Federal / Agency News

The IRS released the 2015 Calendar Year Resident Population Figures. The notice provides population figures to calculate the credit ceiling for low-income housing tax credits (LIHTC)and volume caps for tax-exempt private activity bonds.

Novogradac & Company LLP updated the Novogradac Rent & Income Limit Calculator© to include the U.S. Department of Housing and Urban Development’s (HUD’s) fiscal year 2015 rent and income limit data.

U.S. Senators Rob Portman (R-OH) and Jeanne Shaheen (D-NH) introduced a bill to encourage energy efficiency in housing that is subsidized by the federal government. The Energy Savings and Industrial Competitiveness Act of 2015 (S. 720) authorizes the U.S. Department of Housing and Urban Development’s pay-for-success (PFS) demonstration to improve the energy efficiency of government-supported multifamily properties.

A recent notice in the Federal Register outlines how U.S. Department of Agriculture (USDA) will operate the Rural Development Voucher Program in FY 2015.

On March 24, 2015, from 2:00-4:00pm EST, the U.S. Department of Housing and Urban Development Rental Assistance Demonstration (RAD) Team will offer a training on the relocation rules applicable to 1st Component public housing conversions.

U.S. Senator Roy Blunt (R-MO) introduced legislation to make the New Markets Tax Credit (NMTC) program permanent, provide an annual allocation of credits indexed to inflation, and exempt NMTC investments from the Alternative Minimum Tax.

The National Park Service (NPS) released its Federal Tax Incentives for Rehabilitating Historic Buildings Annual Report for Fiscal Year 2014 and a supplementary Statistical Report and Analysis for Fiscal Year 2014.

U.S. Representatives Pat Tiberi (R-OH) and Richard Neal (D-MA) introduced legislation to make permanent the temporary minimum credit rate for the low-income housing tax credit program (LIHTC). The bill proposes to set the minimum LITHC rate for new construction at 9% and set it at 4% for existing properties.

HUD announced a series of clarifications that are effective immediately and will be reflected in a revised Multifamily Accelerated Processing (MAP) Guide. They focus on equal pay-in, bridge loans, identity of interest, subordinate debt, vacancy rates, and developer fees.

Representatives from more than 100 of the nation’s top affordable housing organizations gathered at the Ocean Reef Club in Key Largo, FL, last week for the 2015 NH&RA Annual Meeting. The event’s panel sessions created dialogues on what’s challenging – and exciting – affordable housing developers, illuminated the products and people who will shape the tax credit transactions in upcoming year, offered options to properties approaching year 15, and surveyed key changes to tax credit programs and legislation.

NH&RA’s first-ever Public Housing Joint Venture Symposium offered attendees a unique opportunity to gain insight into the progress and updates to key HUD programs. More than 100 developers, syndicators, lenders, and other members of the affordable housing community gathered to voice their concerns and questions to HUD representatives, as well as connect with peer organizations who are working on similar issues.

On February 2, President Barack Obama introduced his fiscal year (FY) 2016 budget, requesting a total of $49.3 billion for Department of Housing and Urban Development (HUD) programs and proposing significant policy changes aimed at improving the Low-Income Housing Tax Credit (LIHTC) program and a proposal to modify and permanently extend the New Markets Tax Credit (NMTC) program.