WASHINGTON — The Office of the Comptroller of the Currency (OCC) published the latest edition of its Community Development Investments newsletter entitled “Preserving Affordable Housing: Innovative Partnerships.”
This issue describes the role of national banks and federal savings associations in preserving America’s affordable rental housing and presents examples of how financial institutions and nonprofit organizations have utilized federal and state programs, tax incentives, loan funds, and the secondary market to create innovative partnerships in urban and rural areas. This edition also reviews how these activities may be eligible for Community Reinvestment Act consideration.
“We hope these examples of how banks can successfully address the unique challenges of preservation will increase support for these innovative partnerships,” said Comptroller of the Currency Thomas J. Curry. “The preservation and rehabilitation of existing multifamily housing units can be a cost-effective approach to meeting the growing demand and increasing shortage of affordable housing for low- and moderate-income households.”
This edition of Community Development Investments is part of a group of resources available to banks interested in exploring opportunities to finance affordable rental housing. These resources can be accessed on https://www.occ.gov.
Banks interested in learning more about these opportunities may contact the OCC’s District Community Affairs Officers located throughout the nation.