LIHTC

On December 31, the Rental Policy Working Group (RPWG) released its administrative proposals for the realignment of federal affordable rental housing programs. The report, called “Federal Rental Alignment Administrative Proposals” proposes ways to reduce the cost and burden of various affordable housing programs operated by the Departments of Agriculture, Housing and Urban Development (HUD), Treasury and others.

The Colorado Housing Finance Agency (CHFA) has released the final draft of the state’s 2012 Qualified Allocation Plan for the allocation of Low-Income Housing Tax Credits (LIHTCs).

The Wisconsin Housing and Economic Development Authority (WHEDA) recently announced that it has lowered its permanent lending rate for LIHTC developments to 6.90%. The agency has indicated that competitive LIHTC applicants should use this rate, along with a 30 year amortization, in LIHTC underwriting.

The most recent December 2011 issue of ResearchWorks, the official newsletter of HUD’s Office of Policy Development & Research, examined the geographic distribution of Low-Income Housing Tax Credit (LIHTC) projects in 10 metropolitan statistical areas (MSAs).

Massachusetts Governor Deval Patrick has named Aaron Gornstein as the new undersecretary for Housing and Community Development. Gornstein replaces Tina Brooks, who left the position earlier this year to become the executive vice president of programs for Local Initiatives Support Corporation.

The Internal Revenue Service (IRS) has issued Notice 2012-07 to announce the temporary suspension of certain requirements for low-income housing tax credit projects in order to provide emergency housing relief to individuals affected by the flooding in Iowa between May 25 and August 1, 2011.

The Kentucky Housing Corporation (KHC) has released a revised draft of the 2012 Qualified Allocation Plan (QAP). In the revised draft, KHC has indicated that 60 percent of 2013 LIHTCs will be forward committed to projects that applied in the October 3, 2011, round.

The Virginia Housing Development Authority (VHDA) issued a memo to all potential applicants for the 2012 LIHTC allocation round to announce changes to the tax credit program.

The Texas Department of Housing and Community Affairs (TDHCA) has released the 2012 Multifamily Application Materials which includes the final 2012-2013 Qualified Allocation Plan (QAP), the updated 2012 Site Demographic Characteristics Report, the Multifamily Programs Procedures Manual, Pre-Application materials, Multifamily Uniform Application, and more.

HUD has issued a proposed rule change to the HOME Investment Partnerships (HOME) program which provides formula grants to states and local governments to fund activities that support the development, acquisition, and/or rehabilitation of affordable housing for rent or homeownership or to fund direct rental assistance to low-income people.

Last week, the Delaware State Housing Authority (DSHA) released its draft 2012 Qualified Allocation Plan for the Low Income Housing Tax Credit (LIHTC) program. Approximately $1.9 million will be available.

The Colorado Housing Finance Agency (CHFA) released the second draft of the state’s 2012 Qualified Allocation Plan (QAP) and a summary of proposed changes.