The Spring Street Brief

Spring Street Management Group
  • 5.0 (4)
  • Investing

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. 23h ago

    Episode 158: Kentucky's 2027 9% LIHTC Round Closes Sept. 11

    Kentucky Housing Corporation's competitive 9% LIHTC application window for the 2027 funding round closed at noon ET on September 11, 2026. For developers, syndicators, and lenders active in Kentucky affordable housing, the deadline marks the start of KHC's review and award process — and the beginning of the runway to position for the 2028 cycle. Key Takeaways: The 2027 competitive 9% LIHTC application deadline was 12:00 noon ET, Friday, September 11, 2026. KHC's submission portal experienced high traffic near the deadline — teams that submitted late should confirm receipt directly with KHC. The substantive question window closed September 4, 2026; KHC is now accepting only technical UFA system questions. Project applications must be named using the actual property name appearing on the placed-in-service sign — not location or development team name. Street address fields are capped at 50 characters; USPS-approved abbreviations are required. Full submission requirements and thresholds are detailed in the 2027 Multifamily Guidelines and the 2027 Multifamily Q&A published by KHC. Kentucky's 9% round is consistently oversubscribed — early engagement with the 2028 guidelines cycle will be the key differentiator for teams positioning for the next round. With the 2027 submission window now closed, attention shifts to KHC's award timeline and, for teams that missed this cycle, early preparation for 2028. Monitoring KHC's release of the 2028 Multifamily Guidelines and participating in the Q&A process from the start are the highest-leverage actions available to Kentucky developers right now. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  2. 3d ago

    Episode 157: Affordable Housing's Fiscal Impact on Municipalities

    A peer-reviewed study in the Journal of Housing Economics delivers long-sought empirical ammunition for LIHTC developers, syndicators, and policymakers: large-scale affordable housing built under Massachusetts Chapter 40B generated more than $2,000 in new tax revenue per capita within three years of opening — without measurable harm to school quality, public safety, or traffic outcomes. The findings, drawn from developments built between 2002 and 2019, directly challenge the fiscal strain arguments that kill projects at the local approval stage. Key Takeaways: The study examined mixed-income Chapter 40B developments built in Massachusetts from 2002 to 2019 — roughly two decades of real outcome data. New tax growth exceeded $2,000 per capita within three years of a development's opening. Tax base growth offset the cost of new residents without significant increases on existing property owners. No measurable decline was detected in school quality, public safety, or traffic outcomes — the three categories most often cited in local opposition. The mixed-income, large-multifamily structure of Chapter 40B developments mirrors typical 9% and 4% LIHTC deal profiles, making the findings broadly applicable. The study is peer-reviewed and longitudinal — higher evidentiary credibility than advocacy-funded analyses typically used in entitlement hearings. Developers facing municipal resistance on fiscal grounds now have a direct, citable data source for entitlement packages and QAP community impact submissions. Local opposition grounded in fiscal and service-quality concerns remains one of the most consistent barriers to LIHTC production at scale. This research gives the affordable housing community a peer-reviewed counterargument with nearly two decades of real-world data behind it. Developers, syndicators, and state HFAs should incorporate these findings into site approval strategies, community engagement materials, and legislative advocacy — particularly in states where QAPs score or weight community impact criteria. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  3. 4d ago

    Episode 156: North Carolina Deploys $1.46B in Affordable Housing

    North Carolina's Federal Tax Reform Allocation Committee, acting on recommendations from the North Carolina Housing Finance Agency, has approved tax credits and tax-exempt bonds for 53 developments that will unlock more than $1.46 billion in affordable housing construction. The awards span LIHTC, tax-exempt bonds, state loan programs, and $69.1 million in CDBG-DR disaster recovery funding for communities impacted by Hurricane Helene — making this one of the most layered capital rounds in the state's recent history. Key Takeaways: 53 developments approved across bond award cycles from February and June 2026, producing 4,888 affordable apartments. Unit mix: 3,327 family units, 1,561 senior units, and at least 488 units designated for people with disabilities. 26 properties received Rental Production Program loans totaling more than $28.8 million to improve economic feasibility for rental developments. 4 properties received $6.5 million from the Workforce Housing Loan Program, targeting low-income counties and rent compression in moderate- and high-income markets. $69.1 million in CDBG-DR funds awarded to 10 properties in Hurricane Helene-impacted counties, creating 828 new units in western North Carolina. 1 rural property received $2 million through the Golden LEAF Affordable Workforce Housing Initiative, supporting tobacco-dependent and distressed communities. State projects 21,000 jobs supported and $92.5 million in state and local tax revenue generated by the round. This round demonstrates North Carolina's approach to stacking multiple capital sources — LIHTC, tax-exempt bonds, state revolving loan programs, CDBG-DR, and private foundation funding — into coordinated deal structures. The CDBG-DR layer flowing into LIHTC deals in western North Carolina is a model other disaster-impacted states are closely watching. Developers, syndicators, and lenders with Southeast capacity should engage the North Carolina Housing Finance Agency now ahead of the next allocation cycle. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  4. 4d ago

    Episode 155: North Carolina's $1.46B Affordable Housing Push

    The North Carolina Housing Finance Agency has completed its 2026 allocation round, unlocking more than $1.46 billion in affordable housing development through LIHTC, tax-exempt bonds, and a suite of state and federal loan programs across 53 approved developments. For developers, syndicators, and investors active in the Southeast, this round signals both the scale of North Carolina's pipeline and the state's strategy for making complex, layered deals work — including a significant infusion of disaster recovery capital tied to Hurricane Helene. Key Takeaways: 53 developments approved for LIHTC and tax-exempt bond awards, including allocations from February and June 2026, generating more than $1.46 billion in total development activity. 4,888 total apartments to be produced: 3,327 for families, 1,561 for seniors, and at least 488 targeted for people with disabilities. 4 properties received $6.5 million from the Workforce Housing Loan Program, targeting low-income counties and rent compression in higher-income markets. 26 properties shared more than $28.8 million in agency loans through the Rental Production Program to improve economic feasibility. $69.1 million in CDBG-DR funds awarded to 10 properties in Hurricane Helene-impacted counties, producing 828 apartment homes in western North Carolina. 1 rural project received $2 million from the Golden LEAF Affordable Workforce Housing Initiative, supporting tobacco-dependent and economically distressed communities. The round is projected to support 21,000 jobs and generate $92.5 million in state and local tax revenue. North Carolina's 2026 allocation round demonstrates a deliberate layering strategy — NCHFA is stacking federal credits with state soft debt and disaster recovery capital to move deals that wouldn't otherwise close. Developers with projects in rural or Helene-affected counties in western North Carolina should pay close attention to CDBG-DR availability and the Golden LEAF program as complementary tools. Investors underwriting North Carolina deals should factor in the state's track record of subordinate debt support when assessing feasibility and credit quality. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  5. 5d ago

    Episode 154: Tennessee THDA MTBA Round 3: $280M Now Open

    Tennessee Housing Development Authority (THDA) has opened Round 3 of its 2026 Multifamily Tax-Exempt Bond Authority (MTBA) program, making $280.4 million available for multifamily use. With a submission deadline of September 24, the window is narrow — and for developers, syndicators, and lenders active in Tennessee's 4% LIHTC market, timing is everything. Key Takeaways: $280.4 million in private activity bond authority is available under THDA's MTBA 2026 Round 3. Applications opened immediately upon announcement; the hard deadline is September 24, 2026. This is the third MTBA round THDA has run in 2026, signaling consistent and sustained demand for PAB cap in Tennessee. Allocation is governed by Section 5.A of the 2026 MTBA Program Description, setting the framework for eligible uses and underwriting requirements. PAB authority is the prerequisite for 4% LIHTC financing — no bond allocation means no tax-exempt financing and no 4% credit equity. The effective application window is approximately two weeks, meaning deal teams must have packages substantially complete before applying. Bond counsel, lender, and THDA coordination should be confirmed immediately for any project targeting this round. Tennessee's multifamily pipeline continues to compete for a finite pool of state PAB cap. THDA's decision to run a third round in 2026 reflects both strong developer demand and the agency's active management of its allocation calendar. For teams with shovel-ready or near-ready 4% deals in Tennessee, this round represents a concrete near-term opportunity — but only for those already prepared to execute. Begin pre-application outreach to THDA now and do not wait until the final days of the window. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  6. 6d ago

    Episode 153: GAO Reviews Opportunity Zone Incentive After OBBBA Overhaul

    The Government Accountability Office has released a comprehensive report on the Opportunity Zone tax incentive, responding to a congressional request for review in the aftermath of the One Big Beautiful Bill Act (OBBBA), enacted in 2025. The report examines how OBBBA provisions reshape future zone characteristics, what states and stakeholders experienced under the original program, how much is actually known about community impact, and whether the new law's reforms address the original program's documented shortcomings — a question with direct implications for LIHTC investors, developers, and policymakers who have used OZ equity to layer into affordable housing deals. Key Takeaways: The GAO report was commissioned by Congress specifically to evaluate the OBBBA's changes to the Opportunity Zone program, signaling active legislative scrutiny of the reformed incentive. The report's four-part scope includes zone characteristics under the new law, stakeholder experience with the original incentive, community impact awareness, and whether OBBBA reforms resolved prior program challenges. The original OZ program, created under the 2017 Tax Cuts and Jobs Act, drew persistent criticism for concentrating investment in already-transitioning neighborhoods rather than deeply distressed communities. A key GAO focus is the measurability of community benefit — a gap that has complicated both program defense and policy refinement since the program's inception. Deals layering OZ equity with LIHTC credits have been a notable market feature; shifts in investor behavior driven by the revised incentive structure will directly affect deal economics in those transactions. The report documents state-level administrative experience with zone designations, surfacing friction points that will inform how states approach designations under the new rules. Congressional appetite for further reform will be shaped by whether the OBBBA version of the program produces outcomes the GAO report framework can measure and validate. For practitioners structuring deals that layer Opportunity Zone equity with LIHTC credits, or state HFAs and agencies advising on zone designations under the revised program, this report is the most authoritative current assessment of what has actually changed and what remains unresolved. Monitor follow-on congressional activity closely — this GAO report is likely to serve as the evidentiary foundation for the next round of OZ legislation. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  7. Sep 7

    Episode 152: Florida's Live Local Act Stalls Without GSE Buy-In

    Florida's Live Local Act promised to unlock affordable and workforce housing development through tax exemptions and density bonuses — but three years in, nearly 50,000 of the 55,000 proposed units remain stalled. At the Leading Live Local 2026 event in Miami's Brickell neighborhood, developers and capital markets professionals identified the core bottleneck: Fannie Mae, Freddie Mac, and HUD are not yet underwriting Live Local deals at scale, and the path to GSE participation hinges on resolving a compliance and accountability debate with direct echoes of Texas's Public Facility Corporation debacle. Key Takeaways: Of 55,000 proposed Live Local Act units across 182 projects, only ~6,000 are under construction, per Florida Housing Coalition data. The Live Local Act (enacted 2023) offers a 75% tax abatement for units at 120% AMI and a 100% abatement for units at 80% AMI or below. GSE hesitation stems from Texas's 2015 Public Facility Corporation program, which granted 100% property and sales tax exemptions that were widely exploited due to weak accountability measures. A glitch bill has already locked in abatement upon receipt of a building permit, resolving the original vesting concern for construction lenders — but the GSEs remain cautious. The proposed fix: standardized Land Use Restriction Agreements (LURAs) that commit owners to rent levels and use terms, allowing GSEs to treat tax savings as cash flow rather than a liability. LURA terms as short as 5–10 years are under discussion, offering a middle ground between investor optionality and lender certainty. Despite a mandate requiring at least 50% of Fannie and Freddie's multifamily business to be mission-driven affordable housing, the enterprises are not yet routinely underwriting Live Local projects. The conversation at Leading Live Local 2026 has shifted from "will the GSEs participate" to "what does compliance look like" — a signal that the logjam may be breaking. Developers and lenders positioning for Live Local debt should begin structuring LURA terms proactively and engaging GSE counterparties early on abatement treatment in underwriting. The nearly 50,000 stalled units represent a significant opportunity if the compliance framework gets resolved, and the window to shape that framework is open right now. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

  8. Sep 4

    Episode 151: HUD Releases FY27 FMR Calculation Methodology

    HUD has published a Federal Register notice detailing the methodology for calculating FY 2027 Fair Market Rents (FMRs), which set payment ceilings for Housing Choice Vouchers and other federal rental assistance programs. Key changes include revisions to how HUD calculates the utility portion of gross rent inflation factors and updates to trend factor forecasts — both of which affect how closely final FMR figures track real market conditions. The notice also outlines the HOTMA-required procedures for PHAs to request FMR reevaluations. For LIHTC investors, developers, and lenders with voucher-assisted or FMR-constrained deals, the timeline is unusually compressed. Key Takeaways: HUD's FY 2027 FMR methodology notice is now published in the Federal Register and open for public comment. HUD is changing how it calculates the utility portion of gross rent inflation factors — a technical shift with real impact on final FMR levels. Trend factor forecasts are also being updated, affecting how FMRs are projected forward from ACS reference data. New FMRs take effect October 1, 2026 — the same day the public comment period closes. PHAs can request FMR reevaluations under HOTMA; procedures for doing so are detailed in this notice. Deals in FMR-constrained markets — particularly those dependent on competitive payment standards — face the most direct exposure to methodology changes. The comment window is effectively closed by the time final figures are published; stakeholders must act before October 1. With the comment deadline and effective date landing on the same day, developers, syndicators, and PHAs have a narrow window to influence the methodology before it locks in for the full fiscal year. Stakeholders with voucher-assisted portfolios or deals in tight FMR markets should review the utility inflation factor and trend forecast changes now and determine whether formal comments or a PHA reevaluation request are warranted. Subscribe to The Spring Street Brief for daily updates on affordable housing in America.

See All (157)

Ratings & Reviews

5
out of 5
4 Ratings

About

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.

Information

  • Creator
    Spring Street Management Group
  • Years Active
    2025 - 2026
  • Episodes
    157
  • Rating
    Clean
  • Copyright
    © 2026 Spring Street Management Group