News

The U.S. Department of Housing and Urban Development recently announced $1.5 in available funding through the Homelessness Prevention and Rapid Re-Housing Program, provided under the American Recovery and Reinvestment Act (ARRA) of 2009.

The U.S. Census Bureau has released a series of national data on the various rental and leasing sectors of the 2007 real estate industry.

The Virginia Housing Development Authority has issued its fourth update to the low-income housing tax credit reservation application process for its 2009 program.

Housing New Mexico has published separate draft notices of funding availability (NOFA) for its low-income housing tax credit assistance (TCAP) and exchange programs.

The Nevada Division of Housing has published guidance on the application and selection process criteria for its tax credit assistance program (TCAP).

The Florida Housing Finance Corporation has published guidelines for the issuance of RFPs for the low-income housing tax credit assistance (TCAP) and Exchange programs, provided for by the American Recovery and Reinvestment Act.

The Massachusetts State Senate Post Audit and Oversight Committee recently concluded an investigation and published a report that calls for greater transparency and accountability under the state’s Chapter 40B affordable housing law, which allows developers to override local zoning laws limiting the number of units able to be built, so long as they agree to set aside a portion of affordable units, limit their profits, and return excess earnings to the municipality.

The U.S. Department of Housing and Urban Development (HUD) has issued clarification with regards to its May 7 notice of funding availability (NOFA) for Capital Fund Recovery Competition grants, provided by the American Recovery and Reinvestment Act.

The U.S. Department of the Treasury recently announced the next wave of funding awards under the Low-Income Housing Tax Credit (LIHTC) Exchange Program, to spur the development of affordable housing units in five states.

The Internal Revenue Service (IRS) recently issued Notice 2009-52, which describes the procedures taxpayers must follow in order to make the election to receive the energy investment tax credit (IRC Section 48) instead of the production tax credit (IRC Section 45).

The HUD USER website has released its U.S. Housing Market Conditions report for the first quarter of 2009.

The Internal Revenue Service is soliciting comments on Form 8611, the form required for Recapture of Low-Income Housing Tax Credits (LIHTC). Under the LIHTC program, if a project is discarded or fails to meet ongoing program requirements during the 15-year compliance period, the owner must use Form 8611 in order to recapture part of the credits taken in prior years.