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RENTAL POLICY WORKING GROUP RELEASES REPORT

WASHINGTON, D.C. – January 3, 2012

The Rental Policy Working Group (RPWG) on December 31 released its administrative proposals for the alignment of federal affordable rental housing programs. The report, called “Federal Rental Alignment Administrative Proposals” proposes ways to reduce the cost and burden of various affordable housing programs operated by the U.S. Department of Agriculture, U.S. Department of Housing and Urban Development, U.S. Department of the Treasury and others. The suggestions include aligning physical inspections, income reporting, financial reporting, energy efficiency requirements, appraisals, market study standards, subsidy layering, capital needs assessments, data sharing on owner defaults and fair housing compliance enforcement. Learn more about the Obama Administration’s ongoing rental policy alignment initiative by visiting the Rental Policy Alignment Hot Topics page.

Want to discuss the rental alignment policies with your peers? There’s still time to register for the 18th Annual Tax Credit Developers Conference, January 12-13, in Miami, Fla.

HUD PUBLISHES PROPOSED HOME PROGRAM CHANGES

WASHINGTON, D.C. – December 16, 2011

The U.S. Department of Housing and Urban Development (HUD) today published a proposed rule to amend its HOME Investment Partnerships program regulations. HUD says these changes would improve the HOME program’s performance and accountability by addressing operational challenges facing participating jurisdictions, particularly challenges related to recent housing market conditions and the alignment of federal housing programs. The proposal would also update property standards for housing assisted by HOME funds. The agency submitted the new regulations to Congress in November. Comments on the proposed rule are due February 14, 2012.

Questions about the proposed rule can be directed to Susan Wilson, CPA, at 512-340-0420 or susan.wilson@novoco.com.

Get acquainted with the new HOME program changes and other HUD incentives at Novogradac & Company’s 18th Annual Tax Credit Developers Conference in Miami, Fla., January 12-13. Today is the final day to take advantage of our early bird rate, so register now.

FINAL 2012 RENT & INCOME LIMIT CALCULATOR© POSTED

SAN FRANCISCO, Calif. – December 14, 2011

Novogradac & Company LLP has released the final version of the Rent & Income Limit Calculator© featuring the U.S. Department of Housing and Urban Development's (HUD) 2012 rent and income limit data. The Rent & Income Limit Calculator© can calculate IRC Section 42(i)(3)(A) low-income housing tax credit (LIHTC) rent and income limits for every county and for every metropolitan statistical area (MSA) in the United States. The calculator is available online at www.novoco.com/products/rentincome.php with the compliments of Novogradac & Company LLP.

If you have questions about the income limits, or would like to engage Novogradac & Company LLP to calculate the rent and income limits for your property, please contact Jim Kroger at jim.kroger@novoco.com.

NOVOGRADAC'S RENT & INCOME LIMIT CALCULATOR UPDATED FOR 2012

SAN FRANCISCO, Calif. – December 6, 2011

Novogradac & Company LLP is pleased to announce that the Rent & Income Limit Calculator© has been updated to include the U.S. Department of Housing and Urban Development's (HUD) 2012 rent and income limit data. The Rent & Income Limit Calculator© will calculate IRC Section 42(i)(3)(A) low-income housing tax credit (LIHTC) rent and income limits for every county and for every metropolitan statistical area (MSA) in the United States. A Beta version is available online at www.novoco.com/products/rentincome.php with the compliments of Novogradac & Company LLP.

We encourage and welcome your comments on this Beta version of the Rent & Income Calculator© at CPAs@novoco.com. A final version of the calculator will be launched in approximately one week.

If you would like to engage Novogradac & Company LLP to calculate the rent and income limits for your property, please contact Jim Kroger at jim.kroger@novoco.com.

HUD RELEASES INCOME LIMITS FOR 2012

WASHINGTON, D.C. – December 1, 2011

The U.S. Department of Housing and Urban Development (HUD) today released income limits for 2012. Click here for links to the 2012 income limits and accompanying information and tables. Under the Housing and Economic Recovery Act of 2008 (Public Law 110-289), income limits used to determine qualification levels as well as set maximum rental rates for projects funded with low-income housing tax credits (LIHTC) and projects financed with tax-exempt housing bonds - referred to by HUD as Multifamily Tax Subsidy Projects (MTSPs) - are calculated and presented separately from the Section 8 income limits.

Novogradac & Company LLP is currently updating its Rent & Income Limit Calculator© to include 2012 data. Subscribers to Novogradac & Company's free Industry Alert E-mail service will receive an e-mail announcement when the update has been completed.

For questions about the new 2012 income limits please email Jim Kroger, CPA, at jim.kroger@novoco.com or click here to learn more about Novogradac & Company's property compliance services.

BILL TO FUND PROJECT REBUILD INTRODUCED

WASHINGTON, D.C. – November 29, 2011

Rep. Maxine Waters, D-Calif., on November 18 introduced H.R. 3502, the Project Rebuild Act of 2011. The bill would provide $15 billion under Project Rebuild, a new iteration of the neighborhood stabilization program (NSP). The funds would allow local governments and not-for-profits to purchase and rehabilitate foreclosed and abandoned properties that are sold to low- and moderate income buyers. Commercial properties would also be eligible under the new program. President Obama proposed the Project Rebuild initiative in his American Jobs Act in September.

FY 2012 MINIBUS APPROPRIATIONS BILL ENACTED

WASHINGTON, D.C. – November 18, 2011

President Barack Obama today signed H.R. 2112, which provides fiscal year (FY) 2012 funding for the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture’s housing programs. The bill provides $37.4 billion for HUD, representing a 9 percent reduction from last year’s funding level. The bill includes a 38 percent cut to the HOME Investment Partnerships program, a 12 percent cut to the Community Development Block Grant (CDBG) program and a 7 percent administrative fees reduction for the Housing Choice Voucher program. The bill also includes cuts to USDA’s Section 502, Section 542 and Section 521 programs. Another provision increases the Federal Housing Administration (FHA) loan limit to the lesser of $729,750 or 125 percent of the highest median home price in each metropolitan statistical area.

HUD ISSUES POLICY FOR NOT-FOR-PROFITS' SALE OF MULTIFAMILY PROPERTIES

WASHINGTON, D.C. – November 15, 2011

The U.S. Department of Housing and Urban Development (HUD) on November 10 issued Notice H 2011-31, which clarifies the conditions under which not-for-profit owners can retain the proceeds from the sale of Federal Housing Administration (FHA)-insured or HUD-held formerly FHA-insured multifamily properties. The notice says that not-for-profits may retain the proceeds from the sale of the property if the new owner will maintain the property’s long-term affordability and the transaction meets certain criteria. Notice H 2011-31 took effect immediately and it applies to all prepayment requests where HUD has not yet granted approval. Questions about the notice can be directed to Susan Wilson, CPA, at 512-340-0420 or susan.wilson@novoco.com.

HUD PROPOSES HOME PROGRAM RULE CHANGES

WASHINGTON, D.C. – November 4, 2011

The U.S. Department of Housing and Urban Development (HUD) today proposed new regulations to Congress that it says will improve the HOME Investment Partnerships program. HUD says the proposed regulations would require state and local governments to adopt policies and procedures to improve their oversight of HOME-funded projects; require agencies to assess a developer’s capacity and a project’s long-term viability before committing HOME funds; require more frequent reporting by state and local participating jurisdictions; and establish specific timeframes for taking corrective actions against participating jurisdictions that fail to complete projects they started. HUD is expected to publish the proposed changes and related details in the Federal Register shortly.

HUD RELEASES OPERATING COST ADJUSTMENT FACTORS FOR 2012

WASHINGTON, D.C. – October 26, 2011

The U.S. Department of Housing and Urban Development today published a notice establishing the operating cost adjustment factors (OCAFs) for project-based assistance contracts for eligible multifamily housing projects having an anniversary date on or after February 11, 2012. The factors are used to adjust Section 8 rents renewed under section 524 of the Multifamily Assisted Housing Reform and Affordability Act of 1997. The 2012 OCAFs are effective February 12, 2012.

HUD POSTS 2012 FMRS, SETS 12/1 INCOME LIMIT RELEASE DATE

WASHINGTON, D.C. – September 30, 2011

The U.S. Department of Housing and Urban Development (HUD) today released its final fair market rents (FMRs) for fiscal year (FY) 2012. The FY 2012 FMRs take effect October 1. HUD uses FMRs to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for some expiring project-based Section 8 contracts and to determine initial rents for housing assistance payments (HAP) contracts in the Moderate Rehabilitation Single Room Occupancy (SRO) program. The notice also set December 1 as the formal publication date for income limits, beginning with FY 2012’s income limits. For more information about the FMRs and the new release date for annual income limit data, tune in to the October 4 Tax Credit Tuesday podcast.

SENATE SUBCOMMITTEE PASSES HUD FY 2012 APPROPRIATIONS BILL

WASHINGTON, D.C. - September 21, 2011

A U.S. Senate Committee on Appropriations Transportation, Housing and Urban Development, and Related Agencies Subcommittee yesterday marked up the fiscal year (FY) 2012 appropriations bill for the departments under its jurisdiction, including the U.S. Department of Housing and Urban Development (HUD). The marked up bill appropriates nearly $37 billion in funding to HUD for FY 2012. The bill increases to $18.9 billion funding for housing choice vouchers and increases to $9.4 billion funding for project-based rental assistance. The bill also decreases to $1 billion funding for the HOME Investment Partnership program, $1.9 billion funding for the public housing capital fund, decreases to $2.85 billion funding for the Community Development Block Grant program. The full Appropriations Committee is scheduled to consider the bill today at 3 p.m. EDT.

Tune in to the September 27 Tax Credit Tuesday podcast to learn more about FY 2012 HUD funding.

HOUSE APPROPRIATIONS SUBCOMMITTEE APPROVES HUD APPROPRIATIONS BILL

WASHINGTON, D.C. - September 9, 2011

The House Appropriations Subcommittee on Transportation, Housing and Urban Development and Related Agencies yesterday approved a fiscal year (FY) 2012 U.S. Department of Housing and Urban Development (HUD) appropriations bill. The measure would provide more than $38 billion for HUD programs in FY 2012, approximately $3 billion less than the FY 2011 enacted funding level and almost $4 billion lower than the president’s requested funding. The committee released a summary table, which provides information about FY2011 funding, FY2012 requested funding and FY2012 funding approved by the subcommittee.

HUD RELEASES PROPOSED FY 2012 FMRS

WASHINGTON, D.C. - August 19, 2011

The U.S. Department of Housing and Urban Development (HUD) today released its proposed fair market rents (FMRs) for fiscal year 2012. HUD uses FMRs to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for some expiring project-based Section 8 contracts and to determine initial rents for housing assistance payments (HAP) contracts in the Moderate Rehabilitation Single Room Occupancy (SRO) program. HUD is accepting comments on the proposed FMRs until September 19, 2011. For more information about the proposed FMRs, tune in to the August 23 Tax Credit Tuesday podcast.

HUD AND APA ANNOUNCE AWARD CRITERIA

WASHINGTON, D.C. - July 7, 2011

The U.S. Department of Housing and Urban Development (HUD) and the American Planning Association (APA) yesterday announced the criteria for the 2012 HUD Secretary’s Opportunity and Empowerment Award. The organizations will award a single community, program, or project that improved low- and moderate-income residents’ quality of life. Emphasis is on how creative housing, economic development and private investments have been used in or with a community development plan. The winner will be announced at APA’s National Planning Conference in April 2012. Applications must be submitted through the APA web site by August 30.

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