Novogradac & Company LLP - Affordable Housing Resource Center Breaking News

IRS ACCEPTS COMMENTS ON FORM 8610

Thu, 04 Mar 2010 9:20:00 -0700

The Internal Revenue Service (IRS) today invited public comments on Form 8610, Annual Low-Income Housing Credit Agencies Report, and Schedule A (Form 8610), Carryover Allocation of Low-Income Housing Credit ...

REPORT DESCRIBES IMPACT OF FEDERAL HISTORIC TAX CREDIT

Wed, 03 Mar 2010 10:00:00 -0700

The federal historic tax credit is a highly efficient job creator-accounting for the creation of 1.8 million new jobs over the life of the program, according to the "First Annual Report on the Economic Impact of the Federal Historic Tax Credit," which was released today ...

HUD RELEASES DETAILS ABOUT LIHTC TENANT DATA COLLECTION

Wed, 03 Mar 2010 9:15:00 -0700

The U.S. Department of Housing and Urban Development (HUD) will use a system similar to, and based on, the current Tenant Rental Assistance Certification System (TRACS) system to collect data about tenants of low-income housing tax credit (LIHTC) properties, according to a notice published in today's Federal Register ...

SENATE CONSIDERS TAX EXTENDERS LEGISLATION THIS WEEK

Tue, 02 Mar 2010 8:55:00 -0700

The Senate yesterday began consideration of the American Workers, State, and Business Relief Act of 2010, which would extend tax provisions that expired on December 31, 2009, as well as address several provisions that expired on February 28, 2010 ...

REID INTRODUCES TAX EXTENDERS PACKAGE

Thu, 25 Feb 2010 9:00:00 -0700

Sen. Harry Reid yesterday introduced legislation to extend several tax provisions that expired on December 31, 2009 ...

HUD INVITES COMMENTS ON LIHTC DATABASE

Wed, 24 Feb 2010 11:25:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today invited comments on a requirement of the Housing and Economic Recovery Act (HERA) of 2008. ...

SUMMARY POSTED: UNITS FUNDED, JOBS CREATED BY SECTION 1602

Tue, 23 Feb 2010 9:40:00 -0700

Nearly 28,000 jobs have been created or retained by the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program that was created by the American Recovery and Reinvestment Act (Recovery Act), according to figures released today by the Treasury Department ...

FHFA PROPOSES HOUSING GOALS FOR FANNIE, FREDDIE

Wed, 17 Feb 2010 9:15:00 -0700

The Federal Housing Finance Agency (FHFA) sent a proposed rule to the Federal Register establishing new housing goals for government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac ...

BAUCUS, GRASSLEY RELEASE DRAFT JOBS BILL WITH TAX EXTENDERS

Thu, 11 Feb 2010 9:35:00 -0700

Senate Finance Committee Chairman Max Baucus, D.-Mont., and Ranking Member Chuck Grassley, R-Iowa, today released a draft of jobs legislation called the Hiring Incentives to Restore Employment (HIRE) Act ...

SENATE JOBS BILL COULD INCLUDE TAX CREDIT EXTENSIONS

Tue, 09 Feb 2010 2:35:00 -0700

Despite inclement weather that could delay a vote, Senate Majority Leader Harry Reid, D-Nev., is reported to be working to get a bill designed to spur job growth to the Senate floor by the end of this week ...

FHFA RELEASES FANNIE, FREDDIE CONSERVATORSHIP LETTER

Tue, 02 Feb 2010 3:50:00 -0700

Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco today sent a letter about Fannie Mae's and Freddie Mac's (GSEs') conservatorship to Reps. Barney Frank, D-Mass., and Spencer Bachus, R-Ala., of the House Financial Services Committee, and Sens. Christopher Dodd, D-Conn., and Richard Shelby, R-Ala., of the Senate Banking, Housing and Urban Affairs Committee ...

FEDERAL BUDGET PROPOSAL EXTENDS LIHTC EXCHANGE PROGRAM

Mon, 01 Feb 2010 12:30:00 -0700

Today President Barack Obama transmitted the fiscal year (FY) 2011 proposed budget to the Congress, which includes an extension of the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program ...

HISTORIC SCHOOLS REHABILITATION ACT INTRODUCED IN THE SENATE

Fri, 29 Jan 2010 11:00:00 -0700

Senators Jim Webb, D-Va., and Mark Warner, D-Va., today introduced The Rehabilitation of Historic Schools Act of 2010 ...

DOE ISSUES RULE REGARDING LIHTC, HUD PROPERTIES' ELIGIBILITY FOR WAP

Mon, 25 Jan 2010 10:30:00 -0700

The U.S. Department of Energy (DOE) today released a final rule amending the eligibility provisions applicable to multi-unit buildings under the Weatherization Assistance Program (WAP). ...

HUD ISSUES FHA MULTIFAMILY RENTAL CLOSING DOCUMENTS FOR COMMENT

Thur, 21 Jan 2010 10:30:00 -0700

In today�s Federal Register, the U.S. Department of Housing and Urban Development (HUD) announced that it was issuing for public comment a comprehensive set of revised closing documents for use in Federal Housing Administration (FHA) multifamily rental projects. ...

HUD AWARDS $2 BILLION THROUGH NEIGHBORHOOD STABILIZATION PROGRAM

Fri, 15 Jan 2010 10:00:00 -0700

U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan announced yesterday the award of $2 billion in American Recovery and Reinvestment Act funding to states, local governments and non-profit housing developers, under HUD's Neighborhood Stabilization Program (NSP) ...

ADMINISTRATION COMPLETES TRANSACTIONS UNDER HFA INITIATIVE

Wed, 13 Jan 2010 1:05:00 -0700

The U.S. Department of the Treasury, together with the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) today announced the completion of all transactions under the recently-introduced state and local Housing Finance Agency (HFA) Initiative, a key element of the Obama Administration's Homeowner Affordability and Stability Plan ...

JOINT CENTER REPORT EXAMINES DISRUPTION OF LIHTC PROGRAM

Wed, 6 Jan 2010 3:00:00 -0700

There is cautious optimism that much delayed affordable rental housing production will occur in 2010, although more should be done to mitigate vulnerabilities in the low-income housing tax credit (LIHTC) program and address issues surrounding investor demand, according to a new report from Harvard University's Joint Center for Housing Studies ...

SENATORS PLEDGE WORK ON TAX EXTENDERS IN EARLY 2010

Wed, 23 Dec 2009 9:40:00 -0700

Sens. Max Baucus, D-Mont., and Chuck Grassley, R-Iowa, sent a letter to Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., yesterday regarding adjournment of the first session of the 111th Congress without extending expiring tax assistance provisions ...

TREASURY SURPASSES $4 BILLION IN SECTION 1602 GRANTS

Tue, 22 Dec 2009 10:10:00 -0700

The Treasury Department today announced that the American Recovery and Reinvestment Act (Recovery Act) has now provided more than $4 billion in funding to spur the development of affordable housing through the Section 1602 program, which provides cash grants in lieu of low-income housing tax credits (LIHTCs) ...

XTENDERS PACKAGE WOULD EXTEND LIHTC EXCHANGE PROGRAM FOR ONE YEAR

Tue, 8 Dec 2009 15:40:00 -0700

Ways and Means Committee Chairman Charles B. Rangel, D-N.Y., yesterday introduced H.R. 4213 ...

SCHUMER BILL ALLOWS MORE MILITARY PERSONNEL TO QUALIFY FOR LIHTC

Fri, 4 Dec 2009 11:40:00 -0700

Sen. Charles E. Schumer, D-N.Y., yesterday introduced the Military Families Affordable Homes Act of 2009 ...

TCAC PROPOSES CHANGES TO QAP FOR 2010

Tue, 24 Nov 2009 14:40:00 -0700

The California Tax Credit Allocation Committee (TCAC) today announced proposed amendments to its low-income housing tax credit (LIHTC) qualified allocation plan (QAP) ...

TREASURY, IRS RELEASE 2009-2010 PRIORITY GUIDANCE PLAN

Tue, 24 Nov 2009 13:40:00 -0700

The Treasury Department and Internal Revenue Service (IRS) today released the 2009-2010 Priority Guidance Plan, which contains 315 projects that are scheduled for completion from July 2009 through June 2010 ...

LIHTC CARRYBACK PROPOSAL INTRODUCED IN HOUSE

Wed, 18 Nov 2009 14:30:00 -0700

Rep. Bill Pascrell, D-N.J., a member of the House Ways and Means Committee, today introduced a bill that includes a two-part proposal that would increase the existing carryback for the low-income housing tax credit (LIHTC) ...

TREASURY ANNOUNCES HOUSING FINANCE AGENCY INITIATIVE

Wed, 18 Nov 2009 13:50:00 -0700

The Treasury Department yesterday announced a new initiative for state and local housing finance agencies (HFAs) that, using authority provided by the Housing and Economic Recovery Act of 2008 (HERA) ...

IRS ANNOUNCES INFLATION ADJUST LIHTC, BOND CAPS FOR 2010

Tue, 10 Nov 2009 14:00:00 -0700

The Internal Revenue Service (IRS) last month announced in Revenue Procedure 2009-50 the inflation-adjusted low-income housing tax credit (LIHTC) ...

HUD INVITES COMMENTS ON TCAP REPORTING REQUIREMENTS

Tue, 27 Oct 2009 10:00:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today invited public comment on the reporting and recordkeeping requirements of the Tax Credit Assistance Program (TCAP) ...

ENTERPRISE COMMITS $4 BILLION TO GREEN COMMUNITIES INITIATIVE

Thu, 22 Oct 2009 10:45:00 -0700

Enterprise yesterday announced a $4 billion commitment to its Green Communities initiative ...

THE OBAMA ADMINISTRATION ANNOUNCES NEW HOUSING INITIATIVE

Mon, 19 Oct 2009 4:45:00 -0700

The Obama administration today announced the Homeowner Affordability and Stability Plan, an initiative for state and local housing finance agencies (HFAs) ...

E&Y RELEASES LIHTC INVESTMENT STUDY

Mon, 12 Oct 2009 3:45:00 -0700

A study by Ernst & Young (E&Y) and commissioned by Enterprise Community Partners, Inc. and Local Initiatives Support Corporation (LISC) has confirmed that LIHTC investment activity has fallen dramatically in the last two years but would increase significantly in the near term if Congress enacted legislation allowing a five-year carryback of LIHTCs instead of the current one-year carryback ...

HUD PROPOSES RULE PROHIBITING ESCROWING OF TAX CREDIT EQUITY

Fri, 9 Oct 2009 11:25:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today released for public comment a proposed rule that would prohibit the escrowing of tax credit equity ...

HUD DESIGNATES QCTS, DDAS FOR 2010

Tue, 6 Oct 2009 8:35:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today designated difficult development areas (DDAs) and qualified census tracts (QCTs) for purposes of the low-income housing tax credit (LIHTC) under Section 42 of the Internal Revenue Code (IRC) ...

LEGISLATION INTRODUCED TO EXPAND HISTORIC TAX CREDIT

Fri, 2 Oct 2009 3:55:00 -0700

Rep. Allyson Schwartz, D-Pa., yesterday introduced H.R. 3715, the Community Restoration and Revitalization Act of 2009 ...

IRS RELEASES UPDATED 8823 GUIDE

Fri, 25 Sep 2009 9:55:00 -0700

The U.S. Department of Housing and Urban Development today published final fiscal year 2010 fair market rents (FMRs) ...

IRS RELEASES UPDATED 8823 GUIDE

Fri, 25 Sep 2009 9:55:00 -0700

The Internal Revenue Service (IRS) today released an updated version of its Guide for Completing Form 8823: Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. ...

HUD PROVIDES GUIDANCE ON JOB CREATION REPORTING FOR TCAP

Thu, 24 Sep 2009 1:55:00 -0700

The U.S. Department of Housing and Urban Development (HUD) this week posted guidance for Tax Credit Assistance Program (TCAP) grantees for Reporting on Recovery Act Jobs Created or Retained. ...

GEORGIA DCA ASKS HOUSING PROPERTIES TO REPORT FLOOD DAMAGE

Wed, 23 Sep 2009 1:55:00 -0700

In response to recent flooding in the Atlanta region, the Georgia Department of Community Affairs (DCA) ...

NYE INTRODUCES LIHTC-MILITARY FAMILY HOUSING BILL

Tue, 22 Sep 2009 1:55:00 -0700

Rep. Glenn Nye, D-Va., yesterday announced the Military Families Affordable Homes Act of 2009 ...

TREASURY UPDATES FAQS FOR LIHTC EXCHANGE PROGRAM

Mon, 21 Sep 2009 1:55:00 -0700

The Treasury Department last week released an updated version of its Frequently Asked Questions and Answers document for the Section 1602 ...

ARRA RECIPIENTS IN KY. REQUIRED TO ATTEND WORKSHOP

Mon, 21 Sep 2009 1:40:00 -0700

The Kentucky Housing Corporation (KHC) Housing Finance and Construction Department will hold a free mandatory training session for developers of Tax Credit Assistance Program (TCAP) ...

CALIF. ADDS TWO ADDITIONAL ARRA WORKSHOPS

Mon, 21 Sep 2009 1:40:00 -0700

The California Tax Credit Allocation Committee (TCAC) announced Friday that it added two additional American Recovery and Reinvestment Act loan workshops for developers ...

ARRA FUND RECIPIENTS IN CALIF. REQUIRED TO ATTEND WORKSHOP

Fri, 18 Sep 2009 2:10:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today released new guidance for the Tax Credit Assistance Program (TCAP) ...

OPPORTUNITY TO COMMENT ON GSES DUTIES TO SERVE UNDERSERVED MARKETS ENDS SEPT. 18

Wed, 16 Sep 2009 11:40:00 -0700

The comment window closes Friday for the public to submit input to Federal Housing Finance Agency (FHFA) about government sponsored enterprises (GSEs) Fannie Mae�s and Freddie Mac�s duties to serve underserved markets ...

ARRA FUND RECIPIENTS IN CALIF. REQUIRED TO ATTEND WORKSHOP

Tue, 15 Sep 2009 8:50:00 -0700

The California Tax Credit Allocation Committee (TCAC) announced Friday that it will conduct mandatory loan workshops for recipients of Recovery Act funds ...

HUD INVITES COMMENTS ON ENDING �HOLD HARMLESS� POLICY

Fri, 11 Sep 2009 9:10:00 -0700

In a request for comments scheduled for publication in the Federal Register on September 14, the U.S. Department of Housing and Urban Development (HUD) invites comments from the public on whether it should discontinue its policy of maintaining Section 8 income limits for certain areas at previously published levels when reductions would otherwise have resulted ...

IRS ANNOUNCES LIHTC ALLOCATIONS TO NATIONAL POOL

Wed, 2 Sep 2009 10:20:00 -0700

The Internal Revenue Service (IRS) today published the amounts of unused low-income housing tax credit (LIHTC) carryovers for calendar year 2009 that were allocated to 29 qualified states under Internal Revenue Code Section 42(h)(3)(D) ...

TREASURY TO AMEND SECTION 1602 DISBURSEMENT DEADLINE

Fri, 28 Aug 2009 9:10:00 -0700

An interim final rule scheduled for publication on August 31 will amend the Treasury Department�s policy regarding the time limitation within which state housing credit agencies must disburse funds received under Section 1602 of the American Recovery and Reinvestment Tax Act of 2009 ...

TREASURY ANNOUNCES SIXTH ROUND OF EXCHANGE PROGRAM FUNDS

Wed, 26 Aug 2009 13:10:00 -0700

The Treasury Department today announced approximately $309 million in funds will be allocated through the low-income housing tax credit (LIHTC) exchange program ...

IRS ACCEPTS COMMENTS ON FORM 8586, LOW-INCOME HOUSING CREDIT

Fri, 21 Aug 2009 13:10:00 -0700

The Internal Revenue Service (IRS) yesterday invited comments on Form 8586, Low-Income Housing Credit, which is used by owners of residential rental projects providing low-income housing to claim the low-income housing tax credit (LIHTC) for part of the cost of constructing or rehabilitating such low-income housing. ...

HUD PUBLISHES PROPOSED 2010 FAIR MARKET RENTS

Tue, 4 Aug 2009 15:30:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today published proposed fair market rents (FMRs) for fiscal year 2010 ...

LIHTC INDUSTRY GROUPS REACH CONSENSUS ON PROPOSALS

Mon, 3 Aug 2009 15:30:00 -0700

The Housing Advisory Group reports that a group of low-income housing tax credit (LIHTC) industry organizations have agreed on a list of consensus issues to present to key housing proponents on Capitol Hill ...

FMRs FOR 2010 TO BE PUBLISHED NEXT WEEK

Fri, 31 Jul 2009 11:30:00 -0700

The U.S. Department of Housing and Urban Development (HUD) announced today that proposed fiscal year 2010 fair market rents (FMRs) will be published in the Federal Register on August 4, 2009 ...

TREASURY ANNOUNCES ANOTHER ROUND OF EXCHANGE PROGRAM FUNDS

Thur, 30 Jul 2009 13:20:00 -0700

The Treasury Department today announced approximately $90 million in funds will be allocated through the low-income housing tax credit (LIHTC) exchange program ...

HUD POSTS ADDITIONAL TCAP GUIDANCE

Wed, 29 Jul 2009 9:10:00 -0700

The U.S. Department of Housing and Urban Development (HUD) has posted new guidance for the Tax Credit Assistance Program (TCAP)...

HUD ANNOUNCES FINAL ROUND OF APPROVAL UNDER TCAP

Tue, 28 Jul 2009 2:20:00 -0700

U.S. Housing and Urban Development Secretary Shaun Donovan today announced that HUD is approving the final round of plans submitted by state housing finance agencies...

TREASURY ANNOUNCES MORE EXCHANGE PROGRAM FUNDING

Fri, 10 Jul 2009 9:00:00 -0700

The Treasury Department today announced $486 million in funds allocated through the low-income housing tax credit (LIHTC) exchange program created by the American Recovery and Reinvestment Act (Recovery Act) to spur the development of affordable housing units...

TREASURY POSTS ADDITIONAL GUIDANCE ON LIHTC EXCHANGE PROGRAM

Thu, 9 Jul 2009 1:10:00 -0700

The Treasury Department today published additional guidance for the low-income housing tax credit (LIHTC) exchange program under Section 1602 of the American Recovery and Reinvestment Act of 2009...

HUD APPROVES MORE THAN $1 BILLION IN TCAP FUNDS

Tues, 30 Jun 2009 10:40:00 -0700

U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan today announced that HUD is approving plans submitted by state housing finance agencies for $1,035,322,485 to jump start affordable housing programs in states that are currently stalled due to the economic recession...

MEASURE WOULD ALLOW EXCHANGE OF GO ZONE, DISASTER LIHTCS

Wed, 24 Jun 2009 10:40:00 -0700

Sens. Evan Bayh, D-Ind., and Richard Shelby, R-Ala., yesterday proposed legislation that would allow states that were allocated additional low-income housing tax credits (LIHTCs) in 2005 and 2008 for the rebuilding of affordable housing in the Gulf Opportunity (GO) Zone and Midwestern Disaster Areas to exchange those credits under the Section 1602 program created by the Recovery Act...

TREASURY ANNOUNCES $268 MILLION MORE IN RECOVERY ACT LIHTC EXCHANGE FUNDS

Mon, 22 Jun 2009 9:20:00 -0700

The Treasury Department today announced $268 million in funds allocated through the low-income housing tax credit (LIHTC) exchange program created by the American Recovery and Reinvestment Act (Recovery Act) to spur the development of affordable housing units in Indiana, Missouri, Tennessee and Washington D.C...

NOVOGRADAC & CO'S MANAGING PARTNER TO SPEAK AT NCSHA FORUM

Thur, 11 Jun 2009 2:40:00 -0700

Michael J. Novogradac, managing partner of Novogradac & Company LLP, will be one of 14 top low-income housing tax credit (LIHTC) practitioners to speak at the National Council of State Housing Agencies' (NCSHA) forum on housing credit investment ...

TREASURY ANNOUNCES $135 MILLION MORE IN RECOVERY ACT LIHTC EXCHANGE FUNDS

Thur, 4 Jun 2009 9:30:00 -0700

The Treasury Department today announced nearly $135 million in American Recovery and Reinvestment Act (Recovery Act) funds will be given to five states that�have elected to exchange for direct cash assistance ...

FRANK REQUESTS CHANGES TO LIHTC EXCHANGE PROGRAM RULES

Tues, 2 Jun 2009 9:30:00 -0700

Financial Services Committee Chairman Barney Frank, D-Mass., yesterday sent a letter to Treasury Secretary Timothy Geithner requesting modifications to Treasury guidance ...

IRS INVITES COMMENTS ON FORM 8611

Fri, 29 May 2009 9:30:00 -0700

The Internal Revenue Service (IRS) today invited comments concerning Form 8611, Recapture of Low-Income Housing Credit ...

HUD, TREASURY MAKE TCAP, EXCHANGE FUNDING ANNOUNCEMENTS

Fri, 22 May 2009 13:00:00 -0700

The U.S. Department of the Treasury today announced more than $330 million in American Recovery and Reinvestment Act funding to spur the development of affordable housing units in Kansas, Michigan, Ohio, Wisconsin and Puerto Rico ...

CALIFORNIA PUBLISHES APPLICATION FOR EXCHANGE PROGRAM

Wed, 13 May 2009 12:30:00 -0700

The California Tax Credit Allocation Committee today published an application for cash in lieu of tax credits. ...

IRS PUBLISHES UTILITY ALLOWANCE GUIDANCE CLARIFICATION

Tue, 5 May 2009 12:30:00 -0700

The Internal Revenue Service (IRS) today issued guidance in Notice 2009-44 to clarify that utility costs paid by a tenant and based on actual consumption in a sub-metered rent-restricted unit are treated as paid directly by the tenant for purposes of Section 42(g)(2)(B)(ii) of the Internal Revenue Code ...

GUIDANCE RELEASED FOR TCAP AND LIHTC EXCHANGE PROGRAM

Mon, 4 May 2009 13:15:00 -0700

The Department of Housing and Urban Development (HUD) and Treasury Department today released guidance on the two programs created by the American Reinvestment and Recovery Act of 2009 related to the low-income housing tax credit (LIHTC) ...

HUD INVITES COMMENT ON APPROVAL PROCESS FOR MULTIFAMILY PROJECTS

Tue, 29 Apr 2009 11:15:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today released a notice inviting recommendations from stakeholders in its insured multifamily projects, as well as interested members of the public, on administrative and procedural changes that HUD should adopt to expedite approval of multifamily housing projects involving low-income housing tax credits (LIHTCs) or tax-exempt bonds under its jurisdiction ...

IRS RELEASES RULING ABOUT OFF SITE COSTS AND ELIGIBLE BASIS

Tue, 28 Apr 2009 9:45:00 -0700

The costs of constructing streets and related infrastructure improvements that will be dedicated to public use in a low-income housing tax credit project ...

GO ZONE CREDITS DO NOT QUALIFY FOR TCEP GRANTS, CAN BE REALLOCATED

Mon, 27 Apr 2009 10:15:00 -0700

The U.S. Treasury Department released a letter today that says that credits allocated under the Gulf Opportunity (GO) Zone Act of 2005 ...

INDIANA LIHTC AGENCY PUBLISHES DRAFT RECOVERY ACT PLAN

Tue, 21 Apr 2009 3:15:00 -0700

The Indiana Housing and Community Development Authority (IHCDA) today released a draft of its proposed policies for implementing the two enhancement funding sources for low-income housing tax credit (LIHTC) developments created by the American Recovery and Reinvestment Act of 2009 ...

CALIF. RESPONDS TO RECOVERY ACT PLAN COMMENTS

Thur, 16 Apr 2009 9:25:00 -0700

Today, the California Tax Credit Allocation Committee (TCAC) released a memo regarding comments received from the public on its proposed regulation changes ...

GEORGIA RELEASES PRELIMINARY ARRA IMPLEMENTATION PLAN

Thur, 9 Apr 2009 9:25:00 -0700

The Georgia Department of Community Affairs (DCA) yesterday released its preliminary plan for implementing the low-income housing tax credit (LIHTC) provisions of the American Recovery and Reinvestment Act of 2009 ...

TENNESSEE PUBLISHES CURRENT PLANS FOR RECOVERY ACT PROVISIONS

Tues, 31 Mar 2009 13:10:00 -0700

The Tennessee Housing Development Agency today released a memo regarding its 2009 low-income housing tax credit (LIHTC) program and its plans to implement the LIHTC provisions of the American Recovery and Reinvestment Act of 2009 ...

HUD SEEKS INPUT ON LIHTC TENANT DATA COLLECTION REQUIREMENT

Mon, 30 Mar 2009 9:03:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today invited early input from state housing agencies and other interested stakeholders on a methodology or approach to meet the low-housing tax credit (LIHTC) tenant data collection requirement of the Housing and Economic Recovery Act of 2008 (HERA) ...

REAC EXTENSION GRANTED BY HUD FOR SOME MULTIFAMILY PROPERTY OWNERS

Wed, 26 Mar 2009 11:46:00 -0700

Due to U.S. Department of Housing and Urban Development (HUD) infrastructure performance problems, multifamily property owners have experienced difficulties submitting their financial statements due March 30, 2009 (for owners with a fiscal year end on December 31, 2008) ...

NOVOGRADAC'S RENT & INCOME CALCULATOR UPDATED FOR 2009

Wed, 25 Mar 2009 7:46:00 -0700

Novogradac & Company LLP's Rent & Income Limit Calculator� has been updated to include the U.S. Department of Housing and Urban Development's (HUD) 2009 rent and income limit data ...

HUD RELEASES INCOME LIMITS FOR 2009

Wed, 19 Mar 2009 7:46:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today released income limits for 2009 ...

CALIFORNIA PROPOSES NEW REGULATIONS FOR RECOVERY ACT FUNDS

Wed, 18 Mar 2009 9:26:00 -0700

The California Tax Credit Allocation Committee (TCAC) yesterday released a new proposed regulation section incorporating the American Recovery and Reinvestment Act of 2009 ...

DELAWARE RELEASES MEMO ADDRESSING GOALS FOR ARRA PROVISIONS

Wed, 11 Mar 2009 13:55:00 -0700

The Delaware State Housing Authority today released a memo regarding the American Recovery and Reinvestment Act of 2009 ...

ARRA EXCHANGE PROGRAM GRANTS DO NOT REDUCE ELIGIBLE BASIS

Wed, 25 Feb 2009 9:05:00 -0700

In today's webinar on the American Recovery and Reinvestment Act of 2009, Novogradac & Company noted that it had been told by the Internal Revenue Service that grants received under the credit exchange program were federal grants ...

HUD ALLOCATES $2.25 BILLION FOR TAX CREDIT PROGRAM

Wed, 25 Feb 2009 9:05:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today announced that it allocated nearly 75 percent of the $13.61 billion of funding provided by the American Recovery and Reinvestment Act of 2009 for projects and programs administered by HUD ...

CALIFORNIA POSTPONES FIRST ROUND LIHTC APPLICATIONS

Mon, 23 Feb 2009 13:20:00 -0700

The California Tax Credit Allocation Committee (TCAC) today announced that it is postponing the due date for its first round of low-income housing tax credit (LIHTC) applications and its upcoming application workshops ...

AMERICAN RECOVERY AND REINVESTMENT ACT SIGNED INTO LAW

Tues, 17 Feb 2009 10:05:00 -0700

President Barack Obama today signed into law the American Recovery and Reinvestment Act of 2009 at a signing ceremony held at the Denver Museum of Nature & Science ...

AGREEMENT ANNOUNCED ON RECOVERY LEGISLATION

Mon, 11 Feb 2009 15:40:00 -0700

Congressional conferees today announced they had reached a tentative agreement on an economic recovery package.

SENATE OKS RECOVERY BILL WITH LIHTC, NMTC, RETC PROVISIONS

Mon, 10 Feb 2009 10:05:00 -0700

The Senate today voted 61 to 37 to approve H.R. 1, the American Recovery and Reinvestment Act of 2009 ...

ASUPPORT NEEDED TODAY FOR LIHTC ACCELERATOR AMENDMENT

Wed, 4 Feb 2009 9:05:00 -0700

Sen. Maria Cantwell, D-Wash., today filed an amendment to the Senate economic recovery proposal that would accelerate the amount of low-income housing tax credits that could be claimed in the first three years while still retaining the full 10-year credit period ...

AMENDMENT TO SENATE RECOVERY BILL WOULD ACCELERATE LIHTCS

Mon, 26 Jan 2009 9:05:00 -0700

The Senate Finance Committee will consider an amendment to its economic recovery proposal that would accelerate the amount of low-income housing tax credits that could be claimed in the first three years while still retaining the full 10-year credit period ...

SENATE ECONOMIC RECOVERY INTRODUCED WITHOUT LIHTC PROVISIONS

Fri, 23 Jan 2009 9:05:00 -0700

The Senate Finance Committee today unveiled the details of its proposal for an economic recovery package ...

HELP URGED TO SUPPORT LIHTC PROVISIONS FOR RECOVERY BILL

Fri, 16 Jan 2009 10:00:00 -0700

The House version of an economic recovery bill was released yesterday and despite initial hopes, the bill as it currently stands contains neither new federal support for the low-income housing tax credit (LIHTC) program nor new incentives to help the industry raise new investor capital.

SENATE COMMITTEE HOLDS HEARING FOR HUD SECRETARY POST

Tues, 13 Jan 2009 3:00:00 -0700

The Senate Banking, Housing and Urban Affairs Committee today held a nomination hearing for Shaun Donovan, secretary-designate for the U.S. Department on Housing and Urban Development (HUD).

HUD ANNOUNCES 2009 ANNUAL ADJUSTMENT FACTORS

Mon, 12 Jan 2009 10:20:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today published revised Annual Adjustment Factors (AAFs) for adjustment of Section 8 contract rents for specified programs.

INTERAGENCY CRA GUIDANCE UPDATED

Wed, 7 Jan 2009 10:00:00 -0700

The Office of the Comptroller of the Currency, Treasury (OCC), Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC) and Office of Thrift Supervision (OTS) yesterday announced the publication of new and revised Interagency Questions and Answers Regarding Community Reinvestment.

N.Y. GOVERNOR SUGGESTS LIHTC CHANGES FOR RECOVERY PACKAGE

Tue, 30 Dec 2008 10:00:00 -0700

New York Gov. David Paterson yesterday sent a letter to President-elect Barack Obama and Vice President-elect Joe Biden that offers an agenda for federal aid to states to be included in a comprehensive economic recovery package.

HUD ISSUES NOTICE ABOUT 2009 NOFAs

Mon, 29 Dec 2008 8:50:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today issued a notice that provides prospective applicants for HUD's competitive funding with the opportunity to become familiar with the General Section of HUD's fiscal year (FY) 2009 notices of funding availability (NOFAs).

OBAMA NAMES NOMINEE FOR HUD SECRETARY

Mon, 15 Dec 2008 8:50:00 -0700

In his weekly address, president-elect Barack Obama announced on Saturday that he will nominate Shaun Donovan to be secretary of the Department of Housing and Urban Development (HUD) ...

IRS PROVIDES GUIDANCE FOR LIHTCS, BONDS IN DISASTER AREAS

Wed, 26 Nov 2008 10:30:00 -0700

The Internal Revenue Service (IRS) yesterday released Notice 2008-109, which provides guidance with respect to state volume limits applicable to allocations of the low-income housing tax credits (LIHTCs) in the Midwestern and Hurricane Ike disaster areas ...

IRS GIVES GUIDANCE ON 9 PERCENT APPLICABLE PERCENTAGE FLOOR

Thu, 13 Nov 2008 10:30:00 -0700

According to guidance released today by the Internal Revenue Service (IRS), the new 9 percent applicable percentage floor enacted according to the Housing Assistance Tax Act of 2008 can be applied to a low-income housing tax credit (LIHTC) property even if a taxpayer had made an irrevocable election on or before July 30, 2008 to apply to an applicable percentage less than 9 percent ...

IRS ANNOUNCES INFLATION ADJUSTED LIHTC, BOND CAPS FOR 2009

Mon, 20 Oct 2008 9:30:00 -0700

The Internal Revenue Service (IRS) last week announced in Revenue Procedure 2008-66 the inflation-adjusted low-income housing tax credit (LIHTC) and private activity bond caps for 2009 ...

IRS ANNOUNCES LIHTC ALLOCATIONS TO NATIONAL POOL

Tues, 14 Oct 2008 9:30:00 -0700

The Internal Revenue Service (IRS) today published the amounts of unused low-income housing tax credit (LIHTC) carryovers for calendar year 2008 that were allocated to 28 qualified states under Internal Revenue Code �42(h)(3)(D) ...

IRS INVITES COMMENTS ON DISASTER RELIEF GUIDANCE

Thu, 9 Oct 2008 9:30:00 -0700

The Internal Revenue Service today invited comments on Notice 2008-58 and Notice 2008-61 in which it provides guidance related to emergency housing relief in the Midwest ...

NEW LAW TO PERMIT BIFURCATION OF STATE, FEDERAL LIHTC IN CALIFORNIA

Tue, 7 Oct 2008 9:30:00 -0700

California Gov. Arnold Schwarzenegger on September 27 signed into law S.B. 585, a measure to permit the bifurcation of state and federal low-income housing tax credits (LIHTCs) ...

HOUSE APPROVES RESCUE BILL WITH RETC, NMTC, LIHTC PROVISIONS

Fri, 3 Oct 2008 11:15:00 -0700

The House today voted 263 to 171 to approve H.R. 1424, the Emergency Economic Stabilization Act of 2008, as amended by the Senate earlier this week ...

IRS ISSUES GUIDANCE FOR RECAPTURE BOND PROVISIONS OF HOUSING ACT

Thur, 2 Oct 2008 11:15:00 -0700

The Internal Revenue Service (IRS) today issued guidance for taxpayers who are maintaining a surety bond or a Treasury Direct Account (TDA) to satisfy the low-income housing tax credit recapture exception in Section 42(j)(6) of the Internal Revenue Code (IRC) ...

HUD PUBLISHES FINAL 2009 FAIR MARKET RENTS

Mon, 29 Sep 2008 11:15:00 -0700

The U.S. Department of Housing and Urban Development today published final fiscal year 2009 fair market rents (FMRs) ...

SENATE APPROVES ADDITIONAL LIHTCS FOR DISASTER RELIEF

Wed, 24 Sep 2008 10:15:00 -0700

The Senate yesterday approved by a vote of 93-2 a package of disaster relief measures and tax extenders including additional low-income housing tax credit (LIHTC) authority for certain states...

IRS ISSUES GUIDANCE ON BOND, BAH PROVISIONS OF HOUSING ACT

Thu, 17 Sep 2008 09:20:00 -0700

The Internal Revenue Service (IRS) today published Notice 2008-79, which provides guidance regarding certain provisions of the Housing Assistance Tax Act of 2008 affecting tax-exempt bonds and related matters...

FHFA STATEMENT ON GSEs' LIHTC PORTFOLIOS

Thu, 12 Sep 2008 14:20:00 -0700

The Federal Housing Finance Agency (FHFA) today released a statement of support for the multifamily housing finance activities of government sponsored entities (GSEs) Fannie Mae and Freddie Mac while they are in conservatorship...

LIHTC PROFESSIONALS REQUEST GUIDANCE ON HOUSING ACT

Thu, 12 Sep 2008 09:24:00 -0700

A group of affordable housing professionals yesterday joined efforts to request guidance on several of the provisions of the Housing and Economic Recovery Act of 2008 that affect the low-income housing tax credit (LIHTC)...

TREASURY, IRS RELEASE 2008-2009 PRIORITY GUIDANCE PLAN

Thu, 11 Sep 2008 10:24:00 -0700

The Treasury Department and Internal Revenue Service (IRS) yesterday released the 2008-2009 Priority Guidance Plan, which contains 314 projects that are scheduled for completion from July 2008 through June 2009...

RENT & INCOME LIMIT CALCULATOR UPDATED

Tues, 9 Sep 2008 14:24:00 -0700

One of the provisions of the Housing and Economic Recovery Act of 2008 allows low-income housing tax credit (LIHTC) projects located in a rural area-as defined in section 520 of the Housing Act of 1949�to use the greater of area median gross income (AMGI) or national non-metropolitan median income for rent and income determinations...

FHFA PUTS FANNIE, FREDDIE INTO CONSERVATORSHIP

Mon, 8 Sep 2008 09:48:00 -0700

Yesterday, Treasury Secretary Henry Paulson and Jim Lockhart, director of the Federal Housing Finance Agency (FHFA) announced that government sponsored entities (GSEs) Fannie Mae and Freddie Mac would be put into separate conservatorships until they are stabilized...

MISSISSIPPI CALLS FOR RETURNED HOUSING TAX CREDITS

Wed, 3 Sep 2008 12:42:26 -0700

The Mississippi Home Corporation (MHC) last week issued a program bulletin announcing that in response to recent trends in the low-income housing tax credit (LIHTC) market, the agency is offering an opportunity for developers that received an allocation of 2006-2008 annual credit authority and 2008 Gulf Opportunity (GO) Zone LIHTCs and that are experiencing difficulty completing their developments to return those tax credits...

HUD DESIGNATES DDAS FOR 2009

Wed, 3 Sep 2008 11:47:26 -0700

The U.S. Department of Housing and Urban Development (HUD) today designated difficult development areas (DDAs) for purposes of the low-income housing tax credit (LIHTC) under Section 42 of the Internal Revenue Code (IRC)...

CALIFORNIA ANNOUNCES HOW IT WILL ALLOCATE ADDITIONAL LIHTC CAP

Tue, 26 Aug 2008 12:47:26 -0700

The California Tax Credit Allocation Committee (TCAC) is making an additional $7.3 million in annual federal low-income housing tax credits (LIHTC) available to pending second round applicants for 9 percent credits by cascading the additional credits through the various set-asides and geographic apportionments, according to a memorandum posted today ...

CALIFORNIA LIHTC AGENCY AND OTHERS RESPOND TO NEW HOUSING LAW

Mon, 31 Jul 2008 11:38:26 -0700

The California Tax Credit Allocation Committee (TCAC) released a memo today that discusses its plans to address issues of immediate concern and interest to the low-income housing tax credit (LIHTC) community resulting from changes to the law made by H.R. 3221, the Housing and Economic Recovery Act of 2008 ...

PRESIDENT BUSH SIGNS HOUSING STIMULUS BILL INTO LAW

Mon, 30 Jul 2008 11:38:26 -0700

President George W. Bush this morning signed into law H.R. 3221, the Housing and Economic Recovery Act of 2008, the Associated Press reports ...

IRS PUBLISHES FINAL UTILITY ALLOWANCE RULES

Mon, 29 Jul 2008 11:38:26 -0700

The Internal Revenue Service (IRS) today published final regulations regarding utility allowances for low-income housing tax credit (LIHTC) properties ...

SENATE PASSES HOUSING STIMULUS BILL

Mon, 28 Jul 2008 11:38:26 -0700

The Senate on Saturday approved H.R. 3221, the Housing and Economic Recovery Act of 2008, by a vote of 72-13 ...

HOUSE PASSES HOUSING STIMULUS BILL

Mon, 23 Jul 2008 11:38:26 -0700

The House of Representatives today approved H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act, by a vote of 272 to 152 ...

LOUISIANA AGENCY ANNOUNCES LIGHTNING ROUND FOR LIHTCS

Mon, 22 Jul 2008 11:38:26 -0700

The board of commissioners of the Louisiana Housing Finance Agency (LHFA) approved the implementation of a "Lightning Round" to allocate returned Gulf Opportunity (GO) Zone and per capita low-income housing tax credits (LIHTC) currently available in calendar year 2008 ...