4% LIHTC Tag Archives

ACTION Legislative Asks Regarding COVID-19

The ACTION Campaign, of which NH&RA is a member, sent this letter to Congress with housing related requests to include in the COVID-19 pandemic response legislation. The statutory requests include:

Immediate one-year extension for three key deadlines:
10 percent test deadlines
Placed in service deadlines
Rehabilitation expenditure deadlines
Enact a minimum four percent LIHTC rate

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Georgia Halts Submissions of Four Percent LIHTCs

The Georgia Department of Community Affairs (DCA) announced that it is no longer accepting applications for tax exempt bonds and four percent LIHTC transactions after determining that the current four percent bond pre-applications in the underwriting pipeline exceed the 2020 bond cap. By the end of 2019, DCA received 67 pre-applications for four percent LIHTCs under the 2019 QAP, most of which are currently under review and have not yet booked their bond allocation (19 out of the 67). The remaining 48 are estimated to utilize $756 million of the 2020 bond cap

TCAC Scoring to Take Priority for Four Percent Federal and State Tax Credits with Tax-Exempt Bond Applications

The California Tax Credit Allocation Committee (TCAC) and California Debt Limit Allocation Committee (CDLAC) have focused on the process for determining which applicants to recommend to their respective boards to receive both State Tax Credits and bond allocation in rounds where State Tax Credits are oversubscribed and bonds are competitive. While in the first instance a successful applicant must receive an award from both, in the few cases where the result would differ depending on which list one starts with, TCAC and CDLAC have determined that in such cases they will start with the TCAC list. By using this process, they expect to maximize the number of affordable units funded in this round.

Microsoft Announces Additional $250 Million Investment in Affordable Housing

On the one year anniversary of Microsoft’s $500 million investment in affordable housing, the company announced an additional $250 million investment in affordable housing. The new investments will be placed with the Washington State Housing Finance Commission to allow them to bridge tax-exempt bond cap as well $50 million to seed the new Evergreen Housing Impact Fund.

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