New Jersey

The New Jersey Housing and Mortgage Finance Agency will propose an amendment to its Qualified Allocation Plan later this month. The amendment is being proposed to eliminate a disparity between housing projects that apply for nine-percent tax credits and those that apply for tax credits entirely from volume cap (known as four-percent tax credits) by implementing a seven-year period of ineligibility from participation in the LIHTC program for any general partner, voting member, developer, or related party who owned a managing or controlling interest in an LIHTC project when title was foreclosed thereon by entry of judgment or deed in lieu of foreclosure or that has ongoing uncorrected issues of non-compliance.

Collection of State Housing Finance Agency from across the nation for the week of October 27.

New Jersey HMFA released the 2014 Utility Allowances effective July 1, 2014. Per IRS regulations, the new utility allowances must be implemented no later than 90 days from the date received or September 29, 2014

QAP Deadlines

Minnesota: Minnesota Housing announced the availability of an estimated $70 million in funding through the 2014 consolidated Request for Proposals (RFP) and $12.5 million in 2015 Housing Tax Credits (Round 1).

The Internal Revenue Service (IRS) announced in Revenue Procedure 2013-35 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2014.

HUD recently announced that the agency will provide a second round of recovery funds to five states and New York City affected by last year’s Hurricane Sandy through the Community Development Block Grant (CDBG) program. These recovery funds are to be used to assist impacted communities to meet remaining housing, economic development and infrastructure needs.

The Internal Revenue Service (IRS) recently published Revenue Procedure 2013-31, which details the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers allocated for calendar year 2013.

New Jersey Governor Chris Christie recently announced a new statewide initiative, the Strong NJ Neighborhood and Community Revitalization (NCR) program which will offer financial assistance to support development and public improvement projects; main street revitalization; and Community Development Financial Institutions (CDFIs) providing loans to small businesses.

A bipartisan coalition of U.S. lawmakers recently introduced the Hurricane Sandy Tax Relief Act of 2013 (H.R.2137) to provide tax relief for victims of Hurricane Sandy in areas designated as federal disaster areas by the president.

The taxpayer in the Historic Boardwalk Hall (HBH) vs. Commissioner case recently filed a petition for a Writ of Certiorari in the U.S. Supreme Court seeking reversal in the U.S. Third Circuit Court’s opinion.

The New Jersey Housing and Mortgage Finance Agency has announced the deadline to submit applications for the 9% Tax Credit round.

Proposed amendments, a new rule, re-proposed amendments, re-proposed new rules, and a re-proposed repeal to the 2013 Qualified Allocation Plan were published in the New Jersey Register on March 18, 2013.