News

The Tennessee Housing Development Agency announced Ralph Perrey as the new Executive Director in a press release on September 25, 2012. Perrey will leave his current position on THDA’s Board of Directors on October 16 in order to begin his term in this new position.

On Friday, September 21, the Romney campaign released a short white paper entitled “Securing the American Dream and the Future of Housing Policy”, which details the Republican presidential candidate’s plans for “reduc[ing] the outsized role of the government and revitaliz[ing] the private sector’s role in the housing market to end the housing crisis and preserve the American Dream of homeownership.”

HUD has opened the competitive application period for conversions under the first component of the Rental Assistance Demonstration (RAD) program.

The Community Development Financial Institutions (CDFI) Fund has announced that it received 282 applications for the 2012 New Markets Tax Credit (NMTC) application round. The community development entities (CDEs) requested a combined $21,901,474,907 in allocation authority and are headquartered in 44 states, the District of Columbia and Puerto Rico.

The North Carolina Housing Finance Agency has released the first draft of its 2013 Qualified Allocation Plan along with a memo of major revisions.

The Minnesota Housing Finance Agency announced a change in leadership for its tax credit program team.

The Arizona Department of Housing will be hosting a LIHTC compliance training on October 23-24, 2012 in Tuscon, AZ.

The Iowa Finance Agency will be hosting four housing credit developers meetings during the month of October. All developers planning to apply for 2013 Low Income Housing Tax Credits must attend one of the meetings.

The U.S. House of Representatives recently passed the Vulnerable Veterans Housing Reform Act of 2012 (HR 6361) which would exclude in-home disability care payments from veterans’ income calculations for some HUD housing programs.

The National Housing & Rehabilitation Association (NH&RA) has announced five winners and ten finalists across ten competitive categories for this year’s J. Timothy Anderson Awards for Excellence in Historic Rehabilitation. The “Timmy Awards” will be presented at an awards luncheon and ceremony on Tuesday, October 30 at the Langham Hotel in Boston, Massachusetts, held in conjunction with the association’s Annual Fall Developers Forum. The winners and finalists represent fourteen different communities in ten states””Connecticut, Kansas, Kentucky, Louisiana, Massachusetts, Missouri, Oklahoma, Pennsylvania, Tennessee, Virginia””as well as the District of Columbia.

The Internal Revenue Service (IRS) recently issued a notice for public comments on Form 8611: Recapture of Low-Income Housing Credit. Owners of Low-Income Housing Tax Credit (LIHTC) projects are able to claim a credit against their income tax. However, if the property is disposed or if it fails to meet certain requirements over a 15-year compliance period and a bond is not posted, the owner must use Form 8611 to recapture part of the LIHTCs claimed.

In a recent letter, twelve Freshman House Republicans urged House Leadership to extend the New Markets Tax Credit (NMTC) program. While these GOP Representatives note that they do not support extending all tax credits, they do contend that the NMTC is a critical source of financing for a wide variety of businesses and community facilities that provides much-needed support for vulnerable low-income communities during an especially difficult time.