WASHINGTON, D.C. — A bipartisan group from the U.S. Senate and House of Representatives has introduced legislation that would expand and strengthen the low-income housing tax credit (LIHTC) program. The Affordable Housing Credit Improvement Act (AHCIA) of 2021 was introduced by senators Maria Cantwell (D-WA), Todd Young (R-IN), Ron Wyden (D-OR) and Rob Portman (R-OH); and representatives Suzan DelBene (D-WA), Jackie Walorski (R-IN), Don Beyer (D-VA) and Brad Wenstrup (R-OH). First introduced in 2016, the most recent version of the AHCIA earned the bipartisan support of more than one-third of the 116th Congress. The 2021 bill would accelerate the proposed housing credit allocation increase and proposes a new flexibility to allow housing credit developments to maximize private activity bond financing. The legislation would also provide states with additional flexibilities, streamline program rules and make the housing credit more effective in rural and Native American communities. The bill would also help states use the housing credit to benefit their lowest-income residents, such as homeless veterans. “More than 10 million households nationwide were paying more than half of their monthly income on rent prior to the COVID-19 crisis, and millions more are now struggling to keep a roof over their heads,” says …
WASHINGTON, D.C. — The U.S. Commerce Department reports that retail sales increased 9.8 percent in March, following a 2.7 percent decrease in February. The numbers surpassed the Dow Jones economists’ prediction of a 6.1 percent gain for the month. The sales growth is the biggest monthly gain since May 2020 (18.3 percent), which also came after a round of stimulus checks. According to CNBC, the newly issued stimulus checks gave consumers more discretionary income to spend on goods and services from retailers and restaurants than they had in February. The sporting goods, clothing and food and beverage categories generated the greatest increases in sales since pre-pandemic. Bar and restaurants saw an increase of 13.4 percent, while sporting goods sales increased by 23.5 percent. Clothing and accessories retailers had an 18.3 percent increase, and motor vehicle parts and dealers experienced a 15.1 percent jump. Some economists predict that people are still trying to save a portion of their stimulus checks. According to the CNBC, people saved 34.5 percent of stimulus checks and spent 29.2 percent. The news outlet also reported that inflation is becoming an increasing worry for economists as there has already been an increase in gas prices.
WASHINGTON, D.C. — A total of 576,000 Americans filed for first-time unemployment assistance for the week that ended April 10, the U.S. Department of Labor reported Thursday. These claims were the lowest figures seen since March 14, 2020 (256,000 claims). The amount of initial jobless claims was lower than the 744,000 figure that economists surveyed by Dow Jones predicted. Continuing claims, for which data lags a week, decreased by 98,000 to a little more than 3.76 million. In addition to the stimulus checks distributed last month, unemployed workers can get an additional $300 each week until September of this year. Currently more people are spending money on gyms, hotels and restaurants as they have more discretionary income, according to CNBC. Despite the positive tailwinds, the U.S. economy remains in recovery mode. U.S. payrolls in March were still lower than their level in February 2020 by approximately 8.4 million.
WASHINGTON, D.C. — Feldman Ruel Urban Property Advisors has arranged the $4.2 million sale of 4618 14th Street NW, a 25,153-square-foot development site located directly across the street from WMATA’s planned redevelopment of the Northern Bus Garage in Washington, D.C. Heleos, a Washington, D.C.-based affordable housing developer, bought the site in partnership with a local performing arts nonprofit. Josh Feldman and Ian Ruel of Feldman Ruel marketed the property on behalf of the seller, Raymar Corp., which had controlled the property since 1964. The sale represents the final parcel in Raymar’s portfolio. The new ownership plans to construct 99 multifamily units at the site, with 66 of those units set aside for residents making up to 60 percent of the area median income (AMI) and approximately 20 three-bedroom units designed for families. The new owners also plan to include solar panels in an effort to make the project a net-zero energy building. The site currently includes a commercial property leased to a local furniture store on the first level and a dance studio on part of the second level. The project will be branded as Dance Loft at 14th and will include up to 16,000 square feet of ground-floor retail …
WASHINGTON, D.C. — A total of 744,000 Americans filed for first time unemployment assistance for the week that ended April 3, the U.S. Department of Labor reported Thursday. The amount of initial jobless claims was higher than the 694,000 figure that economists surveyed by Dow Jones predicted and is an increase of 16,000 from last week’s revised total of 728,000. Last week, the original number of first time unemployment claims were a total of 719,000. Continuing claims, for which data lags a week, decreased by 105,750 to a little more than 3.86 million. Last month, the economy appeared to be healing. In March, the U.S. unemployment rate fell to 6 percent and nonfarm payrolls increased by 916,000, which was the biggest job gain since August 2020. However, the unemployment rate remains substantially higher than the pre-pandemic low of 3.5 percent.
WASHINGTON, D.C. — The Department of Housing and Community Development (DHCD) has provided financing from local and federal resources to develop 54 affordable housing units in Wards 4 at the Abrams Hall Senior Apartments in Washington, D.C. Abrams Hall Senior LP, a joint venture between Urban Atlantic and nonprofit organization Housing Up, received $2.4 million from the District’s Housing Production Trust Fund (HPTF) to develop the assisted living facility located at 1320 Main Drive NW. The project also received a $1.1 million allocation of 9 percent low income housing tax credits (LIHTC) from DHCD. The project will receive an annual subsidy from the Local Rent Supplement Program, which is administered by the D.C. Housing Authority (DCHA). All units at Abrams Hall Senior Apartments will be available for low-income seniors — those with annual household income at or below $26,500 — who are formerly homeless and have a need for assisted living services. Additionally, the residents will access Medicaid subsidies through the Department of Health Care Finance (DHCF). The Abrams Hall Senior Apartments building will feature studio apartments to accommodate assisted living facilities for seniors who may require medical, dental, rehabilitative and counseling services, along with 24-hour supervision to ensure resident …
WASHINGTON, D.C. — The U.S. economy added 916,000 jobs in March, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had expected the report to show a gain of 675,000 jobs, and this increase was the largest spike seen since August 2020. The unemployment rate fell to 6 percent in March. Revisions added 156,000 jobs to the totals for January and February. This growth follows the widespread administration of the COVID-19 vaccines and President Joe Biden’s $1.9 trillion stimulus package. However, there is still about 5 million less Americans who are working this year compared to a year ago. Additionally, economists surveyed by CNBC are worried about inflation due to the government stimulus money. Over the past year, the hospitality and entertainment industries have been among the hardest hit job sectors, but with less government restrictions, these industries have been able to recover. The leisure and hospitality sector saw the most growth in March with 280,000 new jobs. With lessening pandemic restrictions, restaurants and bars are starting to open back up to more people. Restaurants and bars saw 176,000 jobs added to their sector as well. The hospitality and leisure sector, however, still is 3.1 million …
WASHINGTON, D.C. — A total of 719,000 Americans filed for unemployment assistance for the week that ended March 27, the U.S. Department of Labor reported Thursday. The amount of initial jobless claims was higher than the 675,000 figure that economists surveyed by Dow Jones predicted and is an increase from last week’s revised amount of 658,000. Continuing claims, for which data lags a week, decreased by 46,000 to a little more than 3.8 million. Despite the unemployment insurance claims being higher than what economists predicted, many believe the economy is improving. CNBC reports the total number of people receiving unemployment benefits dropped by 1.5 million, which the news company attributes to pandemic-related benefits. This report follows President Joe Biden’s $2 trillion spending plan released yesterday that will add to the $5 trillion of stimulus spent to aid the U.S. economy. ADP, a payroll processing firm, stated that firms across the country added 517,000 workers in March, which is the biggest monthly job gain since September, according to CNBC. The U.S. Bureau of Labor Statistics will release its March 2021 jobs report tomorrow morning.
WASHINGTON, D.C. — A total of 684,000 Americans filed for unemployment assistance for the week that ended March 20, the U.S. Department of Labor reported Thursday. This week was the first-time total claims fell below 700,000 since the pandemic started, according to CNBC. The amount of initial jobless claims was lower than the 735,000 figure that economists surveyed by Dow Jones predicted and is a decrease from last week’s revised amount of 770,000. Continuing claims, for which data lags a week, decreased to a little more than 3.8 million. Employers in the United States added 379,000 jobs last month, and the unemployment rate decreased to 6.2 percent. With jobs rebounding, the $1.9 trillion stimulus and the continued rollout of COVID-19 vaccines, economists surveyed by The Wall Street Journal increased their 2021 economic growth forecast for the U.S. GDP to a little over 5.9 percent on an annualized basis. If realized, it will be the fastest economic growth pace in about four decades.
WASHINGTON, D.C. — A total of 770,000 Americans filed for unemployment assistance for the week that ended March 13, the U.S. Department of Labor reported Thursday. The amount of initial jobless claims was higher than the 700,000 figure that economists surveyed by Dow Jones predicted and is an increase from last week’s revised amount of 725,000. Continuing claims, for which data lags a week, decreased to a little more than 4.1 million. The unemployment numbers were expected to fall lower due to COVID-19 vaccines and lessening restrictions on retailers and restaurants, as well as President Joe Biden’s $1.9 trillion relief package that was signed into law last week. States around the country are continuing to open back up and lessen restrictions as well. According to CNBC, Texas, Florida and Mississippi have either reduced pandemic restrictions or completely gotten rid of them. Other states like Pennsylvania are expected to cut back on its business restrictions as well, and approximately 2.4 million Americans a day are getting the vaccine. CNBC also reports that the Federal Reserve’s governing committee will hold the federal funds rate close to zero until the economy fully recovers.