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 West Virginia Housing Development Fund published its final 2021-2022 QAP and Tax Credit Manual. Below is a summary of the incorporated changes made to the 2021 and 2022 Allocation Plan in response to public comments on the draft 2021 and 2022 Allocation Plan:   Syndication of Investment Interests (pages 30 and 31) – Points […]

In response to the four percent LIHTC rate fix, developers may request an extension of the final application deadline of January 7, 2021 for Ohio Housing Finance Agency’s (OHFA) 2020 Bond Gap Financing Round (BGF) by contacting their assigned BGF analyst.   OHFA will allow extensions through February 1, 2021. However, extensions beyond this date will be considered by OHFA on a case–by–case basis and […]

Gov. Gretchen Whitmer (D) of Michigan signed legislation extending the state’s Historic Tax Credit (HTC) through 2030.  S.B. 54 allows a qualified taxpayer with a certificate of completed rehabilitation issued after December 31, 2020 and before January 1, 2031, to credit against the income tax or Corporate Income Tax (CIT) 25 percent of the qualified expenditures that met eligibility criteria […]

When the 117th Congress convenes January 3, bipartisan support will be required to pass any legislation as neither party will have a strong majority in the Senate, panelists at an NH&RA town hall said December 3.

Seems like we’ve been waiting for 2021 to arrive for much longer than a year, doesn’t it? I mean, who can blame us? COVID-19. Economic crash. Disruptions to work and school routines. Restaurants closed. Curfews in some cities and states. Budget impasses. Election drama. And to make matters worse, 2020 was a leap year. We had one whole extra day to wallow in our collective misery.

On Monday, December 21, Congress passed a sweeping $1.4 trillion package to fund the government through September 30, 2021 plus $900 billion in Coronavirus aid. Many, many thanks to our members and partners who kept up the drumbeat all year long to get important housing priorities included in the bill.

HUD published its updated 2020 Multifamily Accelerated Processing (MAP) Guide, which becomes effective January 21, 20201. In addition to some reorganization and streamlining throughout, the updated MAP Guide includes:
• The integration of the Federal Housing Administration (FHA) Multifamily Closing Guide, previously a separate document;
• A new chapter specific to energy efficiency and FHA’s Green Mortgage Insurance Premium (MIP) program; and
• Expanded appendices that provide access to tools and forms.

NH&RA created a customizable template letter for developers to submit comments to the Internal Revenue Service (IRS) and Department of the Treasury (Treasury) on their Average Income Test proposed rule. Comments are due by December 29 and should be submitted here.

The Low Income Investment Fund (LIIF) said it has launched a $20 million COVID-19 LIHTC Developer Fee Bridge Initiative to support affordable housing developers facing liquidity challenges in the wake of the Coronavirus pandemic and ensuing recession. LIIF said in a press release that with a guarantee from the Community Investment Guarantee Pool (CIGP), the flexible capital would be available to fill gaps created when fees are stalled in phases of LIHTC development.

Pennrose, LLC announced the promotion of Amon Martin to regional vice president of the southeast region effective Jan. 1, 2021 following the retirement of Mark Straub. In a statement, Pennrose said Martin joined Pennrose, LLC in 2016 as senior developer.

The Texas Department of Housing and Community Affairs (TDHCA) released a proposed rule amendment for public comment: 10 TAC Section 1.15, regarding the Integrated Housing Rule, as approved by the TDHCA Governing Board. Written comments may be submitted to the Texas Department of Housing and Community Affairs, Attn: Brooke Boston, Rule Comments, P.O. Box 13941, Austin, Texas 78711-3941, or via email to brooke.boston@tdhca.state.tx.us. All comments must be received by 5 p.m. CT on January 29, 2021.

The North Carolina Housing Finance Agency adopted its final 2021 QAP, which includes new language on Disaster Recovery Funds in section II(B)(3)(c).