Tax Credit Resources
 




Breaking News

Senate Passes $1.1 Trillion Spending Bill for Fiscal Year 2015

WASHINGTON – Dec. 15, 2014

Facebook Email More...

The U.S. Senate on Saturday passed the Fiscal Year 2015 Consolidated and Further Continuing Appropriations Act 2015, 56-40. This sends the $1.1 trillion spending bill to President Barack Obama, who is expected to sign it before the midnight Wednesday. The House of Representatives previously approved it by a 219-206 margin. The legislation funds most of government through Sept. 30, 2015.

The bill includes $35.6 billion for the U.S. Department of Housing and Urban Development (HUD), including $9.7 billion for Section 8 project-based rental assistance, $19.3 billion for tenant-based rental assistance, $900 million for the HOME Investment Partnerships program and $3 billion for the Community Development Block Grant (CDBG) program. The bill extends HUD's Rental Assistance Demonstration (RAD) program through 2018 and raises the cap on the number of public housing units that can participate in it from 60,000 to 185,000.

Tune in to the Dec. 16 Tax Credit Tuesday podcast to learn more.

FHFA Authorizes Funding for Housing Trust Fund, Capital Magnet Fund

WASHINGTON– Dec. 11, 2014

Facebook Email More...

The Federal Housing Finance Agency (FHFA) today sent letters to Fannie Mae and Freddie Mac, directing them to begin setting aside and allocating funds to the National Housing Trust Fund (NHTF) and the Capital Magnet Fund (CMF). Contributions to the NHTF and CMF were suspended since 2008, when Fannie Mae and Freddie Mac, the intended funding sources under the Housing and Economic Recovery Act of 2008 (HERA), were placed into conservatorship. The FHFA released an interim final rule to implement a statutory prohibition against the government-sponsored enterprises passing the cost of allocations through to the originators of loans they purchase or securitize.

Tune into the Dec. 16 episode of the Tax Credit Tuesday podcast to learn more.

U.S. House and Senate Agree on FY 2015 Spending Bill

WASHINGTON– Dec. 10, 2014

Facebook Email More...

The U.S. House and Senate last night reached an agreement on the Consolidated and Further Continuing Appropriations Act, 2015, commonly referred to as the “CR-Omnibus,” a $1 trillion-plus bill that would fund most of the government through Sept. 30, 2015. It takes effect after both houses pass it and President Barack Obama signs the legislation. The House is expected to vote on the bill Thursday and the Senate will likely vote on the House-passed bill soon thereafter. The House and Senate may pass a short-term continuing resolution to fund the government while the Senate considers and votes on the bill.

The bill provides the U.S. Department of Housing and Urban Development (HUD) $45.4 billion in gross discretionary budget authority for fiscal year (FY) 2015, including $9.7 billion for Section 8 project-based rental assistance, $19.3 billion for tenant-based rental assistance, $900 million for the HOME Investment Partnerships program and $3 billion for the Community Development Block Grant (CDBG) program. The bill extends HUD’s Rental Assistance Demonstration (RAD) program through 2018 and raises the cap on the number of public housing units that can participate in it from 60,000 to 185,000. It permanently extends the second component of RAD, which consolidates several legacy rental assistance programs into Section 8. The agreement also provides $231 million for the Community Development Financial Institutions (CDFI) Fund, $5 million more than the FY 2014 enacted level. Additional details can be found in the Senate Committee on Appropriations’ summary of the bill.

Tune into the Dec. 16 episode of the Tax Credit Tuesday podcast to learn more.

HUD Delays Income Limits Release

WASHINGTON– Dec. 3, 2014

Facebook Email More...

The U.S. Department of Housing and Urban Development (HUD) today announced that the publication of its fiscal year (FY) 2015 income limits will be delayed and will occur following the publication of 2015 poverty guidelines issued by the Department of Health and Human Services (HHS). The income limits are used to determine income eligibility for HUD’s assisted housing programs, including public housing, Section 8, Section 202 and Section 811. Instead of being issued this week as originally expected, HUD anticipates that the FY 2015 income limits will be published in February 2015.

The delay is related to a change in the definition of an “extremely low-income” household, which is mainly used for setting admissions targets in the Housing Choice Voucher program.  The change was made by the 2014 Consolidated Appropriations Act and extremely low-income household is now defined as the greater of the Department of Health and Human Services (HHS) poverty guidelines or 30 percent of area median income (AMI).

Tune into the Dec. 9 episode of the Tax Credit Tuesday podcast to learn more.

HUD Invites Comments on Proposed Section 202, 811 Rule Changes

WASHINGTON– Oct. 6, 2014

Facebook Email More...

The U.S. Department of Housing and Urban Development (HUD) is inviting comments on a proposed rule amending regulations governing its Section 202 and Section 811 programs. According to HUD, the proposed rule would streamline the Section 202 and Section 811 programs to better provide supportive housing for the elderly and persons with disabilities. Among other things, the proposed rule would implement a new form of rental assistance called Senior Preservation Rental Assistance Contracts (SPRACs) and allow a set-aside for a number of units for elderly individuals with functional limitations. Comments are due by Dec. 5.

HUD Releases Final 2015 FMRs

WASHINGTON– Oct. 2, 2014

Facebook Email More...

In a notice in tomorrow’s Federal Register, the U.S. Department of Housing and Urban Development (HUD) will publish final fiscal year (FY) 2015 fair market rents (FMRs). The final FY 2015 FMRs took effect Oct. 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.

HUD Sets 2015 Operating Cost Adjustment Factors

WASHINGTON– Oct. 1, 2014

Facebook Email More...

In tomorrow’s Federal Register, the U.S. Department of Housing and Urban Development (HUD) will publish a notice establishing the operating cost adjustment factors (OCAFs) for project-based assistance contracts for eligible multifamily housing projects that have an anniversary on or after Feb. 11, 2015. The factors are used to adjust Section 8 rents renewed under section 524 of the Multifamily Assisted Housing Reform and Affordability Act of 1997. OCAFs are calculated as the sum of weighted average cost changes for wages, employee benefits, property taxes, insurance, supplies and equipment, fuel oil, electricity, natural gas and water/sewer/trash. The 2015 OCAFs are effective Feb. 11, 2015.

HUD Issues Subsidy Layering Review Guidance

WASHINGTON– Sept. 25, 2014

Facebook Email More...

In a notice in tomorrow’s Federal Register, the U.S. Department of Housing and Urban Development (HUD) will issue guidelines for conducting subsidy layering reviews for Section 8 project-based voucher housing assistance payment contracts and mixed-finance developments, including those with or without low-income housing tax credits (LIHTCs). Requirements in the notice do not supersede subsidy layering requirements of other federal programs.

Tune in to the Oct. 7 Tax Credit Tuesday podcast to learn more about what the guidelines mean for LIHTC developments.

HUD Issues FY 2015 Fair Market Rents Correction

WASHINGTON– Aug. 25, 2014

Facebook Email More...

The U.S. Department of Housing and Urban Development (HUD) today issued a notice proposing the fiscal year (FY) 2015 fair market rents (FMRs) for the Housing Choice Voucher (HCV) and Moderate Rehabilitation Single Room Occupancy programs. FMRs are used to determine the following: payment standards for the HCV program, initial renewal rents for some expiring project-based Section 8 contracts and initial rents for housing assistance payment contracts in the Moderate Rehabilitation Single Room Occupancy program. They also serve as rent ceilings in the HOME program and in the calculation of maximum award amounts for Continuum of Care grantees. The proposed FMRs do not reflect updates to the methodology used to calculate FMRs.

HUD Announces Proposed FY 2015 Fair Market Rents

WASHINGTON– Aug. 15, 2014

Facebook Email More...

The U.S. Department of Housing and Urban Development (HUD) today issued a correction to the proposed fair market rents (FMRs) for fiscal year (FY) 2015 for the Housing Choice Voucher program, Moderate Rehabilitation Single Room Occupancy program and other programs. HUD updated the Schedule B Addendum to include the FMRs for Dallas, Texas, which were missing from the notice published Aug. 15. No other corrections were made. The comment due date remains Sept. 15, 2014.

News Archives

 

 

LIHTC News
  • WASHINGTON, D.C. - October 16, 2012
    The Internal Revenue Service (IRS) today published the amounts of unused low-income housing tax credit (LIHTC) carryovers for calendar year 2012 that were allocated to 34 qualified states and Puerto Rico... Full Article