SACRAMENTO – Oct. 16, 2014
The Fiscal Year 2015 Budget Support Congressional Review Emergency Act of 2014, which enacts and amends provisions of law necessary to support the District of Columbia’s fiscal year 2015 budget, became effective last week. Among other things, the act implements a low-income housing tax credit (LIHTC) for the District of Columbia. The Department of Housing and Community Development will make available $1 million in LIHTCs in 2015.
Tune in to the Oct. 21 Tax Credit Tuesday podcast to learn more about the District of Columbia’s new LIHTC.
SACRAMENTO – Oct. 13, 2014
A study measuring the factors that influence the cost of building affordable rental housing in California was released today by the California Department of Housing and Community Development, the California Tax Credit Allocation Committee, the California Housing Finance Agency and the California Debt Limit Allocation Committee. Affordable Housing Cost Study: Analysis of the Factors that Influence the Cost of Building Multi-Family Affordable Housing in California found that the factors influencing costs are multifaceted, with no single factor explaining all or even most of the cost of developing affordable housing. As such, the authors conclude that any approach to lowering costs must look across multiple factors, rather than focusing on a single issue.
Tune into the Oct. 21 Tax Credit Tuesday podcast to learn more about the report and what it means for the affordable housing community in California.
WASHINGTON – Oct. 2, 2014
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.
WASHINGTON – Oct. 2, 2014
In tomorrow’s Federal Register, the U.S. Department of Housing and Urban Development (HUD) will publish a notice designating difficult development areas (DDAs) and qualified census tracts (QCTs) for 2015 for purposes of the low-income housing tax credit (LIHTC). LIHTC developments in DDAs or QCTs are eligible for as much as 30 percent more LIHTC subsidy. The 2015 metropolitan DDA designations will be the last designated for entire metropolitan areas. HUD announced previously that beginning with the 2016 DDA designations, metropolitan DDAs will use small area fair market rents (FMRs), instead of metropolitan-area FMRs, for designating metropolitan DDAs.
Tune into the Oct. 7 Tax Credit Tuesday podcast to hear more about the 2015 DDAs and QCTs. And join other LIHTC professionals at the Novogradac Affordable Housing Conference in San Francisco on Oct. 9 and 10 to discuss the latest news in LIHTC development.
WASHINGTON – Sept. 25, 2014
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.
WASHINGTON – Sept. 18, 2014
The Internal Revenue Service (IRS) today released its updated audit technique guide (ATG) for the Low-Income Housing Tax Credit (LIHTC) program. The ATG provides guidance for IRS examiners to audit owners of LIHTC properties. It was last updated in 1999. A draft of the guide was released for public comment last December and the IRS accepted comments until the end of March. The revised guide includes, among other changes, an expanded explanation of documents to request from the taxpayer during pre-contact analysis; a more developed definition of “residential rental property;” and a new section on emergency housing relief. The IRS provided an overview of the updates in LIHC Newsletter #56.
Tune in to the Sept. 23 Tax Credit Tuesday podcast to learn more about the changes and what they mean for the LIHTC community. The revised ATG will also be discussed in detail at the Novogradac Affordable Housing Conference, Oct. 9 and 10 in San Francisco.
WASHINGTON – Sept. 15, 2014
The Internal Revenue Service (IRS) today published the amounts of unused low-income housing tax credit (LIHTC) carryovers for calendar year 2014 that were allocated to 35 qualified states and Puerto Rico. Revenue Procedure 2014-52 details how $2.59 million of unused LIHTCs were divided among the recipients. California received the largest allocation, $364,756 in LIHTCs.
WASHINGTON – Sept. 8, 2014
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency today invited public comment regarding proposed revisions to the Interagency Questions and Answers Regarding Community Reinvestment. The document provides additional guidance to financial institutions and the public on the agencies’ regulations that implement the Community Reinvestment Act (CRA). Among other things, the proposed new and revised CRA questions and answers address community development-related issues by clarifying guidance on economic development; providing examples of community development loans and activities that are considered to revitalize or stabilize an underserved nonmetropolitan middle-income geography; and clarifying how community development services are evaluated.