General News
R4 Capital Raises $447 Million, Expands Portfolio in 2014
R4 Capital, a national affordable housing tax-credit syndicator and asset manager, raised $447 million and closed on $386 million of Low-Income Housing Tax Credit (LIHTC) equity and added 32 properties to its portfolio in 2014.
HUD Announces FY’14 CNI Planning Grants
HUD recently announced the FY 2014 Choice Neighborhood Planning Grant awardees. HUD is awarding $3.2 million in Choice Neighborhood Planning Grants.
HUD Clarifies Tenant Protections for Projects with HUD-Assistance / LIHTC
HUD recently released new guidance regarding tenant protections for households when owners use both HUD-assistance (eg. Project-Based Section 8, Section 236, Section 202) and Low-Income Housing Tax Credits (LIHTC) financing.
California Treasurer Appoints New Executive Directors to Support Major Housing Effort
California State Treasurer John Chiang appointed two new executive directors to key state housing programs as he launches a larger effort to address the state’s growing affordable housing crisis.
Elevate Energy Offers Free Affordable Housing Energy Baselining Services
Elevate Energy has joined forces with New Ecology to help affordable housing property owners and managers to reduce their property’s energy costs. They are offering free baselining services to multifamily affordable housing properties in Illinois, Missouri, Maryland, Rhode Island, and Pennsylvania, along with the Richmond, VA, Metro area.
UPDATE: HUD Releases Guidance on How Davis-Bacon Applies to Existing Housing
On December 23, 2014, HUD released a Notice detailing and clarifying its enforcement policy with respect to application of Davis-Bacon Wage and the second component of the RAD program.
NH&RA Joins Call to Support Affordable Housing Funding
NH&RA signed-on to support the National Low Income Housing Coalition’s campaign to urge lawmakers to to act quickly to stop budget caps and sequestration from taking effect in the upcoming fiscal year.
Affordable Housing Executive Appointed to Head MA Housing Department
Affordable housing development executive Chrystal Kornegay will be the new chief of the Massachusetts Department of Housing and Community Development. She succeeds Aaron Gornstein, who served in former Governor Duval Patrick’s administration.
Jones Walker Expands Affordable Housing Practice with Addition of Housing Veteran Brian Lawlor
Jones Walker announced in January that Brian E. Lawlor, former New Orleans and New York housing official, joined the firm’s affordable housing team as special counsel in the New York and New Orleans offices.
“Cromnibus” Funding Measure Approved by President, FY 15 HUD Budget Included
U.S. House of Representatives on Tuesday, December 9 introduced the so-called “Cromnibus” spending legislation, a $1 trillion bill that will fund most of the government through September 30, 2015. The measure combines a three-month continuing resolution (CR) for the Department of Homeland Security and 11 full spending bills for the remaining government agencies through the end of fiscal year (FY) 2015.
Legislation and Report Target Tax Reform
On Dec 11, 2014, House Ways and Means Committee chairman Rep. Dave Camp H.R. 1, released the Tax Reform Act of 2014 and U.S. Senate Senate Finance Committee Republican staff released the report “Comprehensive Tax Reform for 2015 and Beyond.” Both the legislation and the report have implications for the future of housing tax credits.
Report Celebrates Economic Impact of New Markets Tax Credit
Federal revenue generated by the New Markets Tax Credit more than pays for the cost of the program, according to a recently released report from the New Markets Tax Credit Coalition. This was just one of the findings of “A Decade of the New Markets Tax Credit: An Economic Impact Analysis,” which examines the economic impact of the NMTC program from 2003 to 2012.