News
Bill Would Expand Access to Affordable Housing Funds
Congressman Joe Baca (D-Rialto) introduced legislation in the House of Representatives that would give non-profit agencies and Community Development Corporations (CDCs) access to funds for affordable housing projects made available through the State Small Business Credit Initiative.
IRS Provides Guidance on Energy-Related Tax Issues
The IRS recently released Notice 2012-23 to provide guidance on tax-related issues involving cash payments for specified energy property in lieu of tax credits under Section 1603 of the American Recovery and Reinvestment Tax Act of 2009 (ARRTA).
Indiana and Kentucky Allowing LIHTC Owners to Provide Temporary Housing to Storm Victims
In accordance with IRS Revenue Procedure 2007-54, the Indiana Housing and Community Development Authority (IHCDA) and the Kentucky Housing Corporation (KHC) have permitted owners of Section 42 LIHTC properties to provide temporary emergency housing to individuals affected by the recent floods and tornadoes.
Georgia Releases 2012 LIHTC Application Materials
The Georgia Department of Community Affairs (DCA) Office of Affordable Housing has published the following documents for use in preparing applications in the 2012 OAH Funding Round.
HUD Solicits Comments on RAD Program
HUD recently released Notice PIH-2012-18 to provide program instructions for the Rental Assistance Demonstration (RAD or Demonstration), including eligibility and selection criteria, and to solicit public comment on these instructions. RAD was authorized in the 2012 HUD appropriations bill, H.R. 2112. Although the Act specifies that HUD provide an opportunity for public comment only on draft eligibility and selection criteria / procedures that will apply to the selection of properties, HUD has decided to seek public comment on all program requirements.
Senate Votes on Amendment that Includes One Year NMTC Extension
The United States Senate adopted an amendment by unanimous consent to the Moving Ahead for Progress in the 21st Century Act or MAP-21 Act (S. 1813) that would provide a one year extension to the New Markets Tax Credit (NMTC) program.
NY Senate Committee Hears Two Pieces of Affordable Housing Legislation
Two pieces of affordable housing legislation, S.4758C and S.6480, were recently introduced by Senator Catharine Young in the New York State Senate.
CDFI Fund Releases Timeline for Updated NMTC Program Eligibility Criteria
The Community Development Financial Institution (CDFI) Fund announced its plans to update program eligibility criteria for the New Markets Tax Credit (NMTC) Program to reflect new data from the 2006-2012 American Community Survey (ACS).
FHFA Releases Strategic Plan for Fannie and Freddie Conservatorships
The Acting Director of the Federal Housing Finance Agency (FHFA), Edward J. DeMarco, recently sent a memo to members of Congress outlining a strategic plan for the next phase of the conservatorships for the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac.
FY 2012 Choice Neighborhood Planning Grants NOFA Released
HUD has released a Notice of Funding Availability (NOFA) for $5,000,000 in FY 2012 Choice Neighborhoods Initiative (CNI) Planning Grants.
Kentucky Provides Guidance on Housing in Areas Affected by Recent Storms
The Kentucky Housing Corporation (KHC) has issued guidance to housing partners regarding housing issues and increased needs as a result of the recent storms that affected the state. More specifically, KHC is informing multifamily project owners that most damage-related replacement costs are eligible for reimbursement from Reserve for Replacement (R4R) accounts.
Letter Urges Support of Fixed 9% Tax Credit
Reps. Patrick Tiberi (R-OH) and Richard Neal (D-MA) recently sent a letter to members of Congress urging their support of H.R. 3661. H.R. 3661 would make permanent the fixed floor rate for 9% low-income housing tax credits that was enacted as part of the Housing and Economic Recovery Act.