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Legislation Would Increase LIHTC Allocations to Disaster Areas

WASHINGTON – April 15, 2014

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Last week, a bipartisan group of legislators introduced the National Disaster Tax Relief Act of 2014, which would increase the low-income housing tax credit allocations for each state that include any portion of a federally declared disaster areas in 2012 or 2013. The amount of each state’s increase is proposed as the greater of the amount of $8 multiplied by the state’s disaster-area population or 50 percent of the state housing credit ceiling for 2013. S. 2233 has been referred to the Senate Finance Committee.

Tune in to this afternoon’s Tax Credit Tuesday podcast to learn more about the bill.

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Senate Finance Committee Passes Tax Extenders Bill

WASHINGTON – April 3, 2014

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The Senate Finance Committee today passed the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act by voice vote. The bill incorporates modifications released today by Chairman Ron Wyden, D-Ore., including extensions of the renewable energy production tax credit (PTC) and of the 4 percent tax credit percentage floor for the low-income housing tax credit (LIHTC).

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IRS Newsletter Discusses Assorted LIHTC Topics

WASHINGTON – April 1, 2014

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In LIHC Newsletter #55, the Internal Revenue Service (IRS) discusses foreclosure of low-income housing tax credit (LIHTC) properties, updates to public housing authority (PHA) utility allowances, and the draft Internal Revenue Code (IRC) §42 audit technique guide. The newsletter also clarifies that noncompliance corrected before submitting Form 8823 to the IRS may still be subject to tax consequences, such as credit loss or recapture.

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Senate Finance Committee to Consider Tax Extenders

WASHINGTON – April 1, 2014

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The Senate Finance Committee will markup legislation on “tax extenders” on Thursday, April 3. The bill, entitled the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, addresses a number of tax provisions that have expired or will expire at the end of this year. Among other things, the legislation would extend for two years important affordable housing and community development provisions. The committee also released a summary of the bill’s provisions and a cost estimate.

The EXPIRE Act would extend for two years the fixed rate floor for 9 percent low-income housing tax credits (LIHTC), changing the deadline to allocations made before January 1, 2016. The bill would also extend for two years the provision whereby any military basic housing allowance received by an active member of the military is not considered income for purposes of calculating whether an individual qualifies as a low-income tenant for the LIHTC program.

For more information, tune in this afternoon to the Tax Credit Tuesday podcast. Additional details may also become available leading up to the hearing, so stay tuned.

HUD Releases FY 2015 MIPs

WASHINGTON – March 31, 2014

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The U.S. Department of Housing and Urban Development (HUD) today released a notice announcing the mortgage insurance premiums (MIPs) for Federal Housing Administration (FHA) multifamily, healthcare facilities and hospital mortgage insurance programs that have commitments to be issued or reissued in fiscal year (FY) 2015. The FY 2015 MIPs are the same as FY 2014 MIPS, which were published in the Federal Register on September 20, 2013. The upfront MIP amount charged for FHA mortgage insurance will be 50 basis points for affordable and market-rate properties. The FY 2015 MIPs are effective Oct. 1, 2014.

Johnson, Crapo Announce Housing Finance Reform Markup

WASHINGTON – March 28, 2014

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Senate Banking Committee Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho, announced today that the committee is scheduled to mark up their housing finance reform proposal on Tuesday, Apr. 29 at 10 a.m. EDT. Sens. Johnson and Crapo released their legislative discussion draft earlier this month.

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