LIHTC

The Arkansas Development Finance Authority (ADFA) recently issued a memo to potential 2010 applicants for Section 1602 Exchange funds that describes several new requirements for all applicants. The memo also describes the process by which ADFA will identify eligible applications for Exchange funds after the applications are received.

The Tennessee Housing Development Authority (THDCA) has established a Special Tax Credit Committee under the THDA Board to examine the Low-Income Housing Tax Credit Program and make recommendations to the Board regarding the program and subsequent year qualified allocation plans (QAP).

On March 24 the U.S. House of Representatives passed a $16.8 billion package of tax incentives (HR 4849) for state and local governments and small businesses, the second measure in the Democrats’ “jobs agenda” to pass the chamber this month. The measure passed on a largely partisan 246-178 vote. Key provisions include:…

House Democrats on the Ways and Means Committee are reported to be considering amending the tax extenders bill (HR 4213) to shift an extension of the Build America Bonds (BAB) program from the small business bill (HR 4849) to the tax extenders legislation. The shift is being urged because of concerns that the tight Senate calendar may not leave enough time to move other tax bills this year. HR 4213 also includes extensions of the Section 1602/Exchange Program, New Markets Tax Credit and GO Zone Historic Tax Credit and Bonus Depreciation Provisions.

The Ohio Housing Finance Agency’s Office of Program Compliance has issued a compliance update memo addressing several topics. The memo highlights changes to OHFA policies and procedures based on internal review or guidance from program administrators such as the IRS, including:

The Iowa Finance Authority (IFA) is offering a series of three housing tax credit program compliance seminars later this month. The training will cover significant changes to compliance requirements recently issued by the Department of Housing and Urban Development (HUD).

Governor David A. Paterson today announced that Brian E. Lawlor has been appointed Commissioner of the State Division of Housing and Community Renewal (DHCR) and CEO and President of ‘nyhomes,’ which includes the state’s Housing Finance Agency (HFA) and the State of New York Mortgage Agency (SONYMA).

House Ways & Means Committee Chairman Sander Levin (D-Mich.) has indicated that he hope to have his tax credit extenders legislation (HR 4213) and small-business focused tax bill (HR 4849) enacted into law before Memorial Day.

The House Financial Services Committee has released an update draft of comprehensive preservation legislation. The legislation addresses a wide-range of issues creating financing sources and mechanisms to preserve the affordability of HUD-assisted properties. The legislation is expected to be considered by the Ways & Means Committee some time shortly after the Spring recess (currently scheduled for March 29-April 9). Additionally, the legislation is expected to be a vehicle for other HUD oriented legislation including HR 4099, legislation endorsed by NH&RA’s Council For Energy Friendly Affordable Housing.

The Hawaii State Legislature is considering a proposed measure that would establish a program to provide loans in lieu of low-income housing tax credits by the Hawaii Housing Finance and Development Corporation.

The Michigan State Housing Development Authority (MSHDA)will hold an Informational Hearing on April 21, 2010 to take comments and suggestions for modifications to the QAP for 2011.

Efforts are currently underway to incorporate several tax credit provisions into the Senate small business jobs bill. Timing is uncertain; however, reports indicate that the legislation could be considered in the next two weeks.