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Jersey City multifamily portfolio trades for $21M

Jersey City multifamily portfolio trades for $21M
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Biden's fair housing face-off | The Real Deal

President-elect Joe Biden (Getty Images)
For decades, New York City has offered communities an enticing deal: Approve new housing and locals will get half of the affordable units.
But in 2014, the Obama administration warned the city that so-called “community preference” might be reinforcing segregation.
The city balked, offering to tweak the policy but not to dump it. “Without any promise of local benefits,” wrote Vicki Been then head of the New York City’s main housing agency getting local buy-in for projects could be “extraordinarily difficult.”
Federal housing officials felt community preference conflicted with an Obama administration rule requiring municipalities to show how they are combating exclusionary housing. But last summer the Trump administration repealed the Obama measure, Affirmatively Furthering Fair Housing, and the city’s policy remains unchanged. ....

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Fair Housing in the Age of Biden

President-elect Joe Biden (Getty Images)
For decades, New York City has offered communities an enticing deal: Approve new housing and locals will get half of the affordable units.
But in 2014, the Obama administration warned the city that so-called “community preference” might be reinforcing segregation.
The city balked, offering to tweak the policy but not to dump it. “Without any promise of local benefits,” wrote Vicki Been then head of the New York City’s main housing agency getting local buy-in for projects could be “extraordinarily difficult.”
Federal housing officials felt community preference conflicted with an Obama administration rule requiring municipalities to show how they are combating exclusionary housing. But last summer the Trump administration repealed the Obama measure, Affirmatively Furthering Fair Housing, and the city’s policy remains unchanged. ....

New York , United States , Winston Salem , North Carolina , Long Island , Queens College , Rasheedah Phillips , Aaron Koffman , Joe Biden Getty , Marla Newman , Vicki Been , Andrew Beveridge , Craig Gurian , Rick Gropper , Joe Biden , Charlie Baker , Spencer Orkus , Mike Connolly , Robert Silverman , Discrimination Center , Community Legal Services Of Philadelphia , M Development Partners , Poverty Race Research Council , Department Of Housing , Camber Property Group , Poverty Race Research Action Council ,

Congress to Set Floor Rate for Affordable Housing Tax Credit

Speaker of the House Nancy Pelosi and Senate Majority Leader Mitch McConnell (Getty; iStock)
The proposed $900 billion federal relief package hands affordable housing developers a key win in the form of changes to a popular financing program.
The bill includes reforms to the Low-Income Housing Tax Credit program, which has financed more than 3 million housing units since its inception in 1986. Lawmakers proposed a floor rate of 4 percent, divorcing the program from borrowing rates set by the Treasury Department. The new floor rate would apply to projects that receive tax credits after Dec. 31.
As a result, the credits will be worth more, and potentially become more attractive to corporate investors, who receive a reduction on federal income taxes for 10 years based on the rate. Developers, who sell the tax credits to raise equity on projects have long called for changes to the program and were hopeful that Congress would adopt the floor rate. ....

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