Housing News of the Week 10.23.19
Check out the recent news below to see what is happening this week in Housing News.
HUD Designates DDAs, QCTs for 2020
The U.S. Department of Housing and Urban Development released the list of difficult development areas (DDAs) and qualified census tracts (QCTs) for 2020 for the low-income housing tax credit (LIHTC). DDAs and QCTs are eligible for as much as a 30 percent basis boost while receiving the LIHTC. The DDAs and QCTs are effective for allocations of LIHTCs after Dec. 31, 2019, and for bond-financed properties where the bonds are issued and the building is placed in service after Dec. 31, 2019.
‘There is irreparable harm’: Pa. Supreme Court considers temporarily restoring cash assistance for poor Pennsylvanians
The state Supreme Court heard arguments Wednesday for and against granting an injunction that would — at least temporarily — bring back cash assistance for poor Pennsylvanians. The program, known as General Assistance, ended on Aug. 1 after the General Assembly voted to eliminate it as part of the summer budget process. Gov. Tom Wolf signed the measure, which also included a key hospital assessment that brings in $165 million in revenue annually. Before its elimination, General Assistance provided roughly $200 a month to nearly 12,000 Pennsylvanians with disabilities, fleeing domestic violence, and in treatment for addiction. (read more by clicking the link above)
Department of Housing and Urban Development touring northern tier of PA
The U.S. Department of Housing and Urban Development is on a three-day tour across the northern tier of Pennsylvania, making stops at nearly 10 counties in our area. The Regional Administrator is meeting with commissioners and housing authorities. The department is looking to help those who live in or improve public housing. U.S. Department of Housing and Urban Development or HUD, Regional Administrator Joe DeFelice is on a three-day tour to learn more about how effective or not Pennsylvania HUD-assisted housing and community development projects are doing and how they can improve. (read more by clicking the link above)
How Housing Wealth Transferred From Families to Corporations
When most people think of housing, they separate it into two types: single-family suburban homes that people own, and apartments, largely in cities and urban centers, that people rent. Until recently, the popular image was more or less correct. Most single-family houses provided homes for the families that owned them. But more than 12 million single-family homes are currently being rented in the United States. Those homes, valued at more than $2.3 trillion, make up 35 percent of all rental housing around the country. In the past, the great majority of single-family homes that were rented out were done so by their owners or small real-estate companies. But today, a large and growing share of single-family rental homes are owned and managed by large corporations, real-estate firms, and financial institutions. The percentage of home owners is at its lowest level since the 1960s. (read more by clicking the link above)