LIHTC

ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.

The U.S. Senate voted to adopt on SA 161 on February 4. Offered by Senator Kit Bond (R-MO) this amendment to the HR1: The American Recovery and Reinvestment Act of 2009 would provide $2,000,000,000 in gap funding for LIHTC projects to be available through September 30, 2011. There are several amendments still waiting to be considered that could impact the LIHTC Program.

The Wisconsin Housing and Economic Development Authority has issued a memo to provide clarification regarding the policies and requirements it will employ in its 2009 competitive low-income housing tax credit funding rounds. These clarifications address what WHEDA will do with applications that meet or fail to meet the threshold criteria, what it will do with applications that meet the threshold criteria but don’t receive an allocation, which unsuccessful applicants can re-apply in the future, and other areas.

The U.S. Senate Finance Committee on January 27 by 14-9 approved the tax component of the economic stimulus bill, after adopting a number of amendments to the original “Chairman’s mark.” The approved package proposes approximately $522 billion in tax cuts and tax incentives including many intended to save or create jobs and bolster the national economy.

The National Housing & Rehabilitation Association along with more than 30 other organizations have signed and sent to Congress a letter outlining four specific proposed changes to the low-income housing tax credit program and asking that they be included in the final economic stimulus bill that lawmakers are now crafting.

The Texas Department of Housing and Community Affairs has announced a series of six public hearings to be held around the state during April 6-13 to solicit comments on applications received by the agency in its 2009 competitive funding round for low-income housing tax credits.

The Michigan State Housing Development Authority has published its draft 2009 qualified allocation plan for its low-income housing tax credit program.

The Arizona Department of Housing has scheduled low-income housing tax credit compliance training for April 14, 15, and 16 in Phoenix.

The Alabama Housing Finance Authority has announced the availability on its Web site of the 2009 application package, including instructions and supporting attachments, for the authority’s new funding round for low-income housing tax credits and federal HOME funds.

In an interview reported by the Boston Globe, U.S. Representative Barney Frank indicated he wants the government to spend $10 billion on stalled low-income housing tax credit projects unable to secure equity.

The U.S. Senate Finance Committee on January 23 released a draft of its own version of the tax component of the economic stimulus bill (the “Chairman’s Mark”) that the committee is scheduled to mark up on January 27. The House Appropriations and Ways and Means Committees have already marked up and approved the spending and tax portions of the House version of the stimulus bill (American Recovery and Reinvestment Act of 2009). The full House could vote on the package next week.

After adopting several amendments, the House Appropriations Committee approved HR 352 on a vote of 35-22. The measure is scheduled to be marked-up by two additional committees before being voted on by the full House of Representatives.

The New Jersey Housing and Mortgage Finance Agency has issued its draft 2009 qualified allocation plan (QAP) and market study guidelines for its low-income housing tax credit program.