General News

Housing Association of Nonprofit Developers (HAND) released an online Housing Indicator Tool (HIT), a platform that will provide the most up-to-date information on housing production across the region, with a comparison to established local housing targets from the Capital Region’s housing affordability challenge.

Legislation introduced in the Illinois Legislature would create a state LIHTC. S.B. 2445 and H.B. 3213 would create the Build Illinois Homes Tax Credit as of January 1, 2021, with a $35 million annual allocation, with 24.5 percent of the credits allocated to the City of Chicago Department of Housing.

Massachusetts Governor Charlie Baker (R) signed an Act Enabling Partnerships for Growth (H. 5250), which includes doubling the annual allocation of state LIHTCs from $20 million to $40 million through January 1, 2025. The bill also makes more than $625 million in capital authorizations, as well as policy provisions to boost economic growth.

Legislation in the Missouri legislature would reduce the annual allocation of the State LIHTC from $6 million to $2 million and would set an aggregate cap of $80 million on LIHTCs for properties financed with nine percent LIHTCs. H.B. 1095 includes reductions on several Missouri state credits. The bill would add a sunset date of […]

A bill in the Rhode Island General Assembly (H.B. 5458) would eliminate the sunset provision for the State Historic Tax Credit (HTC). The credit is currently set to expire when the maximum aggregate credits are exhausted or June 30, 2021, whichever comes first. The measure has been referred to the House Finance Committee, which has […]

The South Carolina Department of Revenue released a revenue ruling to provide guidance for the State LIHTC, which was enacted in May 2020. Revenue Ruling 21-5 provides an overview of the Federal and State LIHTC. The revenue ruling provides questions and answers on such issues as what constitutes a qualified project, information about an eligibility […]

The Virginia legislature recently approved a bill to create a State LIHTC, sending the legislation to Gov. Ralph Northam’s (D) desk. S.B. 1197 creates the Virginia housing opportunity tax credit with a $15 million annual allocation for five years. The credit would be effective for taxable years beginning on or after January 1, 2021, and […]

In “Pandemic’s Toll on Housing: Falling Behind, Doubling Up,” the New York Times draws attention to the housing insecurity renters face as a result of the COVID-19 pandemic, even with eviction moratoriums in place.

Through focus groups with residents and interviews with front line staff, Stewards of Affordable Housing for the Future (SAHF) has identified some early steps for lifting up the voice and agency of residents of affordable housing properties in a new report and blog post.

Gov. Gretchen Whitmer (D) of Michigan signed legislation extending the state’s Historic Tax Credit (HTC) through 2030.  S.B. 54 allows a qualified taxpayer with a certificate of completed rehabilitation issued after December 31, 2020 and before January 1, 2031, to credit against the income tax or Corporate Income Tax (CIT) 25 percent of the qualified expenditures that met eligibility criteria […]

The Low Income Investment Fund (LIIF) said it has launched a $20 million COVID-19 LIHTC Developer Fee Bridge Initiative to support affordable housing developers facing liquidity challenges in the wake of the Coronavirus pandemic and ensuing recession. LIIF said in a press release that with a guarantee from the Community Investment Guarantee Pool (CIGP), the flexible capital would be available to fill gaps created when fees are stalled in phases of LIHTC development.

Freddie Mac released a white paper Dec. 10 that found LIHTC supports 40.1 percent of the multifamily housing market in rural Persistent Poverty Counties (PPCs) – a rate that is more than three times greater than the national average and one and a half times greater than all rural areas.