LIHTC

ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.

Oregon Housing and Community Services (OHCS) released a new Average Income Policy, which details the restrictions, utilization requirements and fees for projects electing to use the average income set aside.

The Internal Revenue Service (IRS) published Revenue Procedure 2020-42 announcing $3,105,001 of unused LIHTCs allocated from the national pool to 33 qualified states for calendar year 2020.

HUD published a final rule on its implementation of the Fair Housing Act’s disparate impact standard, which will become effective October 24. HUD’s office of Policy Development and Research issued a notice designating Difficult Development Areas (DDAs) and Qualified Census Tracts (QCTs) for 2021 LIHTC properties.

The Connecticut Housing Finance Authority (CHFA) updated several documents for its upcoming nine percent LIHTC round. Applications for the nine percent round are due no later than 4 p.m. ET on November 12, 2020. CHFA will hold a Tax Credit Compliance Monitoring Workshop from 9 – 10:30 a.m. ET on September 30.

The California Tax Credit Allocation Committee (TCAC) updated its 2020 program schedule. The TCAC meeting and award date for the second round of competitive applications has been changed from September 30 to October 14.

The Connecticut Housing Finance Authority (CHFA) will hold a Virtual Over Session for its upcoming nine percent LIHTC round on September 16 at 10:00 am ET.

The Internal Revenue Service (IRS) issued final regulations providing additional guidance on the base erosion and anti-abuse tax (BEAT). The final regulations provide detailed guidance regarding how to compute certain BEAT calculations for groups of related taxpayers.

The Arizona Department of Housing (ADOH) issued updated compliance guidance for rental properties with LIHTC, HOME, state and national Housing Trust Fund and Neighborhood Stabilization Programs funding sources. IRS Notice 2020-53 allows income recertifications to be delayed for the remainder of the year. However, it does not delay or exempt owners/agents from ensuring LIHTC households are still meeting student eligibility requirements.

Louisiana Housing Corporation’s (LHC) Board of Directors approved $212 million to develop 1,633 affordable rental units across six Louisiana parishes. LHC’s Board of Directors also approved a resolution to adopt the state’s 2021 QAP.

The Compliance Division of the Texas Department of Housing and Community Affairs will present a training on the LIHTC Average Income Minimum Set-Aside on September 2, 2020, from 2:00 to 4:00 pm CT. Register here.

The Maryland Department of Housing and Community Development (DHCD) posted the 2020 LIHTC Program Income and Rent Limits. DHCD also updated the FAQ document for the 2020 competitive funding round.

Oregon Housing and Community Services (OHCS) announced funding awards of $60,822,101 worth of grants and tax credits to build and preserve 802 homes through the federal nine percent LIHTC, HOME and General Housing Account Program (GHAP) resources. The Oregon Housing Stability Council recently approved the developments listed below; full details can be found here.