Episode 79: HUD Announces $1.1 Billion Investment in Tribal Housing HUD announces over $1.1 billion in affordable housing investment for Tribal communities. Learn how this major federal commitment addresses housing disparities in Indian Country and creates opportunities for tribal housing authorities. KEY TAKEAWAYS: • $1.1 billion investment includes grants for new construction, rehabilitation, and preservation of affordable housing on tribal lands • Funding distributed through multiple HUD programs, including Native American Housing Assistance and Self-Determination Act • Tribal communities face severe housing shortages, with homeownership rates significantly below national average • HUD providing technical assistance to tribal housing authorities to strengthen their ability to develop and manage affordable housing • Partnerships that respect tribal sovereignty and prioritize tribal employment and ownership are increasingly attractive to federal funders For tribal housing authorities and developers, this funding creates significant opportunity. Tribal communities can access grants for housing development without the competitive pressure of the broader LIHTC market. However, the application process is complex, and tribal housing authorities must navigate federal requirements and tribal governance structures. The $1.1 billion investment is part of broader federal efforts to address housing disparities. Combined with LIHTC and other programs, this funding demonstrates sustained federal commitment to expanding affordable housing supply across all communities. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 78: Novogradac Projects Record 2026 LIHTC and PAB Volume Novogradac projects 2026 as a record year for LIHTC and private activity bond volume, with equity commitments potentially exceeding $15 billion. Understand the market dynamics driving unprecedented deal flow and what it means for developers. KEY TAKEAWAYS: • IRS's 2026 per-capita LIHTC multiplier of $3.05 is the highest in program history • Combined with slight population growth, this translates to record total LIHTC allocations available nationwide • 25% bond threshold is driving volume by freeing up bond volume cap for additional projects • Syndicators report strong investor appetite for LIHTC equity • Banks are actively competing for LIHTC financing opportunities • Novogradac projects 2026 LIHTC volume could exceed $15 billion in equity commitments, the highest on record However, this volume comes with challenges. Construction costs remain elevated. Gap financing is increasingly constrained. Developers are competing intensely for limited resources. The expanded LIHTC allocation is enabling more deals, but the total capital available is still insufficient to address the nation's affordable housing shortage. For developers and investors, 2026 represents a critical window of opportunity. The expanded LIHTC resources and strong market conditions create favorable conditions for project development. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 77: Georgia SB 476 Caps State LIHTC at 50 Percent of Federal Amount Georgia Senate Bill 476 caps state LIHTC at 50% of federal amounts for 2027+ applications. Discover how this policy shift affects project feasibility and what developers need to know about the 2026 application window. KEY TAKEAWAYS: • Georgia's state LIHTC has been a critical resource for affordable housing developers • New cap limits state credits to maximum of 50% of federal, effectively reducing available capital for many projects • Policy rationale centers on state budget constraints and concerns about program cost • Cap applies to applications submitted in 2027 and beyond; 2026 applications are not affected • Sunset provision in 2031 creates uncertainty about long-term policy direction For Georgia developers, the implications are substantial. Projects that previously layered state and federal LIHTC will now have less total capital available. This could affect project feasibility, particularly for deals in secondary markets or with deeper income targeting. Developers with projects in the pipeline should prioritize 2026 applications to access the full state credit before the cap takes effect. Georgia's cap also signals broader state budget pressures. Other states may consider similar measures if state revenues decline or competing priorities emerge. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 76: Wisconsin Legislation Would Expand State LIHTC from $42M to $100M Annually Wisconsin Senate Bill 942 proposes expanding the state LIHTC program from $42 million to $100 million annually and eliminating bond requirements. Learn how this transformational legislation could reshape Wisconsin's affordable housing market. KEY TAKEAWAYS: • Wisconsin currently has one of the smaller state LIHTC programs relative to its population • Proposed expansion would position Wisconsin among the top states for state-level tax credit support • Bond requirement elimination would allow developers to pursue state LIHTC projects without competing for limited bond volume cap • $100 million annual allocation would enable approximately 400-500 additional units annually • Over a decade, this could produce 4,000-5,000 additional affordable units The bill reflects growing recognition among state policymakers that federal LIHTC alone is insufficient to address housing shortages. States like Illinois, Ohio, and Massachusetts have expanded state credits in recent years. Wisconsin's proposed expansion follows this trend and responds to documented affordable housing shortages in Milwaukee, Madison, and other growing markets. For Wisconsin developers, this legislation represents transformational opportunity. However, the bill must navigate the legislative process, and passage is not guaranteed. State budget constraints and competing priorities could affect the bill's prospects. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 75: IRS Publishes 2026 LIHTC and PAB Population Figures The IRS releases 2026 population figures establishing record LIHTC allocations and private activity bond volume caps. Understand how the $3.05 per-capita multiplier impacts your state's affordable housing pipeline. KEY TAKEAWAYS: • 2026 population figures reflect slight growth from 2025, resulting in record per-capita LIHTC multiplier of $3.05 • This is the highest multiplier in LIHTC history, reflecting population growth and permanent 12% allocation increase under OBBBA • California's 2026 allocation increased by approximately $50 million compared to 2025 • Texas gained roughly $45 million; New York added approximately $35 million • 25% bond threshold reduction means states can finance more LIHTC projects with same volume cap allocation Understanding these figures is essential for developers. The IRS population data determines your state's available LIHTC allocation. Developers should work with their state HFA to understand how much allocation is available, when applications are due, and what the competitive landscape looks like. The record multiplier signals strong market conditions. Syndicators report robust investor appetite for LIHTC equity. Banks are actively competing for LIHTC financing opportunities. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 74: Delaware DSHA 2026 LIHTC Applications Open Through April 30 The Delaware State Housing Authority opens 2026 LIHTC applications with an April 30th deadline. Discover how the 25% bond threshold and expanded allocation create opportunities for Mid-Atlantic developers. KEY TAKEAWAYS: • Delaware's 2026 allocation reflects expanded LIHTC resources under OBBBA • State accepting applications for both 9% competitive credits and 4% credits with tax-exempt bond financing • New 25% bond threshold now in effect, enabling more efficient project structuring for acquisition-rehabilitation deals • Delaware faces limited land availability, high construction costs, and significant affordability gaps • DSHA prioritizing projects serving households at or below 60% of area median income The April 30th deadline is firm and non-negotiable. Developers should ensure applications are complete, including site control documentation, preliminary financing commitments, comprehensive market studies, and local government support letters. DSHA has published detailed application guidelines and is available for pre-application meetings to help developers understand requirements and strengthen proposals. Delaware's relatively small allocation means competition is intense. Developers should prioritize projects that are shovel-ready, have strong local support, and address documented housing needs. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 73: Michigan MSHDA Opens 2026 LIHTC Funding Round The Michigan State Housing Development Authority opens applications for the 2026 LIHTC funding round with expanded resources under OBBBA. Learn about the 25% bond threshold and how it affects your project financing. KEY TAKEAWAYS: • Michigan's 2026 allocation reflects the permanent 12% increase in 9% LIHTC authority under OBBBA • State is accepting applications for both 9% competitive credits and 4% credits with tax-exempt bond financing • 25% bond threshold now in effect, reducing bond financing requirements from 50% to 25% of aggregate eligible basis • Michigan faces an estimated shortage of over 200,000 affordable rental units • MSHDA prioritizing projects serving extremely low-income households and demonstrating strong development capacity Key application requirements include demonstrated experience with similar projects, site control documentation, preliminary financing commitments, comprehensive market studies, and local government support letters. Applications demonstrating readiness to proceed with construction within 12 months score highest in MSHDA's evaluation process. This episode covers Michigan's 2026 LIHTC funding opportunity and what developers need to know to compete successfully. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 72: California AB 2122 Would Allow LIHTC Lease Nonrenewals for Renovations California Assembly Bill 2122 could reshape LIHTC property management by allowing lease nonrenewals for major renovations or sales. Understand the implications for property owners and tenants in the nation's largest LIHTC market. KEY TAKEAWAYS: • Current California law generally requires LIHTC properties to renew leases for eligible tenants • AB 2122 would create exceptions allowing nonrenewal if property is undergoing substantial rehabilitation or being sold • Could affect tens of thousands of LIHTC residents in California, the nation's largest LIHTC market • Property owners argue flexibility is necessary for property preservation and modernization • Tenant advocates warn it could displace vulnerable residents The April 22nd hearing will be critical. Expect testimony from property owners, tenant advocates, housing finance agencies, and community organizations. The outcome could influence similar legislation in other states. California's policy decisions often set precedent for the broader affordable housing industry. For LIHTC property owners in California, this is essential to monitor. If AB 2122 passes, it could significantly change your lease renewal obligations and your ability to execute capital improvement plans. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 71: Five Star Bank Commits $10 Million to San Diego Supportive Housing Five Star Bank announces a major $10 million LIHTC equity commitment to the Marvel in the Mission, a 136-unit permanent supportive housing development in San Diego. Discover what this signals about investor appetite for supportive housing deals. KEY TAKEAWAYS: • 100% of units targeted at or below 30% of area median income • Project combines 4% LIHTC with tax-exempt bond financing, city gap financing, and private equity • Construction costs exceed $600,000 per unit in San Diego • Supportive housing projects demonstrate strong financial performance and deep social impact • On-site wraparound services include case management, mental health services, substance abuse treatment, and employment support For developers and syndicators, this signals continued strong investor interest in supportive housing. Banks and institutional investors recognize both the social impact and the financial stability of supportive housing projects with wraparound services. Supportive housing has lower turnover rates and stronger rent collection than conventional affordable housing. This episode explores the Five Star Bank commitment and what it means for supportive housing development in high-cost markets like San Diego. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.

Episode 70: Forbes Report Highlights LIHTC Qualified Contract Loophole A critical loophole in LIHTC qualified contracts allows properties to exit affordability requirements after just 30 years. Learn how this impacts 500,000+ affordable units and what preservation strategies are available. KEY TAKEAWAYS: • Properties representing over 500,000 affordable units will reach their 30-year compliance period end between 2026 and 2035 • In some states, this represents 20-30% of the existing LIHTC stock • The Affordable Housing Credit Improvement Act includes preservation provisions that could address this gap • State housing finance agencies are exploring preservation programs and right-of-first-refusal policies For property owners, this creates both risk and opportunity. Owners approaching compliance period end should understand their options for refinancing, preservation, or transition. For developers and syndicators, preservation deals may become increasingly attractive as the market recognizes the value of maintaining affordability. LIHTC preservation is critical to maintaining America's affordable housing stock. This episode breaks down the qualified contract loophole and what it means for your portfolio. Subscribe to The Spring Street Brief for daily insights on LIHTC, Section 8, HUD policy, and affordable housing finance.