The Spring Street Brief

Episode 98: Shaheen & McCormick Push HUD for BABA Reforms

Senators Jeanne Shaheen (D-NH) and Dave McCormick (R-PA) have sent a bipartisan letter to HUD Secretary Turner calling for administrative reforms to the Build America, Buy America (BABA) waiver process. The current system — designed to accommodate products not domestically available in sufficient supply — has instead created significant delays and, in some cases, hard stops for affordable housing construction and preservation projects. For LIHTC developers, syndicators, and lenders working on federally assisted deals, this letter signals real momentum toward procedural relief that HUD can deliver without waiting for Congress. Key Takeaways: * Bipartisan Senate pressure targets HUD's BABA waiver backlog, which has caused significant project delays and blocked some affordable housing deals entirely. * The letter calls on HUD Secretary Turner to improve communication around waiver request status — a basic transparency gap developers have flagged for months. * Senators are pushing for faster action on completed waiver submissions, meaning requests already in queue should not be stalled by administrative inaction. * HUD is asked to assess the actual availability of BABA-compliant housing products — addressing the root supply chain disconnect driving most waiver requests. * All three requested reforms are administrative in nature, meaning HUD can act without new legislation — a faster potential path to relief than a statutory fix. * Projects using HOME funds, CDBG dollars, or other federal financing that triggers BABA applicability are most directly affected. * New Hampshire developers with active BABA concerns should contact Ilana Morof directly for advocacy and technical support. The bipartisan framing here is significant. When both sides of the aisle are putting the same ask in writing to a cabinet secretary, it increases the likelihood of an administrative response. Developers and sponsors with deals stalled on BABA waivers should document the specific timeline and cost impacts — that data is exactly what congressional offices and HUD need to justify accelerated action. Watch for HUD guidance or a public response from Secretary Turner's office in the coming weeks. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Episode 97: Bill Pulte Named Acting Director of National Intelligence

President Trump appointed FHFA Director Bill Pulte as Acting Director of National Intelligence on June 2 — while keeping him in place as FHFA Director and chairman of both Fannie Mae and Freddie Mac. The dual role raises immediate questions about leadership bandwidth at the agency that oversees the GSEs, with direct implications for multifamily lenders, LIHTC syndicators, and affordable housing developers who rely on Fannie and Freddie for bond credit enhancement and loan execution. Key Takeaways: * Pulte retains all three roles simultaneously: FHFA Director, Fannie Mae chairman, and Freddie Mac chairman, in addition to his new acting intelligence post. * Senate Majority Leader John Thune (R-SD) warned Pulte would face a "lengthy road" to Senate confirmation if nominated permanently — Trump has indicated no permanent nomination is planned, bypassing a confirmation vote. * Bipartisan criticism came from Sen. Chuck Schumer (D-NY) and Sen. John Cornyn (R-TX), the latter saying he sees "no evidence of any qualifications for that job." * Section 702 of FISA — authorizing warrantless surveillance of foreign targets — expires June 12; Pulte's appointment threatens to complicate bipartisan reauthorization efforts ahead of that deadline. * FHFA leadership distraction carries downstream risk for multifamily deal structures that depend on GSE execution certainty, including bond credit enhancement and LIHTC equity transactions. * Acting status insulates the appointment from a Senate vote, meaning no near-term forcing function for leadership change at FHFA. For affordable housing deal teams, the practical question is whether FHFA's multifamily and affordable housing agenda maintains momentum under a director now carrying a second, high-profile national security portfolio. Developers and lenders with active GSE-dependent transactions should monitor for any signs of policy slowdown or delegated authority at the agency level. If GSE engagement softens on bond or LIHTC deals in the months ahead, Pulte's divided attention will be the first variable to examine. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

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.