LIHTC

The Minnesota Housing Finance Agency is considering future changes for its 2014 Qualified Allocation Plan. Minnesota Housing has published a memorandum to outline some of the considered changes in advance of the anticipated release of the draft 2014 QAP in January 2013.

The Montana Board of Housing (MBOH) has released a draft of its 2013 Qualified Allocation Plan following its QAP Work Session held on August 16, 2012. The proposed 2013 QAP includes several revisions from previous years.

HUD has issued a notices designating its 2013 “Difficult Development Areas” (DDAs) for purposes of the Low-Income Housing Tax Credit (LIHTC) program. HUD makes DDA designations annually.

HUD has announced the expansion of its FHA Low-Income Housing Tax Credit (LIHTC) Pilot program by increasing the number of participating HUD Hub Processing Offices by five and to make the pilot available to LIHTC projects in all parts of the country. The added HUD offices are in Atlanta, Denver, Fort Worth, San Francisco, and Seattle. They join the original participating Hub Offices in Boston, Chicago, Detroit, and Los Angeles.

The Government Accountability Office (GAO) has issued a new report titled “Community Reinvestment Act: Challenges in Quantifying Its Effect on Low-Income Housing Tax Credit Investment.”

The North Carolina Housing Finance Agency has released the first draft of its 2013 Qualified Allocation Plan along with a memo of major revisions.

The Minnesota Housing Finance Agency announced a change in leadership for its tax credit program team.

The Arizona Department of Housing will be hosting a LIHTC compliance training on October 23-24, 2012 in Tuscon, AZ.

The Iowa Finance Agency will be hosting four housing credit developers meetings during the month of October. All developers planning to apply for 2013 Low Income Housing Tax Credits must attend one of the meetings.

The National Housing & Rehabilitation Association (NH&RA) has announced five winners and ten finalists across ten competitive categories for this year’s J. Timothy Anderson Awards for Excellence in Historic Rehabilitation. The “Timmy Awards” will be presented at an awards luncheon and ceremony on Tuesday, October 30 at the Langham Hotel in Boston, Massachusetts, held in conjunction with the association’s Annual Fall Developers Forum. The winners and finalists represent fourteen different communities in ten states””Connecticut, Kansas, Kentucky, Louisiana, Massachusetts, Missouri, Oklahoma, Pennsylvania, Tennessee, Virginia””as well as the District of Columbia.

The Internal Revenue Service (IRS) recently issued a notice for public comments on Form 8611: Recapture of Low-Income Housing Credit. Owners of Low-Income Housing Tax Credit (LIHTC) projects are able to claim a credit against their income tax. However, if the property is disposed or if it fails to meet certain requirements over a 15-year compliance period and a bond is not posted, the owner must use Form 8611 to recapture part of the LIHTCs claimed.

The Governing Board of the Texas Department of Housing and Community Affairs has approved drafts of the 2013 Uniform Multifamily Rule, Qualified Allocation Plan, and Multifamily Housing Revenue Bond Rule.