News
UPDATE: Montana Releases 2013 QAP Draft for Public Comment
The Montana Board of Housing (MBOH) has released a draft of its 2013 Qualified Allocation Plan following its QAP Work Session held on August 16, 2012. The proposed 2013 QAP includes several revisions from previous years.
Oregon Seeks Public Comments on Housing & Community Development Programs
Oregon Housing and Community Services is currently seeking public comments on its proposed 2013 Annual Action Plan and its proposed Community Development Block Grant (CDBG) Method of Distribution.
FY 2013 Continuing Resolution Passes House and Senate
The US House of Representatives recently passed a continuing resolution (CR) (HJ Res 117) on September 13, 2012 by a vote of 329-91, followed by passage in the Senate by a vote of 62-30 on September 22, 2012. The CR effectively delays final decisions for fiscal year (FY) 2013 spending until after the elections and will allow, if necessary, the Federal government to run uninterrupted through March 27, 2013 until a new Congress takes office.
HUD Extends Notice Related to Subordination of Section 202 Loans
HUD has issued Notice H 2012-18 and H 2012-19 extending an original Notice H 2010-26 which established policy and procedures for the review of requests to subordinate Section 202 direct loans in cases where refinancing these loans is not feasible.
HUD Publishes DDAs for 2013
HUD has issued a notices designating its 2013 “Difficult Development Areas” (DDAs) for purposes of the Low-Income Housing Tax Credit (LIHTC) program. HUD makes DDA designations annually.
HUD Publishes Additional RAD Instructions for Rent Supp and RAP Conversion Applicants
On March 8, 2012, at 77 FR 14029, HUD published in the Federal Register a notice announcing HUD’s Rental Assistance Demonstration (RAD) program and the publication of PIH Notice 2012-18 on the RAD Website.
USDA Delays Changes to “˜Rural’ Definition for Housing Programs
A recent Administrative Notice released by the U.S. Department of Agriculture (USDA) Rural Development, Notice 4679, announces that the transition to using data from the 2010 decennial Census and American Community Survey (ACS) will be delayed until March 27, 2013, when the recently passed continuing resolution expires.
CA Governor Signs Bill to Expand Access to Utility Energy Efficiency Resources
California Governor Jerry Brown recently signed into law a bill, AB 1124, which enables renters and landlords to be eligible for repair and replacement of furnaces and hot water heaters under California utilities’ energy efficiency programs.
USDA Issues Guidance on Capital Needs Assessments for Multifamily Properties
The U.S. Department of Agriculture (USDA) Rural Development has released an Unnumbered Letter (UL) to provide guidance on the Rural Development Capital Needs Assessment (CNA) processes for multifamily properties.
IRS Amends Reinvestment Rules Related to NMTC Program
The Internal Revenue Service (IRS) recently released final regulations, RIN 1545-BK04, modifying the reinvestment requirements of the New Markets Tax Credit (NMTC) program to encourage investments in non-real estate businesses for working capital and equipment.
HUD Announces Expansion of FHA LIHTC Pilot Program
HUD has announced the expansion of its FHA Low-Income Housing Tax Credit (LIHTC) Pilot program by increasing the number of participating HUD Hub Processing Offices by five and to make the pilot available to LIHTC projects in all parts of the country. The added HUD offices are in Atlanta, Denver, Fort Worth, San Francisco, and Seattle. They join the original participating Hub Offices in Boston, Chicago, Detroit, and Los Angeles.
GAO Publishes Report on How CRA Effects LIHTC
The Government Accountability Office (GAO) has issued a new report titled “Community Reinvestment Act: Challenges in Quantifying Its Effect on Low-Income Housing Tax Credit Investment.”