LIHTC

On January 7, 2020, Judge Deborah A. Chimes of the New York Supreme Court—Erie County ruled from the bench that a general partner’s election to redeem the limited partners’ interests in a LIHTC partnership did not trigger liquidation provisions under the partnership agreement because the partnership still owned all, or substantially all, of the assets of the partnership.

A hard copy Letter of Intent to Submit an application to the New Mexico Mortgage Finance Authority (MFA) is due by 5:00 pm MT on January 24. MFA will begin accepting applications for the nine percent allocation round on February 3, and will continue to do so until 5 pm MT, on February 14. Applications […]

2020 Deviation Requests Due January 13, 2020 by 5:00 pm CST; 2020 Application Log entries Due February 10, 2020 by 5:00 pm CST; 2020 Competitive Applications Due February 12, 2020 by 5:00 pm CST; and 2020 Award Announcements in June 2020.

Kentucky Housing Corporation (KHC) released the Income Averaging Compliance Policy. This policy establishes guidance for KHC partners electing the new average income set aside. The policy is effective for all owners electing income averaging with a placed in-service date of Wednesday, January 1, 2019, or later per their completed 8609 forms. Please contact Phyllis Clem […]

Texas Opens 2020 Nine Percent LIHTC Round
The Texas Department of Housing and Community Affairs (TDHCA) opened the 2020 nine percent LIHTC round. The pre-application is due on Monday, January 13, 2020, at 5:00 pm CT. Pre-application fees must be received by this same deadline. The pre-application is not mandatory; however, applicants that provide a pre-application are eligible for six points in the full Application (assuming all applicable requirements are met).

New Hampshire Housing Finance Authority (NHHFA) will hold a formal public hearing on December 20, 2019 at 10:00 AM. The hearing will be held at our office located at 32 Constitution Drive, Bedford, NH. Upon arrival, please enter at the East Entrance to attend the hearing.

On November 20, 2019 Legislation introduced in the South Carolina Legislature  that would create a state low-income housing tax credit (LIHTC) for properties in opportunity zones. Analysis of the legislation by Novogradac & Company finds that the measure “would create a 25 percent tax credit for investment in the state’s OZs and add OZs to other state incentive programs.

CohnReznick’s Tax Credit Investment Services  team just released its annual report on the performance of properties financed with the Federal LIHTC. The data in this report provide detailed insights into the performance of LIHTC properties and the latest performance trends observed across the surveyed portfolio, consisting of more than 20,000 properties.

Regions Bank announced that Eric Speichinger joined Regions Affordable Housing’s Originations Group as vice president and relationship manager. Speichinger will work out of Regions’ Chicago office and will focus on sourcing and originating affordable housing transactions throughout the Midwest.

The Internal Revenue Service (IRS) released Revenue Procedure 2019-44, which sets state ceilings for nine percent LIHTCs and private activity bonds (PAB). The LIHTC cap is the greater of $2.8125 multiplied by the state population or $3,217,500. The PAB cap is the greater of $105 multiplied by the state population or $321,775,000.

The Arizona Department of Housing will host a LIHTC Application Workshop on January 21, 2020; a HOME Compliance on November 19, 2020; LIHTC Compliance Workshops on February 12-13, 2020 in Phoenix, July 15-16, 2020 in Phoenix and October 21-22, 2020 in Tucson. The 2019 QAP requires that property managers LIHTC projects attend ADOH approved compliance training annually.

The Connecticut Housing Finance Authority (CHFA) is requesting comments on its QAP, LIHTC program, priorities and policy goals through close of business on December 27. Written statements may be submitted to CHFA, 999 West Street, Rocky Hill, CT 06067 to the attention of Terry Nash. Alternatively, written comments may be emailed to Terry Nash at […]