New York
IRS Announces 2013 Carryover Allocations Totaling $2.46 Million
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 York: Unified Funding Application Announced
New York State Homes and Community Renewal (HCR) announced the latest round of available Low-Income Housing Credit (LIHC), Housing Trust Fund (HTF), HOME Program (HOME) and State Low-Income Housing Tax Credit Program (SLIHC) funds, as well as the new Rural and Urban Community Investment Fund (CIF), available through the Unified Funding application process.
New York 2013-2014 Draft QAP & Public Hearings
New York State Homes and Community Renewal (HCR) released its proposed 2013/14 Qualified Allocation Plan (QAP) for the federal and state Low-Income Housing Tax Credit Programs. They have also announced a series of public hearings to solicit comments on the two plans.
U.S. Representatives Introduce Hurricane Sandy Tax Relief Measure, LIHTC, NMTC Provisions Included
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.
New York Governor Approves Measure to Extend State Historic Credit
The New York State Senate and Assembly recently passed, and Governor Cuomo signed into law, a state budget bill (Senate Bill 2609D) that extends the state historic rehabilitation tax credit program through 2020.
New York Governor Proposes Extension to State Historic Tax Credit
New York Governor Andrew M. Cuomo in the 2013-2014 state executive budget and management plan proposed a five year extension to the state’s Historic Commercial Properties Rehabilitation tax credit program. The extension would provide assurance to developers who are rehabilitating historic commercial property, or are considering doing so, by extending the existing $5 million per project tax credit and would make the credit refundable beginning in tax year 2015.
NY Governor Announces Plan for $1 Billion Affordable Housing Investment
At his recent State of the State address, New York Governor Andrew Cuomo announced that New York State will significantly increase its affordable housing investment with a $1 billion program to preserve or produce 14,000 affordable housing units over the next 5 years.
IRS Grants Filing Extensions for Tax-Exempt Bond Issuers Affected by Hurricane Sandy
The Internal Revenue Service (IRS) has announced that government entity issuers of tax-exempt bonds affected by Hurricane Sandy may qualify for additional time to file Form 8038 or Form 8038-T returns.
HUD Releases Disaster Resources for Properties Affected by Hurricane Sandy
HUD has released information about resources and tools available to assist partners in dealing with the damage caused by Hurricane Sandy at HUD-assisted properties.
New York State HCR Extends Deadline for Unified Funding Applications
Due to Hurricane Sandy, New York State’s Home & Community Renewal (HCR) has announced that it will extend its deadline for Unified Funding applications from November 29, 2012 to January 8, 2013.
IRS Suspends Certain LIHTC Requirements for Areas Affected by Hurricane Sandy
Due to the widespread devastation caused by Hurricane Sandy, the President has declared that major disasters exist in Connecticut, New York and New Jersey. In a press release on November 5, the Internal Revenue Service (IRS) announced that the agency will waive certain low-income housing tax credit (LIHTC) rules in order to allow owners of low-income housing to provide temporary shelter to victims of Hurricane Sandy who do not qualify as low-income.
IRS Sets State Tax Credit Ceilings for 2013
The Internal Revenue Service (IRS) announced in Revenue Procedure 2012-41 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 2013.