Paul Connolly Author Archives

ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.

The new year always brings new hopes and the potential for a fresh start. I try to be a glass half full kind of guy, but it’s tough as we slog through the third winter of the global pandemic.

This has been a fun issue of Tax Credit Advisor for me to work on. We’re helping National Housing & Rehabilitation Association (NH&RA) kick off its 50th anniversary celebration in 2022.

It’s the time of year many companies conduct performance reviews. If I were 2021’s supervisor, I think I would give the year an “exceeds expectations” rating.

House leadership recently released an updated version of the Build Back Better Act, which now includes $153.95 billion in direct housing spending provisions as well as several key LIHTC provisions.

In this month’s issue, Mark Fogarty reports on a rehab of the Miriam Apartments in Chicago. Originally built in 1925 as housing for seniors.

This month in Tax Credit Advisor, we’re taking a look at resident services. “Two weeks to flatten the curve” has turned into 84 weeks, or a year-and-a-half. After a summer of optimism thanks to vaccines and falling COVID-19 cases and deaths, the virus came roaring back.

Merchants Capital said its real estate equity team, in partnership with First Merchants Bank, The National Bank of Indianapolis and Merchants Bank of Indiana, reached the closing of Indiana Social Impact Housing Equity Fund II, LP. The Fund targets large-scale revitalization of vacant single-family homes in traditionally disinvested neighborhoods in and around downtown Indianapolis. 

The House Financial Services Committee completed their work on Tuesday and sent their portion of the bill to the House floor with a 30-24 party-line vote. The committee voted down all of the amendments offered by Republicans.  

Last week, the White House released a sweeping set of actions the Biden-Harris administration is taking to increase the supply of affordable housing.

The Internal Revenue Service (IRS) issued Rev. Proc. 2021-39, which extends the ability of bond issuers to conduct hearings virtually through March 31, 2022 due to COVID-19.

The National Council of State Housing Agencies, along with other major national organizations representing Emergency Rental Assistance (ERA) grantees sent a letter to House Financial Services Committee Chairwoman Maxine Waters (D-CA) providing recommendations on amending the ERA program to eliminate statutory barriers in administration and expedite the provision of assistance to eligible households.

The National Low Income Housing Coalition (NLIHC) and Public and Affordable Housing Research Corporation (PAHRC) updated its National Housing Preservation Database with new data for properties assisted by Section 8 Project-Based Rental Assistance, LIHTCs, Public Housing, HUD-insured mortgages, Section 202 Direct Loans, Section 515 mortgages, Section 538 Guaranteed Loans, fair market rent and Real Estate Assessment Center scores.