Paul Connolly Author Archives

HUD updated two documents regarding its Capital Needs Assessment (CNA) e-tool: Known Issues and Solutions and FAQ on how to submit a returned CNA. Questions can be submitted here.

The Office of the Comptroller of the Currency (OCC) published the latest edition of its Community Developments Investments newsletter, “Strengthening Communities With Opportunity Zone Investments.” This edition of Community Developments Investments explains how banks can support distressed communities by making investments in tax-advantaged qualified opportunity funds (QOF) as part of their community development strategies. For […]

A new rule from the Office of the Comptroller of the Currency (OCC), effective April 1, 2021, codifies and expands prior OCC interpretations dealing with the use of national bank lending powers to engage in tax equity financings. Tax equity financings refer to transactions in which a national bank provides equity financing to fund projects […]

Due to ongoing COVID-19 related business disruptions and delays, the Alabama Housing Finance Authority will tentatively delay application intake for the 2021 Competitive Application Cycle until April 1, 2020. This extension time should permit prospective applicants additional time due to COVID-19 related staff shortages, and similar delays experienced by their respective development partners and third-party […]

Arizona Department of Housing (ADOH) posted the recording, slides and chat from its LIHTC Application Workshop on January 8. ADOH will host three LIHTC compliance workshops, which property managers are required to attend annually. Developers, co-developers or consultants must attend this training at a minimum of every five years. February 2021 Four three-hour sessions on […]

Connecticut Housing Finance Authority is currently working on changes to the Consolidated Application and the LIHTC Program Guidelines to clarify and streamline the application process. Applications are tentatively likely to be due within a May-June timeframe, with awards to be announced by September or October. Please contact Michelle Onofrio with any questions at michelle.onofrio@chfa.org.

California Gov. Gavin Newsom proposed an investment of $8 billion in housing resources as part of his 2021-22 budget proposal. The initial proposed budget includes a third round of $500 million in LIHTCs; $750 million to extend Homekey, the state’s program to acquire hotels, motels and other facilities to provide permanent housing for people experiencing […]

The California Tax Credit Allocation Committee (TCAC) updated Attachment 40 on January 15 with California Debt Limit Allocation Committee (CDLAC) scoring. Changes and corrections include from the January 15 updated include: The CDLAC tie breaker 20 percent bonus is available to new construction projects only. This includes projects that receive points as a Special Needs […]

The California Tax Credit Allocation Committee (TCAC) released new Subsidy Layering Review (SLR) instructions. Public Housing Authority’s (PHA) must submit their SLR documentation after the project receives a reservation of tax credits, via email to SubsidyLayering@treasurer.ca.gov. If you have any questions, please contact SubsidyLayering@treasurer.ca.gov. TCAC also updated its Development Section Resyndication Questionnaire Memo, which is […]

Iowa Governor Kim Reynolds released a proposed fiscal year 2022-23 budget, which includes a state LIHTC, doubling the state workforce housing tax credit and increasing funding for the state housing trust funds. Reynolds’ $8.1 billion proposal includes a $15 million annual allocation for a new state LIHTC incentive and a boost for the workforce housing […]

A bill introduced in the Indiana Senate would create a state LIHTC for a percentage of the federal four percent LIHTCs received by properties. S.B. 214 would make the state LIHTC transferrable and the credit could be carried forward up to nine years. The state credit would be for 40% to 100% of the federal […]

Michigan State Housing Development Authority (MSHDA) released the form necessary to request an electronic application submission for the upcoming February 1, 2021 LIHTC Funding Round. In order to electronically submit an application package for MSHDA LIHTC Program you must first complete the requested information at the link above. Upon hitting “Submit,” a file will be […]