LIHTC

The Pennsylvania Housing Finance Agency (PHFA) has provided clarification on utility allowances for 2012 Multifamily Housing Program applicants. The notice does not change the application, rather provides further guidance on acceptable utility allowance submissions.

The Illinois Housing Development Authority (IHDA) released the draft 2012 Qualified Allocation Plan (QAP) that details changes made to the previous year’s plan.

The New York State Homes & Community Renewal (HCR) agency announced 35 award recipients for the State’s competitive Unified Funding (UF) awards program that leverages $78 million in low-interest loans and tax credits to build and preserve over 2,200 units of affordable housing. This unique State program combines the funding rounds of three major development programs that aim to increase the availability of quality affordable housing.

The Alabama Housing Finance Authority (AHFA) has released the draft 2012 Qualified Allocation Plan (QAP) for review and public comment. The plan incorporates very few alterations to the previous year’s plan.

The Texas Department of Housing and Community Affairs (TDHCA) announced a roundtable discussion about the proposed 2012 Qualified Allocation Plan (QAP) on September 27, 2011. In addition, the TDHCA Governing Board will meet to discuss the proposed QAP and the possibility of forward allocating commitments for 9% low income housing tax credits on October 4, 2011.

The Internal Revenue Service (IRS) today issued Notice 2011-74 to grant certain low-income housing tax credit (LIHTC) properties relief from specified Section 42 requirements to provide emergency housing relief needed as a result of the devastation caused by Tropical Storm Irene in Vermont beginning on August 27, 2011.

In a special called meeting on August 16, 2011, the Tax Credit Committee of the Tennessee Housing Development Agency’s Board of Directors considered various issues with regard to the Low-Income Housing Tax Credit Program for 2011 and 2012.

The California Tax Credit Allocation Committee (CTCAC) has proposed regulation changes to the state’s QAP in order to assist projects affected by the pending redevelopment litigation before the California State Supreme Court.

The Colorado Housing Finance Agency (CHFA) has released the first draft of the 2012 Qualified Allocation Plan (QAP) and a summary of proposed changes.

U.S. Representative Bruce Braley (D-IA) last week introduced the Rebuilding Communities Act (H.R. 2901), which would extend a provision enacted in 2008 that increased the historic tax credit to 26 percent and the rehabilitation tax credit to 13 percent in Midwestern communities affected by natural disasters.

The Virginia Housing Development Authority (VHDA) has released its draft 2012 Qualified Allocation Plan (QAP).

The U.S. Department of Housing and Urban Development (HUD) has released the newest version of the Multifamily Accelerated Processing (MAP) Guidebook.