LIHTC
IRS, Treasury Amend LIHTC Compliance-Monitoring Regulations
The Department of the Treasury and the Internal Revenue Service published final regulations that amend the compliance monitoring regulations concerning the low-income housing tax credit under section 42 of the Internal Revenue Code. These final regulations revise and clarify the requirement to conduct physical inspections and review low-income certifications and other documentation. The regulations are […]
Texas Updates 2019 Multifamily Uniform Application
The Texas Department of Housing and Community Affairs’ (TDHCA) Multifamily Finance Division has been made aware that Tab 12 of the 2019 Multifamily Uniform Application, related to Support Documentation for the Site Information Form Part III, does not list Site Control documents as documents that should be included in the Application. Per 10 TAC Section 11.204(10), documentation of Site Control is required at the time of Application submission. Applicants should refer directly to the rules when determining which documents to include in the Application.
Maryland Releases Updated Application Submission Package
The Maryland Department of Housing and Community Development (DHCD) released an updated Application Submission Package to reflect the new 2019 QAP and Guide. This application package must be used for requests for financing for all competitive and noncompetitive funding sources, including Rental Housing Program Funds, Multifamily Bond Program, Federal LIHTC, Rental Housing Works, and the […]
California Housing Partnership Releases Affordable Rental Homes At-Risk Assessment
The California Housing Partnership annually assesses the historical loss and conversion risk of federally- and state-subsidized affordable rental properties. Its 2019 analysis found that between 1997 and 2018, California lost 15,044 affordable rental homes, one in four of which were financed with LIHTCs, and another 34,554 affordable rental homes are at risk of conversion.
HUD Expands FHA’s LIHTC Pilot to Include Sections 221(d)(4) and 220
HUD announced the expansion a Federal Housing Administration (FHA) pilot program that streamlines FHA mortgage insurance applications for affordable housing developments that have equity from the sale of LIHTC Program to also include Section 221(d)(4) and Section 220 loan products.
VHDA Tax-Exempt Financing 2019 Application Dates: March 1, June 1 and Aug. 1
The Virginia Housing Development Authority (VHDA) has tentatively scheduled three more tax-exempt rental housing bond issues for 2019: March 1, June 1 and Aug. 1.
San Jose to Invest $100 Million in Affordable Housing
San Jose Mayor Sam Liccarddo announced that the city will devote nearly $100 million to 11 projects across the city over the next several years. The 11 projects are expected to provide 1,144 apartments to formerly homeless residents, low-income seniors and other vulnerable groups.
OHFA 2019 LIHTC Round Updates
The Ohio Housing Finance Agency (OHFA) sent notice that the maximum Housing Development Loan (HDL) for 9 percent tax credit projects will be $1.25 million and $1.75 million for Permanent Supportive Housing Projects. OHFA does not anticipate having any HDL funding remaining for 4 percent tax credit projects in 2019.
VHDA Income Averaging Policy
The Virginia Housing Development Authority (VHDA) announced that income averaging is permitted for all newly funded VHDA developments. Projects already approved for funding, where part II of the 8609 form has not been completed will be reviewed on a case-by-case basis.
Kentucky Announces 2019 LIHTC Awards
The Kentucky Housing Corporation (KHC) announced the awards for the 2019 LIHTC application round. KHC received 30 applications requesting more than $21 million in LIHTC and was able to fund 19 projects with $13,747,583 of 2019 LIHTC in conjunction with $2,140,000 from the HOME Investment Partnerships Program and $1,500,000 from KHC’s Affordable Housing Trust Fund (AHTF).
Florida Housing Workshop to Amend Rules Governing Competitive, Noncompetitive Housing Programs – Feb. 27
The Florida Housing Finance Corporation will hold a Rule Development Workshop on Feb. 27 at 2 pm ET to discuss proposed changes to Rule Chapters 67-21 and 67-48 of the Florida Administration Code. Chapter 67-21 governs non-competitive affordable multifamily rental housing programs including the Multifamily Mortgage Revenue Bonds Program and 4 percent LIHTC. Chapter 67-48 governs competitive affordable multifamily rental housing programs including the State Apartment Incentive Loan Program, the Elderly Housing Community Loan Program, the HOME Investment Partnerships Program and 9 percent LIHTC.
NLIHC Memo to Congress on Ending Homelessness and Housing Poverty
The National Low Income Housing Coalition (NLIHC) released Opportunities to End Homelessness and Housing Poverty in the 116th Congress, a memo to incoming members of Congress on steps to address the lack of decent, accessible and affordable housing. The report calls on members of Congress to: