Tag: housing

Bank of Labor invests in affordable housing fund


The Bank of Labor, headquartered in Kansas City, Kansas, is one of six large institutional investors that have invested in the IMPACT Mortgage Opportunities Fund.

The fund exceeded its initial capital target and raised $210 million in recent weeks, according to a news release.

IMPACT seeks to make positive social change in America’s underinvested communities by preserving existing affordable multifamily properties and providing investors market rate returns, the news release stated.

The fund’s successful close signifies the impact financial institutions can make on affordable housing. Investors joining Bank of Labor include Farmers Insurance, Nationwide and Pacific Life Insurance Company.

“IMPACT’s mission aligns well with our Bank’s efforts to support the working class in Kansas City and across the country,” noted Joe Schoonover, first vice president, at Bank of Labor. The bank formerly was known as Brotherhood Bank.

Since 2001, IMPACT has invested over $1 billion in affordable housing. Unfortunately, the nation’s housing crisis faces an immediate threat: affordability restrictions on hundreds of thousands of federally assisted homes are set to end over the next several years, placing these properties at risk of becoming market-rate rentals, according to a bank spokesman. In 2021 alone, affordability restrictions on more than 123,000 federally assisted units are due to expire.

The fund helps address this need by providing high-quality, short-term bridge loans to developers and owners of affordable housing who want to preserve their properties’ affordability status. The loans provide borrowers time to apply for permanent financing and government subsidy programs.

“IMPACT will bring tremendous value to developers from the Kansas City region who are seeking bridge or permanent financing on affordable housing projects,” Schoonover stated. He added, “Bank of Labor has the know-how to assist with scoping local projects and helping developers successfully navigate the funding.”

Over the lifespan of the fund, IMPACT expects to preserve over 5,000 affordable units across the United States.

“To address the critical need for quality, safe, and affordable housing across the country, we have to meet the short-term challenge of preserving the current at-risk housing supply,” said Jeff Brenner, IMPACT’s president and chief executive officer.

“IMPACT’s Mortgage Opportunity Fund means funding for developers that will result in thousands of more affordable homes from the Midwest to the coasts,” Schoonover stated. He added, “It’s exciting to be behind this effort to provide new housing opportunities to families ready to settle into a community.”

Emergency utility and rental assistance program starts in Kansas

The Kansas Emergency Rental Assistance (KERA) program was launched on March 15.

A new program providing rent, utility, and internet-access assistance to households experiencing financial hardships due to the COVID-19 pandemic is now accepting applications at https://kera.kshousingcorp.org/kera#/.

The assistance covers up to 12 months of rent and rental arrears (money past due), up to three months of prospective rent at a time, even if the household does not have rental arrears, and past due residential utility and home energy (electric, gas, water, sewer and trash services), and internet costs.

The KERA program is funded through the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, which provided the state of Kansas nearly $200 million in rental assistance funding. The Kansas Housing Resources Corporation (KHRC) will serve as the administrator of the majority of these funds through the KERA program.

Those eligible to apply include tenants who rent their home, tenants whose 2020 household income did not exceed 80 percent of the area’s median income, households where at least one member is experiencing documented financial hardship as a result of the COVID-19 pandemic, or at least one member of the household is uncertain of where they will stay or may become homeless without housing assistance.

To apply for the program, both the tenant and their landlord must apply online via a joint application process. The landlord completes online certification and the tenant submits the online application. The landlord and tenant are then notified when the application is processed. If approved, the landlord or service provider receive funds directly from the Kansas Housing Resources Corp. (KHRC). The landlord or service provider than applies assistance to the tenant’s account.

To learn more about the Kansas Emergency Rental Assistance Program, the qualification and application process, visit the KHRC website at https://kshousingcorp.org/emergency-rental-assistance/.

The BPU will be lifting the disconnect moratorium on March 31, and will resume its normal disconnect process and business operations on April 1, according to a BPU spokesman.

Customers are encouraged to stay current with their bills to avoid getting too far behind, the spokesman stated. If there are any BPU billing or customer service questions, call 913-573-9190 and a utility representative is available to assist.

Rental assistance offered

The Kansas Housing Resources Corp. has $200 million available for statewide rental assistance, according to a recent announcement from Gov. Laura Kelly.

Funds are from the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. The funding is to support housing stability, prevent evictions and homelessness.

“COVID-19 has created unprecedented challenges for Kansans, and it is more important than ever to keep our families safe in their homes,” Gov. Laura Kelly said. “The $200 million funding for rental assistance will go a long way to prevent evictions and homelessness, and ensure Kansans can stay sheltered and secure while we continue to fight this virus.”


Kansans struggling to cover rent and utility payments due to COVID may qualify for up to 12 months of emergency assistance thanks to new federal relief. Kansas Housing Resources Corp. and the city of Wichita will administer the funds.

“Home has never been more important,” said Ryan Vincent, KHRC executive director. “Home has always been a place of shelter, but in the midst of the pandemic it’s also become our virtual workplace, classroom, and gathering space. Rental assistance protects Kansans’ access to home when they need it most.”

Tenants may qualify for assistance if they earn no more than 80 percent of their area’s median income, are experiencing documented financial hardship as a result of the COVID pandemic and may be at risk of housing instability or homelessness without assistance.

“In unprecedented times of hardship, it’s imperative that we step up to provide security to those in need,” said Sally Stang, director of housing and community services for the city of Wichita. “Everyone needs a little help now and then, and we want to ensure that families and individuals who need help to stay in their homes receive it.”

Wichita residents may apply through the Wichita Emergency Rental Assistance Program (WERAP) administered by the city’s Housing and Community Services division. The city’s online application will open on Monday, Feb. 22, 2021.

Kansans living outside the Wichita city limits may apply through the Kansas Emergency Rental Assistance (KERA) program administered by KHRC. The online KERA application will open on Monday, March 15, 2021.

The KERA and WERAP programs follow the 2020 Kansas Eviction Prevention Program (KEPP), a $20 million assistance initiative administered by KHRC with federal CARES Act funding. In the roughly 60 days that the program was in statewide operation, KHRC received 10,138 applications for more than $25 million requested in assistance, representing 27,200 Kansans financially impacted by COVID.