News

The Massachusetts Department of Housing and Community Development (DHCD) has scheduled two public hearings to solicit comments on the Amended 2012 Qualified Allocation Plan (QAP) for the Low Income Housing Tax Credit (LIHTC).

Extension to Spend Affordable Housing Money
The New Jersey Senate recently passed a bill (S. 2011) which extends the amount of time municipalities have to commit fees and payments-in-lieu of constructing affordable units from four to six years.

The Michigan State Housing Development Authority (MSHDA) has released its draft 2013 Qualified Allocation Plan (QAP) for the distribution of Low-Income Housing Tax Credits (LIHTCs).

California Governor Jerry Brown recently signed into law AB 1484, which is a trailer bill to the state’s budget and modifies certain provisions within AB 26x, which dissolved the activities of California’s redevelopment agencies (RDA) effective February 1, 2012. Specifically, AB 1481 modifies policies relating to the transfer of housing responsibilities associated with dissolved RDAs and redefines the term “housing asset”.

U.S. Representative Earl Blumenauer (D-OR) recently introduced the Wind Powering American Jobs Act (HR 6031) which would extend the production tax credit for wind energy through 2013. The bill would also extend the option for wind project developers to choose a 30 percent investment tax credit until 2014.

The Louisiana Housing Corporation (LHC) has begun operating as the State of Louisiana’s new housing finance agency. The new agency consolidates previous activities from the Louisiana Housing Finance Agency and the Office of Community Development, Department of Health and Hospitals, and the Department of Children and Family Services and will be responsible for the administration of the Low-Income Housing Tax Credit program and other state and federal housing and community development programs.

The White House Council on Strong Cities, Strong Communities (SC2) will hold a conference call on Thursday, July 12 to gather input on how the new SC2 National Resource Network program (SC2 Network) ““ a critical component of the SC2 initiative ““ can assist economically distressed communities. HUD plans to make approximately $5 million available for the SC2 Network to help strengthen local communities and spur economic growth.

The latest Metro Monitor report from the Brookings Institution finds that from January to March 2012, employment growth accelerated across most of the nation’s 100 largest metro areas, while output growth weakened.

The U.S. Government Accountability Office (GAO) recently completed a study entitled “Efforts to Identify and Reduce Improper Rental Assistance Payments Could Be Enhanced” in order to examine improper rental assistance payments within the U.S. Department of Agriculture (USDA) Rural Housing Service (RHS).

The Indiana Housing and Community Development Authority (IHCDA) recently announced the availability of $100,000 in Individual Development Account (IDA) tax credits for purchase by individuals or companies and subsequently issued clarifications about the difference between Individual Development Account (IDA) tax credits and the IDA program in general.

The Internal Revenue Service (IRS) recently released Notice 2012-44 to provide guidance regarding Qualified Energy Conservation Bonds (QECBs). State and local governments were first authorized by the Energy Improvement and Extension Act of 2008 to issue QECBs to finance certain eco-friendly projects.

The Colorado Housing Finance Authority (CHFA) is seeking public input for the development of its 2013 Qualified Allocation Plan (QAP) for the allocation of Low Income Housing Tax Credits (LIHTC).