News

The Internal Revenue Service (IRS) recently released private letter rulings (PLRs) concerning historic tax credit (HTC) regulations. In PLR 201228015 and PLR 201228016, the IRS found that separate buildings rehabilitated under a common plan can be considered one project for HTC purposes. In another recently released PLR, PLR 2012228019, the IRS granted an extension to the amount of time the taxpayer has to make the election in which the tenant is treated as having purchased the property.

The U.S. Senate Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security recently held a public hearing on the Census Bureau’s FY 2013 budget and the proposed elimination of the American Community Survey (ACS). This hearing comes after the US House of Representatives voted in May to support Representative Daniel Webster’s (R-FL) Amendment 1077 to the Commerce, Justice, Science, and Related Agencies 2013 Appropriations Act (H.R. 5326), to eliminate the ACS, a detailed national annual survey conducted by the U.S. Census Bureau.

The Multifamily Finance Division of the Texas Department of Housing and Community Affairs (TDHCA) has posted on their website a memorandum regarding clarifications the allocation process for the 2012 Competitive (9%) Housing Tax Credits. The purpose of the memorandum is to convey to the public two challenges that may need to be considered and addressed during the staff’s award recommendations at the July 26th, 2012 Board meeting.

A new report from the Center for Budget and Policy Priorities entitled “Renters’ Tax Credit Would Promote Equity and Advance Balanced Housing Policy” examines how a renter tax credit could help in implementing a more balanced federal housing policy.

The U.S. Department of Agriculture (USDA) Rural Housing Service (RHS) has published a final rule (RIN 0575″“AC66) relating to reserve accounts for new construction Section 515 or 514/516 multifamily properties.

The Federal Housing Finance Agency (FHFA) recently announced that the winning bidders in a real estate owned (REO) pilot initiative, REO to Rental program, have been chosen and transactions are expected to close soon.

Senator Richard Durbin (D-IL) recently introduced S. 3348 which would amend title 38 of the United States Code to improve the multifamily transitional housing loan program of the Department of Veterans Affairs (VA).

Indiana Lieutenant Governor Becky Skillman recently announced that Sherry Seiwert is departing the Indiana Housing and Community Development Authority (IHCDA) to become President of Indianapolis Downtown, Inc.

Rutgers University in partnership with the Historic Tax Credit Coalition has released its third annual study on the economic impact realized by the federal Historic Rehabilitation Tax Credit (HTC).

Maine State Senate President Kevin Raye (R-Perry) and Senator Doug Thomas (R-Ripley) recently succeeded in passing an amendment to the state’s FY 2013 budget which increases the individual tax credit cap for the state’s New Markets Capital Investment Program (NMCIP) program from $10 million to $40 million.

The Texas Department of Housing and Community Affairs (TDHCA) has posted the following documents related to the 2012 Competitive 9% Housing Tax Credit Program to the Department’s website.

Congress recently reauthorized federal surface transportation programs in the Moving Ahead for Progress in the 21st Century (MAP-21) legislation (H.R.4348). In addition to other transportation-related funding, the now Public Law (PL) No: 112-141 also includes funding for a new transit-oriented development (TOD) pilot program to provide grant funding for TOD-related activities.