The IRS recently issued Notice 2012-18 to clarify rules relating to compliance monitoring and physical inspection requirements under the Rental Policy Working Group’s (RPWG) Physical Inspections Pilot Program. This program hopes to achieve a more coordinated effort for conducting physical inspections at properties that benefit from multiple sources of Federal funding with different inspection protocol
Oregon Housing and Community Services (OHCS) has rewritten and restructured the process documentation to help applicants navigate the Consolidated Funding Cycle process for 2012.
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.
Recently, the Oregon Legislative Fiscal Office requested that all state agencies that receive General Fund and Lottery funds prepare reduction scenarios and impacts before the 2012 supplemental session. Each agency must prepare 10.5 percent reductions occurring in three increments of 3.5 percent. These budget cuts affect the Oregon Housing and Community Services (OHCS) agency in several ways, including the Lottery funds that are allocated to OHCS for debt service on both past and future lottery-backed bonds.
Governor John Kitzhaber has announced the appointment of Margaret Shephard Van Vliet to fill the position of Oregon Housing and Community Services Director.
On August 5, 2011, Oregon Governor John Kitzhaber signed into law the Oregon Low Income Community Jobs Initiative, which created a matching state tax credit to the federal New Markets Tax Credit (NMTC).
Oregon’s state legislature recently passed a bill (SB 817) that creates a matching state tax credit to the federal New Markets Tax Credit to further “incentivize” economic development targeted to hard-hit areas.
The Oregon Legislature has introduce a measure, HB 2527, that would extend the extend the sunset on the Oregon Affordable Housing Tax Credit.
After four years as the Executive Director of Oregon Housing & Community Services Victor Merced recently announced he will be leaving his position for new opportunities. Deputy Director Rick Crager will act as Acting Director until a replacement is named by the governor.
Oregon Housing and Community Services Director Victor Merced recently issued a letter to its program partners that explores establishing a standards affordability period across OHCS programs.
Oregon Governor Ted Kulongoski recently signed into law House Bill 3680, which restructures the state’s business energy tax credit (BETC) program.
Oregon Housing and Community Services has announced that it will hold one funding round in its 2010 Consolidated Funding Cycle, which includes low-income housing tax credits and other resources, and has postponed the cycle 60 days.