ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.
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.
On July 31, a bipartisan group of 103 Representatives, including 44 Republicans and 59 Democrats, sent a letter to House leadership urging the inclusion of LIHTC priorities in the next COVID-19 response package.
The ACTION Campaign recently updated its national, state and district fact sheets to include the most recent data from 2018. The update found that nationwide more than 3.3 million affordable rental homes have been financed by the Housing Credit, which have served an estimated 8 million households and provided an estimated 5.2 million jobs, $206 billion in tax revenue, and $593 billion in wages and business income.
Representatives Suzan DelBene (D-WA) and Jackie Walorski (R-IN) are circulating a bipartisan sign-on letter to House leadership urging the inclusion of LIHTC priorities as part of COVID response legislation. Please reach out to any House members with whom you have a connection encouraging them to sign on. The deadline is Monday, July 27.
Senate Minority Leader Charles Schumer (D-NY) recently unveiled The Economic Justice Act, a proposal to invest $350 billion in communities of color as a component of the next federal COVID-19 stimulus relief package. The Economic Justice Act would expand LIHTC by $5 billion over five years. In addition, it would provide a renter tax credit that would reduce rent and utilities for low-income individuals and families.
The Alabama Housing Finance Authority will hold a public hearing at 9:00 am CT on July 21 concerning the proposed 2021 HOME Action Plan, the Housing Credit Qualified Allocation Plan and the National Housing Trust Fund Allocation Plan (Plans) for the distribution of HOME funds, Housing Credits and National Housing Trust Funds in exchange for the new construction and substantial rehabilitation of low-income projects and for the monitoring of HOME, Housing Credits and National Housing Trust Funds for all projects. The hearing will be held at the Riverwalk Stadium located at 200 Coosa Street, Montgomery, AL, 36104.
The New Jersey Housing and Mortgage Finance Agency is requiring that all nine percent LIHTC applications be submitted electronically through LeapFile to the LIHTC mailbox by 12:00 pm ET on September 23. The application fee of $4,000 must be sent by check only—no wires—and must be received by September 23 deadline also.
On June 25, 2020 the California Tax Credit Allocation Committee issued a new memo providing additional guidance on the Average Income Test Federal Election. In May 2018, TCAC adopted regulations that allowed projects with an existing tax credit reservation to elect the Average Income Test and make changes to the application’s housing unit designations, increasing some to 80% AMI.
Join Ohio Housing Finance Agency for a webinar presentation overviewing the first draft of 2021 Qualified Allocation Plan technical revisions on July 15 from 1:00 pm to 2:30 pm.
In response to the ongoing COVID-19 pandemic, the Internal Revenue Service today issued Notice 2020-53 to provide tax relief to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects financed with exempt facility bonds, and state agencies that have jurisdiction over these projects.
The Internal Revenue Service issued a proposed rule on the compliance-monitoring duties of state agencies for purposes of the low-income housing credit. The proposed regulations relax the minimum compliance-monitoring sampling requirement for purposes of physical inspections and low-income certification review, providing flexibility and reduced burdens with respect to the requirements set forth in the final regulations published on February 26, 2019.