Vacant to Vibrant: A Framework for Affordable Homeownership Revitalization

The Neighborhood Community Stabilization Trust is a non-profit focusing on the rehabilitation of distressed, vacant, and abandoned homes to create affordable homeownership opportunities. Expanding affordable homeownership is essential to stabilizing neighborhoods and creating economic opportunities for communities to build wealth and advance racial equity. The Capstone team was asked to create a sample Qualified Allocation Plan (QAP) for Neighborhood Homes Investment Act (NHIA) federal tax credits for use by state Housing Finance Agencies (HFA) in the event the NHIA becomes law. Through research on existing Low-Income Housing Tax Credit QAP’s, other state-level affordable housing programs and initiatives, and a housing needs market study of New York State, the Capstone team worked to formulate a sample QAP for the New York State HFA. Developing this practical framework of recommendations will help guide the implementation of the NHIA, with a focus on making the program workable and impactful for communities.