Kaitlyn Snyder Author Archives

QAP Arizona

Arizona offers LIHTC workshops – Jan. 23, Feb. 4 & 5, July 9-11

The Arizona Department of Housing is offering three upcoming worshops on the Low Income Housing Tax Credit (LIHTC). The first workshop will focus on the LIHTC application process on Jan. 23 from 9 am – 3 pm at the Desert Willow Conference Center in Phoenix. On Feb. 4 and 5 they will offer the LIHTC […]

HUD

HUD Multifamily Notices on FHA and Asset Management Operations During Shutdown

HUD’s office of multifamily housing issued two memos regarding its operation during the partial government shutdown. The first memo details Federal Housing Administration (FHA) mortgage insurance applications and production activities and the second memo details multifamily asset management activities.

Treasury

OZI submits comments on Treasury’s Opportunity Zones proposed rule, Treasury cancels hearing

The National Association for Opportunity Zone Investment (OZI) submitted its comment letter to Treasury’s proposed rule on Investing in Qualified Opportunity Funds. OZI’s comments seek to establish an informal safe harbor for plain vanilla, prudent and “down the middle of the fairway” transactions.

Tennessee

THDA Multifamily Programs Updates

The Multifamily Programs office of the Tennessee Housing Development Agency (THDA) sent an email providing several updates on its activities. THDA has yet to publish its 2019 Multifamily Tax-Exempt Bond Authority (MTBA) and Competitive Low Income Housing Tax Credit applications but wrote that they are under development and should be available soon.  

Minnesota

Minnesota Housing Publishes Income Averaging Guidance

Minnesota Housing published guidance for the use of income averaging with Low Income Housing Tax Credit (LIHTC) properties. Eligible properties include new LIHTC applications beginning with Round 2 of Minnesota Housing’s 2019 LIHTC Program and previously selected LIHTC projects that have not yet filed Form 8609 with the IRS.

Maryland

Maryland Governor Announces Opportunity Zone Expansion

Governor Larry Hogan (R-MD) announced a series of initiatives and legislation to expand the Maryland Opportunity Zone program. A total of $56.5 million would be dedicated to attracting new businesses and development and continuing to invest in Maryland’s workforce.

California

Leadership vacancy at TCAC

Mark Stivers left his post as executive director of the California Tax Credit Allocation Committee (TCAC) on Sunday, Jan. 6. Stivers was appointed by California State Treasurer John Chiang in 2015. In an email to TCAC stakeholders, Stivers wrote “I intend to remain in public service working on housing issues.”

HUD

FFB Risk Sharing Program Ends

The Federal Financing Bank (FFB) multifamily risk-sharing initiative with Housing Finance Agencies (HFAs) officially ended on Dec. 31, 2019. In February of 2018, HUD announced that it would end the FFB financing initiative on Sept. 30, 2018. In September of 2018, HUD then granted an extension through the end of the year to review the program’s effectiveness.

HUD

New Study on Where Families with Children Use Housing Vouchers

A new report from the Center on Budget and Policy Priorities and the Poverty & Race Research Action Council examines where families with children use housing vouchers in the 50 largest metropolitan areas. This report is the first metropolitan-level analysis to explore the concentration of families using vouchers across multiple neighborhood characteristics.

Member News

2019 Green Tax Incentive Compendium

The Robinson+Cole law firm released the January 2019 update for its Green Tax Incentive Compendium of Federal and State Tax Incentives for Renewable Energy and Energy Efficiency. Each section outlines the basic features and regulatory requirements for a tax program which provides financial incentives for clean technology development through renewable energy and energy efficiency projects.

IRS

IRS proposed rule on reissuance of state or local bonds

The Internal Revenue Service (IRS) issued a proposed rule on reissuance of state or local bonds. The proposed rule provides steps for determining when tax-exempt bonds are treated as retired for purposes of sections 103 and 141 through 150 of title 26 of the Code of Federal Regulations. The proposed rule also amends §1.1001–3(a)(2) of the Internal Revenue Code to conform that section to the special rules in the proposed rule for retirement of qualified tender bonds.

Federal Housing Finance Agency

Otting named interim FHFA director

President Trump has named Comptroller of the Currency Joseph Otting as acting director of the Federal Housing Finance Agency (FHFA) beginning Jan. 6, after Director Mel Watt’s term ends.

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