Thom Amdur Author Archives

NH&RA News

NH&RA Hosts ICAST IRA & BIL Instant Benefit Estimate Calculator

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

QAP Alabama

Alabama Schedules 2020 HOME/Housing Credit/National Housing Trust Fund Application Workshop Jan. 10

Alabama Housing Finance Authority has scheduled its 2020 HOME/Housing Credit/National Housing Trust Fund Application Workshop for Jan. 10 in at the Montgomery Marriott Prattville Hotel & Conference in Prattville, AL.  Click here to register.

Member News

Enterprise and Wells Fargo Create the Housing Affordability Breakthrough Challenge

Enterprise Community Partners and Wells Fargo are pleased to announce the Housing Affordability Breakthrough Challenge, a bold initiative designed to spark innovations that support housing affordability in the areas of construction, financing, and resident services and support. A collaboration presented by Enterprise Community Partners with generous financial support from Wells Fargo, the Housing Affordability Breakthrough Challenge invites creative innovators to participate in a competitive application process with an opportunity to receive a grant and technical assistance to further scalable housing affordability solutions.

QAP Maryland

Maryland Posts 2020 Draft QAP

The Maryland Department of Housing and Community Development (DHCD) released the draft of the 2020 Qualified Allocation Plan (QAP) and Multifamily Rental Financing Guide (Guide) for public comment.  Draft comments are due by December 15, 2019 and can be submitted to dhcd.qap@maryland.gov. A summary of proposed revisions is available here. Please note the list only includes the major proposed revisions, not all revisions.

QAP California

California Issues New Guidance on Manager Units

On December 5 the California Tax Credit Allocation Committee issued new guidance relating to on site manager units at LIHTC Properties. California law 25 CCR § 42 requires an onsite manager, maintenance, or other responsible person for rental housing of 16 units or more. The Internal Revenue Service (IRS) guidance for manager or exempt units permits the cost of the unit to be included in eligible basis if the unit is reasonably required for the operation of the residential rental housing (IRS Revenue Ruling 92-61); however, the unit is excluded from the applicable fraction calculation. The IRS has further clarified that the person occupying the unit must be employed at the property where they reside. IRS Revenue Ruling 92-61 pertains to a full-time resident manager. Tenant keyholders, service coordinators, regional managers, and any staff that “float” from one project to another are all ineligible to reside in a manager unit.

QAP New Hampshire

New Hampshire Schedules Public Hearing on Draft QAP

New Hampshire Housing Finance Authority (NHHFA) will hold a formal public hearing on December 20, 2019 at 10:00 AM. The hearing will be held at our office located at 32 Constitution Drive, Bedford, NH. Upon arrival, please enter at the East Entrance to attend the hearing.

QAP Illinois

Illlinois Proposes Changes to TEB Program; Seeks Comments

Over the past few years, the Illinois Housing Development Authority (Authority) has seen an increase in applications seeking to use tax-exempt bonds (TEBs) and 4% Low-Income Housing Tax Credits (LIHTC) in connection with the acquisition and rehabilitation of developments that are subsidized by Housing Assistance Payment (HAP) contracts. To clarify information in the 2020-2021 Qualified Allocation Plan, the Authority plans to issue guidance specifically related to the review and underwriting of such applications. The Authority intends to publish this guidance on its website on January 1, 2020 and will refer to it in connection with the assessment of any PPA request currently under review at the Authority, regardless of the date the pending PPA request was submitted. Applicants with an approved PPA for a proposed transaction that (i) has not been presented to the IHDA board or (ii) has been presented to the IHDA board, but has not yet closed, may not be subject to each parameter referred to in the guidance. The Authority will assess transactions with approved PPA’s on a case-by-case basis and apply elements of the guidance in its sole, but reasonable discretion.

HUD

US Conference of Mayors Calls on Candidates to Expand HUD Funding

The United States Conference of Mayors has issued a new report “Mayor’s Vision For America: A 2020 Call To Action” which calls for new investments in infrastructure, innovation and inclusion.  The report outlines 12 priorities including to “make housing more affordable and end homelessness.”  The report specifically calls for increased funding for the Community Development Block Grant and HOME Program as well as the creation of a new program for blighted neighborhood restoration.  Additionally, the report calls for the expansion of rental housing supply noting, “There is an increased need for rental housing. The nation needs to create and pursue policies to develop more rental housing.

South Carolina

Bill Introduced in South Carolina to Create State LIHTC for OZs

On November 20, 2019 Legislation introduced in the South Carolina Legislature  that would create a state low-income housing tax credit (LIHTC) for properties in opportunity zones. Analysis of the legislation by Novogradac & Company finds that the measure “would create a 25 percent tax credit for investment in the state’s OZs and add OZs to other state incentive programs.

General News

Legislation Introduced to Establish Reporting Requirements for Opportunity Zone Incentive

U.S. Senator Tim Scott (R-SC) was joined today by Senate Finance Committee Chairman Chuck Grassley (R-IA), Senators Marco Rubio (R-FL), Shelley Moore Capito (R-WV), Todd Young (R-IN), Joni Ernst (R-IA), Bill Cassidy (R-LA), and Cory Gardner (R-CO) in the introduction the IMPACT Act, which would reinstate and expand reporting requirements to determine the impact of the more than 8,700 Opportunity Zones across the country.

QAP North Carolina

North Carolina Posts 2020 QAP & Preliminary Application on Website

The North Carolina Housing Finance Agency has posted its final 2020 Qualified Allocation Plan on its website.  As a continued reminder: while the final QAP contains language for the Workforce Housing Loan Program, there remains no appropriation of funds for 2020.  The 2020 Housing Credit Preliminary Application is also now available.  The deadline for application submission is noon […]

QAP Kentucky

Kentucky Schedules Multifamily Developer Forum

Join KHC for a Multifamily Developer Forum on Monday, December 16, 2019, 1:30-3:30 p.m. ET, at the University of Louisville ShelbyHurst Campus, Burhans Hall Rooms 162/163, 440 N. Whittington Parkway, Louisville, Kentucky, 40222.

QAP Minnesota

Minnesota Posts Application for LIHTC Round 2

Minnesota Housing is now accepting applications for Round 2 of the 2020 Housing Tax Credit (HTC) Program. There is approximately $529,618 in tax credits available; $103,540 in the Rural Development/Small Project set-aside (RD set-aside) and $426,078 in the unified pool. The RD set-aside is carried forward to Round 2, and if there are no eligible applications, the tax credits will be available to other projects. Intent to applies are due Friday, January 17, 2020 by 12:00 p.m. and applications are due Friday, January 31, 2020 by 12:00 p.m. 

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