The Spring Street Brief

Spring Street Management Group
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The Spring Street Brief is your daily intelligence briefing on affordable housing in America. In under 3 minutes, get the news that matters: LIHTC allocations, Section 8 voucher updates, HUD policy changes, private activity bonds, state housing finance agency deals, and emerging trends in affordable housing development. Designed for LIHTC investors, affordable housing developers, syndicators, lenders, and policy makers who need to stay ahead of the curve. AI-powered. Human-curated. Brought to you by Tom Carter at Spring Street Management Group.

  1. 2d ago

    Episode 192: New Hampshire Housing Suspends Conduit Bond Program

    New Hampshire Housing's Multifamily Housing Division has repealed its HFA 116 Conduit Multifamily Bond Financing Program Rules following a Board of Directors vote on October 29, 2026. The repeal is designated short-term to allow for a comprehensive review, but it immediately halts application intake for conduit bond deals — directly impacting 4% LIHTC transactions in the state. For developers, syndicators, and lenders active in New Hampshire, understanding the scope and timeline of this pause is critical to pipeline planning. Key Takeaways: New Hampshire Housing's Board approved the repeal of HFA 116 rules on October 29, 2026 — no applications for conduit bond deals will be accepted during the repeal period. The review is aimed at aligning rules with current bond markets, updated federal requirements, and contemporary industry practices — suggesting the existing framework was materially out of date. 4% LIHTC deals in New Hampshire depend on conduit bond allocations from this agency; the pause creates a direct gap in the deal pipeline. No timeline has been announced for completing the review or reinstating the program — developers should not assume a near-term reopening. Developers with deals in early-stage structuring should evaluate alternative financing structures or adjust projected timelines accordingly. The reopening signal will most likely appear in New Hampshire Housing Board meeting notices or state public rulemaking filings — monitor both channels. If the review produces a modernized rule set aligned with current IRS and Treasury guidance, the long-term effect could be more efficient deal execution once the program resumes. State HFA conduit bond program pauses — even short-term ones — have a way of stretching. With no announced completion timeline, stakeholders active in New Hampshire should treat this as an open-ended disruption until the agency signals otherwise. The silver lining is a potential rule modernization that better reflects post-HOTMA compliance structures and current bond market realities. Watch New Hampshire Housing's Board calendar and public rulemaking notices closely for the first indication of when the program will reopen. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  2. 3d ago

    Episode 191: Ohio HFA Opens 2026 4% LIHTC Bond Gap Financing Round

    The Ohio Housing Finance Agency (OHFA) board has approved its 2026 4% LIHTC with Bond Gap Financing (BGF) guidelines, opening the application window for one of Ohio's most critical affordable housing financing tools. Applications are due February 16, 2027, at 5:00 p.m. This approval is a key planning milestone for developers, syndicators, lenders, and investors with Ohio pipeline deals that depend on subordinate bond gap financing to close the equity-to-cost gap. Key Takeaways: OHFA board has officially approved the 2026 4% LIHTC with BGF guidelines — the formal starting gun for this financing round. BGF application deadline: February 16, 2027 at 5:00 p.m. — a hard cutoff with no indication of extensions. Bond Gap Financing serves as subordinate financing to bridge the gap between PAB/4% LIHTC equity and total development costs, expanding deal feasibility in higher-cost Ohio markets. Board-approved guidelines give syndicators and investors the underwriting parameters needed to advance Ohio 4% term sheets with confidence. Approximately 3.5 months remain between today and the application deadline — teams with complex deals should initiate pre-application outreach to OHFA now. 9% credit competition continues to push volume toward the 4%/bond pathway, making BGF availability a meaningful driver of Ohio's overall affordable unit pipeline. With the guidelines now approved, the window is open but the clock is running. Ohio developers and their capital partners should pull the published guidelines immediately, stress-test deal structures against the new requirements, and flag any project-specific complexity for early OHFA engagement. Missing the February 16 deadline means waiting for the next cycle — a costly delay for any deal with expiring land control or time-sensitive financing commitments. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  3. 4d ago

    Episode 190: 5 Signals Shaping Affordable Housing in 2027

    As the affordable housing industry heads into 2027 with expanded LIE-tek capacity and renewed GSE participation, Walker & Dunlop executives John O'Toole and John Ducey have outlined five market signals that will determine which deals get structured, capitalized, and closed — and which fall short. The signals span rent dynamics, collections quality, capital stack execution, preservation complexity, and sponsor balance sheet strength. Key Takeaways: In select submarkets in Salt Lake City and San Antonio, market rents have fallen below maximum allowable LIHTC rents at the 60%, 70%, and 80% AMI levels, narrowing or eliminating the traditional affordable rent advantage. Collections and bad debt are increasingly separating high-occupancy properties from high-performing ones — weak collections reduce debt capacity and complicate preservation transactions. The 2025 LIHTC expansion permanently increased 9% allocations by 12% and reduced the private activity bond financing threshold to 25% for qualifying projects. Fannie Mae and Freddie Mac have each doubled their LIHTC equity investment cap to $2 billion, expanding investor capacity but also intensifying competition for the strongest deals and sponsors. Preservation deals face compounding pressure: rehabilitation costs, softer LIHTC equity pricing, debt resubordination requirements, and seller expectations must all be resolved within a single capital structure. Capital providers are evaluating sponsor net worth, liquidity, guarantees, contingent liabilities, and full pipeline exposure — not track record alone. Local soft funds, property-tax abatements, and jurisdiction-specific subsidies are becoming material differentiators in deal competitiveness and capital attraction. The expansion of LIHTC and GSE capacity creates a genuine opportunity to scale affordable housing production — but it also raises the stakes for execution. Sponsors who enter the market without a fully resolved capital stack, a clear-eyed rent and collections analysis, and a balance sheet capable of absorbing pipeline stress will find capital providers looking elsewhere. The competitive advantage in 2027 belongs to teams that solve all the variables before they're in the room asking for commitments. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  4. 5d ago

    Episode 189: Trump EO on Housing Costs and Treasury Investor Rules

    President Trump signed an executive order on October 22, 2026, targeting single-family housing and mortgage costs, directing the FHFA to restructure mortgage insurance premiums, expand title insurance waivers, and stand up a new Manufactured Housing Innovation Task Force co-chaired by HUD and FHFA. Separately, the Treasury Department proposed regulations under the 21st Century ROAD to Housing Act that would restrict large institutional investors from purchasing single-family homes starting January 7, 2027. Together, these two actions carry meaningful implications for LIHTC developers, syndicators, and lenders — particularly around manufactured housing eligibility and single-family rental market dynamics. Key Takeaways: The executive order directs FHFA to launch a pilot program eliminating mortgage insurance premiums for borrowers meeting equity thresholds based on current market values — removing a recurring monthly cost for eligible homeowners nationwide. FHFA's title insurance waiver pilot is directed to become permanent and expand to more borrowers, targeting a reduction in refinancing closing costs. A new Task Force on Manufactured Housing Innovation, co-chaired by the HUD Secretary and the FHFA director, is created to promote modern manufacturing methods and reduce costs for factory-built housing eligible for federal programs — a direct signal for LIHTC developers. Treasury's proposed rule implements the 21st Century ROAD to Housing Act: starting January 7, 2027, entities controlling at least 350 single-family homes would generally be barred from new single-family purchases unless an exception applies. Excepted purchases under the proposed rule include build-to-rent, renovate-to-rent, homeownership programs, and programs to boost homeownership — definitions still being finalized. The public comment window on Treasury's proposed rule closes November 23, 2026; NAHB has confirmed it will submit comments. Departments of Agriculture and Veterans Affairs are directed to reduce interest rates on their single-family loan programs, potentially affecting financing cost benchmarks in rural and veteran-targeted affordable deals. The manufactured housing task force is the provision LIHTC practitioners should monitor most closely in the near term. If HUD and FHFA move to streamline how factory-built units are treated in federal programs, it could unlock new construction pathways in markets where site-built costs have made deals unworkable. State HFAs may follow with QAP adjustments. On the institutional investor rule, organizations involved in build-to-rent or renovate-to-rent structures should engage the comment process before the November 23 deadline to help define what qualifies as an excepted purchase. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  5. 6d ago

    Episode 188: HUD's New Task Force on Manufactured Housing Innovation

    President Trump signed an Executive Order titled "Decreasing Housing Costs for the American People," establishing the Task Force on Manufactured Housing Innovation. HUD Secretary Turner will co-chair the task force alongside the FHFA Director, with the Secretaries of Agriculture, Commerce, and Veterans Affairs also at the table. The multi-agency structure signals a whole-of-government push to modernize manufactured housing standards, accelerate federal approvals, and open new regulatory pathways — with direct implications for LIHTC developers, GSE lending programs, and state QAP policy. Key Takeaways: Executive Order "Decreasing Housing Costs for the American People," signed October 22, 2026, formally established the Task Force on Manufactured Housing Innovation. HUD Secretary Turner and FHFA Director will serve as co-chairs — the FHFA seat signals secondary market access is on the agenda alongside production-side reform. Task force membership includes USDA, Commerce, and VA, reflecting the breadth of federal programs that touch manufactured housing financing and siting. Mandate includes modernizing HUD-code certification timelines, creating alternative regulatory pathways, and providing clearer federal guidance on manufactured housing approvals. Fannie Mae's MH Advantage and Freddie Mac's CHOICEHome programs represent the current GSE frontier — coordinated HUD/FHFA action could expand eligibility and lower risk pricing. State HFAs that restrict manufactured housing in their QAPs may face pressure to realign if federal standards and GSE programs shift materially. LIHTC deals involving manufactured housing communities could see expanded eligible basis treatment if QAP and underwriting barriers fall in response to federal guidance. This task force is early-stage, but the co-chair structure — particularly FHFA's seat at the table — gives it more teeth than a typical advisory body. Developers and syndicators with manufactured housing in their pipeline should track whether joint HUD/FHFA rulemaking follows and how state HFAs respond in their next QAP cycles. The window for regulatory clarity on manufactured housing may be opening faster than the market expects. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  6. Oct 23

    Episode 187: GAO Report: HUD's 29% Workforce Reduction in 2025

    The U.S. Government Accountability Office has released a report quantifying HUD's 2025 workforce and spending changes. HUD reduced its staff by 29% — primarily through deferred resignation programs — with more than half of departing employees carrying at least 10 years of service and 41% holding more than 20 years. For LIHTC investors, developers, syndicators, and lenders, the loss of that institutional depth has direct implications for processing timelines, enforcement posture, and program funding stability. Key Takeaways: HUD reduced its workforce by 29% in 2025, the GAO confirmed, primarily through deferred resignation programs. More than 50% of departing employees had at least 10 years of service; 41% had more than 20 years — signaling a loss of deep institutional knowledge, not just headcount. Processing timelines for LIHTC allocations, tax-exempt bond determinations, and project-based rental assistance contracts are at risk as experienced staff departs. Senator Elizabeth Warren (D-MA), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, stated that enforcement against housing discrimination is "all but eliminated." The GAO report references HUD withholding Congressionally appropriated grant funding — a potential separation-of-powers dispute with direct implications for housing program budgets. Deals dependent on HUD review or approval should be stress-tested against extended timelines; rate lock windows, construction starts, and equity closings are all exposed. Secretary Scott Turner has been called on by Senate Democrats to immediately reverse the staffing and funding cuts. The GAO report draws a clear line between HUD's staffing losses and tangible program degradation — slower approvals, weakened enforcement, and contested grant funding. For deal teams with active HUD-dependent transactions, the prudent move is to build longer review windows into underwriting assumptions now, and to watch the appropriations dispute closely. How Congress and the administration resolve the grant-withholding question will shape HUD's operational capacity — and your pipeline — through at least the next budget cycle. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  7. Oct 22

    Episode 186: LIHTC Turns 40: 6 Bills to Watch in Congress

    LIE-tek turns 40 tomorrow, and Congress has been busy. Six bills currently in play could reshape the Low-Income Housing Tax Credit program and affiliated affordable housing finance tools — from tripling state allocations and slashing the private activity bond threshold to creating 250,000 new housing vouchers. With the House and Senate in recess until November 9, the post-midterm landscape will determine which of these proposals has a realistic shot at moving. Key Takeaways: The Affordable Housing Credit Carryback Act (S. 5366/H.R. 9012) would establish a 5-year carryback period for the Housing Credit, a market-stabilization tool for investors when tax appetite tightens. The Affordable Housing Construction Act (S. 5625) is the most sweeping proposal: it triples state LIHTC allocations, makes the 12.5% allocation increase permanent, drops the PAB threshold to 15%, extends affordability periods to 50 years, and eliminates the qualified contract process. The FIXER Act (H.R. 9906) would exempt tax-exempt PABs used for affordable housing preservation from state volume caps — directly targeting one of the biggest bottlenecks in 4% LIHTC deals. The Supporting Small Affordable Housing Developers Act (S. 5472) would exempt affordable housing developer grants and income from transferable state tax credit sales from federal taxation. The Transit-Oriented Housing Development Act (S. 5553) would raise state PAB caps by 30%, provide basis boosts of 50%–100% near transit hubs, and invest $300 billion over 10 years in the National Housing Trust Fund. The Family Stability and Opportunity Vouchers Act (S. 1257) would create 250,000 new housing vouchers over 5 years for low-income families with young children, paired with mobility counseling and expanded landlord participation tools. Congress returns November 9 after the midterms — committee composition and majority control will determine which bills have a viable path in the next session. The Carryback Act and the FIXER Act stand out as the most tactically viable near-term candidates: both are bipartisan, technically narrow, and well-suited for attachment to a broader tax package. Syndicators and investors should be tracking the Carryback Act closely; developers working in 4% deals should prioritize the FIXER Act. For all players in this space, the November elections are the real variable — know where your members stand before the lame-duck window opens. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  8. Oct 21

    Episode 185: Related's $750M Hell's Kitchen Section 8 Refi

    Related Companies has closed a $750M Wells Fargo mortgage on Manhattan Plaza, a 1,689-unit Section 8 complex at 576 10th Avenue in Hell's Kitchen, retiring a $450M Fannie Mae loan. Filed simultaneously: a new HUD agreement extending the building's Section 8 status for 20 years, keeping rents affordable for households at or below 80% AMI. For LIHTC investors, lenders, and preservation practitioners, the deal offers a rare look at large-scale Section 8 preservation financing executed outside the GSE framework — and sets a structural precedent for contracts approaching expiration nationwide. Key Takeaways: Wells Fargo provided a $750M mortgage on Manhattan Plaza, one of the largest single-asset affordable housing financings on record. The new loan retires a $450M Fannie Mae execution — a notable shift from GSE to bank financing on a Section 8 asset of this scale. HUD's concurrent use agreement locks in Section 8 affordability for 20 years at 80% AMI across all 1,689 units. 70% of units are reserved for performing artists under the Section 8 program, a defining feature of the property's 2M SF footprint. Related agreed to fund maintenance reserves and complete repairs as part of the HUD agreement — a capital commitment layered onto the financing. The HUD agreement explicitly prohibits Related from interfering with tenant organizing rights, reflecting current federal oversight expectations for large assisted properties. The deal structure — bank mortgage plus negotiated HUD use agreement — offers a template for other large Section 8 contracts nearing expiration. As Section 8 contracts on large, older properties come up for renewal across the country, the Manhattan Plaza transaction illustrates what preservation looks like at scale: a private lender willing to hold long-dated paper, a sponsor with the balance sheet to absorb capital obligations, and a HUD agreement that goes beyond rent restrictions to include maintenance commitments and tenant protections. Practitioners working on preservation deals — particularly those weighing GSE versus bank execution — should study this structure closely. The 20-year extension eliminates opt-out risk on nearly 1,700 units in a supply-constrained market, and that covenant clarity appears to be exactly what Wells Fargo underwrote against. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

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The Spring Street Brief is your daily intelligence briefing on affordable housing in America. In under 3 minutes, get the news that matters: LIHTC allocations, Section 8 voucher updates, HUD policy changes, private activity bonds, state housing finance agency deals, and emerging trends in affordable housing development. Designed for LIHTC investors, affordable housing developers, syndicators, lenders, and policy makers who need to stay ahead of the curve. AI-powered. Human-curated. Brought to you by Tom Carter at Spring Street Management Group.

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  • Creator
    Spring Street Management Group
  • Years Active
    2025 - 2026
  • Episodes
    191
  • Rating
    Clean
  • Copyright
    © 2026 Spring Street Management Group

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