Novogradac & Company LLP - Affordable Housing Resource Center Breaking News

CALIF. ASSEMBLY INTRODUCES BILL TO PRESERVE RDA HOUSING FUNDS

Fri, 3 Feb 2012 10:15:00 PST

The California State Assembly yesterday introduced A.B. 1585, a proposal that preserves redevelopment agencies' unencumbered Low/Mod-Income Housing funds, which local communities use to fund affordable housing development...

CALIFORNIA SEANTE PASSES S.B. 654

Tues, 31 Jan 2012 12:45:00 PST

The California State Senate today passed S.B. 654, the proposal that preserves redevelopment agencies' unencumbered Low/Mod-Income Housing funds..

PRESIDENT PROPOSES NEW TAX CREDITS IN STATE OF THE UNION

Wed, 25 Jan 2012 1:45:00 PST

In last night's State of the Union address, President Barack Obama proposed a new $6 billion Manufacturing Communities Tax Credit...

BILL INTRODUCED TO INCREASE LIHTCs FOR STATES DAMAGED BY HURRICANE IRENE

Wed, 18 Jan 2012 9:25:00 PST

TRep. Christopher Gibson, R-N.Y., last week introduced H.R. 3769, the Irene and Lee Tax Relief Storm Recovery Act...

RENTAL POLICY WORKING GROUP RELEASES REPORT

Tue, 3 Jan 2012 10:15:00 PST

The Rental Policy Working Group (RPWG) on December 31 released its administrative proposals for the alignment of federal affordable rental housing programs...

CALIF. SUPREME COURT RULES RDAS CAN BE ELIMINATED

Thu, 29 Dec 2011 11:00:00 PST

The California Supreme Court today ruled to uphold Assembly Bill 1X 26 and invalidate Assembly Bill 1X 27...

IRS PROVIDES GUIDANCE ON CURRENT REFUNDINGS OF TAX-EXEMPT BONDS

Wed, 28 Dec 2011 13:35:00 PST

The Internal Revenue Service (IRS) today issued Notice 2012-3 to provide guidance on current refunding issues that are used to refund original tax-exempt bonds under certain disaster relief programs...

IRS SUSPENDS CERTAIN REQUIREMENTS FOR IOWA LIHTC PROPERTIES

Wed, 21 Dec 2011 13:30:00 PST

The Internal Revenue Service (IRS) issued Notice 2012-07 to grant certain low-income housing tax credit (LIHTC) properties relief from specified Section 42 requirements to provide emergency housing relief...

LEGISLATION INTRODUCED TO MAKE FIXED LIHTC FLOOR PERMANENT

Wed, 14 Dec 2011 2:00:00 PST

A bipartisan group of lawmakers in the House and Senate today introduced legislation to make permanent the 9 percent tax credit percentage floor for the low-income housing tax credit (LIHTC) as originally but temporarily authorized by the Housing and Economic Recovery Act of 2008 (HERA)...

FINAL 2012 RENT & INCOME LIMIT CALCULATOR POSTED

Wed, 14 Dec 2011 9:00:00 PST

Novogradac & Company LLP has released the final version of the Rent & Income Limit Calculator© featuring the U.S. Department of Housing and Urban Development's (HUD) 2012 rent and income limit data...

NCSHA UPDATES LIHTC & UNDERWRITING RECOMMENDED PRACTICES

Mon, 12 Dec 2011 14:10:00 PST

The National Council of State Housing Agencies (NCSHA) Board of Directors on December 5 approved updates to its low-income housing tax credit (LIHTC) and underwriting recommended practices ...

NOVOGRADAC'S RENT & INCOME LIMIT CALCULATOR UPDATE FOR 2012

Tues, 6 Dec 2011 10:40:00 PST

Novogradac & Company LLP is pleased to announce that the Rent & Income Limit Calculator© has been updated to include the U.S. Department of Housing and Urban Development's (HUD) 2012 rent and income limit data. ...

HUD RELEASES INCOME LIMITS FOR 2012

Thu, 1 Dec 2011 9:10:00 PST

The U.S. Department of Housing and Urban Development (HUD) today released income limits for 2012...

IRS SAYS SALE OF STATE TAX CREDITS TAXABLE

Tue, 29 Nov 2011 9:10:00 PST

The Internal Revenue Service (IRS) on November 25 released Chief Counsel Advice memorandum (CCA) 201147024 stating that the sale of certain Massachusetts state tax credits, including low-income housing and historic tax credits, to a third party by the original recipient is a taxable event...

TREASURY EXTENDS NEW ISSUE BOND, TEMPORARY CREDIT & LIQUIDITY PROGRAMS

Wed, 23 Nov 2011 11:30:00 PST

The U.S. Department of the Treasury has extended the New Issue Bond Program (NIBP) through 2012 and the Temporary Credit and Liquidity Program (TCLP) through 2015, report the National Council of State Housing Agencies and the National Association of Local Housing Finance Agencies...

IRS DISTRIBUTES UNUSED 2011 LIHTC ALLOCATION

Thu, 17 Nov 2011 12:50:00 PST

The Internal Revenue Service (IRS) today published the amounts of unused low-income housing tax credit (LIHTC) carryovers for calendar year 2011 that were allocated to 28 qualified states under Internal Revenue Code Section 42(h)(3)(D). ...

HUD DESIGNATES DDAs FOR 2012

Thu, 27 Oct 2011 9:10:00 PST

The U.S. Department of Housing and Urban Development (HUD) today designated difficult development areas (DDAs) for 2012 for purposes of the low-income housing tax credit (LIHTC) under Section 42 of the Internal Revenue Code (IRC). HUD makes new DDA designations annually...

IRS SUSPENDS CERTAIN REQUIREMENTS FOR NEW YORK LIHTC PROPERTIES

Fri, 21 Oct 2011 8:10:00 PST

The Internal Revenue Service (IRS) issued Notice 2011-87 to grant certain low-income housing tax credit (LIHTC) properties relief from specified Section 42 requirements to provide emergency housing relief needed as a result of the devastation caused by Hurricane Irene in New York during the period of August 26, 2011 to September 5, 2011 or the remnants of Tropical Storm Lee during the period of September 7 to September 11, 2011 ...

IRS INCREASES LIHTC, BOND CAPS FOR 2012

Thur, 20 Oct 2011 10:25:00 -0700

The Internal Revenue Service (IRS) announced in Revenue Procedure 2011-52 the inflation-adjusted low-income housing tax credit (LIHTC) and private activity bond caps for 2012. For calendar year 2012 ...

COURT PLACES CASE CHALLENGING CALIF. REDEVELOPMENT AGENCIES ON CALENDAR

Wed, 19 Oct 2011 3:00:00 -0700

The California Supreme Court today placed California Redevelopment Association. v. Matosantos on its November 10 calendar ...

IRS SUSPENDS CERTAIN REQUIREMENTS FOR PENNSYLVANIA LIHTC PROPERTIES

Fri, 14 Oct 2011 10:00:00 -0700

The Internal Revenue Service (IRS) issued Notice 2011-83 to grant certain low-income housing tax credit (LIHTC) properties relief from specified Section 42 requirements to provide emergency housing relief needed ...

REGULATORS RELEASE DRAFT VOLCKER RULE

Tues, 11 Oct 2011 13:50:00 -0700

The Federal Deposit Insurance Corporation (FDIC) met today to discuss a proposed notice of rulemaking about prohibitions and restrictions on proprietary trading and certain interests in, and relationships with, hedge funds and private equity funds, known as the Volcker Rule...

BILL INTRODUCED TO QUALIFY HOMELESS YOUTH FOR LIHTC HOUSING

Wed, 5 Oct 2011 11:45:00 -0700

Reps. Jim McDermott, Erik Paulsen and Keith Ellison on Monday introduced legislation to allow formerly homeless youth to pursue a four-year education and still qualify for low-income housing tax credit (LIHTC) housing2...

HUD POSTS 2012 FMRS, SETS 12/1 INCOME LIMIT RELEASE DATE

Fri, 30 Sep 2011 8:45:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today released its final fair market rents (FMRs) for fiscal year (FY) 2012...

CALIF. SUPREME COURT DENIES CRA MODIFIED STAY REQUEST

Mon, 19 Sep 2011 9:59:00 -0700

The California Supreme Court on September 14 denied the California Redevelopment Association's (CRA's) request for a modified stay that would have allowed redevelopment agencies that agreed to make remittance payments under the alternative voluntary redevelopment program to initiate new activities or obligations...

IRS SUSPENDS REQUIREMENTS FOR CERTAIN VERMONT LIHTC PROPERTIES

Fri, 16 Sep 2011 8:50:00 -0700

The Internal Revenue Service (IRS) today issued Notice 2011-74 to grant certain low-income housing tax credit (LIHTC) properties relief from specified Section 42 requirements to provide emergency housing relief needed as a result of the devastation caused by Tropical Storm Irene in Vermont beginning on August 27, 2011...

IRS INVITES COMMENT ON MO. HOUSING RELIEF

Thu, 8 Sep 2011 9:50:00 -0700

The Internal Revenue Service (IRS) today requested comments on its notice that suspended certain requirements for low-income housing tax credit properties in Missouri...

CALIFORNIA CONSIDERS GEOGRAPHIC APPORTIONMENT UPDATE

Wed, 30 Aug 2011 5:00:00 -0700

The California Tax Credit Allocation Committee (TCAC) today announced that it is considering updating the apportionment of federal and state low-income housing tax credit among the agency's geographic regions...

CALIFORNIA RELEASES REPORT ON COST CONTAINMENT FORUMS

Wed, 24 Aug 2011 10:40:00 -0700

The California Tax Credit Allocation Committee (TCAC) yesterday released a summary of the comments that it received from stakeholders about costs associated with building affordable housing.

HUD RELEASES PROPOSED FY 2012 FMRS

Fri, 19 Aug 2011 9:00:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today released its proposed fair market rents (FMRs) for fiscal year 2012.

CALIF. SUPREME COURT HALTS REDEVELOPMENT AGENCY DISMANTLING

Thu, 11 Aug 2011 17:30:00 -0700

The California Supreme Court today issued a partial stay that halts the dismantling of California�s redevelopment agencies. ...

IRS SUSPENDS SOME REQUIREMENTS FOR ALABAMA LIHTC PROPERTIES

Fri, 5 Aug 2011 13:30:00 -0700

The Internal Revenue Service (IRS) today issued Notice 2011-65 to suspend certain requirements under Section 42, allowing low-income housing tax credit (LIHTC) properties in Alabama to provide emergency housing relief for residents displaced by severe storms, tornadoes, straight-line winds and flooding that began on April 15. ...

IRS RELEASES GUIDANCE ON WHEN BONDS ARE CONSIDERED ISSUED

Wed, 3 Aug 2011 9:10:00 -0700

The Internal Revenue Service (IRS) today issued guidance on the determination of when state and local bonds are considered "issued" for purposes of volume cap limitations on private activity bonds ...

IT'S NOT TOO LATE - SIGN ON TO SUPPORT THE LIHTC TODAY

Wed, 27 Jul 2011 9:30:00 -0700

Nearly 400 affordable housing supporters have signed on to the Affordable Housing Tax Credit Coalition's (AHTCC's) rebuttal of a proposal to eliminate the low-income housing tax credit (LIHTC),proposed last week by Sen. Tom Coburn, R-Okla ...

AFFORDABLE HOUSING COMMUNITY UNITES TO DEFEND LIHTC

Mon, 25 Jul 2011 11:10:00 -0700

Approximately 200 organizations have signed on to the Affordable Housing Tax Credit Coalition's (AHTCC's) rebuttal of Sen. Tom Coburn's proposal to eliminate the low-income housing tax credit (LIHTC) ...

AHTCC REFUTES SEN. COBURN'S CRITICISM OF THE LIHTC

Thu, 21 Jul 2011 10:30:00 -0700

The Affordable Housing Tax Credit Coalition (AHTCC) today sent a rebuttal of Sen. Tom Coburn's proposal to eliminate the low-income housing credit (LIHTC) to lawmakers. ...

SEN. COBURN PROPOSES ELIMINATING LIHTC, NMTC, HTC AND RETCs

Tue, 19 Jul 2011 13:00:00 -0700

Sen. Tom Coburn, R-Okla., yesterday released the proposal "Back in Black: A Deficit Reduction Plan," his outline for the federal government to reduce the deficit by $9 trillion over the next 10 years. ...

IRS SUSPENDS REQUIREMENTS FOR CERTAIN NORTH DAKOTA LIHTC PROPERTIES

Thu, Jul 14 2011 9:30:00 PDT

The Internal Revenue Service (IRS) today issued Notice 2011-60 to grant certain low-income housing tax credit (LIHTC) properties relief from specified Section 42 requirements ...

IRS REQUESTS COMMENTS ON INDIANA LIHTC REQUIREMENTS

Fri, Jul 8 2011 9:30:00 PDT

The Internal Revenue Service (IRS) today issued a request for comments concerning Notice 2008-56 ...

CALIF. BUDGET ELIMINATES REDEVELOPMENT AGENCIES

Wed, Jul 6 2011 13:00:00 PDT

The California Tax Credit Allocation Committee (TCAC) is encouraging developers applying for low-income housing tax credit funding to consider if financing agreements from redevelopment agencies (RDAs) will be enforceable at the time of development ...

IRS SOLICITS COMMENTS ON FORM 8823

Wed, Jul 6 2011 10:25:00 PDT

The Internal Revenue Service (IRS) today requested comments on Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition ...

HUD REVISES INCOME LIMITS FOR SELECTED AREAS

Thu, Jun 30 2011 10:42:00 PDT

The U.S. Department of Housing and Urban Development (HUD) today released revised fiscal year (FY) 2011 income limits for certain areas ...

SENATORS INTRODUCE INCREASE OF LIHTCS FOR DISASTER AREAS

Thu, Jun 16 2011 4:45:00 PDT

Senators from states that suffered from damage caused by spring tornados and flooding yesterday introduced the Southeastern Disaster Tax Relief Act of 2011 (S. 1205)...

IRS SUSPENDS REQUIREMENTS FOR CERTAIN MISSOURI LIHTC PROPERTIES

Wed, Jun 15 2011 10:30:00 PDT

The Internal Revenue Service (IRS) today issued Notice 2011-47 to grant certain low-income housing tax credit (LIHTC) properties relief from specified Section 42 requirements in the wake of the devastation in Missouri caused by severe storms, tornadoes and flooding beginning on April 19...

NOVOGRADAC'S RENT & INCOME CALCULATOR UPDATED FOR 2011

Sat, Jun 4 2011 10:30:00 PDT

Novogradac & Company LLP is pleased to announce that the Rent & Income Limit Calculator has been updated to include the U.S. Department of Housing and Urban Development's (HUD) 2011 rent and income limit data ...

HUD CORRECTS NEW YORK METRO AREA INCOME LIMITS

Fri, Jun 3 2011 10:10:00 PDT

Rep. Bill Owens yesterday introduced The Military Families Affordable Homes Act (H.R. 2097). ...

HUD CORRECTS NEW YORK METRO AREA INCOME LIMITS

Wed, Jun 1 2011 17:00:00 PDT

The U.S. Department of Housing and Urban Development (HUD) today issued corrected fiscal year (FY) 2011 income limit values for the New York, N.Y. HUD Metro Fair Market Rent Area. ...

HUD RELEASES INCOME LIMITS FOR 2011

Tue, May 31 2011 9:40:00 PDT

The U.S. Department of Housing and Urban Development (HUD) today released income limits for 2011. Click here for links to the 2011 income limits and accompanying information and tables ...

RENTAL HOUSING REPORT FINDS RECORD-HIGH UNAFFORDABILITY

Tue, Apr 26 2011 9:40:00 PDT

A record number of renters are paying more than half their income for housing, according to a report released today by the Harvard Joint Center for Housing Studies (JCHS) ...

ADMINISTRATION COMMITS TO SUPPORT GO ZONE EXTENSION

Fri, Apr 8 2010 3:00:00 PDT

The Secretaries of the U.S. Department of Housing and Urban Development (HUD) and the Treasury Department in a letter this week expressed their commitment to work with Congress to enact a one-year extension of the placed-in-service deadline for Gulf Opportunity (GO) Zone low-income housing tax credit (LIHTC) properties ...

LANDRIEU INTRODUCES GO ZONE LIHTC PIS DATE EXTENSION

Thu, Mar 31 2010 3:20:00 PDT

Sen. Mary Landrieu, D-La., introduced on March 29 an amendment to S. 493 that would extend the placed in service date for low-income housing tax credit (LIHTC) properties in the Gulf Opportunity (GO) Zones ...

NEW YORK PASSES BUDGET, EXTENDS LIHTC

Thu, Mar 31 2010 11:15:00 PDT

The New York Legislature and Gov. Andrew Cuomo Guide for Completing Form 8823: Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition ...

OCC REQUESTS COMMENTS ON CRA REGULATIONS

Wed, Mar 23 2010 9:35:00 PDT

The Office of the Comptroller of the Currency (OCC) invited public comments on its information collection related to the Community Reinvestment Act (CRA) ...

BILL INTRODUCED TO EXTEND LIHTC EXCHANGE PROGRAM

Fri, Mar 11 2010 8:35:00 PDT

Ways & Means Committee Democrats introduced a bill yesterday that would extend the Section 1602 low-income housing tax credit exchange program through 2011 ...

HUD REQUESTS COMMENTS ON FAIR MARKET RENT METHODOLOGY

Wed, Mar 9 2010 10:05:00 PDT

The U.S. Department of Housing and Urban Development (HUD) today requested comments about the manner in which it calculates the trend factor used in its fair market rent (FMR) estimates ...

IRS RELEASES 2011 CALENDAR YEAR RESIDENT POPULATION ESTIMATES

Fri, Mar 4 2011 9:30:00 PDT

The Internal Revenue Service (IRS) today released its 2011 Calendar Year Resident Population Estimates ...

IRS SOLICITS COMMENTS ON LIHTC ALLOCATION AND CERTIFICATION FORMS

Fri, Mar 4 2011 9:30:00 PDT

The Internal Revenue Service (IRS) today invited comments concerning Form 8609 and 8609-A for low-income housing tax credit (LIHTC) allocation and certification ...

FLORIDA HOUSING ANALYZES LIHTC DEVELOPMENT AND JOB CREATION

Thu, Mar 3 2011 9:30:00 PDT

Florida Housing Finance Corporation (FHFC) has released a white paper about the number of jobs created by the construction and preservation of low-income housing tax credit (LIHTC) properties ...

LOUISIANA HFA OFFERS ADDITIONAL TCAP ALLOCATIONS

Thu, Feb 17 2011 4:20:00 PDT

The Louisiana Housing Finance Agency (LHFA) today released a memo describing how it will award its remaining Tax Credit Assistance Program (TCAP) funds ...

FLA. HOUSING REQUESTS COMMENTS ON JOBS CREATED BY LIHTC DEVELOPMENTS

Tue, Feb 15 2011 4:20:00 PDT

Florida Housing Finance Corporation (FHFC) is requesting comments on a draft of a white paper that examines the jobs created by low-income housing tax credit (LIHTC) developments ...

IRS ISSUES GUIDANCE ON TAXABILITY OF TCAP GRANTS

Mon, Feb 14 2011 8:00:00 PDT

Tax Credit Assistance Program (TCAP) grants are includable in the gross income of taxpayers that are awarded the funds by a state housing authority, according to the Internal Revenue Service in CCA 201106008 ...

ADMINISTRATION RELEASES HOUSING FINANCE REFORM PROPOSAL

Fri, Feb 11 2011 8:00:00 PDT

The Obama Administration today delivered a report to Congress proposing a plan to reform the housing finance market ...

NEW YORK GOVERNOR PROPOSES HOUSING BUDGET CUTS

Thu, Feb 3 2011 9:00:00 PDT

New York Gov. Andrew Cuomo yesterday revealed his 2011-2012 Executive Budget, a plan that he says will eliminate a $10 billion deficit without tax increases or borrowing ...

FHFA RESTRUCTURES SAFETY AND SOUNDNESS AND MISSION OFFICES

Wed, Feb 2 2011 2:00:00 PDT

Federal Housing Finance Administration (FHFA) Acting Director Edward J. DeMarco has announced a restructuring of the agency�s safety and soundness and mission offices, including the establishment of an integrated supervision structure and a revamped housing mission and policy division. ...

CALIF. HCD CANCELS OPEN NOFAs FOR PROPOSITION 46 & 1C

Wed, Feb 2 2011 10:35:00 PDT

The California Department of Housing and Community Development (HCD) has cancelled all open and unawarded notices of funding availability (NOFAs) for Proposition 46 and 1C until further notice ...

BILL WOULD EXTEND GO ZONE PLACED-IN-SERVICE DATE

Wed, Feb 2 2011 9:35:00 PDT

Sen. Mary Landrieu, D-La., on January 25 introduced a bill to extend by one year the placed-in-service date for low-income housing tax credit rules applicable to Gulf Opportunity (GO) Zone properties ...

ARIZONA DOH RELEASES UTILITY ALLOWANCE GUIDELINES

Tue, Feb 1 2011 10:25:00 PDT

The Arizona Department of Housing (ADOH) yesterday issued its final utility allowance guidelines for low-income housing tax credit (LIHTC) properties. ...

GEORGIA TAKING APPLICATIONS FOR ADDITIONAL TCAP FUNDS

Mon, Jan 31 2011 11:15:00 PDT

The Georgia Department of Community Affairs (DCA) is accepting requests for additional funds from the Tax Credit Assistance Program (TCAP). ...

HUD COMMISSIONS ASSESSMENT OF LIHTC PROGRAM

Thu, Jan 27 2011 10:40:00 PDT

The U.S. Department of Housing and Urban Development (HUD) announced in today's Federal Register that it will commission a study of the low-income housing tax credit program ...

BILL WOULD LIMIT TAX CREDIT USERS CAMPAIGN CONTRIBUTIONS

Fri, Jan 21 2011 11:40:00 PDT

Mo. State Senator Jason Crowell, R-Cape Girardeau, introduced S.B. 141 on Wednesday ...

GOVERNOR PROPOSES ELIMINATING REDEVELOPMENT AGENCIES IN CALIF.

Mon, Jan 10 2011 2:40:00 PDT

Governor Jerry Brown today submitted his proposed budget for 2011-12 to the California Legislature ...

CONGRESS PASSES TAX EXTENDERS PACKAGE

Fri, Dec 17 2010 9:30:00 -0700

The House last night passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 by a vote of 277-148 ...

TAX EXTENDERS PACKAGE INTRODUCED IN SENATE

Fri, Dec 10 2010 9:00:00 -0700

Senate Majority Leader Harry Reid, D-Nev., last night introduced the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, a bill to extend current tax rates for all income levels, extend unemployment insurance benefits and temporarily reduce Social Security taxes ...

HUD ANNOUNCES AVAILABILITY OF $16 MILLION IN TCAP FUNDS

Mon, Dec 6 2010 12:20:00 PDT

The U.S. Department of Housing and Urban Development (HUD) announced today that application information, submission deadlines, funding criteria and other requirements for the reallocation of Tax Credit Assistance Program (TCAP) funds are available on its web site ...

SEN. BAUCUS INTRODUCES BAB, TCAP EXTENSIONS

Fri, Dec 3 2010 1:20:00 PDT

Sen. Max Baucus, D-Mont., yesterday introduced the Middle Class Tax Cut Act of 2010 ...

CTCAC RELEASES NEW TENANT INCOME COLLECTION FORMS

Tue, Nov 23 2010 3:20:00 PDT

The California Tax Credit Allocation Committee (CTCAC) today announced a policy change related to the U.S. Housing and Urban Development's (HUD's) tenant income collection (TIC) initiative ...

HUD INVITES COMMENTS ON PROPOSED RENTAL HOUSING FINANCE SURVEY

Fri, Nov 19 2010 10:10:00 PDT

The U.S. Department of Housing and Urban Development (HUD) today published a notice soliciting public comments on its 2011 Rental Housing Finance Survey (RHFS)...

ARKANSAS, TENNESSEE ISSUE SECTION 1602 10%, 30% TEST GUIDELINES

Fri, Nov 12 2010 11:30:00 PDT

The Arkansas Development Finance Authority (ADFA) and Tennessee Housing Development Agency (THDA) have issued guidelines for developers with allocations of low-income housing tax credits (LIHTCs) and Section 1602 tax credit exchange grants ...

HUD SEEKS COMMENTS ON PROPOSED HOUSING TRUST FUND RULES

Fri, Oct 29 2010 10:00:00 PDT

The Department of Housing and Urban Development (HUD) today published proposed regulations governing the Housing Trust Fund (HTF) ...

IRS INCREASES LIHTC, BOND CAPS FOR 2011

Fri, Oct 29 2010 7:16:00 PDT

- The Internal Revenue Service (IRS) announced in Revenue Procedure 2010-40 the inflation-adjusted low-income housing tax credit (LIHTC) and private activity bond caps for 2011 ...

IRS: NO UNUSED LIHTC CARRYOVER FOR 2010

Thu, Oct 28 2010 2:35:00 PDT

The Internal Revenue Service (IRS) today issued Notice 2010-74 to inform taxpayers that there is no unused 2010 low-income housing credit (LIHTC) carryover amount to be allocated to qualified states because there is no national pool amount from which LIHTCs can be redistributed ...

NPS PROPOSES CHANGES TO HISTORIC CERTIFICATION REGULATIONS

Fri, Oct 15 2010 7:35:00 PDT

The National Park Service (NPS) today proposed amending its procedures for obtaining historic preservation certifications for rehabilitation of historic structures ...

CALIFORNIA ANNOUNCES 4 PERCENT LIHTC FUNDING ROUND

Mon, Oct 11 2010 10:15:00 PDT

The California Tax Credit Allocation Committee (TCAC) on October 7 announced a third funding round for federal 4 percent low-income housing tax credits (LIHTCs) with state tax credits. ...

IRS INVITES COMMENTS ON EXISTING LIHTC REGULATIONS

Mon, Oct 4 2010 2:15:00 PDT

The Internal Revenue Service (IRS) today invited public comments on Treasury Decision (TD) 8563, State Housing Credit Ceiling and Other Rules Relating to the Low-Income Housing Credit. ...

HUD PUBLISHES FINAL 2011 FAIR MARKET RENTS

Mon, Oct 4 2010 9:15:00 PDT

The U.S. Department of Housing and Urban Development today published final fiscal year 2011 fair market rents (FMRs) ...

TCAC PROPOSES CHANGE TO READINESS SCORING REGULATIONS

Thu, Sep 30 2010 8:50:00 PDT

The California Tax Credit Allocation Committee (TCAC) yesterday proposed a change regarding readiness scoring ...

GEORGIA REMINDS AWARDEES OF LIHTC, EXCHANGE DEADLINES

Tue, Sep 28 2010 14:22:00 PDT

The Georgia Department of Community Affairs (DCA) yesterday issued a reminder that all 9 percent low-income housing tax credit (LIHTC) properties must meet the 10 percent test no later than one year from the tax credit carryover allocation date ...

NEW YORK STATE HOUSING AGENCIES CONSOLIDATE

Wed, Sep 22 2010 11:45:00 PDT

New York's top housing official Brian Lawlor today announced the merger of nyhomes and the Division of Housing and Community Renewal (DHCR) to form a new organization, New York State Homes and Community Renewal (HCR) ...

SENATOR BAUCUS INTRODUCES REVISED TAX EXTENDERS BILL

Thu, Sep 16 2010 11:45:00 PDT

Senate Finance Committee Chairman Max Baucus today introduced a new version of tax extenders legislation. ...

HUD DESIGNATES DDAS FOR 2011

Thu, 9 Sep 2010 8:45:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today designated difficult development areas (DDAs) for 2011 for purposes of the low-income housing tax credit (LIHTC) under Section 42 of the Internal Revenue Code (IRC)...

FHFA SETS NEW HOUSING GOALS FOR FANNIE, FREDDIE

Thu, 2 Sep 2010 9:25:00 -0700

The Federal Housing Finance Agency (FHFA) announced today that it has sent a final rule to the Federal Register that establishes its 2010 to 2011 housing goals for Fannie Mae and Freddie Mac ...

WISCONSIN SECTION 1602 GRANTEES REMINDED OF 30 PERCENT TEST DEADLINE

Wed, 1 Sep 2010 11:55:00 -0700

The Wisconsin Housing and Economic Development Authority (WHEDA) today circulated a memorandum regarding the 30 percent test to be utilized by owners of projects that have received an award of Section 1602 funds ...

IRS INVITES PUBLIC COMMENT ON LIHTC REGULATIONS

Mon, 30 Aug 2010 9:15:00 -0700

The Internal Revenue Service (IRS) today invited public comment regarding PS-19-92 (Final) Carryover Allocations and Other Rules Relating to the Low-Income Housing Credit, TD 9420 - Section 42 Utility Allowance Regulations Update ...

PERAB SENDS REPORT ON TAX REFORM OPTIONS TO PRESIDENT

Fri, 27 Aug 2010 12:15:00 -0700

The President's Economic Recovery Advisory Board (PERAB) today voted unanimously to present the tax reform subcommittee's "Report on Tax Reform Options: Simplification, Compliance and Corporate Taxation," to President Barack Obama ...

OTHER PROGRAM OPTION ADDED TO RENT & INCOME LIMIT CALCULATOR

Mon, 23 Aug 2010 11:15:00 -0700

Novogradac & Company LLP's Rent & Income Limit Calculator has been updated to include an "Other Program" option ...

HUD FINAL RULE PROHIBITS REQUIRED ESCROWING OF TAX CREDIT EQUITY

Mon, 23 Aug 2010 8:55:00 -0700

The U.S. Department of Housing and Urban Development (HUD) released its final rule today on the prohibition of the escrowing of tax credit equity ...

INDIANA SECTION 1602 GRANTEES REMINDED OF 30 PERCENT TEST DEADLINE

Mon, 16 Aug 2010 8:50:00 -0700

The Indiana Housing and Community Development Authority (IHCDA) last week released forms for the 30 percent test to be utilized by owners of projects that have received an award of Section 1602 funds ...

IRS INVITES COMMENTS ON FORM 8877

Thu, 12 Aug 2010 11:20:00 -0700

The Internal Revenue Service (IRS) is soliciting comments concerning Form 8877, Request for Waiver of Annual Income Recertification Requirement for the Low-Income Housing Credit, as part of an ongoing information collection ...

SECTION 1602 GRANTEES REMINDED OF 30 PERCENT TEST DEADLINE

Thu, 5 Aug 2010 1:45:00 -0700

The California Tax Credit Allocation Committee (TCAC) announced today that it is preparing forms for the 30 percent test to be utilized by owners of projects that have received an award of Section 1602 funds ...

IRS INVITES GUIDANCE ON SEVERAL LIHTC REGULATIONS

Tue, 6 Jul 2010 10:30:00 -0700

The Internal Revenue Service (IRS) today invited comments concerning existing final regulations, Treasury Decision (T.D.) 8430, Procedure for Monitoring Compliance With Low-Income Housing Credit Requirements; T.D. 8521, Rules To Carry Out the Purposes of Section 42 and for Correcting Administrative Errors and Omissions; and T.D. 8859, Compliance Monitoring and Miscellaneous Issues Relating to the Low-Income Housing Credit ...

SENS. BAUCUS AND LANDRIEU UNVEIL SMALL BUSINESS JOBS ACT

Wed, 30 Jun 2010 9:45:00 -0700

An amended version of H.R. 5297, the Small Business Jobs Act, was released yesterday by Senate Finance Committee Chairman Max Baucus, D-Mont., and Senate Committee on Small Business and Entrepreneurship Chair Mary Landrieu, D-La. ...

TAX EXTENDERS BILL DEFEATED IN SENATE

Fri, 25 Jun 2010 12:05:00 -0700

The Senate yesterday failed to pass H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010, also known as the tax extenders bill. The bill was defeated 57 to 41, three votes short of the majority it needed to pass ...

SENATOR BAUCUS DRAFTS REVISED EXTENDERS BILL

Tue, 22 Jun 2010 1:05:00 -0700

Senate Finance Chairman Max Baucus has released a new Senate amendment substitute for H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010, also known as the tax extenders bill ...

PUBLIC HEARINGS ON COMMUNITY REINVESTMENT ACT REGULATIONS ANNOUNCED

Thu, 17 Jun 2010 1:15:00 -0700

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and the Office of Thrift Supervision announced today that the agencies will hold four public hearings on modernizing the regulations that implement the Community Reinvestment Act (CRA) ...

REVISED REVENUE ESTIMATES AVAILABLE FOR EXTENDERS BILL

Tue, 1 Jun 2010 16:05:00 -0700

Novogradac and Company LLP's Rent and Income Limit Calculator has been updated to include the U.S. Department of Housing and Urban Development's (HUD) 2010 rent and income limit data. ...

REVISED REVENUE ESTIMATES AVAILABLE FOR EXTENDERS BILL

Thu, 27 May 2010 9:05:00 -0700

The House Ways and Means Committee released additional documents related to H.R. 4213, the American Jobs and Closing Tax Loopholes Act, also known as the tax extenders bill. ...

TEXT OF REVISED TAX EXTENDERS LEGISLATION RELEASED

Fri, 21 May 2010 10:25:00 -0700

The legislative text of H.R. 4213, the American Jobs and Closing Tax Loopholes Act, a package of tax extender legislation, has been released ...

REVISED TAX EXTENDERS LEGISLATION TO BE INTRODUCED

Thu, 20 May 2010 8:50:00 -0700

Ways and Means Committee Chairman Sander Levin, D-Mich., and Senate Finance Committee Chairman Max Baucus, D-Mont., will release today the legislative text of the American Jobs and Closing Tax Loopholes Act, a package of tax extender legislation ...

HUD RELEASES INCOME LIMITS FOR 2010

Fri, 14 May 2010 10:10:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today released income limits for 2010 ...

HUD TO END HOLD-HARMLESS POLICY FOR SECTION 8 INCOME LIMITS

Wed, 12 May 2010 10:15:00 -0700

The U.S. Department of Housing and Urban Development (HUD) will eliminate the hold-harmless policy in estimating Section 8 income limits ...

HUD TO SURVEY LOW-INCOME HOUSING TAX CREDIT PROPERTY OWNERS

Tue, 11 May 2010 9:20:00 -0700

The U.S. Department of Housing and Urban Development (HUD) today invited public comments on a proposed "Study of the Low-Income Housing Tax Credit (LIHTC) Program After 15 Years." ...

CANTWELL INTRODUCES 5-YEAR LIHTC CARRYBACK BILL

Fri, 7 May 2010 9:10:00 -0700

Senator Maria Cantwell, D-Wash., yesterday introduced S. 3326, the Job Creation and Affordable Housing Act ...

KENTUCKY PROVIDES INFORMATION FOR LIHTC PROPERTIES AFFECTED BY FLOODS

Wed, 5 May 2010 8:40:00 -0700

In response to recent flooding in the state, the Kentucky Housing Corporation (KHC) yesterday released encouraged multifamily housing property owners to contact them with questions related to or reports of flood damage to affordable multifamily housing developments ...

CALIFORNIA STATE BOND FREEZE LIFTED

Thu, 29 Apr 2010 9:00:00 -0700

The California Department of Housing and Community Development (HCD) on April 27 released a a memorandum regarding Department of Finance Budget Letter (BL) 10-09, which was released the same day and lifted the state's bond freeze that had been in place since December 2008 ...

HUD INVITES PUBLIC INPUT ON HOUSING FINANCE SYSTEM REFORM

Thu, 22 Apr 2010 9:00:00 -0700

The Department of Housing and Urban Development (HUD) today published a notice seeking public input on establishing a more stable and sound housing finance system ...

SEN. LINCOLN URGES END TO NEGOTIATIONS OF H.R. 4213

Fri, 2 Apr 2010 15:00:00 -0700

Sen. Blanche Lincoln, D-Ark., yesterday released the text of a letter she sent to Senate Majority Leader Harry Reid and Speaker of the House Nancy Pelosi urging the lawmakers to complete Senate-House negotiations of H.R. 4213 ...

HUD REQUESTS COMMENT ON RECOVERY ACT REPORTING

Fri, 26 Mar 2010 10:50:00 -0700

The U.S. Department of Housing and Urban Development (HUD) in today's Federal Register issued an emergency request for comment related to its American Recovery and Reinvestment Act Section 1512 reporting ...

HOUSE APPROVES JOB BILL WITH 4 PERCENT EXCHANGE PROVISION

Wed, 24 Mar 2010 13:40:00 -0700

The House of Representatives today approved H.R. 4849, the Small Business and Infrastructure Jobs Tax Act ...

HUD UPDATES LIHTC DATABASE WITH DATA THROUGH 2007

Tue, 23 Mar 2010 11:00:00 -0700

The U.S. Department of Housing and Urban Development (HUD) last month updated its Low-Income Housing Tax Credit (LIHTC) Database ...

BINGAMAN BILL WOULD PROVIDE FIVE-YEAR LIHTC CARRYBACK

Thu, 19 Mar 2010 9:30:00 -0700

Sen. Jeff Bingaman yesterday introduced legislation aimed at stimulating new affordable housing development by adding incentives to the Low-Income Housing Tax Credit (LIHTC) program. S. 3141 ...

IRS PROVIDES GUIDANCE ON TAX TREATMENT OF SECTION 1602 FUNDS

Wed, 17 Mar 2010 9:00:00 -0700

In Notice 2010-18 the Internal Revenue Service provides guidance to low-income housing tax credit allocation agencies in determining how to reduce the LIHTC ceiling under Internal Revenue Code Section 42(h)(3) when tax credits are exchanged for funds under Section 1602 of the American Recovery and Reinvestment Tax Act of 2009 ...

WAYS AND MEANS TO CONSIDER SMALL BUSINESS, INFRASTRUCTURE JOB CREATION BILL

Mon, 15 Mar 2010 1:25:00 -0700

U.S. House Committee on Ways and Means Chairman Sander M. Levin, D-Mich., today unveiled a discussion draft of the Small Business and Infrastructure Jobs Tax Act, legislation that would provide tax relief to small businesses and extend financing measures to create jobs ...

AGENCIES ADOPT FINAL INTERAGENCY CRA QUESTIONS AND ANSWERS

Thu, 11 Mar 2010 10:45:00 -0700

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision today adopted as final a revised set of "Interagency Questions and Answers Regarding Community Reinvestment." ...

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

Thu, 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

Thu, 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

Tue, 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

Thu, 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

Thu, 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

Tue, 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

Wed, 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

Wed, 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

Thu, 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

Thu, 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

Tue, 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

Thu, 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

Tue, 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

Wed, 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

Tue, 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

Tue, 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

Tue, 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

Thu, 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

Wed, 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

Fri, 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

Fri, 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

Tue, 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

Thu, 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

Wed, 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

Tue, 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

Wed, 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

Tue, 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 ...