Stewards of Affordable Housing
for the Future

The Latest

SAHF Members Awarded Over $70 Million from HUD to Create Affordable Housing for Seniors and Disabled

On November 16, 2011, HUD announced grant awards for its Section 202 and Section 811 programs, which provide funding for construction and major rehabilitation of homes for elderly and disabled residents. SAHF members were awarded nearly 10% of HUD's total award funding to create nearly 500 homes in 12 projects across 7 states. View HUD’s award announcement here.

Revised HUD rules help facilitate preservation of affordable properties

On November 10, 2011, HUD issued Housing Notice H-2011-31, which is intended to facilitate the preservation of HUD properties approaching mortgage maturity. Reversing historical HUD policies requiring sale proceeds to be placed in a trust fund regulated by HUD, the notice, effective immediately, permits nonprofit sellers of older subsidized properties with FHA-insured (or HUD-held formerly FHA) mortgages to retain the proceeds of sale, subject to satisfying the criteria in the notice. This should encourage nonprofit owners wishing to exit the housing business to sell in the near future to preservation-oriented purchasers, rather than waiting until mortgage maturity when HUD restrictions expire. Click here for more information.

Choice Neighborhoods Implementation Grant Awards Announced

SAHF Member Preservation of Affordable Housing awarded $30.5 million for Grove Parc Plaza, Chicago. View HUD's award announcement here.

SAHF responds to Washington Post article on HUD's HOME Investment Partnership

The Washington Post's recent series on HUD's HOME Investment Partnership highlights troubling examples of failed projects and inadequate oversight, but these examples represent only a small fraction of thousands of important housing efforts supported with HOME funds. Despite the worst real-estate led recession in decades, SAHF members have produced many excellent examples of complex and ambitious development projects that use HOME funding to improve neighborhoods and expand much-needed affordable housing opportunities. Read the full response here.

SAHF Submits Comments on HUD Regulatory Burdens

View the complete letter here.

SAHF President Bill Kelly's commentary featured in April/May 2011 issue of Affordable Housing Finance

While public attention has been focused on sweeping legislative initiatves, the Department of Housing and Urban Development (HUD) multifamily team, under the leadership of Secretary Shaun Donovan and Deputy Assistand Secretary for Multifamily Housing Carol Galante, has quietly put in place a stronger framework to preserve the affordable housing inventory using existing statutory authorities. View the full article here.

SAHF and HPN Oppose Mark-Up

The Housing Partnership Network (HPN) and Stewards of Affordable Housing for the Future (SAHF) wrote to Chairman Bachus and Ranking Member Frank on their members' opposition to the Committee on Financial Services’s proposed mark-up of legislation to eliminate several of the core federal foreclosure prevention and neighborhood stabilization programs. See their comments here.

SAHF Recipient of DOE Grant

Stewards of Affordable Housing for the Future (SAHF), has been selected by the U.S. Department of Energy to receive nearly $2.6 million to coordinate an energy performance contracting program to improve the energy efficiency of 2,500 housing units in 40 to 50 eligible properties. $1.25 million of the grant will be combined with $8 million in private loans to SAHF members to make energy saving upgrades. SAHF will also emphasize resident education and training, as well as maintenance staff training to provide further savings. Additional information available under Energy Conservation.