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We Need Your
Help on Stimulus
Package |
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The federal $825 billion economic stimulus package
continues to work its way through Congress. One
of SDHF's biggest concerns is that there
is very, very little in the proposal to address the Low
Income Housing Tax Credit crisis affecting
affordable housing. Investors have fled the
market, developers are having difficulty placing
allocated credits, pricing is down. Incentives are
needed to fill the financing gap and bring new investors
into the market.
The SDHF Board this week called on Congress to add
three provisions to the stimulus package:
- Provide $5 billion in gap financing for
developments that have received tax credit allocations
but have been unable to use them.
- Permit investors to accelerate the Low Income
Housing Tax Credit by claiming up to 200% per year for
each of the first three years of the ten-year credit
period. (The remainder would be taken over the
last seven years of the credit period.) This
proposal is seen as a way to bring in new investment
from non-financial institutions by producing a faster
return to investor.
- Permit taxpayers to carryback LIHTC credit
for up to five years and use LIHTC to offset AMT
during that period. Authorizing carryback for
recipients of last fall's economic recovery package is
important to prevent those institutions from dumping
their existing portfolios of tax credits which would
further depress credit prices.
The Senate Finance
Committee is scheduled to hold a hearing on the
American Recovery and Reinvestment Act on Tuesday,
January 27. Please call and or fax your Representatives
NOW! Sample materials are here.
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In Case You Missed
It |
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The impact of the economic crisis on affordable
housing and an overview of what's needed in the economic
stimulus package were highlighted in an Op Ed column in
today's San Diego Union Tribune. Click here to
read it. |
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Ready for a Networking
Break? |
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Business Member SW Engineering has organized a
no-host Networking Happy Hour for affordable housing
professionals. The event will take place Thursday,
January 29, 2009 from 5 p.m. to 7:30 p.m. at Bondi Bar,
333 Fifth Ave, in downtown San Diego. Please
direct RSVPs to Bree Wong at bree@sw-engr.net with
number of people attending or call 951-491-0433 with
questions.
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National Homelessness Conference
Here |
San Diego Grantmakers, through member partners of
the Homelessness Working Group, are making available a
limited number of partial scholarships (participants pay
remaining $100 prior to Jan. 27, $150 after that). Mail
scholarship requests to San Diego Grantmakers, 4270
Executive Square, Ste. 200, La Jolla, CA 92037. All
requests must be received by Wednesday, February 4.
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Donovan Confirmed to Head
HUD |
Late Thursday the U.S. Senate confirmed Shaun
Donovan as Housing and Urban Development secretary.
Donovan was confirmed by voice vote. He was previously
New York City's housing commissioner, a position he had
held since 2004. Members of both parties praised his
qualifications to lead HUD at a Jan. 13 confirmation
hearing before the Banking, Housing and Urban Affairs
Committee. Read more about him here.
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County Housing Plan Comments
Due |
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The SD County Housing Authority has scheduled a
public hearing on March 4 at 9 a.m. in room 310 of the
County Administration Center on the Couny's proposed
Public Housing Agency Five-Year Plan for 2006-2010, the
annual Plan for 2009, the Public Housing Admissions and
Continued Occupancy Policy, and Section 8 Administrative
Plan. Written comments are due Monday, January 26.
The documents are here. |
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Neighborhoods First Celebration
Saturday |
Neighbhorhoods First, a pilot neighborhood
revitalizatio program for Colina Park and Logan
Heights/Memorial neighborhoods sponsored by LISC, has a
Family Day at Reuben H. Fleet Museum on Saturday from
1-3 p.m. Participants will have free admission to the
museum before and after the Neighborhoods First
celebration. Contact JZawadzki@lisc.org for
information. |
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Only a Few Roundtable Seats
Remain
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Sign up now
for the February 5 Affordable Housing Roundtable on
"Finance and Development Strategies for a Challenging
2009". Only a few seats remain before the event
will be sold out. Panelists include: Evan Becker
and Joe Mandeville, Red Capital; Dorothy Forbes, Bank of
America; Cissy Fisher, SD Housing Commission; Tom Dixon,
Boston Capital; and Sue Reynolds, Community Housing
Works. The event is sponsored by the California Housing
Partnership Corp. and Hitzke
Development. |
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TCAC Hearing Monday in
LA |
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The California Tax Credit Allocation Committee
will hold a hearing Monday from 10 a.m. to 1 p.m. at the
Junipero Serra State Building, 320 W. Fourth Street, Los
Angeles in the 7th Floor Conference Room. To view
the proposed changes, click here. Tom
Scott, SDHF Executive Director, will testify on behalf
of Federation
members. | |
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| February
Roundtable |
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Finance &
Development
Strategies for
A Challenging
2009
Affordable Housing
Roundtable Thursday, February 5
7:30 a.m. to 10:30 a.m.
NTC Command Center
Pt. Loma
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| Quick Links |
Happy Hour
Thursday, January 29
5-7:30 p.m.
Bondi Bar
333 Fifth Avenue
San Diego 92101
No-host networking for
Affordable Housing
Professionals
RSVP to 951-491-0433 or
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