Federal / Agency News
IRS Releases PLRs On NMTC Program
In a recent alert, the accounting firm Novogradac & Company has summarized two important IRS Private Letter Rulings impacting the New Markets Tax Credit Ruling.
CEFAH Achieves Legislative Success
NH&RA’s Council for Energy Friendly Affordable Housing is pleased to report that a new Senate bill (S. 2897) has been introduced by Senator Michael Bennet (D-CO) that would create significant financial incentives for owners of federally-assisted housing projects to improve their properties’ energy efficiencies and reduce energy costs.
HUD Extends Guideline, Issues Requirements for HOPE VI Main Street Grants
The U.S. Department of Housing and Urban Development has extended the application deadline for $4 million available under the HOPE VI Main Street Grants program until March 3, as well as provides statutory and regulatory requirements, threshold requirements, and rating factors applicable to funding of grant applications.
Legislative Update: 1602/Exchange, NMTC & GO Zone Rehab Provisions Pass House Of Representatives
The House of Representatives has passed tax extenders legislation (HR 4213) on a vote of 241-181. The measure now awaits consideration in the U.S. Senate. Key provisions include…
Louisiana HOPE VI Project to Utilize Historic Tax Credits
The Hurricane Damaged Historic Bastrop High project in Bastrop, Louisiana will completely renovate the old Bastrop High School building as part of a HOPE VI Main Street Grant.
Tax Court Ruling Has Major Implications For Historic Tax Credit
A recent tax court ruling finds that state historic tax credit investors are partners and that transactions between investors and the partnership are not disguised sales.
Affordable Housing Debt Update
While tax credit equity remains the biggest industry concern, debt financing is also elusive for many developers. 2010 promises to be a challenging year–originations are down, underwriting standards are only becoming stricter and, with then end of the TCAP program and declining state budgets, gap financing will become even more difficult to obtain. NH&RA can help!
Senators Issue Letter on Expiring Tax Provisions
Leaders of the Senate Finance Committee, Max Baucus (D-MT) and Chuck Grassley (R-IA) yesterday sent a letter to Senate Majority Leader Harry Reid (D-NV) and Minority Leader Mitch McConnell (R-KY) with regards to expiring tax assistance provisions not included in the House-passed extenders legislation.
Bill Proposed to Extend Section 1603 Grant Program
U.S. Senator Dianne Feinstein (D-CA) recently introduced a measure to help stimulate and resume development of renewable energy facilities, such as wind farms and solar panel factories.
New Massachusetts Law Addresses Preservation of Assisted Affordable Housing
Massachusetts Gov. Deval Patrick has signed legislation that establishes a new chapter regarding publicly assisted affordable housing, which includes a wide variety of federally and state assisted rental housing projects, including Section 8, federal and state low-income housing tax credits, Section 221(d)(4), and others.
HUD USER Launches New Website
HUD’s Office of Policy Development and Research recently announced the launch of its new HUD USER website, which features new tools and layout that will make it easier to locate information and resources.
NH&RA Survey’s Members On TCAP & 1602 Exchange Transactions
NH&RA recently surveyed our membership to find out more about their experiences to date with the TCAP and Exchange programs. As of October 15, respondents to our survey are working on or have closed more than 100 transactions involving nearly 7,500 units of affordable housing. These projects range dramatically in size from 20 to 200+ units with an average size of 66 units. Nearly 80 percent of our respondent’s transactions are new construction. There are several themes, trends and issues that are worth highlighting…