General News

In response to the, H.R. 8, American Taxpayer Relief Act of 2013, the Arizona Department of Housing (ADOH) requested approval from Governor Brewer for adjustments to the 2013 Qualified Allocation Plan. The proposed changes include extending the application deadline by two months from March 1, 2013 to May 1, 2013.

The U.S. House of Representatives Committee on Financial Services Chairman Jeb Hensarling today announced subcommittee assignments for the panel’s Republican members. Chairman Hensarling will serve as an ex officio member of all subcommittees, as will former Chairman Spencer Bachus, who is serving as chairman emeritus in the 113th Congress.

Missouri State Senator Will Krause (R-Jefferson City) recently introduced SB 163, which reauthorizes certain tax credits, prohibits further authorization of certain tax credits, and modifies state historic preservation tax credit (HPTC) and low-income housing tax credits (LIHTCs).

The New Market Tax Credit Coalition recently released a report entitled “NMTC: At Work in Communities Across America” which examines 92 case studies that profile of businesses, projects, and communities that have received assistance through the New Markets Tax Credit (NMTC).

Smart Growth America recently published a report entitled “Federal Involvement in Real Estate: A call for examination”, to look at the effectiveness of various federal real estate investment programs and determine how well these programs influence development.

Nebraska State Senator Jeremy Nordquist recently introduced the Nebraska Job Creation and Mainstreet Revitalization Act (LB 191), which would create a state historic rehabilitation tax credit for historic, income-producing properties in Nebraska.

Today Maryland’s Governor Martin O’Malley announced he has proposed $25 million for the Rental Housing Works (RHW) program in his FY 2014 budget. The RHW program is a gap financing program for projects funded using DHCD’s Multifamily Bond Program (MBP); RHW applications are submitted in conjunction with a MBP application.

The Indiana Housing & Community Development Authority (IHCDA) has announced Jacob Sipe as its new executive director, effective as of January 14, 2013.

The California Tax Credit Allocation Committee (CTCAC) released two reminders to previous tax credit recipients. All 2011 low-income tax credits recipients of 9% competitive credits must submit documentation to demonstrate the progress of the project and its continuing feasibility in order to meet the Final Reservation criteria.

At his recent State of the State address, New York Governor Andrew Cuomo announced that New York State will significantly increase its affordable housing investment with a $1 billion program to preserve or produce 14,000 affordable housing units over the next 5 years.

HUD recently released a Federal Register Notice to solicit comments on the Senior Preservation Rental Assistance Contracts (SPRACs) awards processes. The Section 202 Supportive Housing for the Elderly Act of 2010, signed into law in January 2011, authorizes HUD to provide SPRACs with 20-year terms to prevent displacement of elderly residents of certain projects assisted under HUD’s Section 202 Supportive Housing for the Elderly program in the case of refinancing or recapitalization and to further preserve and maintain affordability of Section 202 Direct Loan projects.

Following the passage of The American Taxpayer Relief Act and the resulting extension of the 9 percent credit rate to allocations made before January 1, 2014, the Ohio Housing Finance Agency has announced that low-income housing tax credit applicants may use the 9% credit rate in its estimations for their 2013 housing tax credit amount. OHFA also announced the gap financing resources that will be available to applicants in 2013