CENTERLINE HOLDING Company, parent company of Centerline Capital Group, has completed the securitization of a $2.8 billion portfolio of taxexempt affordable housing bonds with Freddie Mac.
FEDERAL LAWMAKERS, just returned to Washington for the start of the 2nd session of the 110th Congress, have a number of unfinished pieces of housing- and economic-related legislative proposals on their plate awaiting consideration or final approval.
TWO ORGANIZATIONS have developed proposed legislative solutions to the problem of anticipated widespread, prolonged “frozen rents” for low-income housing tax credit projects in many parts of the U.S.
IRS SENIOR Program Analyst Grace Robertson said she is updating parts of the so-called 8823 guide for the low-income housing tax credit (LIHTC) program, and expressed hope they will be released by late June. She spoke 1/14/08 at the National Council of State Housing Agencies’ HFA Institute conference in Washington, DC.
THE IRS IS CONSIDERING the addition of another optional method for computing utility allowances for low-income housing tax credit (LIHTC) projects, in its forthcoming final rule for utility allowances.
THE U.S. CENSUS BUREAU on 12/27/07 issued revised population estimates, as of 7/1/07, for all 50 states, the District of Columbia, and Puerto Rico. These new estimates, once officially transmitted by the IRS in a notice, will be used to compute the official 2008 volume caps for each state for low-income housing tax credits and tax-exempt private activity bonds.
THE IRS HAS ISSUED A NEW revenue ruling (2008-6) that says project- or tenant-based rental assistance payments made to an owner that are funded under the Indian Housing Block Grant (IHBG) program won’t be treated as federal grants under the low-income housing tax credit program.
USING THE LOW-income housing tax credit and other resources, developer Jim Nichols has transformed a federally financed cooperative housing property that had been a financial prison for its residents into a renovated 150-unit apartment complex providing an affordable and comfortable place to live.
This article will highlight some of the primary concerns and issues for developers and property managers in housing credit acquisition/ rehab projects. While it will focus on projects seeking both acquisition and rehabilitation credits, it will also, where appropriate, address issues relating to rehab only credit projects.
SYNDICATORS OFFERED ADVICE to developers and state housing credit agencies on how to cope with changing low-income housing tax credit (LIHTC) equity market conditions as they work on new deals in 2008, in comments 1/15/08 at a Washington, DC conference.
The U.S. House of Representatives on 1/23/08 approved a bill (H.R. 3873) that would direct USDA’s Rural Housing Service to make administrative and procedural changes to expedite approvals of applications for transfers of ownership of RHS Section 515 rural rental housing properties.