News

Yesterday U.S. Department of Housing and Urban Development Secretary Shaun Donovan announced HUD’s proposed fiscal year 2010 budget. The budget represents a renewed commitment to multifamily housing, interagency partnerships and program transparency.

The Internal Revenue Service has issued a new notice that allows for the use of a utility allowance for rent-restricted units in a low-income housing tax credit project where utility sub-metering is used, and lays out the conditions that must be met for this treatment to apply. The new guidance, in Notice 2009-44, clarifies and is retroactive to the effective date of the final utility allowance regulation published on July 29, 2008.

The Internal Revenue Service is soliciting comments by August 10 on IRS Form 8874, which is completed and submitted by investors to report equity investments made in community development entities (CDEs) under the federal new markets tax credit (NMTC) program.

The New York Department of Housing and Community Renewal (DHCR) has published a report, Statewide Affordable Housing Needs Study under its Office of Policy Research and Development.

The Ohio Housing Finance Agency has released several draft policy documents with respect to its upcoming 2010 qualified allocation plan for the low-income housing tax credit (LIHTC) program.

The Ohio Housing Finance Agency has released application procedures and underwriting guidelines for its low-income housing tax credit assistance and tax credit exchange programs.

The California Tax Credit Allocation Committee has released applications for projects that received a previous allocation of low-income housing tax credits (LIHTC), with state tax credits, for tax credit assistance (TCAP) and exchange program funding provided by the American Recovery and Reinvestment Act (ARRA).

The Alabama Housing Finance Authority has issued a notice of amendment to its low-income housing tax credit program’s 2009 qualified allocation plan (QAP).

The U.S. Department of Housing and Urban Development’s (HUD) Office of Policy Development and Research has released a Comprehensive Housing Market Analysis report for the Spartanburg, South Carolina area.

The Department of Energy (DOE) has scheduled a public meeting for June 18th to receive comments on its proposal to amend the eligibility provisions under the Weatherization Assistance Program for certain HUD assisted and Low Income Housing Tax Credit properties.

HUD and the Department of Energy have issued a Memorandum of Understanding (MOU)that outlines a path by which LIHTC Projects, HUD Assisted Housing and Public Housing can utilize Weatherization Assistance Program funds.

HUD has issued a new set of Q&As for the Tax Credit Assistance Program (TCAP) Program.