News

In a special called meeting on August 16, 2011, the Tax Credit Committee of the Tennessee Housing Development Agency’s Board of Directors considered various issues with regard to the Low-Income Housing Tax Credit Program for 2011 and 2012.

The California Tax Credit Allocation Committee (CTCAC) has proposed regulation changes to the state’s QAP in order to assist projects affected by the pending redevelopment litigation before the California State Supreme Court.

The Colorado Housing Finance Agency (CHFA) has released the first draft of the 2012 Qualified Allocation Plan (QAP) and a summary of proposed changes.

U.S. Representative Bruce Braley (D-IA) last week introduced the Rebuilding Communities Act (H.R. 2901), which would extend a provision enacted in 2008 that increased the historic tax credit to 26 percent and the rehabilitation tax credit to 13 percent in Midwestern communities affected by natural disasters.

Last week, U.S. Senator Maria Cantwell (D-WA) sent a letter to Senate Majority Leader Harry Reid (D-NV) and Senate Minority Leader Mitch McConnell (R-KY) urging them to extend the New Markets Tax Credit (NMTC) Program and called for its inclusion in a Congressional jobs strategy.

Mayor Peter Carlisle today announced the mission of the Honolulu Affordable Housing Preservation Initiative, which will help to secure the affordability of twelve of the city’s low-income rental properties.

The Virginia Housing Development Authority (VHDA) has released its draft 2012 Qualified Allocation Plan (QAP).

To plan for its upcoming 100 year anniversary, the National Park Service (NPS) has released a Call to Action that details updates to the agency’s strategy, vision, mission, and goals. Within the Call to Action, four major themes arise: connecting people to parks, advancing the NPS educational mission, preserving important and unique places, and enhancing professional and organizational excellence.

A new Center on Budget and Policy Priorities report finds that the recent House Appropriations vote to reduce funding for public housing in 2012 by $1.4 billion, or 20 percent below the 2011 level, would place a significant burden on the quality of public housing and would likely raise future federal costs of maintaining these properties.

The U.S. Department of Housing and Urban Development (HUD) has released the newest version of the Multifamily Accelerated Processing (MAP) Guidebook.

Reznick Group’s Tax Credit Investment Services (TCIS) team has released the first in a series of periodic reports addressing the performance of properties financed with low-income housing tax credits. Given the scrutiny of all federal income tax expenditures and the recent market fluctuations, this is an appropriate time to examine whether these properties are meeting their financial obligations and the needs of the markets they serve.

The House of Representatives Appropriations Transportation – Housing & Urban Development Subcommittee has released a draft funding bill for FY-2012. It is scheduled to be marked up by the committee today, Thursday September 8. The measure calls for $55.15 billion in discretionary spending across the two agencies, $19.8 billion less than President Obama’s request and $217 million below current spending. The bill would provide $16.7 billion to the Transportation Department, a $3 billion increase over current spending, and $38.1 billion for the Housing and Urban Development Department, a $3 billion cut.