NH&RA's Housing Online News and Events

President Obama Releases 2013 Budget Proposal

Thu, 16 Feb 2012 00:03:07 GMT

The Obama Administration released its FY 2013 budget on February 13, 2012, proposing spending levels for federal departments, agencies, and programs for the fiscal year that begins October 1, 2012. Click here for background on the federal budget process.

A Quick Guide to the Budget

Wed, 15 Feb 2012 23:45:04 GMT

Budget of the United States Government, Fiscal Year 2013 contains the Budget Message of the President, information on the President’s priorities, budget overviews organized by agency, and summary tables.

Indiana Adopts Tax Credit Property Legislation

Wed, 15 Feb 2012 17:21:59 GMT

On February 1, the Indiana State Senate adopted Senate Bill 344, which requires county assessors to include the value of the federal low-income housing tax credit (LIHTC) in the assessed value of tax credit properties.

ACHP Releases Report on Historic Property Management

Wed, 15 Feb 2012 17:04:46 GMT

The Advisory Council on Historic Preservation (ACHP) on February 15 released its third Preserve America Executive Order Report to the President.

New Hampshire Publishes Report on Impact of Housing Tax Credits

Wed, 15 Feb 2012 16:58:49 GMT

The New Hampshire Housing Finance Authority (NHHFA) recently published a report that highlights the impact of low-income housing tax credits on New Hampshire communities.

California Announces 2012 Funding Rounds

Wed, 15 Feb 2012 14:16:21 GMT

The California Tax Credit Allocation Committee (CTCAC) has released application materials and attachments for the 2012 9% competitive, 4% competitive and 4% tax-exempt bond application rounds.

Iowa Releases 2012 LIHTC Program Information

Wed, 15 Feb 2012 14:10:30 GMT

The Iowa Finance Authority (IFA) has released its Qualified Allocation Plan (QAP) and supporting LIHTC program documents for the 2012 tax credit program.

New Data System Will Track Conservation Measures in Public/Indian Housing

Wed, 15 Feb 2012 14:07:38 GMT

The Tuesday, February 14 Federal Register included a notice that HUD is creating the Capture Energy Efficiency Measures for PIH (CEEMP) data system to track the amount and types of Energy Conservation Measures being implemented within Public and Indian units.

Ohio Updates Environmental Review Standards

Wed, 15 Feb 2012 14:05:38 GMT

Ohio Housing Finance Agency has updated its Environmental Review Standards for multifamily projects receiving federal HOME funds in Fiscal Years 2012 and 2013.

IRS Releases Notice on RPWG Physical Inspection Pilot Program

Fri, 10 Feb 2012 22:27:08 GMT

The IRS recently issued Notice 2012-18 to clarify rules relating to compliance monitoring and physical inspection requirements under the Rental Policy Working Group’s (RPWG) Physical Inspections Pilot Program. This program hopes to achieve a more coordinated effort for conducting physical inspections at properties that benefit from multiple sources of Federal funding with different inspection protocol

FHA Launches LIHTC Pilot Program

Fri, 10 Feb 2012 21:16:13 GMT

The Federal Housing Administration (FHA) has announced it is planning to launch the first phase of its Multifamily Low-Income Housing Tax Credit Pilot program, which will test an accelerated approval process for the purchase or refinancing of LIHTC properties.

Senators Introduce NMTC Extension Amendment to Senate Bill

Wed, 08 Feb 2012 16:11:11 GMT

Senators John Rockefeller (D-WV), Olympia Snowe (R-ME), and Robert Menendez (D-NJ) released a proposed amendment to Senate Finance Committee Chairman Max Baucus’ (D-MT) proposed mark of the Highway Investment, Job Creation and Economic Growth Act of 2012. The amendment seeks to extend the New Markets Tax Credit (NMTC) for one year through December 31, 2012 at a level of $5,000,000,000.

Center for American Progress Issues Report-on-Rehab to Rent

Wed, 08 Feb 2012 15:49:41 GMT

The Center for American Progress has issued a new report titled “Rehab-to-Rent Can Help Hard-Hit Communities and Our Economy: What to Consider When Converting Vacant Foreclosed Homes into Affordable, Energy Efficient Rentals.”

Budget Preview: President Pushes to Fund Rental Housing Trust Fund

Wed, 08 Feb 2012 15:43:23 GMT

In a preview of the Administration’s FY-2013 Budget (to be released on February 13), the Obama Administration has announced as part of its “Plan to Help Responsible Homeowners and Heal the Housing Market” that his budget will call for $1 billion to capitalize the federal rental housing trust fund.

CTCAC Proposes Changes to Allocation Process

Wed, 08 Feb 2012 15:03:46 GMT

California’s Tax Credit Allocation Committee yesterday released two regulation changes proposed for Committee consideration. CTCAC staff will conduct a public hearing on February 22 in Sacramento, CA.

Rep. Levin to Reintroduce Taxation on Carried Interest Measure

Wed, 08 Feb 2012 14:14:53 GMT

House Ways and Means Committee Ranking Member Sander Levin (D-Mich) has indicated that he will reintroduce legislation to tax carried interest compensation at the same ordinary income tax rates.

California Legislature Introduces Companion Bill on Remaining RDA Funds

Wed, 08 Feb 2012 14:12:26 GMT

As of February 1, 2012, California’s redevelopment agencies were permanently disbanded under the direction of Assembly Bill 1X26. However, California’s State Assembly last week 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.

Proposed Bill Would Repeal All Energy Tax Credits

Wed, 08 Feb 2012 14:09:52 GMT

On February 2, U.S. Senators Jim DeMint (R-SC) and Mike Lee (R-UT) introduced S. 2064, the Energy Freedom and Economic Prosperity Act (EFEPA), which would repeal all energy specific tax credits.

House Sub-Committee Approves Voucher Reform Legislation

Wed, 08 Feb 2012 14:01:32 GMT

On Tuesday, February 7, the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity approved the Affordable Housing and Self-Sufficiency Improvement Act (AHISSA) (currently unnumbered) by a voice vote. AHISSA is the most recent iteration of the Section Eight Savings Act (SESA) and the Section Eight Voucher Reform Act (SEVRA).

Historic Tax Credit Legislation Introduced in U.S. Senate

Tue, 07 Feb 2012 20:42:50 GMT

On Monday, February 6 U.S. Senator Ben Cardin (D-MD) unveiled the Creating American Prosperity through Preservation (CAPP) Act (currently unnumbered), which would expand Section 47 of the Internal Revenue Code of 1986 which governs the federal Historic Tax Credit (HTC) program.

Spring Developers Forum (2012)

Tue, 07 Feb 2012 18:26:44 GMT

Registration Now Open!
NH&RA is pleased to announce that we are returning to one of our favorite properties, the Ritz-Carlton Marina del Rey for our 2012 Spring Developers Forum. Please join us May 21-22 in sunny Southern California for two days of state-of-the-art sessions that will explore developing affordable housing in today's evolving market place. Our Spring Developers Conference program is designed by and for multifamily developers involved in low-income housing tax credit, HUD-assisted, and USDA Rural Housing Services affordable housing.

NCAHMA Affordable Housing Underwriting & Policy Forum (2012)

Tue, 07 Feb 2012 18:23:06 GMT

Registration Now Open!
The National Council of Affordable Housing Market Analysts, in partnership with National Housing & Rehabilitation Association is pleased to return to Washington, DC for our 2012 Affordable Housing Underwriting & Policy Forum. We will convene March 29-30 at the Four Points Hotel, conveniently located in the heart of our nation’s capital. In addition, NCAHMA will host the first ever FHA MAP Market Study & Underwriting Symposium on March 28 at NH&RA headquarters one day prior to the NCAHMA Spring Forum.

FHA MAP Market Study & Underwriting Symposium (2012)

Tue, 07 Feb 2012 17:47:02 GMT

The National Council of Affordable Housing Market Analysts (NCAHMA) is pleased announced our first ever FHA MAP Market Study & Underwriting Symposium. The Symposium is designed to foster a better dialogue between the various participants involved in underwriting MAP Loans, including market analyst, appraisers, lenders, and HUD officials.

FHFA Announces First Step in REO to Rental Initiative

Tue, 07 Feb 2012 16:18:35 GMT

The Federal Housing Finance Agency (FHFA) recently announced the first step of a Real-Estate Owned (REO) Initiative targeted to hardest-hit metropolitan areas, which was originally announced in August 2011. This initiative will allow eligible investors to purchase pools of foreclosed properties under the stipulation that the purchased properties must be rented for a specified number of years.

Transition Funding for Displaced Ike, Gustav Households

Tue, 07 Feb 2012 16:14:27 GMT

The Disaster Housing Assistance Program Ike (DHAP- Ike) recently expired with 3,500 households still enrolled in the program. To provide additional time for families to transition, HUD recently announced that it would provide $28 million to convert eligible families that were displaced by Hurricanes Ike and Gustav in 2008 to the Housing Choice Voucher (HCV) program.

HUD Report Shows Redistribution Effects of ACS in CDBG

Tue, 07 Feb 2012 16:13:03 GMT

HUD’s Office of Policy Development and Research (PDR) has published a new report that examines redistribution of 2012 CDBG Program funding as a result of the program now relying on the American Community Survey (ACS) data and 2012 Census population counts.

Nebraska Proposes Historic Tax Credit Legislation

Tue, 07 Feb 2012 16:10:50 GMT

Nebraska State Senator Abbie Cornett (R-District 45) recently introduced the Historic Property Restoration and Reuse Act, L.B. 888, which aims to provide a 25 percent tax credit for for-profit developers and a 30 percent tax credit for nonprofit developers that choose to rehabilitate or restore federal, state, or locally designated historic properties.

HUD Extends Equal Access Rules to Include Sexual Orientation and Gender Identity

Mon, 06 Feb 2012 22:43:25 GMT

HUD has issued a final policy stating that eligibility for its programs has been extended to protect individuals from housing discrimination based on sexual orientation.

HUD to Host Call on CNI Implementation Grants

Mon, 06 Feb 2012 15:31:50 GMT

HUD recently issued a NOFA for nearly $110 million in FY 2012 Choice Neighborhoods Initiative (CNI) Implementation Grants. HUD executives will host a call to discuss the 2012 funding round on Monday, February 6 at 2:15 pm EST.

Registration Open for Affordable Housing Census Data Webinar

Thu, 02 Feb 2012 23:11:23 GMT

National Council of Affordable Housing Market Analysts in partnership with Tax Credit Advisor are pleased to announce the first in a series of forthcoming educational webinars. Our "Learn While You Lunch Series" will convene every other month to explore critical topics pertaining to affordable housing market analysis, underwriting and development.

President Obama Signs FY 2012 Spending Package into Law

Thu, 02 Feb 2012 14:06:06 GMT

For the last month, Congress has considered an appropriations minibus, H.R. 2112, to incorporate Fiscal Year 2012 spending bills for the U.S. Departments of Agriculture, Commerce, Justice, Transportation, and Housing and Urban Development, and related programs. On November 14, a House-Senate conference committee approved a compromise minibus measure in the form of a conference report.

Senate Approves Appropriations Minibus

Thu, 02 Feb 2012 14:05:21 GMT

For the past few weeks, the United States Senate has been considering an appropriations minibus, H.R. 2112, which includes the annual spending bills for Agriculture, Commerce-Justice-Science, Transportation, and Housing and Urban Development and multiple amendments therein. The Senate approved the legislation by a vote of 69 to 30 on Tuesday, November 1.

New Report Showcases PHA Initiatives to Improve Economic Prosperity

Wed, 01 Feb 2012 16:52:20 GMT

The Center for Housing Policy has released a new brief titled “More than a Roof: Case Studies of Public Housing Agency Initiatives to Increase Residents' Economic Security. The paper highlights PHA efforts to help residents make progress toward economic security.

HUD Publishes Report on Impediments to Sustainable Native American Construction

Wed, 01 Feb 2012 16:48:57 GMT

HUD recently launched its Sustainable Construction in Indian Country initiative, which is charged with exploring impediments to sustainable construction practices in Native communities, and suggesting solutions to these impediments.

HUD Opens Choice Neighborhood Implementation Grant Application

Wed, 01 Feb 2012 15:40:38 GMT

HUD is offering Choice Neighborhood Implementation Grants to Public Housing Authorities (PHAs), local governments, nonprofits, tribal entities, and for-profit developers that apply jointly with a public entity.

California Senate Passes S.B. 654

Wed, 01 Feb 2012 15:23:58 GMT

As of February 1, 2012, California’s redevelopment agencies were permanently disbanded under the direction of Assembly Bill 1X26. However, on January 31, the California State Senate passed S.B. 654 which preserves the remaining balances in these redevelopment agencies’ Low and Moderate Income Housing Funds, approximately $1.5 billion, which were previously designated specifically for affordable housing development.

CTCAC to Host LIHTC Workshops

Wed, 01 Feb 2012 15:11:18 GMT

The California Tax Credit Allocation Committee (CTCAC) will host four half day LIHTC training workshops to go over 2012 LIHTC application submissions.

Hawaii Considers Legislation to Encourage NMTC Investment

Tue, 31 Jan 2012 13:55:25 GMT

Last week, the Hawaii State Legislature introduced two bills that would expand methods for delivering funding to a community development entity (CDE) by allowing guarantees and credit enhancements.

Wisconsin Summarizes Changes to 2012 LIHTC Cycle

Tue, 31 Jan 2012 13:53:22 GMT

The Wisconsin Housing & Economic Development Authority (WHEDA) has released a summary of changes to the 2012 LIHTC cycle made by the Emerging Business Program.

HUD Releases Latest CHAS Data

Tue, 31 Jan 2012 13:50:16 GMT

HUD’s Office of Policy Development & Research has released the latest Comprehensive Housing Affordability Strategy (CHAS) data.

OHFA Clarifies 2012 LIHTC Program Timeframe

Tue, 31 Jan 2012 13:48:06 GMT

The Ohio Housing Finance Agency (OHFA) has released a new Frequently Asked Questions document regarding the Application Review Process for the 2012 Housing Credit Program.

Georgia Recruiting Qualified Market Study Firms; Preference for NCAHMA Members

Thu, 26 Jan 2012 23:08:34 GMT

The Georgia Department of Community Affairs (DCA) has issued a Request for Qualifications (RFQ) for market study report services. Selected market study providers will be placed on a list of qualified firms authorized to provide market study services to applicants for DCA's affordable housing programs.

USDA Announces Multifamily Housing Program Teleconferences

Thu, 26 Jan 2012 18:28:42 GMT

The U.S. Department of Agriculture’s Rural Housing Service (RHS) has announced a series of teleconferences and/or web conference meetings regarding the USDA Multifamily Housing Program.

White House to Release FY-2013 Budget Proposal February 13

Thu, 26 Jan 2012 18:25:28 GMT

President Obama will release his administration’s FY-2013 budget proposal on Monday, February 13. In addition to proposing funding levels for critical affordable housing programs like Section 8 and HOME, the budget typically provides insight into administration policy proposals for the upcoming year.

House Committee Releases Draft Legislation on Voucher Reform

Wed, 25 Jan 2012 18:53:35 GMT

The House Financial Services Committee has released an updated draft of voucher reform legislation, the Affordable Housing and Improved Self Sufficiency Act of 2011 (AHISSA) which is the new iteration of the Section Eight Savings Act (SESA) and the Section Eight Voucher Reform Act (SEVRA).

White House Council Targets Rural Development

Wed, 25 Jan 2012 18:26:31 GMT

The White House’s Rural Council is conducting a series of business roundtables with business leaders across the country to gain perspective on opportunities to improve housing & economic conditions, as well as create jobs in rural America.

HUD Releases 2012 HOME Income, Rent Limits

Wed, 25 Jan 2012 18:25:35 GMT

The U.S. Department of Housing and Urban Development (HUD) recently released the 2012 HOME rent and income limits, effective February 9, 2012.

Washington Update: Tax Reform and the State of the Union

Wed, 25 Jan 2012 18:10:35 GMT

Last night’s State of the Union address offered some interesting new insight into the President’s policy priorities for the upcoming year. I was surprised that the President emphasized tax reform so early and often. While President Obama did not cite the low income housing tax credit, historic tax credit or new markets tax credit directly there was a strong emphasis on providing tax relief for businesses that create domestic jobs.

Call for Entries: 2012 HUD Awards for Excellence in Historic Preservation

Wed, 25 Jan 2012 15:46:18 GMT

The call for entries for the 2012 HUD Secretary’s Award for Excellence in Historic Preservation is now available. The HUD Secretary’s Awards are presented annually to honor projects that exemplify excellence in four categories: community planning, historic preservation, affordable housing design, and cooperative public/private efforts.

Michigan Solicits Alternative Language Ideas for 2013 QAP

Wed, 25 Jan 2012 15:22:14 GMT

As part of the process to rewrite the 2013 Qualified Allocation Plan (QAP), the Michigan State Housing Development Authority (MSHDA) is soliciting alternative language ideas for any portion of the QAP from stakeholders.

Alabama Announces Beginning of LIHTC Application Round

Tue, 24 Jan 2012 21:02:31 GMT

The Alabama Housing Finance Authority (AHFA) has announced that applications for Low-Income Housing Tax Credits and HOME program funds will be accepted beginning March 13, 2012, at 9:00 am CST until 5:00 pm on March 15, 2012.

New GAO Report Released on Homeless Women Veterans

Tue, 24 Jan 2012 20:39:01 GMT

A new report from the Government Accountability Office (GAO) indicates that the number of homeless women veterans has more than doubled, from 1,380 in fiscal year 2006 to 3,328 in fiscal year 2010.

California Releases Final Changes to Market Study Guidelines

Tue, 24 Jan 2012 15:48:36 GMT

In response to the feedback the California Tax Credit Allocation Committee (CTCAC) received regarding the proposed changes to the 2012 Tax Credit program, the agency has released a finalized list of recommendations. A few of the major additions/revisions to CTCAC’s market study guidelines were a direct result of comments that the National Council of Affordable Housing Market Analysts (NCAHMA) submitted.

Massachusetts Draft 2012 QAP Now Available

Mon, 23 Jan 2012 16:56:37 GMT

The Massachusetts Department of Housing & Community Development (DHCD) has released the draft version of its 2012 Qualified Allocation Plan (QAP). DHCD anticipates total available funding of $14,662,185 for 2012.

New York Releases 2012-2013 Executive Budget for DHCR

Mon, 23 Jan 2012 16:37:55 GMT

The New York State Division of Housing & Community Renewal has released its Executive Budget for 2012-2013. The Executive Budget recommends $291.7 million for the DHCR, a $22.35 million decrease from the 2011-12 Budget.

OHFA Announces Gap Financing Availability

Fri, 20 Jan 2012 19:23:18 GMT

The Ohio Housing Finance Authority has announced the availability of up to $4.5 million in gap financing for multifamily tax-exempt bond projects through the Housing Development Assistance Program.

Indiana Introduces LIHTC Property Tax and State Tax Credit Legislation

Fri, 20 Jan 2012 19:21:04 GMT

Indiana State Senator Brandt Hershman (R) has introduced Senate Bill 344, which would repeal of the prohibition against using the value of federal income tax credits awarded under Section 42 for the purpose of determining assessed value.

Indiana Proposes NMTC Program

Fri, 20 Jan 2012 19:12:07 GMT

Indiana State Reps. Suzanne Crouch (R) and Peggy Welch (D) last week introduced H.B. 1248 to create the New Markets Job Growth Tax Credit. The program would provide a state tax credit equal to 39 percent of the purchase price of a qualified investment, which the bill limits to $10 million per transaction.

Legislation Introduced to Increase LIHTCs to Storm Victims

Fri, 20 Jan 2012 19:03:52 GMT

Representative Chris Gibson (R-NY) recently introduced the Irene and Lee Tax Relief Strom Recovery Act, H.R. 3769, which would increase the amount of Low-Income Housing Tax Credits (LIHTCs) to be allocated in states damaged by Hurricane Irene or Tropical Storm Lee in 2011.

California Senate Committee Votes to Protect Affordable Housing Funds

Thu, 19 Jan 2012 14:57:14 GMT

With the recent passage of California Assembly Bill AB 26X, the California Supreme Court voted to dissolve all of the state’s redevelopment agencies, paying off enforceable obligations and disposing of agency assets by February 1, 2012. However, many of these redevelopment agencies have remaining balances in their Low and Moderate Income Housing Funds, which are designated specifically for affordable housing development.

North Carolina Releases Final 2012 QAP

Thu, 19 Jan 2012 14:54:43 GMT

The North Carolina Housing Finance Agency (NCHFA) has released the final Qualified Allocation Plan (QAP) for the distribution of Housing Tax Credits along with updated market study guidelines and the preliminary application.

USGBC Releases Existing Legal Authorities Report

Wed, 18 Jan 2012 15:47:59 GMT

The U.S. Green Building Council (USGBC) has released a report entitled “Better Buildings Through Executive Action” which is the second phase of a major effort by the organization and partners to encourage the Obama Administration to make full use of all available legal tools to improve the energy efficiency and sustainability of multifamily and commercial buildings.

CTCAC Releases Final Proposed Regulation Changes to 2012 Tax Credit Program

Wed, 18 Jan 2012 15:41:51 GMT

The California Tax Credit Allocation Committee (CTCAC) recently released proposed regulation changes to the 2012 Tax Credit program and subsequently conducted a 30 day public comment period in which four public hearings were held to receive feedback on the proposed changes.

Texas Releases Final 2012-2013 QAP

Mon, 16 Jan 2012 20:21:14 GMT

The Texas Department of Housing and Community Affairs (TDHCA) has released the final 2012-2013 Qualified Allocation Plan (QAP) for the state’s Housing Tax Credit program.

Minnesota State Historic Tax Credit Produces Significant Economic Benefits

Mon, 16 Jan 2012 17:59:03 GMT

Tax Credit Advisor, January 2012: Roughly $9.20 in economic activity will be generated by projects for each dollar in Minnesota state historic rehabilitation tax credits claimed according to a new study.

IRS Memo Discusses Tax Questions About Massachusetts Credits

Mon, 16 Jan 2012 17:55:03 GMT

Tax Credit Advisor, January 2012: Anew IRS Chief Counsel Advice Memo (201147024) provides answers to questions about various aspects of the federal tax treatment of five different Massachusetts state tax credits. These are the historic rehabilitation, low-income housing, brownfields, motion picture, and medical device tax credits.

Building Green: Energy and Water Efficiency Are More Important Than Ever in Affordable Housing Developments

Mon, 16 Jan 2012 17:50:14 GMT

Tax Credit Advisor, January 2012: Staying current on green building and energy efficiency requirements and techniques, funding sources and incentives to pay for improvements, and steps for effective operation and maintenance are more essential than ever for the successful construction and rehabilitation of affordable multifamily rental housing projects.

Modern Justice: Former Federal Courthouse Is Renovated Into Workforce Apartments in Kansas City

Mon, 16 Jan 2012 17:46:07 GMT

Tax Credit Advisor, January 2012: If you listen carefully, you just might hear the footsteps of Harry Truman walking the halls at The Alexander Company’s new mixed-used development in downtown Kansas City, Mo.

Complexity Is the Norm Duncan Barrett Tackles Preservation Deals in Upstate New York

Mon, 16 Jan 2012 17:41:40 GMT

Tax Credit Advisor, January 2012: For Upstate New York developer Duncan Barrett, Chief Operating Officer of Omni Housing Development LLC, tough housing deals are almost the norm.

Energy Audits The Steps and Content

Mon, 16 Jan 2012 17:36:07 GMT

Tax Credit Advisor, January 2012: An energy audit, an assessment of the energy needs and efficiency of a building or group of buildings, can be informative for an affordable multifamily rental housing development as well as provide a roadmap for the most cost-effective improvements to make.

Product for the Times Multifamily ARM Loans Increase in Popularity

Mon, 16 Jan 2012 17:27:34 GMT

Tax Credit Advisor, January 2012: Fannie Mae and Freddie Mac adjustable-rate mortgages have become increasingly popular with affordable rental housing developers and owners, according to lenders and others.

HUD Releases New ‘Best Practices’ Report

Mon, 16 Jan 2012 15:54:19 GMT

HUD’s Office of Policy Research & Development has published the newest report in its series of 'Best Practices' examples, based on federal, state and local strategies that increase affordable housing opportunities, apply sustainable features and practices, and increase access to public transportation.

Florida House Bill Would Double NMTCs

Mon, 16 Jan 2012 15:50:19 GMT

Introduced in late-December 2011 and passed by the Business and Consumer Affairs Subcommittee in early January, Florida House Bill 1119 increases the total amount of tax credits available to be allocated for the New Markets Development Program from $97.5 million to $195 million.

Missouri Bill Would Modify Low-Income, Historic Tax Credits

Mon, 16 Jan 2012 15:43:53 GMT

Missouri State Senate Bill (SB 531) modifies the low-income housing tax credit program and the historic preservation tax credit program by requiring the Department of Revenue to apply any increase in revenue generated from capping these tax credit programs to a decrease in the personal income tax rate to begin on January 1, 2016.

California Governor Proposes Realignment of BTH Agency

Mon, 16 Jan 2012 15:39:01 GMT

Governor Jerry Brown of California recently released his proposed 2012-2013 budget for the State of California. In the budget, Brown proposed a major reorganization of the state’s Business, Transportation, and Housing (BTH) Agency which would separate the state’s transportation and housing initiatives.

Maryland Launches Affordable Rental Housing Program

Mon, 16 Jan 2012 15:36:21 GMT

Maryland’s Governor Martin O’Malley, in partnership with the Maryland Department of Housing and Community Development (DHCD), recently announced a new $15 million rental housing initiative, “Rental Housing Works”, that will provide funding for up to 20 affordable housing projects in the State of Maryland.

Amicus Brief Filed in Historic Boardwalk Hall Case

Thu, 12 Jan 2012 15:43:24 GMT

The law firm of Miller & Chevalier filed an amicus brief on December 21, 2011 to the Third Circuit of the United States Court of Appeals on behalf of the National Trust for Historic Preservation and other organizations in the IRS appeal of Historic Boardwalk Hall, LLC v. Commissioner.

Delaware Now Accepting LIHTC Applications”

Thu, 12 Jan 2012 15:34:39 GMT

The Delaware State Housing Authority (DSHA) announced that applications for Low-Income Housing Tax Credits (LIHTCs) are now being accepted.

USDA Announces Plans to Close 43 RD Offices

Thu, 12 Jan 2012 15:30:52 GMT

The U.S. Department of Agriculture (USDA) recently released a plan entitled “Blueprint for Stronger Service” which outlined the agency’s strategy to streamline operations and cut costs. In a fact sheet that outlined the next steps for the Office of Rural Development (RD), USDA revealed it intends to close 43 Rural Development (RD) local field offices in 17 different states.

Housing Market Reports Released for Colorado Springs and Tacoma

Tue, 10 Jan 2012 16:29:02 GMT

HUD’s Economic and Market Analysis Division has published Comprehensive Housing Market Analysis reports for the Colorado Springs, CO and Tacoma, WA housing market areas.

Delaware Releases 2012 QAP

Mon, 09 Jan 2012 21:55:28 GMT

The Delaware State Housing Authority has released its 2012 Qualified Allocation Plan for administering the low-income housing tax credit allocation process, as well as a cover letter, change sheet, attachments, and a summary of public comments.

North Dakota Publishes 2012 QAP

Mon, 09 Jan 2012 21:54:19 GMT

The North Dakota Housing Finance Agency has released the final version of its housing tax credit allocation plan for 2012, as well as the funding application.

Connecticut Releases Draft 2012 QAP

Mon, 09 Jan 2012 16:40:16 GMT

At its December 2011 meeting, the Connecticut Housing Finance Authority Board of Directors approved the draft 2012 Qualified Allocation Plan (QAP) and Low-Income Housing Tax Credit (LIHTC) Procedures for public comment.

Policy Memo Summarizes Significant Tax Credit Policy Changes in 2011; Federal and Maryland Specific

Mon, 09 Jan 2012 15:36:09 GMT

NH&RA member firm, Gallagher Evelius & Jones LLP, has drafted an excellent summary of notable 2011 affordable housing policy changes for the Maryland Affordable Housing Coalition. The memo summarizes a number of federal and local policy changes impacting the Low-Income Housing Tax Credit (LIHTC), compliance issues, the New Markets Tax Credit (NMTC), New Issue Bond Program (NIBP) as well as Maryland specific programs. The entire text of the memorandum is provided below.

Arizona Releases Final 2012 QAP

Mon, 09 Jan 2012 14:53:38 GMT

The Arizona Department of Housing (ADOH) has released the final approved version of the state’s 2012 Qualified Allocation Plan (QAP) for the distribution of Low-Income Housing Tax Credits (LIHTCs).

IRS Issues Notice on Refunding Disaster Relief Bonds

Mon, 09 Jan 2012 14:28:44 GMT

The IRS issued Notice 2012-3 to provide guidance on current refunding issues for outstanding prior bond issues that qualify for tax-exempt bond financing under disaster relief bond programs including Gulf Opportunity Zone Bonds (GO Zone Bonds), qualified Midwestern disaster area bonds and Hurricane Ike disaster area bonds under the Heartland Disaster Act.

California Proposes State NMTC Program

Mon, 09 Jan 2012 14:20:20 GMT

On January 4, California Assembly Bill 643 was amended to include the creation of a California New Markets Tax Credit (NMTC) Program.

Minnesota Housing Accepting Applications for Second Round of Tax Credit Program

Fri, 06 Jan 2012 14:17:27 GMT

The Minnesota Housing Finance Agency (MHFA) is now accepting applications for Round 2 of the 2012 Housing Tax Credit program, of which approximately $500,000 in tax credits are available.

In Memoriam: Lawrence B. Simons

Thu, 05 Jan 2012 20:44:43 GMT

NH&RA was saddened to learn of the passing of former FHA Commissioner Lawrence B. Simons on December 29, 2011.

Oregon Rewrites Funding Application, Schedules Training

Wed, 04 Jan 2012 22:00:30 GMT

Oregon Housing and Community Services (OHCS) has rewritten and restructured the process documentation to help applicants navigate the Consolidated Funding Cycle process for 2012.

RPWG Releases Proposals for Housing Program Alignment

Wed, 04 Jan 2012 21:58:12 GMT

On December 31, the Rental Policy Working Group (RPWG) released its administrative proposals for the realignment of federal affordable rental housing programs. The report, called “Federal Rental Alignment Administrative Proposals” proposes ways to reduce the cost and burden of various affordable housing programs operated by the Departments of Agriculture, Housing and Urban Development (HUD), Treasury and others.

Maryland Adjusts Energy Retrofitting Programs

Wed, 04 Jan 2012 18:56:30 GMT

Maryland’s Public Service Commission (PSC) has ordered the Department of Housing and Community Development (DHCD) to become the sole provider of weatherization and energy retrofitting programs for low income households throughout the state.

California Supreme Court Upholds Elimination of Redevelopment Agencies

Tue, 03 Jan 2012 16:51:51 GMT

The California Supreme Court recently upheld bill AB 26X as constitutional, allowing the state to eliminate 400 local redevelopment agencies and struck down AB 27X, which would have enabled the redevelopment agencies to stay in business if they agreed to pay a big chunk of their revenues to the state.

Colorado Releases Final 2012 QAP

Tue, 03 Jan 2012 16:48:31 GMT

The Colorado Housing Finance Agency (CHFA) has released the final draft of the state’s 2012 Qualified Allocation Plan for the allocation of Low-Income Housing Tax Credits (LIHTCs).

WHEDA Lowers Permanent Lending Rate for LIHTC Developments

Tue, 03 Jan 2012 16:47:16 GMT

The Wisconsin Housing and Economic Development Authority (WHEDA) recently announced that it has lowered its permanent lending rate for LIHTC developments to 6.90%. The agency has indicated that competitive LIHTC applicants should use this rate, along with a 30 year amortization, in LIHTC underwriting.

HUD’s ResearchWorks Examines LIHTC Project Clusters

Tue, 03 Jan 2012 16:43:43 GMT

The most recent December 2011 issue of ResearchWorks, the official newsletter of HUD's Office of Policy Development & Research, examined the geographic distribution of Low-Income Housing Tax Credit (LIHTC) projects in 10 metropolitan statistical areas (MSAs).

Treasury to Name Housing Finance Adviser

Tue, 03 Jan 2012 16:40:37 GMT

According to a senior Treasury official, Michael Stegman, a housing and domestic policy director at the John D. and Catherine T. MacArthur Foundation, will join the Treasury Department in January 2012 as a counselor to Secretary Timothy Geithner.

Reseeding the Neighborhood: New Affordable Apartments Rise from Demolished Retail Site in Hoosier State

Wed, 28 Dec 2011 20:14:11 GMT

Tax Credit Advisor, December 2011: In much of America, vacant or underutilized retail shopping centers are dragging down surrounding neighborhoods.

CDFI Fund Expects to Announce New Markets Allocation Awards This Winter, Proceed With 2012 Funding Round

Wed, 28 Dec 2011 20:09:47 GMT

Tax Credit Advisor, December 2011: The Community Development Financial Institutions (CDFI) Fund expects to announce its ninth round awards of new markets tax credit allocation authority in “late winter” of 2012, and proceed with a tenth round next year even if the program hasn’t yet been reauthorized, according to CDFI Fund Director Donna Gambrell.

Raison d’être: The New Markets Tax Credit and Commonwealth Dairy

Wed, 28 Dec 2011 19:43:18 GMT

Tax Credit Advisor, December 2011: Commonwealth Dairy, a start-up operation in Brattleboro, Vt., is just the kind of business that the federal new markets tax credit was designed to spur, in just the location the program was meant to boost.