Home | Spring 2008

Preservation of Affordable Multifamily Housing

	A Look Inside... A quick glimpse into the U.S. affordable rental housing need and an introduction to the newsletter content.

	A view of the landscape

A Place I Can Afford to Call Home: How Banks Help Preserve the Nation's Supply of Affordable Rental Housing
Read Comptroller Dugan's views on preserving affordable rental housing and why banks should care.

Saving America's Affordable Rental Housing Stock: The Need and the Role of National Banks
The disappearance of thousands of units of affordable rental units and the threatened loss of many more are the result of market and public policy factors. Read the National Housing Trust's explanation of the many solutions that have already been developed and the need for more solutions, resources, and partners.

U.S. Department of Housing and Urban Development Preservation Tools
A listing of federal tools and programs developed to help preserve the existing, subsidized affordable housing stock.

Banking on Preservation: New Opportunities for Banks to Preserve and Improve the Existing Stock of Affordable Rental Homes
Hear how strategies to help preserve existing multifamily affordable housing are emerging from foundations, banks, and other entities, and how the MacArthur Foundation is supporting these preservation efforts.

Why Owners Sell Affordable Rental Units
A list of reasons why owners sell these properties.
Strength Matters for Community Development Real Estate Institutions (CDREIs)
Learn about a new collaborative best-practices initiative by nonprofits

How banks are supporting preservation

	MB Financial: A Preservation Case Study Learn how MB Financial saved an oasis of affordable units in a hot suburban market. FHLB Affordable Housing Program (AHP) Offers Grants for Development and Preservation Read about the AHP program mentioned in the MB Financial article.
	JPMorgan Chase: A Large Bank's Approach for Preserving Affordable Multifamily Housing Using multiple lines of business and partnering with other organizations, see how JPMorgan Chase is creating initiatives to support the preservation of multifamily affordable housing. Investment Example: Phelps House An example of a layered financing project.
	PNC: Providing a One-Stop Shop for Multifamily Affordable Housing Finance Find out how this comprehensive, one-stop shop provides an array of products to protect affordable housing.
	Wachovia: Preserving Affordable Multifamily Housing Through Relationships Learn how Wachovia is using its internal and external relationships to support the preservation of affordable rental housing. Wachovia Bank's Gates of Ballston Project Learn how Wachovia helped retain affordability while rehabilitating this project.

Why state agencies are prioritizing preservation

	Preserving Oregon's Precious Affordable Housing Resource Oregon recognized that it has irreplaceable resources to protect. Find out how it is supporting high priority affordable housing projects. Preserving the Northwest 12 Learn about how 12 housing complexes were tackled under one umbrella strategy.
	State Housing Bonds Preserve Affordable Rental Housing in Massachusetts Read how Massachusetts has successfully preserved more than 30,000 affordable rental units with its tax-exempt bonding authority and 4 percent low-income housing tax credits.

Nonprofits lead the way in preservation projects

	Nonprofits Meet Housing Preservation Challenges Preservation of affordable housing is complicated, and many nonprofit developers are showing that creativity and persistence can lead to success. Rural Preservation Issues and Resources This short article describes the USDA programs that support preservation of affordable rental units.
	Chicago's Troubled Building Initiative: Revitalizing Affordable Housing Chicago doesn't go after the owners of badly managed properties with only a court order to repair. Learn how the city created a unique program that is helping to maximize the preservation of affordable rental housing units. Community Investment Corporation (CIC) Learn more about CIC, founded by a group of Chicago banks.

In every issue

	Compliance Corner: Preserving Affordable Rental Housing Is a Key Consideration under CRA Read how banks can undertake many types of investments, loans and services in support of affordable rental housing that may result in positive CRA consideration.
	This Just In...OCC's Districts Report on New Opportunities for Banks The OCC Community Affairs group encourages national banks and other organizations to support the preservation of multifamily affordable housing. This issue of Community Developments describes how banks can engage in these endeavors.

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