Monarch Housing’s Blog!

The New Jersey Housing Mortgage Finance Agency released the 2008 Low Income Housing Tax Credit awards today for the spring round on July 1, 2008. The total tax credit allocation in this round was $15,087,652. Twelve (12) different projects were funded. A total of eight hundred thirty four (834) low income units will be developed.

Among the three supportive housing projects funded was Eva’s Village Apartments in Paterson, NJ. This fifty-one unit supportive housing development is sponsored by Eva’s Village. Monarch Housing Associates was the consultant for this project.

The other two supportive housing projects were:

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Over 155 have registered to attend!

Everyone attending must register!

Click here to register!

With four weeks left to the 2nd Annual Congressional Reception, more than one hundred fifty-five (155) formerly homeless, passionate advocates and housing providers from across the state have registered to attend the July 30th event.

Don’t you want to be part of this historic event? If you want to register now is the time to do so. Click here to register online to attend as well as to sign up for one of the three free busses!

The Second Annual Congressional Reception has been scheduled for July 30, 2008 starting at 1:30 PM and ending at 3:30 PM. Please plan to arrive by 1 PM. This year’s reception will build on the success of last year’s Reception and seek to have an even larger impact on federal policy issues that impact homeless individuals and families.

July 30, 2008
1:30 PM - 3:30 PM
Russell Senate Office Building
Room SR 385
Constitution Avenue and First Street, SE
Washington DC

At least three buses will be chartered to help transport participants to the Congressional Reception. To register online for the Congressional Reception and the bus click here.

The New Jersey Advocacy Network to End Homelessness’ mission is to advocate on a federal level for adequate funding for permanent affordable and supportive housing for homeless individuals and families.

Click here for a flyer for the 2008 Congressional Reception. Please circulate to all interested parties.

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We are pleased that Congressman Albio Sires has signed on as a co-sponsor of the Frank Melville Supportive Housing Investment Act of 2008. Congressman Sires is one of thirteen co-sponsors in the House of Representatives of this crucial legislation.

Section 811 is a critically important federal program that assists the lowest income people with serious and long-term disabilities to live independently in the community by providing integrated affordable rental housing linked with voluntary services and supports.

Click here to read our previous posts.

For more information on this important legislation:

Click here to read Opening Doors on Frank Melville Supportive Housing Investment Act of 2008 in PDF or here to read it online.

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We found this update on tax credit pricing in the Wall Street Journal on June 18, 2008. Is this a sign that the long decline and near collapse of the tax credit market coming to an end?

The federal government’s largest program for producing affordable housing is showing signs of stability after months of being battered by the credit crunch.

Under the Low Income Housing Tax Credit program, syndicators raise money from investors to fund the construction of a project. In return, the investors — typically banks and other financial institutions — get tax credits to offset their profits at tax time. The problem: Demand for tax credits has waned among banks and financial giants Fannie Mae and Freddie Mac because they haven’t been registering profits. That has left developers with shortfalls in their construction budgets.

Now Trinity Financial Inc. and the Boston Housing Authority, the developers of Franklin Hill in Dorchester, Mass., have sold $45 million of federally sponsored tax credits through Enterprise Community Investment Inc., a syndicator.

Enterprise bought the credits at 90 cents for each dollar of credit. True, a year ago those credits would have sold for par. But Raoul Moore, vice president from Enterprise, says the deal is a sign the market is getting used to the new, lower pricing of the credits. “It feels like it’s a little more stable right now.”

Franklin Hill will include around 150 units aimed at folks who make at or below 60% of the area’s median income. State and city agencies filled the funding gap with grants.

More than 135 have registered to attend!

Everyone attending must register!

Click here to register!

With five weeks left to the 2nd Annual Congressional Reception, more than one hundred thirty-five (135) formerly homeless, passionate advocates and housing providers from across the state have registered to attend the July 30th event. If you want to register now is the time to do so. Click here to register online to attend as well as to sign up for one of the three free busses!

The Second Annual Congressional Reception has been scheduled for July 30, 2008 starting at 1:30 PM and ending at 3:30 PM. Please plan to arrive by 1 PM. This year’s reception will build on the success of last year’s Reception and seek to have an even larger impact on federal policy issues that impact homeless individuals and families.

July 30, 2008
1:30 PM - 3:30 PM
Russell Senate Office Building
Room SR 385
Constitution Avenue and First Street, SE
Washington DC

At least three buses will be chartered to help transport participants to the Congressional Reception. To register online for the Congressional Reception and the bus click here.

The New Jersey Advocacy Network to End Homelessness’ mission is to advocate on a federal level for adequate funding for permanent affordable and supportive housing for homeless individuals and families.

Click here for a flyer for the 2008 Congressional Reception. Please circulate to all interested parties.

Read the rest of this entry »

On Friday, June 20, 2008, Rep. Maxine Waters (D-CA), chairwoman of the House Financial Services Subcommittee on Housing and Community Opportunity, held a hearing entitled “H.R. 5772, the Frank Melville Supportive Housing Investment Act of 2008″.

To view the hearing in widows media format click here. If this does not work go to the Committee’s web site by clicking here.

Click here to read our previous posts.

H.R. 5772, introduced by Rep. Chris Murphy (D-CT) and co-sponsored by Frank Pallone of NJ, of New Jersey, aims to increase the amount of affordable, supportive housing available for people with disabilities. Supportive housing refers to the availability of services such as assistance with housekeeping and daily living that make it possible for residents to live independently.

Witness List and Prepared Testimony:

Ms. Diane Randall, Executive Director, Partnership for Strong Communities
Ms. Ann O’Hara, The Technical Assistance Collaborative
Mr. Ronald S. Cohen, Ph.D., Chief Executive Officer, United Cerebral Palsy of Los Angeles, Ventura & Santa Barbara Counties
Mr. Mark Shelburne, North Carolina Housing Finance Agency
Mr. Tony Paulauski, Executive Director, The Arc of Illinois

For more information on this important legislation:

Click here to read Opening Doors on Frank Melville Supportive Housing Investment Act of 2008 in PDF or here to read it online.

Read the rest of this entry »

Last Thursday, June 20, the House Appropriations Subcommittee on Transportation, Housing, and Urban Development marked up the Appropriations Bill for the fiscal year (FY) 2009. In total, the bill allocates $108.3 billion for transportation and housing programs, including:

$1.69 billion for Homeless Assistance Grants, $105 million above last year’s level;

$75 million to fund 10,000 new housing vouchers for homeless veterans;

$30 million for 4,000 new housing vouchers for people with disabilities;

$16.57 billion for the Tenant Based Section 8 housing program, a $145 million increase over last year;

$7.3 billion for the Project Based Section 8 program, an increase of nearly $1 billion above last year;

$765 million for the Section 202 program, a increase of $30 million over last year; and

$250 million for the Section 811 program, an increase of $13 million dollars over last year.

To view the full budget click here.

The full House Appropriations Committee is expected to consider the bill either later this week or shortly after July 4. The Senate Subcommittee is scheduled to consider its version of the bill on July 10.