General News

Federal Housing Finance Agency (FHFA) today proposed a rule that would establish housing goals for the government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac for 2015 through 2017.

IRS recently released Revenue Procedure 2014-49 to make revisions to Revenue Procedure 2007-54 which established temporary relief from certain requirements of Section 42 of the Internal Revenue Code for owners and agencies located in areas affected by major disasters.

HUD recently released Housing Notice 2014-10 to make updates to certain procedures published in Notice 2011-18 “Processing Guidance for the Section 202 Supportive Housing for the Elderly and Section 811 Supportive Housing for Persons with Disabilities Programs.”

Community Development Financial Institutions Fund (CDFI Fund) will be holding a webinar on the CDFI Information Mapping System (CIMS3) for New Markets Tax Credit (NMTC) program participants.

Community Development Financial Institutions (CDFI) Fund has issued a call for well-qualified personnel to serve as application Reviewers and Alternates for the 2014 round of the New Markets Tax Credit (NMTC) program.

FHA Commissioner Carole Galante recently announced she will leave her role as HUD’s Assistant Secretary for Housing and FHA Commissioner in the fall. In January, she will assume the I. Donald Terner Distinguished Professorship in Affordable Housing and Urban Policy at the University of California, Berkeley, and will also serve as the Director of the Berkeley Program in Housing and Urban Policy and co-chair the Fisher Center on Real Estate Policy Advisory Board.

The Internal Revenue Service (IRS) recently released Notice 2014-46, further clarifying Notices 2013-29 and 2013-60, regarding (i) how to satisfy the Physical Work Test and (ii) the effect of various types of transfers with respect to a facility after construction has begun. The Notice also modifies the application of the five percent Safe Harbor. Notice 2014-46 clarifies that a fully- or partially-developed facility may be transferred without losing its qualification under the Physical Work Test or the Safe Harbor for purposes of the PTC or the ITC.

The Government Accountability Office (GAO) recently released a new report that addresses the complex financial structures of New Markets Tax Credit (NMTC) transactions. The report questions whether combining multiple federal, state, or local subsidies is unnecessarily duplicative and whether the complexity of such structures are masking higher rates of return for NMTC investors.

A recent memo released by HUD dated August 7, 2014, addresses the use of a lender ordered MAP appraisals in lieu of a separate Rent Comparability Study (RCS) for Mark-Up-To-Market transactions. The Department plans to change the current RCS guidelines upon publication of the long awaited updated Section 8 Renewal Policy Guide to allow for the use of a lender ordered MAP appraisal that will serve a dual purpose; serving as an RCS and for use in underwriting an application for HUD mortgage insurance.

The Community Development Financial Institutions (CDFI) Fund recently released the Notice of Allocation Availability (NOAA) to open the next allocation round for the New Markets Tax Credit (NMTC) program. The NOAA makes $5 billion in tax credit authority available for the calendar year (CY) 2014 round.

Representative Pete Gallego (D-TX) recently introduced H.R. 5198 to amend Section 42(d)(5) of the Internal Revenue Code of 1986 to provide an appeal process  for designation as qualified census tracts (QCTs) and difficult development areas (DDAs) under the Low-Income Housing Tax Credit (LIHTC) program. This legislation would allow any State or local government agency to […]

Representatives Dennis Ross (R-FL), Jim Himes (D-CT), John Delaney (D-MD) , Sean Duffy (R-WI), Emanuel Cleaver (D-MO) and Ann Wagner (R-MO) recently introduced “Pay-for-Success” legislation (H.R. 5104 ) to increase energy efficiency in multifamily rental housing.