News

The Maine State Housing Authority has released guidance on the Section 1602 Tax Credit Exchange Program, provided by the American Recovery and Reinvestment Act (ARRA).

The Illinois Housing Development Authority has released guidance and competitive selection criteria for its Equity Replacement Programs (TCAP and Exchange), under the American Recovery and Reinvestment Act (ARRA) of 2009.

The U.S. Department of Housing and Urban Development (HUD) announced today that it has joined the U.S. Department of Agriculture’s (USDA) Recovery Act online mapping tool by adding vital HUD data to USDA’s tool, which allows Americans to learn how and where HUD is spending funds provided through the American Recovery and Reinvestment Act of 2009.

The U.S. Department of the Treasury recently announced its second round of funding through the low-income housing tax credit exchange program, provided by the American Recovery and Reinvestment Act (ARRA) of 2009.

Sandra Henriquez was recently sworn in as the U.S. Department of Housing & Urban Development’s Assistant Secretary for the Office of Public and Indian Housing.

According to a report released recently by the Government Accountability Office (GAO), minority-based Community Development Entities (CDE) were less successful in obtaining federal New Markets Tax Credit (NMTC) allocations from 2005 through 2008.

Montana’s Board of Housing recently released its draft qualified allocation plan (QAP) for the 2010 low-income housing tax credit (LIHTC) program. The plan governs the allocation of LIHTCs in Montana and provides an overview of the program, administrative processes, eligible competitions, and fee schedules.

The U.S. House of Representatives has passed H.R. 1674, which establishes the National Consumer Cooperative Bank as a certified Community Development Financial Institution (CDFI).

The House of Representatives recently passed by a 417-2 vote the Homes for Heroes Act of 2009 (H.R. 403), which makes housing rental vouchers available to all homeless veterans and includes veterans in public housing planning programs.

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.