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. 2h ago

    Episode 147: HUD Eases Public Housing Demolition and Disposition Rules

    HUD released updated demolition and disposition guidance on August 28, 2026, expanding the tools available to public housing authorities to redevelop, sell, or reposition distressed properties. The guidance broadens the definition of obsolete buildings, reduces administrative burdens for small PHAs, and expands relief for mixed-finance and scattered-site properties — all with the explicit goal of moving more public housing stock onto the Section 8 platform where private capital can be leveraged. Key Takeaways: HUD estimates a $170 billion capital-needs backlog across the national public housing portfolio, the core problem this guidance addresses. The expanded definition of "obsolete" now includes buildings with outdated design features, widening the pool of properties eligible for demolition or disposition. PHAs with 75 or fewer units can now reposition their entire portfolio in a single action, exit the public housing program, and optionally consolidate with a larger nearby agency — with significantly reduced paperwork. Mixed-finance properties gain expanded access to demolition and disposition, removing a structural ambiguity that has complicated underwriting and deal execution. HUD broadened the definition of scattered sites, giving agencies and owners a cleaner path to disposition for those complex portfolios. The policy trajectory is explicit: HUD is steering distressed public housing toward the Section 8 platform to reduce federal operating subsidy reliance and increase private capital leverage. Families in distressed public housing are 3x more likely to live in higher-crime neighborhoods and 4x more likely to live in high-poverty concentrations, per HUD data cited in the announcement. For LIHTC developers, syndicators, and lenders with PHA relationships, the practical implication is an expanded pipeline of RAD and Section 18 conversion candidates. The small-agency provision in particular could surface consolidation and acquisition opportunities that were not viable under prior rules. Teams should revisit existing pipeline properties against the updated obsolescence and scattered-site definitions now, before the market reprices these opportunities. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  2. 3d ago

    Episode 146: BPC & NAAHL Unpack the 21st Century ROAD to Housing Act

    The Bipartisan Policy Center and the National Association of Affordable Housing Lenders (NAAHL) are hosting a joint policy forum on September 9, 2026, from 2–3 p.m. ET to examine implementation of the 21st Century ROAD to Housing Act. For LIHTC investors, developers, syndicators, and lenders, the forum comes at a critical moment — the regulatory and administrative details being resolved now will shape deal economics, housing supply outcomes, and state HFA activity for years ahead. Key Takeaways: The forum is scheduled for September 9, 2026, from 2:00–3:00 p.m. ET — a free, one-hour event hosted jointly by BPC and NAAHL. Speakers will address the full range of housing policy reforms included in the 21st Century ROAD to Housing Act, not just headline provisions. A key focus is implementation: where the rules still need to be written and where agency-level decisions will determine real-world outcomes. The legislation's potential impact on housing supply will be examined across states and communities — directly relevant to QAP strategy and state HFA engagement. Participants include experts from across the affordable housing industry, positioning this as a cross-sector intelligence opportunity for practitioners active in LIHTC, lending, and policy. The implementation phase is where broad reform legislation typically diverges from its stated intent — early engagement in forums like this can inform how organizations position their pipelines and advocacy. The 21st Century ROAD to Housing Act represents one of the more significant federal affordable housing reform efforts in recent years. With implementation underway, the September 9 forum is an early-stage opportunity to hear directly from practitioners and policymakers shaping the rules. Teams active in state HFA relationships, LIHTC structuring, or affordable housing lending should treat this as a must-attend or must-monitor event ahead of the next QAP and allocation cycle. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  3. 4d ago

    Episode 145: Fannie Mae Executive Shakeup Hits Multifamily and LIHTC

    Fannie Mae abruptly cut roughly 12 senior executives last Friday, with eliminations concentrated in the multifamily lending unit, the low-income housing tax credit investment division, and finance, regulatory, and communications leadership. The Wall Street Journal first reported the shakeup, and Mortgage Point identified affected individuals by tracking removed employee profiles. For LIHTC investors, syndicators, and affordable housing lenders, the cuts raise immediate questions about deal continuity, underwriting appetite, and Fannie's institutional commitment to the affordable housing market. Key Takeaways: Approximately 12 senior executives were eliminated in a single action, reported Friday by the Wall Street Journal. Cuts specifically targeted Fannie's multifamily loans unit and its LIHTC investment operations — two divisions central to affordable housing finance. Finance, regulatory, and communications leadership were also among the eliminated roles, suggesting a broad, coordinated reduction. Affected executives were identified by Mortgage Point after their internal employee profiles were quietly removed from Fannie Mae's directories. The shakeup introduces near-term uncertainty around Fannie's LIHTC equity investment appetite and multifamily deal underwriting continuity. The timing overlaps with ongoing conservatorship exit discussions and potential FHFA-driven cost and mandate restructuring. Developers, syndicators, and lenders with active Fannie Mae relationships should immediately confirm the status of their deal contacts and relationship managers. Fannie Mae is one of the largest institutional LIHTC equity investors in the country and a cornerstone multifamily lender. Leadership disruption at this scale — particularly concentrated in affordable housing units — warrants close monitoring. Whether this is driven by conservatorship politics, FHFA directives, or internal restructuring, the downstream effect on deal flow and credit availability could be significant. Watch for further personnel disclosures and any formal statements from Fannie Mae or FHFA about the future direction of its multifamily and affordable housing operations. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  4. 5d ago

    Episode 144: Interagency Rescission of Special Purpose Credit Programs

    On August 25, 2026, HUD led a seven-agency joint rescission of the Biden-era Interagency Statement on Special Purpose Credit Programs (SPCPs) under the Equal Credit Opportunity Act and Regulation B. The agencies — HUD, CFPB, DOJ, FDIC, NCUA, OCC, and FHFA — issued a unified directive telling creditors to stop relying on the 2022 guidance. For LIHTC lenders, syndicators, state HFAs, and GSE counterparties that built or expanded race-conscious credit programs under that framework, the compliance clock is now running. Key Takeaways: Seven federal agencies — HUD, CFPB, DOJ, FDIC, NCUA, OCC, and FHFA — jointly rescinded the February 2022 Interagency SPCP Statement on August 25, 2026. Creditors are explicitly directed not to rely on the 2022 statement, prior guidance, or related issuances going forward. The rescission is anchored in Executive Orders 14173 and 14151, which directed agencies to eliminate race-based preferences across federal programs and federally influenced credit markets. FHFA's participation signals direct implications for GSE seller-servicers — Fannie Mae and Freddie Mac counterparties should expect updated guidance on race-conscious credit products. DOJ Assistant AG Harmeet Dhillon explicitly identified enforcement of equal-treatment civil rights standards as a priority, elevating litigation risk for non-compliant programs. The underlying ECOA/Regulation B legal framework for SPCPs remains intact — programs built on economically relevant, non-protected criteria are not automatically disqualified. State HFAs and mission-driven lenders with demographic targeting in down-payment assistance or soft-second structures face the most immediate compliance exposure. The legal authority for SPCPs has not been eliminated — but the federal policy environment that made race-conscious credit programs administratively safe is gone. For the affordable housing industry, the priority action is an immediate legal review of any SPCP or targeted lending product that uses protected characteristics as a qualifying criterion. Watch for FHFA seller-servicer guidance as the next concrete signal of how GSE-connected lenders will be expected to respond. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  5. 6d ago

    Episode 143: Ohio HFA Releases 2026 4% LIHTC Bond Gap Financing Draft

    The Ohio Housing Finance Agency (OHFA) has released its first draft of program year 2026 guidelines for its 4% LIHTC with Bond Gap Financing (BGF) program, opening a short public comment window that closes August 27, 2026. For developers, syndicators, and lenders active in Ohio's four percent bond market, the draft guidelines — available in both clean and redline formats — directly govern deal feasibility for the coming program year. Key Takeaways: OHFA posted draft PY 2026 4% LIHTC with Bond Gap Financing guidelines for public comment on or before August 25, 2026. The public comment deadline is Thursday, August 27, 2026 — a narrow window of approximately two days from publication. Written comments must be submitted to BGF@ohiohome.org; no other comment channel is specified. Both a clean version and a redline of the draft guidelines have been published, enabling direct comparison to prior-year program terms. BGF is a subordinate debt program designed to close financing gaps in 4% LIHTC deals paired with private activity bonds — changes to loan terms, subsidy caps, or underwriting criteria affect senior debt sizing and syndicator pricing. Ohio four percent pipeline deals expected to close in PY 2026 should be stress-tested against draft BGF terms before the comment deadline. State HFAs routinely incorporate specific, deal-grounded written feedback into final guidelines — the comment process carries real influence. With the comment window closing in less than 48 hours from publication, Ohio market participants need to move quickly. Review the redline for material changes to eligible costs, maximum subsidy amounts, and underwriting standards. If draft provisions create structural problems for deals in your pipeline, submit written comments before Thursday. Final guidelines will govern program year 2026 transactions — there is no second opportunity to shape the terms once they are adopted. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  6. Aug 24

    Episode 142: 2026 National Housing Trust Fund Allocations Released

    HUD has released the 2026 National Housing Trust Fund (HTF) allocations for all states and jurisdictions, with a total of $255 million available — up $32 million from the $223 million allocated in 2025. The HTF exclusively targets rental housing for extremely low-income households (at or below 30% of AMI), making it a critical gap-financing layer in complex LIHTC deal structures. Developers, syndicators, and lenders should expect state HFAs to begin updating their HTF allocation plans and opening application cycles imminently. Key Takeaways: Total 2026 HTF funding is $255 million, a ~14% increase over the 2025 total of $223 million. HTF is formula-distributed to states based on the shortage of affordable units and renter household incomes — states with larger affordability gaps receive larger absolute allocations. HTF exclusively funds units serving households at or below 30% of AMI, making it structurally distinct from LIHTC, which typically targets 50–60% AMI. HTF layered with 4% or 9% LIHTC equity can close the feasibility gap on the deepest affordability units in high-cost markets. State HFAs administer HTF through allocation plans — developers should engage their state agency now to confirm application timelines and available amounts. Deals with 30% AMI set-asides that currently have an unresolved gap should be reassessed in light of updated state HTF availability. QAP amendments and HTF plan updates from state HFAs are expected in the coming weeks — watch for competitive and over-the-counter application cycles opening soon. The 2026 HTF increase arrives at a moment when deep affordability is under intense pressure from rising construction costs and land prices. For developers structuring deals in high-cost markets, this is a timely opportunity to layer HTF into capital stacks before state application windows close. Teams that engage their HFAs early will be best positioned heading into year-end underwriting cycles. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  7. Aug 21

    Episode 141: HUD HOTMA Adjustments and EHV Payment Standard Rollback

    HUD has released its 2027 HOTMA inflationary adjustments and passbook rate, effective January 1, 2027, while simultaneously rescinding the waiver that allowed Emergency Housing Voucher (EHV) and Stability Voucher (SV) payment standards to reach up to 120% of Fair Market Rent. This episode walks through both actions and the cluster of additional HUD notices—on Title VI disparate-impact rules, VAWA lease addenda, and the renamed Foster Youth to Independence Initiative—that affordable housing operators and voucher administrators need to track now. Key Takeaways: HUD's 2027 HOTMA annual inflationary adjustments and passbook rate are effective January 1, 2027 — compliance teams should update income examination procedures before year-end. PIH has rescinded the EHV/SV payment standard waiver that allowed ranges of 90–120% of FMR; PHAs must now operate within the standard 90–110% FMR range. Existing exception payment standards already approved outside the 90–110% FMR range are not impacted by the rescission notice. HUD has proposed removing disparate-impact liability from its Title VI regulations, aligning with recent DOJ revisions — comments are due October 9, 2026. HUD is requesting comments on HUD Form 9834 (MOR) and HUD Form 91067 (VAWA Lease Addendum) — comments due September 3, 2026. PIH's updated FYI guidance removes the per-fiscal-year cap on vouchers PHAs can request under the Melania Trump Foster Youth to Independence Initiative, subject to funding availability. HUD launched a new Secure Systems landing page in July 2026 as part of its EICAM modernization initiative — no user action required, but the current URL remains available only through August during transition. The EHV payment standard rollback is the most operationally urgent item for housing authorities working in high-cost markets, where the 120% ceiling had been a critical placement tool for homeless and at-risk populations. Combined with the HOTMA adjustment cycle and the October 9 comment deadline on Title VI disparate-impact rules, this is a dense policy period — teams should prioritize review of all four items before Q4. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  8. Aug 20

    Episode 140: Affordable Housing Credit Carryback Act Hits the Senate

    Senators Ruben Gallego (D-AZ) and Mike Rounds (R-SD) have introduced S. 5366, the Senate companion to the Affordable Housing Credit Carryback Act. The bill would create a five-year carryback for the Housing Credit, giving LIHTC investors the ability to apply unused credits against prior-year tax liability — a structural change that could meaningfully expand investor capacity and improve pricing on affordable housing deals. The measure has been referred to the Senate Committee on Finance. Key Takeaways: S. 5366 introduced by Senators Gallego (D-AZ) and Rounds (R-SD) — a companion to H.R. 9012, introduced in May by Reps. Carey (R-OH) and Panetta (D-CA). The bill creates a 5-year carryback for the Housing Credit, versus the current carry-forward-only structure. Carryback authority allows investors to recover credit value against prior-year tax liability, converting a deferred benefit into immediate cash — directly impacting investor pricing. Bipartisan co-sponsorship in both chambers is intentional, designed to strengthen the bill's chances of attachment to a broader tax package. The bill was introduced as a standalone measure specifically to better position it for inclusion in a viable tax vehicle moving through Congress. Expanded investor capacity through carryback could widen the buyer pool for LIHTC credits, particularly when corporate tax appetite is variable. Bill is now pending before the Senate Committee on Finance — committee calendar activity is the next signal to watch. With bipartisan support in both chambers and a strategic standalone posture, the Affordable Housing Credit Carryback Act is better positioned than most standalone tax measures. LIHTC developers, syndicators, and equity investors should track the Senate Finance Committee's legislative schedule and begin stress-testing deal structures against the possibility that carryback authority becomes law — because if a tax package moves, this provision has a credible path to inclusion. 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
    146
  • Rating
    Clean
  • Copyright
    © 2026 Spring Street Management Group