-driven corrections. * The revised manual governs all CHFA-financed developments with Housing Tax Credits, CHFA multifamily loan financing, or a combination of both. * CHFA has explicitly designated this as the authoritative version — prior editions are no longer controlling for procedures, rules, or regulations. * LIHTC developments out of conformance on income calculation, asset verification, or recertification procedures face findings that can escalate to credit recapture. * HOTMA implementation remains an active recalibration point for state HFAs; any alignment in this update has immediate implications for site-level compliance programs. * Syndicators and investors with Colorado assets should confirm asset management and compliance monitoring partners have reviewed the new manual and benchmarked it against current practices. * Developers with active CHFA-financed deals in lease-up or construction should complete their review before the first compliance monitoring event under the new framework. State HFA compliance manual updates rarely make headlines, but they set the standard by which properties are measured during monitoring — and findings under an updated framework can carry serious consequences for LIHTC equity. Colorado operators and investors should treat this as effective immediately, pull the full change list from CHFA, and close any gaps between current site practices and the new guidance before the next monitoring cycle. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Episode 94: CHFA Awards $11.5M in 9% Credits Across Connecticut

The Connecticut Housing Finance Authority (CHFA) has approved $11.5 million in 9% Low-Income Housing Tax Credit allocations supporting six developments across five Connecticut municipalities — Cromwell, Farmington, Hartford, Naugatuck, and New Britain. The awards will produce 319 total rental units, including 282 affordable apartments, spanning both new construction and preservation deals. For LIHTC investors, syndicators, and lenders active in the Northeast, this round offers concrete signals about CHFA's current QAP priorities and the state of the Connecticut affordable housing pipeline. Key Takeaways: * CHFA allocated $11.5 million in 9% LIHTCs across six developments in a single board-approved round. * The 319-unit portfolio includes 282 affordable apartments — approximately 88% affordability across the slate. * Five municipalities received awards: Cromwell, Farmington, Hartford, Naugatuck, and New Britain — signaling a geographic distribution preference in the current QAP cycle. * The round covers both new development and preservation, creating distinct underwriting profiles for lenders and syndicators on construction financing and exit assumptions. * Annual credit per affordable unit runs roughly $36,000 — a benchmark for syndicators pricing Connecticut 9% deals against current construction cost environments. * Suburban and small-city markets (Naugatuck, Cromwell) clearing the same credit threshold as Hartford suggests CHFA is actively rewarding non-urban supply solutions. * Developers with projects in the Connecticut pipeline should analyze this round for active QAP preference signals before the next application cycle. Connecticut's affordable housing shortfall remains measured in the tens of thousands of units, so 282 affordable apartments won't close the gap on its own. But this allocation confirms that CHFA's 9% pipeline is active and competitive heading into the second half of 2026. Investors and lenders tracking Northeast market health should watch for corresponding state bond or Housing Trust Fund activity to fill financing gaps — particularly on new construction deals in the smaller markets represented in this round. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Episode 93: Maryland's Twin Housing Acts Reshape Affordable Production

Maryland's General Assembly passed two significant pieces of housing legislation in 2026 — the Maryland Transit and Housing Opportunity Act and the Maryland Housing Certainty Act — alongside a Fiscal Year 2027 budget designed to support the Maryland Department of Housing and Community Development's affordable housing programs. For LIHTC developers, syndicators, and lenders active in Maryland, the combined effect of transit-focused production incentives, approval certainty provisions, and a state agency budget commitment could reshape deal flow and QAP priorities in the near term. Key Takeaways: * Two bills passed in 2026: the Maryland Transit and Housing Opportunity Act and the Maryland Housing Certainty Act — each targeting a distinct barrier to affordable housing production. * The Transit and Housing Opportunity Act focuses on production near transit corridors, a signal that transit-oriented sites may receive favorable treatment in future QAP scoring cycles. * The Housing Certainty Act is designed to reduce entitlement and approval unpredictability — a direct risk-reduction mechanism for 9% LIHTC deals with tight credit reservation timelines. * Maryland DHCD's FY2027 budget is explicitly framed as supporting robust affordable housing investment and safeguarding existing program capacity alongside the new legislative framework. * Specific appropriation figures tied to the new acts have not yet been publicly detailed — watch for Maryland DHCD guidance releases for dollar amounts and program-level allocations. * Developers should map existing pipeline against Maryland transit corridors now, ahead of any QAP revisions that may incorporate the new legislative priorities. * State HFA watchers should monitor Maryland's next QAP cycle closely — new production legislation paired with a budget commitment frequently precedes changes to set-asides and scoring criteria. Maryland's legislative move is part of a broader state-level trend of pairing transit-oriented development policy with affordability mandates. For deal teams active in the state, the window between legislative passage and QAP operationalization is the highest-leverage period for site selection and partnership positioning. Early alignment with stated policy priorities has historically translated into competitive advantages in 9% allocation rounds and stronger bond-financing narratives in 4% transactions. Stay close to Maryland DHCD communications over the coming months. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Episode 92: OMB's Proposed Rule Threatens $1 Trillion in Federal Grants

The Office of Management and Budget, joined by more than 40 federal agencies including HUD, has proposed a sweeping revision to government-wide rules governing federal financial assistance. With up to $1 trillion in funding in scope and a final rule targeted for October 1, 2026, the proposal carries direct implications for affordable housing developers, operators, and lenders reliant on HUD grants and related programs. Key Takeaways: * The proposed rule affects up to $1 trillion in federal financial assistance across grants, cooperative agreements, and other assistance mechanisms. * Comments are due July 13, 2026; OMB is targeting a final rule effective October 1, 2026. * E-Verify screening and English-only materials requirements would add new compliance layers to HUD and other federal grant programs. * Fraud allegations would be referred directly to inspectors general and prosecutors, bypassing standard internal agency review processes. * Proposed limits on disparate-impact enforcement could alter fair housing compliance strategies for affordable housing operators. * Greater authority for political appointees over grant approvals and monitoring reduces agency-level flexibility and insulation from political intervention. * OMB would gain expanded discretion to withhold funding — introducing timing and certainty risk for transactions dependent on reliable federal funding flows. This rule is not abstract policy. If finalized as proposed, it restructures the compliance environment and funding certainty for any affordable housing deal touching federal grants. Stakeholders with operational exposure to HUD programs should submit detailed, program-specific comments before the July 13 deadline. The October 1 effective date leaves little runway for implementation planning once a final rule is issued. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.