News
HUD Releases 3rd Quarter Housing Market Conditions Report
HUD has released its Third Quarter 2012 U.S. Housing Market Conditions which indicates that housing indicators for the third quarter of 2012 continue to portray a fragile, but steady, recovery in the housing market.
NMTC Coalition Releases NMTC Economic Report
The New Markets Tax Credit Coalition recently released the New Markets Tax Credit Economic Report for 2003 to 2012 entitled “Measuring the Direct and Catalytic Impact of New Markets Tax Credit Investments in Low Income Communities”.
IRS Revokes Previous PLR on Power Purchase Agreements
The Internal Revenue Service (IRS) recently revolved a previous Private Letter Ruling (PLR) 201214007 which indicated that power purchase agreements (PPAs) are excluded from the purchase price allocation on wind transactions.
GAO Report Examines 2008 HERA Provisions Effect on LIHTC Program
The Government Accountability Office (GAO) recently released a report entitled “Low-Income Housing Tax Credits: Agencies Implemented Changes Enacted in 2008, but Project Data Collection Could Be Improved” which examines the implementation of changes to the Low-Income Housing Tax Credit (LIHTC) program which occurred under the Housing and Economic Recovery Act (HERA) of 2008.
Ohio Senate Passes NMTC Extension, Amends Program
The Ohio Senate recently passed Senate Bill (SB) 327, which was originally introduced in April 2012. The bill would extend the state’s New Markets Tax Credit program and raise the tax credit cap from $10 million to $50 million.
USDA RD Provides Clarity for Combining Section 538 and 515 Programs
An Unnumbered Letter from the US Department of Agriculture (USDA) Office of Rural Development (RD) provides guidance and instructs USDA staff on reconciling procedural differences between the Section 538 Guaranteed Rural Rental Housing and Section 515 Rural Rental Housing Loan programs.
Delaware Releases Draft 2013 QAP
The Delaware State Housing Authority has released draft versions of its 2013 Qualified Allocation Plan (QAP), cover sheet, and attachments. The draft contains several changes from the 2012 QAP.
Celebrate The Holidays Early With NH&RA
We invite you to take a short break from your year end closings and join more than 150 of the leading developers and affordable housing professionals from around the country at our 2012 Fall Developers Forum at the Langham Hotel. The Developers Forum is the last NH&RA conference of the year!
Nebraska Releases Final 2013 QAP, Announces Application Workshop
The Nebraska Investment Finance Authority (NIFA) has released its final version of the state’s 2013 Qualified Allocation Plan (QAP) for the purpose of allocating federal Low Income Housing Tax Credits (LIHTCs).
HUD Issues LIHTC Pilot Program Guidance
HUD recently issued an updated draft Low-Income Housing Tax Credit (LIHTC) Pilot Program Application Processing Guide. This informal guide is meant for lenders and HUD staff to use while underwriting loans for the Pilot Program, which aims to streamline FHA processing of mortgage insurance applications for projects with LIHTC equity.
Bankruptcy Court Rules to Include LIHTC Value in Bank’s Property Valuation
The Bankruptcy Appellate Panel (BAP) for the Sixth Circuit Federal Court of Appeals recently decided a case involving five Kentucky limited partnerships (the Debtors) which were placed in a jointly-administered Chapter 11 case. In the appeal, the debtors took issue with including the value of LIHTCs in the bank’s appraised value of the real property.
IRS Grants Filing Extensions for Tax-Exempt Bond Issuers Affected by Hurricane Sandy
The Internal Revenue Service (IRS) has announced that government entity issuers of tax-exempt bonds affected by Hurricane Sandy may qualify for additional time to file Form 8038 or Form 8038-T returns.