General News

The U.S. Department of Housing and Urban Development (HUD) has issued a proposed rule that would modify the Federal Housing Administration’s (FHA) multifamily mortgage insurance regulations to prohibit a requirement that proceeds from the sale of tax credits be placed in escrow at the time of initial endorsement for assurance of project completion and to pay the initial service charge, carrying charges, and legal and organizational expenses related to project construction.

The U.S. Department of Housing and Urban Development is requesting public comments and feedback by November 6 to determine whether it should continue its “hold harmless” policy by maintaining local Section 8 income limits at the previously published level in cases where HUD’s estimate of area median family income or housing cost adjustment data, or changes in calculation methodology, would lead to a reduction in the income limit from the previous year.

The New York State Division of Housing and Community Renewal (DHCR) has proposed changes to the Low-Income Housing Credit Program Qualified Allocation Plan, the regulation which set forth many of the parameters under which DHCR administers the federal tax credit program and selects projects for funding.

HUD has issued a notice designating its annual “Difficult Development Areas” (DDAs) and “Qualified Census Tracts” (QCTs) for purposes of the Low-Income Housing Tax Credit (LIHTC).

The New York State New York State Department of Taxation and Finance (Office of Counsel) has issued a guidance letter concerning the recently enacted New York State Commercial Historic Tax Credit.

The Nevada Housing Division has published its final project criteria and program procedures for its low-income housing tax credit exchange program.

The Mississippi Home Corporation (MHC) has released a summary of proposed revisions to its 2010 qualified allocation plan (QAP) for its low-income housing tax credit program.

The Massachusetts Department of Housing and Community Development (DHCD) has amended its Tax Credit Exchange Program guidelines, effective September 25, 2009.

The Illinois Housing Development Authority recently released the initial draft of its 2010 qualified allocation plan (QAP) for administering the low-income housing tax credit program.

The Arkansas Development Finance Authority has released its final 2009 Multifamily Housing Minimum Design Standards for projects receiving low-income housing tax credits.

The United States Senate passed the FY-2010 the Transportation, Housing and Urban Development (THUD) appropriations bill (HR 3228) provides $45.8 billion to HUD. The measure now awaits consideration by a conference committee to reconcile the differences between the House and Senate passed versions of the measure.

National Housing & Rehabilitation Association is pleased to announce that the recipients of the Sixth Annual Vision Awards for lifetime achievement in affordable housing are Lisa B. Alberghini, president of the Planning Office for Urban Affairs, Inc. and David A. Smith, CEO of CAS Financial Advisory Services.