News

Virginia Governor Signs State LIHTC Bill

Virginia Gov. Ralph Northam (D) signed into law legislation creating a state LIHTC. S.B. 1197 creates the Virginia housing opportunity tax credit, which will have a $15 million annual allocation for five years, applying to taxable years beginning on or after January 1, 2021. The state credit will match federal four and nine percent LIHTC allocations.

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President Biden Unveils $2.25 Trillion Infrastructure Plan

This morning the White House released a fact sheet on the American Jobs Plan, a $2.25 trillion infrastructure proposal with several investments in housing. President Joe Biden (D) is expected to give a speech in Pittsburg today at 4:20 p.m. ET to officially unveil the plan. Proposed pay-fors include an increase in the corporate tax rate from 21 to 28 percent and a “global minimum tax” on U.S. corporations.

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CDC Extends Eviction Moratorium through June 30, Applicability to NAHB Members

The Centers for Disease Control and Prevention (CDC) extended its eviction moratorium, which was set to expire on March 31, through June 30, 2021. A recent ruling in Skyworks v. CDC from the U.S. District Court in the Northern District of Ohio found the eviction moratorium unlawful. The National Association of Home Builders (NAHB) joined the suit and had representational standing on behalf of its membership. As such, the CDC extension of the eviction moratorium may not apply to NAHB members as of March 10, the date of the ruling.

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New Section Three Rule in RAD Public Housing Conversions Webinar – April 20

HUD will host a webinar at 3:30 pm ET on April 20 to provide an overview of the new Section 3 rule and its implementation in Rental Assistance Demonstration (RAD) conversions. In the fall, HUD updated the Section Three rule in order to focus on economic opportunity outcomes while simultaneously reducing regulatory burden, improving Section Three’s effectiveness, streamlining some processes that have not yielded significant benefits and encouraging HUD grantees to focus on sustained employment for low- and very low-income individuals.

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NHT Report Update Shows More States Incentivized Energy, Water Efficiency in Nine Percent LIHTC Properties in 2020

The National Housing Trust (NHT) released a 2020 update to its 2017 State Strategies to Increase Energy and Water Efficiency in Low Income Housing Tax Credit Properties, which reviewed hundreds of state Housing Finance Agency (HFA) documents, including QAPs, LIHTC applications, Design and Construction Guidelines and other documents, to identify the ten most prominent strategies in use by HFAs to advance water and energy efficiency.

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