General News
Proposed Jobs Bill Includes Key Tax Provisions
House Ways and Means Committee Chairman Sander M. Levin (D-MI), recently introduced draft legislation that would make tax-exempt bond-financed properties eligible for the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program, and allow the new markets tax credit (NMTC) to be used to offset the alternative minimum tax (AMT).
HUD Requests Comments on ARRA Reporting
The U.S. Department of Housing and Urban Development (HUD) today issued a request for comment related to its American Recovery and Reinvestment Act Section 1512 reporting.
CDFI Funds Seeks Reviewers for Capital Magnet Fund
The Community Development Financial Institutions (CDFI) Fund is seeking reviewers to assist in its review of applications received under the FY 2010 funding round of the new Capital Magnet Fund (CMF). This program will provide competitively awarded grants to CDFIs and qualified nonprofit housing organizations to finance affordable housing and related community and economic development activities.
Rick Garcia is sworn in as Regional Director in HUD’s Region VIII
Rick M. Garcia was sworn in as the U.S. Department of Housing and Urban Development’s new Regional Director for Region VIII serving the six states in HUD’s Rocky Mountain Region which includes Colorado, Montana, North Dakota, South Dakota, Wyoming and Utah.
California Issues Revised Application Q&A
California Tax Credit Allocation Committee has published a revised LIHTC application Q & A has been revised as of March 19, 2010.
Oregon Bill Reforms Business Energy Tax Credit Program
Oregon Governor Ted Kulongoski recently signed into law House Bill 3680, which restructures the state’s business energy tax credit (BETC) program.
HUD Updates LIHTC Database
The U.S. Department of Housing and Urban Development’s Office of Policy Development and Research recently announced that it has released updates to its low-income housing tax credit (LIHTC) database.
Senate Bill Would Extend LIHTC Carryback to Five Years
U.S. Senator Jeff Bingaman (D-NM) recently introduced new legislation aimed at stimulating new affordable housing development by adding incentives to the low-income housing tax credit (LIHTC) program.
Geithner to Discuss Future of Housing Finance
U.S. Treasury Secretary Timothy Geithner will present the Obama administration’s broad vision for the future of housing finance, including all private and public entities that support the mortgage market, to the Housing Financial Services Committee on Tuesday, March 23.
NY State Legislation Would Expand Historic Tax Credit
New York State Senator David Valesky this month introduced legislation that would expand provisions in the state’s Historic Rehabilitation Tax Credit program.
White House FY 2011 Budget Calls for Funding Reductions at HUD
On February 1, the White House unveiled a proposed federal budget for Fiscal Year 2011 that calls for overall funding cuts at numerous federal agencies, including at the U.S. Department of Housing and Urban Development (HUD). Fiscal Year 2011 begins October 1st.
IRS Issues Notice on Treatment of Exchange Funds
The Internal Revenue Service has issued a new notice (2010-18) that provides guidance in several aspects regarding the proper treatment of Section 1602 low-income housing tax credit (LIHTC) credit exchange funds.