The Affordable Housing Tax Credit Coalition (AHTCC) is circulating a sign-on letter to support the National Council of State Housing Agencies’ (NCSHA) letter to the Internal Revenue Service (IRS) and Department of the Treasury calling for an extension to the temporary COVID-related LIHTC relief. The deadline to sign-on is Friday, November 20. NH&RA joined the letter and encourages our members to do so as well!
The Illinois state legislate passed the COVID-19 Affordable Housing Grant Program Act (HR 27252), which would require that LIHTC properties in Cook County be assessed using the income-approach, as well as a new property tax incentive policy that would provide reduction in assessed value for both subsidized and market-rate owners that provide affordable units. The omnibus legislation also extends the Illinois State LIHTC through 2026. A full summary of the bill’s provisions is available here from the Illinois Housing Council.Read More