Episode 85: 21st Century ROAD to Housing Act Heads to House Floor

Episode 90: HUD Overhauls CoC Funding With $4.04B Recovery-First NOFO

HUD has released its Fiscal Year 2026 Continuum of Care Notice of Funding Opportunity — $4.04 billion in federal homelessness assistance structured around a fundamental policy shift away from housing-first and toward recovery, self-sufficiency, and competitive performance accountability. For developers, syndicators, and lenders with exposure to supportive housing, the implications for operating subsidy assumptions are immediate. Key Takeaways: * HUD's FY2026 CoC NOFO releases $4.04 billion — described by HUD as a record funding level for the program. * $1.3 billion is specifically reserved for new projects, with explicit priority given to Transitional Housing and Supportive Services over permanent supportive housing. * Automatic renewal of CoC grants is eliminated; CoC recipients must now competitively scrutinize and prioritize projects based on performance outcomes. * HUD is conditioning funding on prohibiting facilitation of illicit drug use, directly targeting harm-reduction models that have operated within CoC-funded programs. * HUD is actively encouraging new applicants, signaling that incumbent grantees no longer hold a structural funding advantage. * Deals carrying CoC-dependent operating revenue — particularly those built on housing-first frameworks — face genuine renewal risk under the new NOFO structure. * State QAP scoring of supportive housing and lender underwriting of CoC grant revenue may need to be reassessed as the federal program's priorities realign. This NOFO represents the most significant structural overhaul of the CoC program in its history. For the affordable housing finance community, the shift isn't just ideological — it changes the risk profile of supportive housing deals that depend on CoC operating subsidies. Developers, syndicators, and lenders should review existing and pipeline deals for CoC revenue exposure, and state HFAs should expect pressure to realign supportive housing priorities in upcoming QAP cycles. The $1.3 billion in new project funding is a real opportunity, but only for organizations positioned to compete under the new performance and programmatic framework. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Episode 89: 21st Century ROAD to Housing Act Clears the House

The 21st Century ROAD to Housing Act passed the House 396-13, with White House advisers signaling the President would sign the bill in its current form. Senate Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) issued a joint statement pledging to advance legislation — but signaled the Senate's version isn't simply a rubber stamp on the House bill. A key fault line over institutional investor home-buying restrictions remains unresolved between progressive lawmakers in both chambers. Key Takeaways: * The House passed the 21st Century ROAD to Housing Act 396-13, reflecting overwhelming bipartisan support rarely seen on housing legislation. * The White House issued a Statement of Administration Policy indicating presidential advisers would recommend the President sign the bill as passed — a strong pre-signature signal. * Senate Banking Committee Chairman Scott and Ranking Member Warren issued a joint statement committing to continue work toward a bill that can pass the Senate, stopping short of endorsing the House text outright. * The institutional investor single-family home-buying provision remains a point of disagreement between House Financial Services Ranking Member Maxine Waters (D-CA) and Senator Warren — a fault line that could force amendments or a conference process. * The Senate previously passed its own strong bipartisan housing bill, meaning reconciliation between chambers is a live possibility, introducing timeline risk for practitioners. * LIHTC stakeholders should monitor the Senate Banking Committee for markup activity and any targeted amendments to the institutional investor provision. * The bill's momentum is real — a 396-13 vote and White House backing are rare alignments — but Senate procedure and intra-progressive disagreements could slow final passage. This is one of the most significant bipartisan housing pushes in years, and the political window appears genuinely open. For affordable housing investors, developers, and syndicators, the near-term question is whether the Senate moves on the House text or insists on its own version — and how the institutional investor provision gets resolved without fracturing the coalition. Track Senate Banking Committee activity closely over the coming weeks. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Episode 88: Carey and Panetta Introduce 5-Year LIHTC Carryback Bill

Representatives Mike Carey (R-OH) and Jimmy Panetta (D-CA) have introduced the Affordable Housing Credit Carryback Act (H.R. 9012), a bipartisan standalone bill that would allow Low-Income Housing Tax Credit investors to carry back unused credits up to five years against prior tax liability. For LIHTC investors, syndicators, and developers, the proposal addresses a structural limitation in the current tax code that constrains investor absorption capacity and deal pricing. Key Takeaways: * H.R. 9012 would permit 5-year carrybacks of unused LIHTC against prior-year tax liability — a mechanism currently unavailable for the Housing Credit. * The current code allows only 20-year carryforwards, which defers value and reduces capital efficiency for investors who hit absorption ceilings in a given year. * A carryback mechanism can generate immediate tax refunds rather than stranded credits, improving investor liquidity and willingness to commit capital. * Improved investor absorption capacity is a direct input to credit pricing — better pricing at the deal level helps developers close financing gaps in a high-cost construction environment. * The bill was introduced with bipartisan support: Rep. Carey sits on the House Ways and Means Committee, giving the bill a sponsor with direct committee standing. * H.R. 9012 has been referred to Ways and Means — the same committee that would handle any broader tax legislation where this provision could be incorporated. * The bill may move as a standalone measure or be folded into a larger tax package; either path requires early engagement from industry stakeholders. The Affordable Housing Credit Carryback Act is early-stage legislation, but it targets a real friction point that the LIHTC investor community has long identified. With a Republican co-sponsor on Ways and Means and a bipartisan House introduction, the bill has a credible path to at least a committee hearing. Developers, syndicators, and lenders should monitor the Ways and Means calendar closely and engage their congressional contacts now — particularly as broader tax legislation remains active in the current session. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Episode 87: HUD Trims Environmental Review for Large Projects

HUD has published an interim rule eliminating the final clearance-officer approval step in its environmental review process for large federally assisted multifamily projects — those with more than 200 units or a mortgage above $5 million. The rule takes effect June 22, with a public comment period open through July 21. For LIHTC developers, syndicators, and lenders navigating tight closing timelines, the change removes a late-stage regulatory bottleneck that HUD itself acknowledges can jeopardize deals. Key Takeaways: * The interim rule removes the final HUD clearance-officer approval for multifamily projects with 200+ units or a mortgage above $5 million receiving federal assistance. * Effective date is June 22; public comments are due by July 21 — a real opportunity to shape whether the rule is finalized as written. * HUD argues the requirement — added by a single sentence in 1996 to a 1971 rule — is not statutorily required and duplicates earlier review steps. * The change is framed under Trump's Unleashing American Energy executive order, part of a broader agency-wide deregulatory push. * Secretary Turner has also rolled back eviction-related rules and energy-efficiency standards, establishing a consistent pattern of regulatory rollback on the production side. * Two March executive orders further direct agencies to eliminate development barriers and ease community bank mortgage underwriting restrictions. * Developers with deals currently in the HUD environmental review pipeline should confirm with counsel how the June 22 effective date applies to in-process transactions. The administration is building a deregulatory posture on housing production that, for LIHTC professionals, has tangible deal-level implications. The comment period is open and data-driven submissions from developers and lenders who have experienced timeline disruptions from the current clearance-officer step could directly influence the final rule. Watch for further regulatory rollbacks as HUD continues reshaping its operating framework under Secretary Turner. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

Episode 86: Ohio Awards $39.1M in 9% Tax Credits for 2026

The Ohio Housing Finance Agency has awarded more than $39.1 million in 9% Low-Income Housing Tax Credits for 2026, issuing conditional commitments to 25 developments across the state. The awards represent a full annual credit round for Ohio, with projects spanning new construction and preservation of affordable rental housing for low- to moderate-income residents. For investors, syndicators, lenders, and developers active in the Ohio market, the announcement signals the start of active equity and construction finance negotiations for a competitive slate of deals. Key Takeaways: * OHFA awarded more than $39.1 million in annual 9% LIHTC credits for the 2026 round — roughly $391 million in gross ten-year credit authority before pricing. * 25 developments received conditional commitments, averaging just under $1.6 million in annual credits per project. * Awards are conditional commitments from the OHFA Board — carryover agreements have not yet been executed, placing projects in the document and due diligence phase. * Equity investors who pre-screened 2026 Ohio deals should expect formal term sheet activity to accelerate in the near term; the window to enter specific transactions is narrowing. * OHFA's QAP priorities — community revitalization areas, deepest income targeting, and rental assistance pairings — shaped competitiveness in this round and will continue to do so in future cycles. * Developers who did not receive 2026 awards should analyze this cycle's scoring outcomes now to strengthen positioning before the 2027 round opens. * Ohio's oversubscribed round reflects national trend: 9% credit demand consistently exceeds state allocation authority across virtually every HFA. Ohio remains one of the more active Midwestern states for affordable housing tax credit investment, and the 2026 round reinforces that pipeline depth. Syndicators and lenders not already engaged with these 25 projects should move quickly. For developers and policy stakeholders, the award list is the most current read on how OHFA is operationalizing its QAP priorities when supply is constrained — study it before the next allocation cycle begins. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.