News
HUD Releases Policy on Eligible Indebtedness
The U.S. Department of Housing and Urban Development has issued Mortgagee Letter 2012-8 that sets forth HUD’s policy for defining the indebtedness eligible for refinancing in connection with healthcare (Sections 232 and 242) projects, and in connection with multifamily projects to include interest rate swap termination fees.
Alaska Publishes New Q&A for 2013 QAP
The Alaska Housing Finance Corporation (AHFC) has compiled a new list of questions and comments regarding the proposed FY2013 GOAL Program Rating and Award Criteria (QAP).
HUD Releases Guidance on Prepayment, Refinancing of Section 202 Loans
HUD recently published Notice H 2012-8, which provides guidance for the pre-payment and refinancing of Section 202 Direct Loan projects, and supersedes all outstanding policy regarding Section 202 Direct Loan pre-payments.
New Jersey HMFA Proposes Amendments to QAP
The New Jersey Housing and Mortgage Finance Agency (HMFA) is proposing amendments to the state’s QAP that would provide more incentives for the development of homeless family units, encourage development of mixed-income properties, and limit development in areas already containing a large number of LIHTC properties.
North Dakota AG Issues Opinions on LIHTC Property Valuations
The North Dakota State Attorney General, Birch P. Burdick, issued an opinion letter regarding the usage of rent restrictions or tax credits in the valuation of LIHTC properties.
HUD Retracts Notice 12-19 Re: TPVs
HUD recently issued Notice PIH 12-20 which retracts a former notice, PIH Notice 12-19 titled “Implementation of Funding for Tenant-Protection Vouchers for Certain At- Risk Households in Low-Vacancy Areas”.
IRS Issues Final Qualified Contract Rule
The Internal Revenue Service (IRS) has issued final regulations that provide guidance concerning LIHTC owners’ requests to housing credit agencies to obtain a qualified contract for the acquisition of a LIHTC building.
IRS Issues Guidance on LIHTC Property Disposition
The Internal Revenue Service (IRS) released Revenue Procedure 2012-27 to inform taxpayers of how to notify the Internal Revenue Service of any increase in tax resulting from a reduction in the qualified basis of a LIHTC building in order to begin the 3-year statutory period for assessing a deficiency.
Texas to Hold Tax Credit Training Seminars
The Texas Department of Housing and Community Affairs (TDHCA) Compliance and Asset Oversight Division, in coordination with the Texas Apartment Association, will present a one day Housing Tax Credit training seminar in Austin and San Antonio.
IRS Extends Comment Period on Iowa Relief Credit
The Internal Revenue Service released a notice in the Federal Register announcing that it is extending the comment period for previously issued Notice 2012″“7.
House Subcommittee Holds Hearing on Tax Extenders
The House Ways and Means Select Revenue Subcommittee recently held a hearing on tax extenders in which a few members specifically expressed support for the New Markets Tax Credit (NMTC) and Wind Production Tax Credit programs.
Senate Appropriations Committee Approves FY 2013 HUD, RD Budgets
The Senate Appropriations Committee on April 19 approved the Transportation, Housing and Urban Development (THUD) Subcommittee’s fiscal year (FY) 2013 appropriations bill. The bill proposes to fund the Department of Housing and Urban Development (HUD) programs at $46.16 billion, an increase of $1.4 billion above the President’s FY 2013 request and $2.4 billion more than the FY 2012 enacted budget amount.