Industry News

Fed to offer affordable housing incentives

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The Department of Housing and Urban Development this week announced it would create a new funding incentive to encourage state and local communities to remove excessive regulations that inhibit the production of affordable housing. On March 22, HUD notified potential applicants of its competitively awarded grant programs that it would begin awarding priority points to governmental and nongovernmental applicants in communities that have successfully demonstrated efforts to reduce regulatory barriers that prevent many working families from living in the communities of their choice. This week's announcement is part of America's Affordable Communities Initiative, which aims to stimulate the production of more affordable housing at the local level. "We want to motivate our state and local partners, the non-profit community and other applicants to work together in addressing obstacles to affordable housing," said A. Bryant Applegate, senior counsel and director of HUD's Affordable Co...