What’s trending in Affordable Housing

May 01, 2018

NP Affordable Housing Blog

Author(s): Bruce J. Baker, Erica F. Buckley, Edward J. Campbell, Richard Michael Price, Jeffrey W. Sacks, Deborah VanAmerongen, Aaron J. Yowell

Important new changes to California’s planning and zoning laws, Governor Cuomo announces “Vital Brooklyn," Massachusetts and New York designate Opportunity Zones and the NYCBA starts a conversation on HDFC coops. Here’s what’s trending in affordable housing and community development.

California and West Coast

Important new changes to California’s planning and zoning laws regarding assisted housing developments

Important changes to California’s planning and zoning laws, which amend sections 65863.10 and 65863.11 of the California Government Code. These new provisions involve amended notice requirements, purchase restrictions and offer and acceptance requirements on housing developments receiving government assistance.—Edward J. Campbell and Michael Matta

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Affordable Housing

Massachusetts Opportunity Zones designated by Gov. Baker

Yesterday Massachusetts Governor Charlie Baker announced that he had submitted 138 census tracts to the U.S. Department of Treasury for Opportunity Zone designation.—Jeffrey Sacks and Angela Benoit

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A reflection on HDFC coops — Join the NYCBA conversation May 1

On May 1, 2018, the New York City Bar Association Committee on Housing and Urban Development is hosting a talk on HDFC Coops. Nixon Peabody partner Erica F. Buckley shares her thoughts on the topic and urges everyone to join the conversation.—Erica F. Buckley

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The latest on Opportunity Zones — a New York perspective

New York designated 514 O-Zones, awaiting approval from the U.S. Treasury Department in the next three weeks. O-Zones were selected based on local input on how best to attract private investment.—Bruce Baker, Deborah VanAmerongen, Aaron Yowell

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First steps in planning for Opportunity Zones

The recent Internal Revenue Service Frequently Asked Questions provide initial clarity on formation of Opportunity Zone Funds.—Bruce Baker, Richard Price, Deborah VanAmerongen, Aaron Yowell

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New York and Northeast

Governor Cuomo Announces “Vital Brooklyn”

Governor Cuomo yesterday announced the issuance of an RFP for four sites in Central Brooklyn under an initiative entitled “Vital Brooklyn.”—Deborah VanAmerongen

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Upcoming Events

Institute for Responsible Housing Preservation

Location: Sofitel Chicago Magnificent Mile | Chicago, IL

Date: May 3 , 2018

Speakers: Steve Wallace, Monica Sussman, Aaron Yowell, Michael Reardon, Richard Price, Tatiana Gutierrez

Topics include: What’s new in Washington, private equity in affordable housing deals, RAD program update, financing preservation transactions and the view from HUD and IHDA.

NH&RA Spring Developers Forum

Location: Ritz Carlton | Marina Del Ray, CA

Date: May 8, 2018

Speaker: Monica Sussman

Topics include: This panel will discuss creative deal structures to address project gaps.

CohnReznick New Markets Tax Credit Summit 2018

Location: Loew’s Hotel | Miami Beach, FL

Date: May 15, 2018

Speaker: Cody Rogers

Topics include: This panel will include an in-depth discussion of Opportunity Zones, how they came into being and their tremendous potential.

NYSAFAH Annual New York City Conference

Location: Marriott Marquis Times Square | New York City

Date: May 16, 2018

Speakers: Meghan Altidor, Erica Buckley, Joseph Lynch, Susanna Mitchell, Stephen Wallace, Aaron Yowell

Topics include: This conference will address community development financing, federal policy updates and realizing the potential of housing as a tool for solving complex social issues.

Novogradac’s 25th Annual Affordable Housing Conference

Location: Palace Hotel | San Francisco, CA

Date: May 17, 2018

Speaker: Nate Cushman

Topics include: Nate Cushman will participate in a panel on how HUD’s Rental Assistance Demonstration program is remaking public housing by introducing private ownership and the use of LIHTC to renovate hundreds of thousands of affordable apartments.

Opportunity Zone Program Updates

Location: Webinar

Date: May 31, 2018

Speaker: Richard Price

Topics include: Richard Price will participate in a panel discussion about investing in Opportunity Zones.

The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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