HAC’s 2025 Annual Report

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HAC would like to present its Annual Report for the year 2025.

Annual_Report_2025

Download HAC’s 2025 Annual Report

A Message from HAC President & CEO and Board Chair

For 55 years, HAC has played a unique role in the rural affordable housing sector. Combining research, technical assistance, policy analysis, and lending, the staff at HAC are truly best in class. It is what we hope you see within the pages of this year’s annual report. As always, there will be facts and figures about our impact on rural communities and families. But the resource we really wanted to focus on this year is one that can’t be measured as easily. We are of course talking about the resource that is HAC’s enduring expertise.

There was no better demonstration of HAC’s extensive expertise than at the 2025 National Rural Housing Conference (NRHC). Held from November 4-7 in Washington, DC, the conference brought together over 700 rural housing leaders, practitioners, and policymakers from across the country. Members of HAC’s team planned, moderated, or participated in over 40 different interactive sessions throughout the conference with our local partners and industry experts. We held a pre-conference forum dedicated solely to heirs’ property challenges. Successfully pulling off an event of this size and scope is only possible when an organization’s staff assembles unparalleled knowledge, experience, technical skill, and has the ability to combine them all on a day-to-day basis. We are lucky to have that at HAC.

In 2025, HAC leveraged its expertise by establishing new partnerships, conducting meticulous research, and advocating for policies that benefit rural communities. HAC was proud to launch Rural Data Central in 2025, and also expand the work of our Center for Multifamily Housing Preservation in its first full year of existence. Our training and technical assistance groundwork helped community organizations like the White Mountain Apache Housing Authority support home rehabilitation projects for veterans in Arizona. We also continued to provide flexible funding for organizations such as Hawaiian Community Assets, helping them build out innovative ways to house local populations amidst an ongoing affordability crisis. We hope you will read these stories and appreciate them as snapshots of a team functioning at its highest level.

2025 posed more questions than answers about America’s ongoing affordability crisis. Yet we believe there is enough know-how here at HAC to help address these challenges, no matter what form they take. Together, we are poised to move toward the future with the confidence born from 55 years of housing expertise, and the resilience that same expertise affords.

Thank you for reading and thank you being a partner in this work.

Rural Recap – Expertise

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David’s Line: HAC’s 2025 Annual Report is Now Live

Hello and welcome to another edition of Rural Recap. I am pleased to announce the release of HAC’s 2025 annual report. The theme for this year’s edition is “HAC Expertise.” As you read through the stories we highlight from the past year, my hope is that you recognize both the importance of having strong, capable experts on staff, and the know how we bring from 55 years of working in small towns and rural places.

Whether it is preserving affordable rental housing properties around the country, analyzing the latest policy proposals in D.C., producing cutting edge research for a small community, or assembling the nation’s industry leaders for our biennial housing conference, HAC’s wide-ranging expertise makes it possible. Our experts are among the best in the business. They bring an array of skills and experience to focus on the future of rural communities. And bonus, they bring an energy to the work that is a joy to be around.

I invite you to read our annual report and see for yourself. The year 2025 posed a lot of questions about housing affordability in America, and 2026 is no different. HAC has what it takes to help address those questions head-on. The work continues, and I thank you for being here for it.

HACtivities

National Community Reinvestment Coalition’s Just Economy Conference

The National Community Reinvestment Coalition’s 2026 Just Economy Conference was held from April 14-15 in Washington, DC. HAC Board Chair Dr. Karama Neal and HAC Research Associate Meagan Mitchell Davis spoke on a panel entitled, “Heirs’ Property: Collaboration, Innovations, and Investments for Generational Wealth Preservation.” The discussion focused on research that suggests heirs’ property and title issues have contributed to land and property loss, particularly for Black and Indigenous households, and in low-income communities. The session also addressed successful solutions and further proposed innovations to shore up property inheritance processes for communities currently facing heirs’ property challenges. Learn more about Heirs’ Property issues at HAC’s new Heirs’ Property Central website.

Opportunity Zones

The IRS recently released guidance for governors to nominate places for designation as Opportunity Zones. HAC, in conjunction with Partners for Rural Transformation and Hope Enterprise, Inc. developed a guide of recommendations to help states make their Opportunity Zone designations in a way that will drive investments into rural communities facing persistent poverty. In addition to the guide, the partnering organizations also recorded a webinar for state policymakers, regional development hubs, and local non-profits to review these recommendations. You can access the guide of recommendations here, and watch the full webinar here.

Recaps

  • In the rural town of Bowling Green, Florida, affordable rental housing is both scarce and critically important to the stability of the community. So when it looked like the Azalea Apartments in Bowling Green faced an uncertain future, Florida Non-Profit Housing, Inc. (FNPH) reached out to HAC to help them preserve the property. Read the full Azalea Apartment success story on HAC’s website.
  • HAC proudly presents our 2025 Loan Fund Impact Report. In fiscal year 2025 (October 2024-September 2025), our Loan Fund provided $20.8 million in financing through 45 loans to build, rehabilitate, or preserve 1,253 affordable homes across 24 states and territories. That total includes 579 preserved rental homes, 224 new construction rental homes, and 450 for-sale homes. Read the full report here.
  • The House Appropriations Committee released its proposed FY27 funding bills for HUD and USDA in April. HAC conducted a full analysis of both proposals as they were released, including funding level tables that will be updated as the proposals move through the appropriations processes. Read the full analysis for HUD and USDA on HAC’s website.
  • HAC is hiring! Do you know someone who is passionate about serving the needs of rural communities in America? Perhaps that person is you? HAC is currently hiring in a number of different positions that advance the goals of affordable housing in rural America. Visit our Careers page, see what positions are available, and apply today!
Get the Rural Recap in Your Inbox Donate to HAC

Partnership With The Home Depot Foundation Continues to Expand Housing Support for Rural Veterans and Nonprofits

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Contacts: AHRV Team, ahrv@ruralhome.org
(202) 842-8600

Washington, DC, May 26, 2026 – Veterans and their families in seventeen rural communities will have better lives, thanks to The Home Depot Foundation and the Housing Assistance Council (HAC). The Foundation is awarding grants totaling $453,850 to seventeen local nonprofit housing agencies around the country to preserve housing for veterans across rural America.

The grants are part of the Foundation’s mission to provide affordable and accessible housing solutions to U.S. veterans and invest $750 million in veteran causes by 2030. Many veterans and their families face major housing challenges, often exacerbated by issues related to unemployment, age, and service-related disabilities. The Foundation and HAC are dedicated to giving back to those who have answered the highest call of service to our nation.

As part of its Affordable Housing for Rural Veterans (AHRV) Initiative, HAC works with the Foundation to administer grants that bolster and support the work of rural nonprofit housing agencies to deliver critical housing support to veterans. “The value of HAC’s partnership with The Home Depot Foundation is immeasurable,” said David Lipsetz, HAC’s President and CEO. “Over time it has increasingly enabled HAC to show up for rural veterans by supporting the efforts of local nonprofits who provide safe, affordable housing and greater stability in the communities they call home.” As rural America is home to a disproportionately high number of service women and men, HAC remains deeply committed to supporting our nation’s service women and men by uplifting local nonprofits and their work to house veterans and ensure the habitability of their homes and rural communities.

The grantee organizations, described below, provide a range of programs. With the grants, veterans who own homes in California, Georgia, Maryland, Massachusetts, Minnesota, Mississippi, Nebraska, New York, South Carolina, South Dakota, Oklahoma, Oregon, Texas, Virginia, Washington, and Wisconsin, will obtain critical repair assistance. Altogether, 82 veterans and their families will benefit from these grants.

About The Home Depot Foundation 

The Home Depot FoundationThe Home Depot Foundation, a nonprofit supported by The Home Depot, works to improve the homes and lives of U.S. veterans, support communities impacted by natural disasters and train skilled tradespeople to fill the labor gap. Since 2011, the Foundation has invested more than $650 million in veteran causes and improved more than 70,000 veteran homes and facilities. The Foundation has pledged to invest $750 million in veteran causes by 2030 and $50 million in training the next generation of skilled tradespeople through the Path to Pro program. To learn more about The Home Depot Foundation visit HomeDepotFoundation.org and follow us on LinkedIn @TheHomeDepotFoundation, X @HomeDepotFound and on Facebook and Instagram @HomeDepotFoundation.

About the Housing Assistance Council

The Housing Assistance Council (HAC) is a national nonprofit that supports affordable housing efforts throughout rural America. Since 1971, HAC has provided below-market financing for affordable housing and community development, technical assistance and training, research and information, and policy formulation to enable solutions for rural communities. To learn more about the Housing Assistance Council, visit www.ruralhome.org and follow us on LinkedIn and Facebook.

About the Grantees


  • Appalachian Agency for Senior Citizens, Cedar Bluff, VA, will utilize $30,000 to provide housing rehabilitation and modifications to sixteen (16) veteran homes. For additional information on Appalachian Agency for Senior Citizens visit their website at https://aasc.org/
  • Austin Habitat for Humanity, Austin, TX, will utilize $30,000 to provide critical repairs to two (2) low-income veteran homes. For additional information on Austin Habitat for Humanity visit their website at https://austinhabitat.org/
  • Bishop Sheen Ecumenical Housing Foundation, Fairport, NY, will utilize $30,000 to provide critical repairs to nine (9) disabled veteran homes. For additional information on Bishop Sheen Ecumenical Housing Foundation visit their website at https://sheenhousing.org/
  • GROW South Dakota, Sisseton, SD, will utilize $30,000 to provide essential rehabilitation to three (3) veteran homes. For additional information on GROW South Dakota visit their website at https://www.growsd.org/
  • Habitat for Humanity North Central Massachusetts, Acton, MA, will utilize $11,500 to provide critical repairs to two (2) veteran homes. For additional information on Habitat for Humanity North Central Massachusetts visit their website at https://ncmhabitat.org/
  • Habitat for Humanity of Butte County, Chico, CA, will utilize $30,000 to support the construction of one (1) home for a low-income veteran. For additional information on Habitat for Humanity of Butte County visit their website at https://www.buttehabitat.org/
  • Habitat for Humanity of Columbus Nebraska, Columbus, NE, will utilize $30,000 to provide critical repairs to four (4) veteran homes. For additional information on Habitat for Humanity of Columbus Nebraska visit their website at https://www.hfhcolumbusne.org/
  • Habitat for Humanity of Wicomico County, Fruitland, MD, will utilize $30,000 to provide critical repairs to three (3) low-income veteran homes. For additional information on Habitat for Humanity of Wicomico County visit their website at https://wicomicohabitat.org/
  • Habitat for Humanity of York County, Rock Hill, SC, will utilize $12,500 to provide critical repairs to one (1) veteran home. For additional information on Habitat for Humanity of York County visit their website at https://yorkcountyhabitat.org/
  • Houston County Habitat for Humanity, Warner Robins, GA, will utilize $15,000 to provide critical repairs to two (2) veteran homes. For additional information on Houston County Habitat for Humanity visit their website at https://www.hocohabitat.org/
  • Neighborhood Housing Services Oklahoma City, Inc., Oklahoma City, OK, will utilize $30,000 to provide critical repairs to eight (8) low-income veteran homes. For additional information on Neighborhood Housing Services Oklahoma City Inc. visit their website at https://www.nhsokla.org/
  • NeighborWorks Umpqua, Roseburg, OR, will utilize $30,000 to provide critical repairs to ten (10) low-income veteran-owned homes. For additional information on NeighborWorks Umpqua visit their website at http://www.nwumpqua.org/
  • Rebuilding Together Minnesota, Minneapolis, MN, will utilize $30,000 to provide critical repairs to four (4) low-income veteran homes. For additional information on Rebuilding Together Minnesota visit their website at http://www.rtmn.org/
  • Rebuilding Together Platte Valley East, Fremont, NE, will utilize $25,850 to provide critical repairs to one (1) veteran home. For additional information on Rebuilding Together Platte Valley East visit their website at https://rebuildingtogetherpve.org/
  • Rebuilding Together Saratoga County, Ballston Spa, NY, will utilize $30,000 to provide critical repairs to four (4) low-income veteran homes. For additional information on Rebuilding Together Saratoga County visit their website at https://rtsaratoga.org/
  • Tacoma Pierce County Habitat for Humanity, Tacoma, WA, will utilize $29,000 to provide critical repairs to two (2) veteran homes. For additional information on Tacoma Pierce County Habitat for Humanity visit their website at https://www.tpc-habitat.org/
  • Wild Rivers Habitat for Humanity, Spooner, WI, will utilize $30,000 to provide critical repairs to two (2) veteran homes. For additional information on Wild Rivers Habitat for Humanity visit their website at https://wildrivershabitat.org/

Umpqua Community Development Corporation in Roseburg, Oregon

From Fragmented Processes to Scalable Systems: Rebuilding Operational Capacity at NeighborWorks Umpqua

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NeighborWorks Umpqua, based in Roseburg, Oregon, is a long-standing housing organization serving Coos, Curry, and Douglas counties. With multiple departments spanning real estate development, property management, resident services, and financial coaching, the organization has historically played a significant role in delivering housing solutions across its region. In recent years, Umpqua CDC began expanding into new areas of work, including the creation of a Climate Resiliency Department focused on homeowner rehabilitation and energy efficiency improvements such as heat pump installations. While the organization brought strong institutional experience and reputation, this newer line of work introduced operational complexity that existing systems were not designed to support.

Despite strong commitment and effort, the absence of clearly documented processes created inefficiencies across the workflow. Key operational steps—such as intake, bidding, construction management, and project closeout—were either inconsistently defined or embedded in outdated policy manuals that did not reflect actual practice. Departments operated in silos, limiting coordination and making it difficult to align the new Climate Resiliency work with existing organizational systems.

In the spring of 2024, Umpqua applied to the Housing Assistance Council’s (HAC) OneRural direct technical assistance program and was officially onboarded into the program that summer. Through OneRural, HAC provides customized, one-on-one support to rural organizations working in affordable housing and community development, with a goal of supporting long-term growth and helping organizations expand their impact in their communities.

“On my first site visit with the organization, I realized the Division of Climate Resiliency was newly formed, with a new director and a team struggling to find its place within the organization,” said HAC Housing Specialist Shreya Shrestha. “The department was operating in a silent way, with limited visibility across the organization, and other departments were not fully aware of their work or impact.”

The implementation of a flowchart-based process mapping system designed by Shreya was a turning point. What began as a tool for one department within Umpqua evolved into a shared resource used across teams that spanned the entire corporation.

“The division staff had a lot of information, but it was siloed and not being shared across the team,” Shreya said. “Their work was more reactionary than proactive, and everyone was overwhelmed by the complexity of the process, struggling to document in their procedure manual. I realized the core need was transparency—something that visualized the complex process in a simple diagram, and the whole team could understand and participate without feeling overwhelmed.”

As workflows became clearer, the organization began addressing specific inefficiencies. Intake processes were streamlined, template documents were developed to reduce repetitive work, and timelines for each phase of the project were defined.

“Developing a flowchart system was the right technical assistance solution because it created transparency, broke down information silos, and supported cross-team collaboration by giving everyone a shared view of how work actually moves through the department,” Shreya said.

These system-level changes introduced by Shreya and the HAC team produced measurable results. Within a year of implementing these improvements, NeighborWorks Umpqua more than doubled its homeowner rehabilitation output, increasing from approximately 22–30 projects annually to over 56 completed projects, while serving roughly 70 households.

This engagement demonstrates that capacity building within established organizations often requires rebuilding the systems that support day-to-day work. For NeighborWorks Umpqua, technical assistance helped move the organization from fragmented, siloed operations to a more integrated and scalable model. With durable systems now in place, the organization is better positioned to expand its homeowner rehabilitation work, adapt to new funding opportunities, and sustain its impact across rural Oregon.

The Azalea Apartments in Bowling Green, Florida

Azalea Apartments: Preserving Affordable Housing in Rural Bowling Green, Florida

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In the rural town of Bowling Green, Florida, affordable rental housing is both scarce and critically important to the stability of the community. With a population of just over 2,400 people, the loss of even one affordable housing property in Bowling Green could have a lasting impact on the wellbeing of the property’s residents, and the community as a whole.

Azalea Apartments is a 40-unit housing development built in 1978. Supported by a HUD Housing Assistance Payment contract and spread across 20 small buildings, the property provides two, three, and four-bedroom apartments that are essential for families with low- and very-low incomes in Bowling Green. When Azalea’s longtime nonprofit owner decided to exit the Florida market, the property faced an uncertain future. Without a mission-driven buyer, the property risked leaving the U.S. Department of Agriculture (USDA) Section 515 program—threatening long-term affordability and housing stability for the families who call Azalea home.

Steven Brown, Executive Director of Florida Non-Profit Housing, Inc. (FNPH), says his organization was a natural fit to purchase the property. “We are a nonprofit in central Florida that has experience as a technical assistance provider to non-profits that built housing through the Rural Development 515 program, and the USDA 514/516 program for farmworkers,” Brown said. “We were committed to keeping the property affordable in perpetuity, and we were also interested in it because it was our first purchase of a USDA 515 property.”

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How HAC Helped

By utilizing HAC’s Center for Multifamily Housing Preservation (the Center), FNPH was able to navigate the complex property transfer process and assemble the resources needed to preserve the property.

“The Center’s ability to assist non-profits and housing authorities is integral to keeping the 515 portfolio intact,” said HAC Rental Housing Development and Preservation Specialist Angela Shuckahosee. “Year after year, properties exit the portfolio as owners pay off their mortgages. Identifying capable, mission-driven non-profits and housing authorities who can become owners is the key to ensuring thousands of rural residents are not displaced and can maintain a rent payment that enables them to thrive instead of struggle.”

Early in the process, the Center provided hands-on technical assistance to FNPH, helping them evaluate the property’s finances, work through federal requirements, and plan for long-term stewardship. Recognizing that predevelopment funding is often a barrier for rural nonprofits, HAC’s loan fund also provided a 0% predevelopment loan that allowed the deal to move forward. As the transaction advanced, the Center supported FNPH through the USDA Rural Development transfer process and the assumption of the HUD Section 8 contract, ensuring rental assistance would remain in place for all 40 of Azalea’s units. When asked about their role in the transfer process, Brown made HAC and the Center’s importance clear:

“We would never been able to complete this transaction without the help of the dedicated HAC staff. Not only was their knowledge of the programs and process essential to moving the transfer to a successful conclusion, but their dedication to making the project successful in the long term was very advantageous to FNPH.”

The Result

Today, Azalea Apartments is positioned for long-term preservation as affordable housing in Bowling Green. The transfer to Florida Non-Profit Housing keeps the property in the USDA Section 515 program and preserves HUD rental assistance for every unit. As for their future plans, Brown indicated that FNPH hopes to obtain financing from USDA or another source to upgrade the apartments and offer homeownership counseling to residents who may want to move on and purchase a home.

For residents, this means stability—families can remain in their homes, and their community, without disruption. For FNPH, the project strengthens their organizational capacity and demonstrates how nonprofit ownership can protect affordability in challenging or underserved rural markets.

“We have added the preservation of existing low-income housing resources to FNLP’s mission, because we think it is vitally important for low-income families in rural areas,” Brown said. “We encourage other non-profit rural organizations to consider preserving this valuable resource in their communities.”

For the Center, Azalea Apartments reflects the power of early intervention, technical expertise, and mission-driven partnerships. As thousands of USDA Section 515 homes nationwide face similar risks, whether that means properties moving out of the 515 program, financial constraints, or other challenges present in rural America’s current housing landscape, preserving properties like Azalea helps ensure rural families continue to have safe, affordable places to live.

Rural Recap – Welcome Anjanette

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David’s Take

We do a lot of important, transformative work here at HAC, and the care and attention that goes into every step of this work is something that I hope is evident when you read Rural Recap. We have a great set of community partners, and our team is truly special.
Take for example Anjanette Brown, HAC’s new Chief Financial Officer. Anjanette first got to know our organization while Vice President of Accounting at longtime HAC partner Community Housing Partners (CHP) in Christiansburg, Virginia. She went from CHP to leadership roles at YWCA Metropolitan Chicago, Neighborhood Housing Services of Chicago, and The Resurrection Project. We are excited Anjanette returned to our world of rural housing, and we are thrilled she is doing so at HAC. Her financial management experience is extraordinary, and her commitment to helping rural people all over the country could not be clearer.
Once again, Rural Recap provides an update on the work HAC does to carry out its mission helping rural people achieve safe and affordable housing. Here are some highlights of the impact our partners and staff have made working together.

HACtivities

National Congress of American Indians Executive Council Winter Session

On February 10th, HAC CEO David Lipsetz attended the National Congress of American Indians (NCAI) Executive Council Winter Session in Washington, DC. Sitting on a panel focused on Indian Housing, David talked about HAC’s 54-year history of lending in rural communities, touting stories of success in Native lands despite the challenges posed by limited resources and capacity. He provided the specific example of the White Mountain Apache Housing Authority (WMAHA), and how together with the Home Depot Foundation, HAC was able to award a $30,000 grant to WMAHA to help rehabilitate veteran houses on the Fort Apache Indian Reservation in eastern central Arizona. HAC would like to thank the National Congress of American Indians for allowing us to share what works and is looking forward to making more lasting partnerships in Tribal communities.

2025 National Rural Housing Conference

Last November, HAC hosted its biennial National Rural Housing Conference in Washington, DC. The conference brought together experts in housing, finance, nonprofit advocacy, and government, to engage in robust learning opportunities, meaningful networking, and discussions focused on strengthening rural housing nationwide. The conference plenaries addressed the issues faced by rural housing organizations, including a panel on the challenges of building affordable housing in rural America moderated by HAC Director of Research and Information Lance George, with panelists from the National Community Reinvestment Corporation and the National Association of Home Builders, as well as a, “Voices from The Hill” session that featured a speech from Sen. Amy Klobuchar (D-MN) and videos from Sen. Elizabeth Warren (D-MA) and Rep. Zach Nunn (R-IA) highlighting housing’s role as a bipartisan unifier in America. We invite you to watch these plenary recordings on our YouTube channel, and to keep an eye out for information about the National Rural Housing Conference when it returns in 2027.

Recaps

–In February, HAC launched Heirs’ Property Central, a new online hub connecting researchers, advocates, and practitioners to trusted resources on heirs’ property issues. Made possible with support from the Robert Wood Johnson Foundation and JP Morgan Chase, Heirs’ Property Central brings together resources, research, and partner expertise to help communities, service providers, and professionals protect landowners’ agency and advance their housing goals. Read our reports, utilize our partners directory, check out our resources, and more at the Heirs’ Property Central website.

–In January, HAC published our 2026 Policy Priorities. Based around the five key pillars of improving housing supply, building capacity, expanding access to credit, preserving rural multifamily housing, and bolstering federal housing programs, the policy priorities expound on topics that span from heirs’ property, to rural homelessness, to high-needs rural regions in America, to disaster resiliency, and much more. Go in-depth with HAC’s 2026 Policy Priorities at the link above, or at our website at www.ruralhome.org.

–Rural America is home to a rapidly aging and increasingly disabled population—but many rural residents are navigating these challenges alone. In this piece entitled, “Expanding Service Coordination in Rural 515 Housing” HAC explores why service coordination is so critical in USDA Section 515 housing, and why it remains underused. Drawing on research, and HAC’s partnership with the AARP Foundation, the article demonstrates how service coordinators can help rural people stay housed while also strengthening operations. Read the full article to learn how this work is unfolding.

–HAC is hiring! Do you know someone who is passionate about serving the needs of rural communities in America? Perhaps that person is you? HAC is currently hiring in a number of different positions that advance the goals of affordable housing in rural America. Visit our Careers page, see what positions are available, and apply today!

Get the Rural Recap in Your Inbox Donate to HAC

Takeaways from the 2025 Summit on Rural Homelessness

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On November 4th the Housing Assistance Council (HAC) hosted the second Summit on Rural Homelessness in Washington, D.C. at the National Rural Housing Conference. As national levels of Americans experiencing homelessness reaches an all-time high, rural homelessness often goes overlooked or go unseen. In 2023, the Housing Assistance Council worked with partners at the National Alliance to End Homelessness and many other key stakeholders[1] to host the first Summit on Rural Homelessness to create a full day of programming addressing challenges and opportunities with a uniquely rural lens. The 2025 Summit on Rural Homelessness included speakers who are field leaders that are actively transforming how communities, regions, states, and our nation address rural homelessness. The Summitt offered a series of presentations, panels, and discussions uniquely focused on Rural Homelessness. Attendees learned about practical on-the-ground approaches to addressing rural homelessness across the nation, explored innovations in data and technology, dove into approaches to support Special Needs Populations, and consider the impact of our shared narrative around rural homelessness.

Key Takeaway One: An increase in federal resources via the CARES Act and ARPA allowed Local, regional, and state Continuums of Care to drive innovation and impact between 2020-2025.

Unprecedented investment by the CARES Act and America Rescue Plan Act opened doors for Rural Continuums of Care to make meaningful progress in building effective programmatic infrastructure to address rural homelessness.

Key Takeaway Two: Use of data, technology, and artificial intelligence is increasingly shaping how resources are deployed to address rural homelessness.

Attendees learned about opportunities to utilize data to inform programming and policy, through the Housing Assistance Council’s Rural Data Portal. Looking locally, Dr. Huan-Ta Hsu from the University of North Carolina, Chapel Hill, shared reflections from his work in   Missouri to apply machine learning to lower barriers for access to services.

Key Takeaway Three: Rural Homelessness, and the diversity of needs among individuals who experience homelessness in a rural context, require an adaptive set of policies and approaches to meet a wide spectrum of needs.

Key Takeaway Four: In a time where federal funding, policy, and leadership on rural homelessness is increasingly uncertain, local and state leadership will shape policy and programmatic impacts on the ground in rural America.

Unfortunately, developments since the Summit have threatened the progress shared by panelists and participants.  Even as the CARES and American Rescue Plan Act funds for addressing rural homelessness have largely come to an end, on November 13, 2025, the U.S. Department of Housing and Urban Development (HUD) substantially revised the fiscal (FY) 2025 Notice of Funding Opportunity (NOFO) for the Continuum of Care (CoC) Program Competition – the largest federal program providing housing and services to people experiencing homelessness.

This NOFO dramatically altered HUD’s funding commitments, including placing a 30 percent cap on permanent housing investments for people experiencing homelessness (nationwide 88 percent of CoC funding currently flows to permanent housing).   Estimates suggest 170,000 people people  across the country may lose their supportive housing as a result.  Continuums of Care that encompass rural communities are at heightened risk, because they lack either the number or scale of alternative funding sources from the public, private or philanthropic sector.  HAC is working with a number of the Summit co-sponsors, including the Corporation for Supportive Housing and the National Alliance to End Homelessness  to advocate with HUD and Congress to reverse these sudden, harmful changes to the NOFA.  On December 8, HUD withdrew the NOFO and indicated it intends “to make appropriate revisions.”

[1] Summit co-sponsors included: the Corporation for Supportive Housing, Enterprise Community Partners, Local Initiatives Support Corporation (LISC), the National Coalition for Homeless Veterans, the National American Indian Housing Council, the National Council of State Housing Agencies, the National Association of Housing and Redevelopment Officials, and Neighborworks.

First day of HAC 2025 rural housing conference, Washington, DC, 11/4/25. Photo: Jay Mallin

Experts of HAC: Alison Duncan on Lending and Development in Rural America

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In this edition, Alison Duncan discusses what makes rural lending different from urban markets, how HAC supports emerging developers, and why patient, mission-driven capital is key to building affordable homes in small towns.

What’s different about lending in urban vs. rural areas?
Alison Duncan

Alison Duncan serves as a Loan Officer at the Housing Assistance Council, where she combines her background in affordable housing development and impact investing to strengthen rural lending.

There are several key differences. First, it is more difficult to determine the value of a property. Sometimes there are no comparable properties, as nothing has sold in the past few years. Or if there are sales, they are of old properties, not new construction. HAC uses an analysis of cash flow to determine value and to size loans appropriately for different projects.

Second, rural areas often have less capacity. Either there are no developers, or no general contractors, or the city or county does not have experience with federal funds. With few developers but a need for housing, HAC is often asked to support new developers in building affordable housing in rural areas. First-time developers are not always familiar with every aspect of development and may not be able to complete their plan. Construction costs are often higher, as contractors must travel longer distances to work, sometimes staying on site during the work week. The environmental review required to receive federal funding has proven to be the most difficult, as a local office must provide preliminary approval, and many rural local officials have never done that before.

With lower rents for apartments and lower sale prices for homes, projects often need a subsidy to remain affordable. Many rural developers must work with state and federal programs to cover development costs. These government programs can take a long time to fund and require a lender with patience. HAC provides longer commitments (locks in its interest rate for a longer period of time) for projects with committed state or federal funds.

Why is affordable housing important at this time?

There are well-known trends increasing housing costs nationwide. With more remote work options, people are moving from cities to rural areas, which have historically had lower-cost housing. This migration is driving up costs in rural areas, making it hard for long-standing residents to afford housing. HAC works to keep some housing affordable in rural areas across the country. Other reasons that affordable housing is important include:

  • Housing costs have skyrocketed over the last few years — the pandemic escalated construction costs, and extreme weather events are increasing insurance costs. Housing costs were already on an upward trend over the past few decades – they now represent a higher percentage of a worker’s salary than they were for prior generations.
  • Affordable housing supports job growth and economic development – it allows areas to attract and retain a workforce.
  • Many Americans’ budgets are already stretched, and inflation is making it harder to afford the basics. Affordable housing becomes even more critical in these conditions.
  • Affordable housing is aging and has a lot of deferred maintenance. It’s hard to make improvements with limited income from the property. Even worse, once repaired, some affordable housing projects are transitioning to market rate. Programs to support preservation of affordable housing are necessary.
Why did you come to HAC?

I had wanted to work in affordable housing finance for years. While studying finance in my MBA program, I learned about the complexity of the Low-Income Housing Tax Credit, and the fact that the industry needed smart, capable people who also care about its mission. Without much prior experience, my first role was in the development department of a housing authority. While there, I assisted with the redevelopment of two projects and learned about the design process, community engagement, and financing. After a few years, I was ready to apply what I learned to finance, which led me to HAC. I was grateful to find a low-income housing lender with such a focused yet far-reaching mission.

What is a project that you are proud of?

One of my favorite borrowers is Alexandria Development, LLC. It’s run by a woman who is developing affordable housing in her hometown. The owner of the business is retired and has an extensive background in banking and community development. She has built four duplexes (8 units) in three phases and refinanced a triplex with HAC funds. These 11 units are some of the only new, quality affordable rental housing in the town. The housing is in a high-poverty census tract, an area of economic distress, and in a persistent poverty county. The area desperately needs housing (32% of housing units were determined to be poor quality, overcrowded, or unaffordable in 2017), and housing development isn’t economically attractive in the area. Only someone who cares about the town and its people would put in the effort to improve the housing stock. I’m proud to help improve the available housing in her hometown of Warrenton, Georgia.

What does HAC do that other lenders wouldn’t?

HAC makes loans to emerging developers with a shorter track record. This is more common in rural areas because there are few developers to begin with. We appreciate the effort required to develop affordable housing and work with developers over time to ensure that they have a sufficient support team to complete and manage a project.

Experts of HAC: Natasha Moodie on Heirs’ Property and Generational Wealth in Rural America

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In this edition, Natasha Moodie explains what heirs’ property is, why tangled titles limit families’ access to equity, and which strategies can protect legacy homes and build generational wealth.

What is heirs’ property and why is it important?
Natasha Moodie

Natasha Moodie is a Research Associate at the Housing Assistance Council. She draws on extensive experience in rural community development and program design, along with research expertise, to advance HAC’s work on housing access and heirs’ property.

Heirs’ property is commonly created when a property owner passes away without a will or another form of estate planning. When this occurs, the state’s laws determine who inherits the property. Depending on the deceased person’s family circumstances, including considerations of whether they have a surviving spouse or children, one person or multiple people may inherit the property. When multiple people inherit the property, it is inherited as an undivided interest, meaning no one person has full claim to the property. Heirs’ properties can also be created when the deceased person had a will, but the property did not complete the required transfer of ownership, which in many states is probate. When this occurs, the name of the deceased owner is often still listed in property records, tax records, and mortgage information until ownership is officially transferred to their surviving family members. 

It is important to understand and be aware of heirs’ property and tangled titles in the housing and community development fields.

When the property records are not updated to the living heirs, the persons who inherited the property often cannot access full tax exemptions, make repairs on the property, use the property as collateral for loans, or otherwise access the equity in the property. While the records are in the name of the decedent, if there is a mortgage on the property, permission to access loan information or make payments is retained exclusively to the person on record, the deceased. Faced with these barriers, heirs’ property owners do not have the full agency over their property afforded to other property owners.  

Communally owned property has been, and will continue to be, a method of property ownership across the country. Some families intentionally own and transfer their property as heirs’ property due to generational practices, cultural traditions, kinship ties to their family land, and a defense against homelessness for current and future generations. Heirs’ property work includes implementing protections and pathways for safe, secure, and affordable generational housing on properties held as heirs’ property, and designing pathways to provide access to the resources needed to consolidate and update property ownership for those who choose. 

There is a minimum of $32 billion in residential property and $41 billion across all parcels in the country that is inaccessible to homeowners due to unclear title. Local research has demonstrated that there is a relationship between tangled titles, vacancy, blight, and tax foreclosure. The national heirs’ property field collectively works to preserve legacy, generational wealth, community, and culture, for today’s homeowners, future homeowners, and their descendants for generations to come.  

What is HAC’s focus on heirs’ property?

HAC aims to be a part of a nationwide cross-sector movement to increase access to the capital and resources needed to support the full agency for homeowners to address their housing needs and achieve their housing goals in alignment with their aspirations for their families and property.

The Housing Assistance Council is a national nonprofit that supports affordable housing and community development across rural America. Research conducted by HAC, in collaboration with Fannie Mae, estimates that residential heirs’ properties are disproportionately located in rural communities. Thus, our work to support affordable housing and community development must include an intentional focus on supporting heirs’ property owners.  

Our multi-dimensional efforts focus on residential property, with a particular focus on and partnership with rural communities, persistent poverty counties, Tribal lands, the US Virgin Islands, Puerto Rico, Guam and the Northern Mariana Islands.  

What are some of the efforts involved in the heirs’ property field?

Research: There are over 40 years of quantitative and qualitative research on the prevalence and impact of heirs’ property, and pathways for support and resolution for heirs’ property owners. Research across many sectors, as well as national journalistic media continue, to increase national awareness, inform solution development, and increase protections and access to resources and capital for heirs’ property owners.  

Policy: State policy efforts to increase protections for heirs’ property owners include the Uniform Partition of Heirs’ Property Act (UPHPA), statutes providing non-judicial pathways to transfer property upon the death of an owner including Enhanced Life Estates and Transfer on Death (TODs) deeds, and the inclusion of heirs’ property owners in mortgage relief, foreclosure protections, and tax delinquency protections and programs.  

Financing: There are continued efforts to address barriers to accessing capital. Heirs’ property owners need sustainable pathways. This ongoing work aims to address the challenges heirs’ property owners face in accessing the capital needed to preserve and utilize their properties.  

Access to affordable, timely, and culturally relevant legal services: There are many dedicated attorneys, working in legal aid, private practice, and university organizations, committed to protecting heirs’ property and educated in the nuances of determining the best path forward. Many of these attorneys are a part of the Heirs’ Property Practitioner Network, a nationwide affiliation of attorneys working to support heirs’ property owners.  

Localized cross-sector efforts to prevent heirs’ property and resolve the challenges faced by heirs’ property owners: Community-based organizations across the country have continued to support their neighbors and residents through holistic, cross-sector approaches to supporting heirs’ property owners.  

Want to learn more?  

Join us at the Rural Homes, Secure Land Forum, an Heirs’ Property Pre-Conference Event on November 4th at the 2025 National Rural Housing Conference.  

If you have already registered for the National Rural Housing Conference, please modify your registration to reserve your seat at the forum. If you have not registered for the conference, please register for the conference and select the heirs’ property pre-conference event as a part of your registration.  

We hope to see you there!  

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