General News

Missouri State Senate Bill (SB 531) modifies the low-income housing tax credit program and the historic preservation tax credit program by requiring the Department of Revenue to apply any increase in revenue generated from capping these tax credit programs to a decrease in the personal income tax rate to begin on January 1, 2016.

Governor Jerry Brown of California recently released his proposed 2012-2013 budget for the State of California. In the budget, Brown proposed a major reorganization of the state’s Business, Transportation, and Housing (BTH) Agency which would separate the state’s transportation and housing initiatives.

Maryland’s Governor Martin O’Malley, in partnership with the Maryland Department of Housing and Community Development (DHCD), recently announced a new $15 million rental housing initiative, “Rental Housing Works”, that will provide funding for up to 20 affordable housing projects in the State of Maryland.

The Delaware State Housing Authority (DSHA) announced that applications for Low-Income Housing Tax Credits (LIHTCs) are now being accepted.

The U.S. Department of Agriculture (USDA) recently released a plan entitled “Blueprint for Stronger Service” which outlined the agency’s strategy to streamline operations and cut costs. In a fact sheet that outlined the next steps for the Office of Rural Development (RD), USDA revealed it intends to close 43 Rural Development (RD) local field offices in 17 different states.

HUD’s Economic and Market Analysis Division has published Comprehensive Housing Market Analysis reports for the Colorado Springs, CO and Tacoma, WA housing market areas.

The Delaware State Housing Authority has released its 2012 Qualified Allocation Plan for administering the low-income housing tax credit allocation process, as well as a cover letter, change sheet, attachments, and a summary of public comments.

The North Dakota Housing Finance Agency has released the final version of its housing tax credit allocation plan for 2012, as well as the funding application.

At its December 2011 meeting, the Connecticut Housing Finance Authority Board of Directors approved the draft 2012 Qualified Allocation Plan (QAP) and Low-Income Housing Tax Credit (LIHTC) Procedures for public comment.

NH&RA member firm, Gallagher Evelius & Jones LLP, has drafted an excellent summary of notable 2011 affordable housing policy changes for the Maryland Affordable Housing Coalition. The memo summarizes a number of federal and local policy changes impacting the Low-Income Housing Tax Credit (LIHTC), compliance issues, the New Markets Tax Credit (NMTC), New Issue Bond Program (NIBP) as well as Maryland specific programs. The entire text of the memorandum is provided below.

The Arizona Department of Housing (ADOH) has released the final approved version of the state’s 2012 Qualified Allocation Plan (QAP) for the distribution of Low-Income Housing Tax Credits (LIHTCs).

On January 4, California Assembly Bill 643 was amended to include the creation of a California New Markets Tax Credit (NMTC) Program.