Owners and managers of Section 221(d)(3) and Section 236 projects founded the Institute in 1989 to represent their views in the legislative struggle that led to the Low Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA).
Since that time, the Institute has become the leading national advocate representing owners and developers of affordable housing before Congress and HUD with respect to a plethora of preservation and redevelopment issues surrounding such housing.
This has included the key 1996 changes that permit prepayment and opt-outs as well as subsequent legislation providing for enhanced vouchers and maintaining agreed upon ELIHPA and LIHPRHA incentives. It has also acted in a pivotal role to develop innovations that allow decoupling of Section 236 Interest Reduction Payments and in working with the Office of Recapitalization to facilitate new debt/equity financings.
In addition to its Capitol Hill activities, the Institute represents owners' views before the U.S. Department of Housing and Urban Development (HUD) in implementing the program, submitting detailed recommendations on all HUD proposed regulations and issuance, and maintaining a constant liaison with key HUD officials to present the owner's perspective on proposed administrative changes.
The Institute is a nonprofit corporation under Sec. 501(c)(6) of the Internal Revenue Code.
The Institute is represented in its legislative and regulatory activities by Stephen J. Wallace of Nixon Peabody LLP, a leading law firm in the housing field.