Massachusetts

The Massachusetts General Court recently passed MA House Bill 4352, an economic development bill relative to several infrastructure investment measures, enhanced competitiveness and economic growth in the Commonwealth of Massachusetts.

The Massachusetts Department of Housing and Community Development (DHCD) has scheduled two public hearings to solicit comments on the Amended 2012 Qualified Allocation Plan (QAP) for the Low Income Housing Tax Credit (LIHTC).

The Massachusetts Department of Housing and Community Development (DHCD) has issued a notice detailing new actions taken to lessen the administrative burdens and improve the application process for the Fall 2012 LIHTC allocation application round.

The Massachusetts Department of Revenue (DOR) has released the first-ever Massachusetts Tax Credit Transparency Report.

NH&RA is pleased to announce that eight member firms have been selected to participate in the Federal Housing Administration’s (FHA) Multifamily Low-Income Housing Tax Credit Pilot program.

The Massachusetts Department of Housing and Community Development (DHCD) has posted a Draft 2012 Consolidated Annual Action Plan which dictates the funding objectives of DHCD for the Community Development Block Grant (CDBG), HOME, Emergency Shelter Grants (ESG), and Housing Opportunities for Persons with AIDs (HOPWA) programs.

The Federal Housing Administration (FHA) has announced it is planning to launch the first phase of its Multifamily Low-Income Housing Tax Credit Pilot program, which will test an accelerated approval process for the purchase or refinancing of LIHTC properties.

The Massachusetts Department of Housing & Community Development (DHCD) has released the draft version of its 2012 Qualified Allocation Plan (QAP). DHCD anticipates total available funding of $14,662,185 for 2012.

Representative Chris Gibson (R-NY) recently introduced the Irene and Lee Tax Relief Strom Recovery Act, H.R. 3769, which would increase the amount of Low-Income Housing Tax Credits (LIHTCs) to be allocated in states damaged by Hurricane Irene or Tropical Storm Lee in 2011.

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 released a Chief Counsel Advice (CCA) memorandum stating that the sale of certain Massachusetts state tax credits, including low-income housing and historic tax credits, to a third party by the original recipient is a taxable event.

The Internal Revenue Service (IRS) published Revenue Service 2011-57 which dictates the amounts of unused housing credit carryover allowances allocated to qualified states. Nearly $3.66 million of unused credits were divided among the states in the National Pool.