LIHTC

QAP California

CTCAC to Hold a Public Meeting on July 26 

The California Tax Credit Allocation Committee (CTCAC) will hold a public meeting on July 26 at 9:15 a.m. PT (901 P Street, Room 102, Sacramento, CA 95814) or via Microsoft Teams.

General News

National Park Service Revises Historic Tax Credit Application Form

The National Park Service (NPS) issued revised application forms and instructions for Historic Tax Credits (HTCs) ahead of an August 15 deadline.

Rhode Island

Rhode Island Extends State Historic Credit Sunset through June 30, 2024

Rhode Island Governor Daniel McKee (D) recently signed H.B. 6016, which extends the sunset date of the state historic tax credit (HTC) to June 30, 2024 or until the maximum aggregate credits is exhausted.

QAP Kansas

Kansas Round Three Deadline – July 14

Kansas Housing announced that it received applications for the four percent LIHTC equating to more than $254 million in private activity bonds (PABs) for the second of three application rounds.

QAP Minnesota

Minnesota 2023 Multifamily Consolidated HTC Applications

Minnesota Housing announces that the deadline to submit 2023 Multifamily Consolidated RFP/2024 HTC Round 1 applications is July 13 by noon CT.

senate-seal

Affordable Housing Credit Improvement Act Reintroduced

Last week, the Affordable Housing Credit Improvement Act was reintroduced in both the House and Senate as H.R. 3238 and S. 1557.

QAP Kentucky

Kentucky’s 2024 Opportunity 360 and NOFA for Tax-Exempt Bonds

Kentucky Housing Corporation (KHC) announced corrections to instructions contained in their most recent version of the 2023-2024 Multifamily Guidelines and KHC also updated the Multifamily Guidelines and Scoring Workbook for the 2024 program year.

senate-seal

Senate Considers Nominations of NEC Chairman, HUD Assistant Secretaries

The Senate Committee on Banking, Housing and Urban Affairs held a nomination hearing for Dr. Jared Bernstein to be chairman of the Council of Economic Advisers and Solomon Greene to be an assistant secretary of Policy Development & Research at HUD and David Uejio to be assistant secretary for Fair Housing and Equal Opportunity at HUD.

General News

Accounting Standards Update Incents NMTCs, HTCs and RETCs

A blog post from Bad Elphick with Novogradac explains the recent Financial Accounting Standards Board (FASB) Accounting Standards update, which makes investing in New Markets Tax Credits (NMTCs), Historic Tax Credits (HTCs), Renewable Energy Tax Credits (RETCS) and any new tax credits created in the future more attractive to investors.

IRS

IRS Publishes 2023 Population Figures to Calculate LIHTC, PAB

In Notice 2023-22, the Internal Revenue Service (IRS) published the 2023 resident population figures, which are used to calculate the population-based component of LIHTCs and Private Activity Bonds (PABs).

General News

CBO Increases CPI Estimates with Implications for HUD, LIHTC Properties

The Congressional Budget Office (CBO) released its Budget and Economic Outlook for 2023 to 2033, which includes the consumer price index (CPI) figure that has historically been used by HUD to determine income limits for LIHTC properties.

General News

State Housing Organizations Sign Hill Letter Urging Inclusion of LIHTC Provisions

Eleven states, including California, Florida, Illinois, Indiana, Kentucky, Massachusetts, Oregon, New York, Pennsylvania, Texas and Washington, sent a letter to leaders of the Senate and House tax committees urging them to include LIHTC provision in a year-end bill.

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