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An online catalog of state and local affordable housing preservation policies, from the National Housing Trust and Novogradac & Co LLP

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California Reinstates Bifurcation, Institutes Certification

SACRAMENTO, Calif.– June 28, 2016

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California Gov. Jerry Brown signed SB 837 into law yesterday, making two key changes relating to state low-income housing tax credits (LIHTCs). The bill restores the ability to bifurcate the state credits–allowing different parties to invest in the state and federal credits–after that option expired in 2015. The bill also creates a new authority to certificate state credits, meaning they can be sold outright to a state investor rather than requiring the investor to be a partner. There are some restrictions on that option, including a requirement that the applicant make an irrevocable election in its initial application, that pricing must be at least 80 cents on the dollar and that the investor must be or have been a traditional investor in a federal tax credit for any other tax credit transaction in California. Both changes are for reservations made prior to Jan. 1, 2020 and the certification begins with 2017 reservations.

 

Bill Would Allow Tax Exemptions on State, Local Government Contributions to Partnerships

WASHINGTON – June 24, 2016

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A bill introduced this week would amend the federal tax code to allow income tax exemptions on capital contributions from state and local governments to partnerships and limited liability companies treated as partnerships. The Preserving Investment in Needy Neighborhoods (PINN) Act, sponsored by Reps. Pat Tiberi, R-Ohio, Peter Roskam, R-Ill., and Danny Davis, D-Ill., would put partnerships and LLCs on the same ground as corporations by making grants and other government-provided capital exempt from tax.

For more information, tune in to the June 28 episode of Tax Credit Tuesday.

 

House GOP Tax Reform Task Force Releases Report

WASHINGTON – June 24, 2016

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The House Republicans Tax Reform Task Force today released a blueprint and two-page summary calling for three individual tax brackets and the reduction of individual and business tax rates. The blueprint made no mention of the low-income housing tax credit (LIHTC), new markets tax credit (NMTC), historic tax credit (HTC) and the renewable energy investment tax credit (ITC) and production tax credit (PTC), but said that it “generally will eliminate special-interest deductions and credits in favor of providing lower tax rates.” The House Ways and Means Committee is expected to turn the blueprint into legislative language before Jan. 20, 2017, when the next president is inaugurated.

Tune in to the June 28 episode of Tax Credit Tuesday for more information.

 

Harvard Report Highlights Housing Crunch for Cost-Burdened Renters

CAMBRIDGE, Mass. – June 22, 2016

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The number of cost-burdened American renters–those who pay more than 30 percent of their income for housing–reached a record 21.3 million in 2014 and those who pay more than 50 percent of their income for that purpose jumped to a record 11.4 million, according to the State of the Nation’s Housing 2016, a report issued today by the Joint Center for Housing Studies of Harvard University. The 28th annual report also says that the rental vacancy rate dropped to 7.1 percent in 2015, its lowest level since 1985. The report says that the low-income housing tax credit (LIHTC) continues to be the primary affordable housing vehicle in the nation and that its expansion may help broaden access to housing, but that preserving existing supply of low-cost housing is crucial.

Tune into the June 28 episode of the Tax Credit Tuesday podcast for more information.

 

GAO Recommends IRS Improve LIHTC Noncompliance Reporting, Data Collection

WASHINGTON – June 9, 2016

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A report released yesterday by the Government Accountability Office (GAO) suggested the Internal Revenue Service (IRS) and U.S. Department of Housing and Urban Development (HUD) could work with state allocating agencies to improve their practices in administering the low-income housing tax credit (LIHTC). The report, “Low-Income Housing Tax Credit: Some Agency Practices Raise Concerns and IRS Could Improve Noncompliance Reporting and Data Collection,” found that agencies generally have processes to meet requirements for allocating LIHTCs, reviewing costs and monitoring practices. However, the GAO also reported that more than half of qualified allocation plans (QAPs) reviewed did not explicitly mention all selection criteria and preferences that Section 42 of the Internal Revenue Code (IRC) requires; some allocation agencies required letters of support from local governments for proposed developments, which raises fair housing concerns; and agencies can boost the eligible basis for certain buildings but are not required to document the justification for the increases. The report includes a series of recommendations on how HUD and the IRS could work with state agencies to improve LIHTC noncompliance reporting and data collection. The report is the second in a three-report series by GAO on the LIHTC. Details will be posted to the Notes from Novogradac blog.

 

Colorado State LIHTC Extended

DENVER – June 8, 2016

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Colorado Gov. John Hickenlooper Monday signed a bill extending the state’s low-income housing tax credit (LIHTC) by three years, through the end of 2019. House Bill 1465 extends the sunset of the Colorado state LIHTC from Dec. 31, 2016, to Dec. 31, 2019. Colorado reintroduced a state LIHTC in 2015 and recently reported that the tax credit supported the development of more than 1,900 new affordable rental housing units in one year.

 

Treasury Invites Capital Magnet Fund Application, Report Comments

WASHINGTON – June 3, 2016

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The Treasury Department today published a Federal Register notice inviting comments concerning the Capital Magnet Fund application and annual report. The Community Development Financial Institutions (CDFI) Fund provides competitively awarded grants through the Capital Magnet Fund to finance affordable housing and economic development activities. Specific questions in the Federal Register notice include whether the information requested in the Capital Magnet Fund application is appropriate to financing affordable housing and economic development activities, and what sources of data or indicators could the CDFI Fund use to identify areas of high housing needs or areas of economic distress. Comments are due Aug. 2.

 

Cantwell, Hatch Introduce LIHTC Improvement Bill

WASHINGTON – May 19, 2016

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Sens. Maria Cantwell, D-Wash., and Orrin Hatch, R-Utah, today introduced the Affordable Housing Credit Improvement Act of 2016. The bill includes a phased-in 50 percent expansion in federal low-income housing tax credits (LIHTCs) through 2020 and would be one of the most significant changes to the LIHTC program since its inception three decades ago. In addition, it includes income-averaging for affordable housing developments, a minimum 4 percent rate for acquisition and bond-financed developments and changing the name from LIHTC to the Affordable Housing Tax Credit. The bill does not include the provision to provide a 50 percent basis boost for units serving extremely low-income households that Cantwell proposed when she announced her plans for the legislation March 24 in Seattle, but she is expected to introduce another bill including that proposal and others at a later date.

 

Oklahoma Bill to Reduce Annual LIHTC Cap Dies

OKLAHOMA CITY – May 17, 2016

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An Oklahoma bill introduced yesterday to reduce the annual cap on state low-income housing tax credits (LIHTCs) died in committee today. S.B. 1608 would have reduced the state LIHTC cap from $4 million to $3 million, beginning Jan. 1, 2017.  A committee amendment to the bill would have cut off the credits after Jan. 1, 2021. The Oklahoma LIHTC is currently subject to review every five years by a committee.

 

Colorado LIHTC Extension Awaits Governor's Signature

DENVER – May 16, 2016

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A bill to extend Colorado's low-income housing tax credit (LIHTC) program through 2019 passed both houses of the state Legislature and is on the desk of Gov. John Hickenlooper. HB 1465 extends the program and authorizes $5 million annually in state LIHTCs. Without the extension, the state LIHTC program would expire at the end of this year. The bill will become law if Hickenlooper signs it or if he doesn't act on it by June 10.

 

Bill Introduced to Extend Colorado LIHTC

WASHINGTON – May 5, 2016

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Twenty-five legislators introduced a bill Wednesday in the Colorado legislature to extend the state’s low-income housing tax credit (LIHTC) program at $5 million per year through 2019. HB-1465 was assigned to the House Energy and Transportation committee. Colorado’s current state LIHTC began in 2015 and is scheduled to expire at the end of this year.

 

 

USDA Announces Section 538 Teleconferences

WASHINGTON – April 25, 2016

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The U.S. Department of Agriculture (USDA) will publish in tomorrow’s Federal Register a notice announcing a series of teleconferences regarding the Section 538 Guaranteed Rural Rental Housing (GRRH) program. Under the Section 538 program, the USDA guarantees private loans for the development of affordable rental housing in rural areas for low- and moderate-income households. One of the topics on the agenda is how Low-Income Housing Tax Credit (LIHTC) program changes affect Section 538 GRRH program financing. Dates and times for the teleconferences will be announced to registrants through email.

 

Nebraska Enacts State LIHTC

LINCOLN, Neb. – April 22, 2016

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Nebraska Gov. Pete Ricketts signed legislation Tuesday that included a provision to enact the Affordable Housing Tax Credit Act, which creates a state affordable housing tax credit equal to the amount of federal low-income housing tax credits (LIHTCs) available for a given year. It can be claimed for tax years beginning Jan. 1, 2019.

 

 

Report Suggests California LIHTC Improvement

SACRAMENTO, Calif. – April 18, 2016

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A report issued last week by the California state auditor says the state’s low-income housing tax credit (LIHTC) appears to be achieving its purpose, but suggests a change to make it more effective. The report says the California state LIHTC, which has funded the development of nearly 60,000 affordable rental homes since 1987, could be improved if it were made transferable. Citing Assembly Committee on Revenue and Taxation’s analysis of previously introduced legislation, the report says allowing developers to sell state credits to investors instead of partnering with them would improve the value of the state credit, and ultimately lead to funding additional affordable rental homes without additional forgone revenue to the state. The report evaluated six of the largest California tax expenditures and made suggestions for improvement.

 

Rent and Income Limit Calculator Updated with FY 2016 Data

SAN FRANCISCO – April 13, 2016

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The Novogradac Rent & Income Limit Calculator© has been updated in beta version to include the fiscal year 2016 rent and income limit data released March 28. The Rent & Income Limit Calculator© will calculate IRC Section 42(i)(3)(A) LIHTC rent and income limits for every county and for every metropolitan statistical area (MSA) in the United States.

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 Thomas Stagg at thomas.stagg@novoco.com.

HUD Issues Fair Housing Guidance on Criminal-History-Based Housing Restrictions

WASHINGTON – April 5, 2016

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The U.S. Department of Housing and Urban Development (HUD) today issued guidance addressing how the Fair Housing Act applies to the use of criminal records by providers or operators of housing and real-estate related transactions. Having a criminal record is not a protected class under the Fair Housing Act, but HUD says there may be fair housing violations if 
a policy or practice (such as tenant screening) has a disparate impact on one race, national origin group or other protected class more than another without justification.

Read more on the Notes from Novogradac blog.

HUD RELEASES INCOME LIMITS FOR FY 2016

WASHINGTON – March 28, 2016

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The U.S. Department of Housing and Urban Development (HUD) today released income limits for fiscal year (FY) 2016. These income limits are used to determine income eligibility for HUD’s assisted housing programs, including public housing, Section 8, Section 202 and Section 811. HUD said that the U.S. median income and the national non-metropolitan median income limits have decreased from 2015 to 2016. Income limits used to determine qualification levels and to set maximum rental rates for low-income housing tax credit (LIHTC) or tax-exempt bond projects–which HUD refers to as multifamily tax subsidy projects (MTSPs)–are calculated separately from the Section 8 income limits.

Novogradac & Company LLP is updating the Rent & Income Limit Calculator© to include the 2016 data. Subscribers to Novogradac & Company’s free Industry Alert service will receive an email announcement when this update has been completed.

Tune into the April 5 Tax Credit Tuesday podcast for initial information about the income limits. For in-depth analysis on how income limit changes may affect your property, register for the Novogradac 2016 HUD Rent and Income Limits and Your Tax Credit Property: Back to Basics Webinar April 13 at 1 p.m. Eastern.

IRS Releases Population Estimates for 2016

WASHINGTON – March 28, 2016

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The Internal Revenue Service (IRS) today released Notice 2016-24, which lists its 2016 Calendar Year Resident Population Figures. These figures are used to determine states’ 2016 low-income housing tax credit (LIHTC) ceiling and tax-exempt private activity bond caps. Under Rev. Proc. 2015-53, each state’s LIHTC ceiling in 2016 is the greater of $2.35 multiplied by the state population or $2.69 million; a state’s tax-exempt bond volume cap will be the greater of $100 multiplied by the state population or $302,875,000.

More information will be posted on the Notes from Novogradac blog this week.

HUD Releases Update on LIHTC Tenant Data

WASHINGTON – March 26, 2016

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The U.S. Department of Housing and Urban Development (HUD) today updated its Data on Tenants in LIHTC Units report, revising the information through Dec. 31, 2013.  The report is mandated by the Housing and Economic Recovery Act of 2008, which requires state housing agencies to submit certain demographic and economic information on low-income housing tax credit (LIHTC) tenants to HUD. In today’s report, a net additional 153,870 units were reported compared to the initial report through 2012, reflecting units placed in service in 2013 as well as new information on units not submitted in the previous year.

 

Cantwell to Urge LIHTC Expansion, Release Affordable Housing Report

SEATTLE – March 24, 2016

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Sen. Maria Cantwell, D-Wash., today will announce proposals to expand the annual low-income housing tax credit (LIHTC) allocation by 50 percent, to promote broader income mixing in LIHTC developments and to allow states more flexibility in financing properties targeting homeless or extremely low-income individuals and families. Cantwell expects the proposals to create or preserve an additional 400,000 affordable rental homes over the next 10 years, and is working with her Senate colleagues to introduce the proposals as legislation soon. Announcement of the initiatives will be made at a Seattle event at Patrick Place Apartments, a supportive housing development for the homeless, and marks the beginning of Cantwell’s national campaign to increase federal resources for affordable housing. Cantwell will also release today the ACTION Campaign’s letter signed by more than 1,300 national, state and local organizations urging Congress to approve a 50 percent LIHTC allocation increase, as well as a report called, “The Housing Tax Credit: Addressing the Challenges of Housing and Homelessness.” The report focuses on both Washington state and the nation. It highlights some of the LIHTC program’s accomplishments, such as creating nearly 2.9 million affordable rental homes.

HUD Invites Comment on Fair Housing Tools

WASHINGTON – March 22, 2016

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The U.S. Department of Housing and Urban Development (HUD) will publish in tomorrow’s Federal Register notices inviting comments on two assessment tools that HUD program participants must use to evaluate fair housing choice and access to opportunity in their jurisdictions under the Affirmatively Furthering Fair Housing (AFFH) rule. One notice invites comments on the PHA Assessment Tool for public housing authorities. The other notice invites comments about the Local Government Assessment Tool, which was released in December, as part of that tool’s renewal. In the Local Government Assessment Tool notice, HUD invites input regarding improvements to the online AFFH Data and Mapping Tool (AFFH-T), such as whether HUD should distinguish between 9 percent and 4 percent low-income housing tax credit (LIHTC) data provided, including in maps of development locations. Comments for both assessment tools are due 60 days after publication of the notices in the Federal Register.

HUD also recently solicited comments on the tool for state agencies.

CDFI Fund: $93 Million Available through Capital Magnet Fund in FY 2016

WASHINGTON – March 10, 2016

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The Community Development Financial Institutions (CDFI) Fund today announced there will be $93 million available in awards under the fiscal year (FY) 2016 round of the Capital Magnet Fund. The CDFI Fund awards competitive grants to CDFIs and qualified nonprofit housing organizations to finance affordable housing, economic development activities and community service facilities. The deadline to apply for FY 2016 Capital Magnet Fund grants is March 16 for submissions through Grants.gov and March 30 for submissions through the CDFI Fund’s Awards Management Information System (AMIS).

 

HUD Seeks Comment on LIHTC Tenant Information Collection

WASHINGTON – March 9, 2016

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The U.S. Department of Housing and Urban Development (HUD) published a notice Wednesday accepting public comment on the latest revision of the statutorily mandated collection of information on tenants in low-income housing tax credit (LIHTC) properties. The information collection is mandated by the Housing and Economic Recovery Act (HERA) of 2008, and requires agencies administering LIHTCs to furnish information on the race, ethnicity, family composition, age, income, Section 8 assistance, disability status and monthly rental payments of households residing in each property. Comments will be accepted until April 8.

Affordable Housing Group Pens Letter for LIHTC Expansion

WASHINGTON – March 7, 2016

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The ACTION Campaign is calling on supporters of the low-income housing tax credit (LIHTC) to sign on to a letter to Congress calling for a LIHTC allocation authority cap increase of at least 50 percent. ACTION’s projections indicate such an expansion would support the preservation and construction of 350,000 to 400,000 additional affordable apartments over a 10-year period. The deadline to sign is Friday, March 11. Officials from the ACTION campaign said they are particularly interested in supporters from Idaho, Kansas, Maine, Montana, Nevada, New Mexico, North Dakota, South Carolina, South Dakota, Tennessee, West Virginia and Wyoming.

Tune in to the March 8 Tax Credit Tuesday podcast to hear more about the campaign and the letter.

IRS Seeks Comments on New Partnership Audit Provisions

WASHINGTON – March 4, 2016

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The Internal Revenue Service (IRS) today released Notice 2016-23, requesting comments on the new partnership audit regime enacted in the Bipartisan Budget Act of 2015.The new regime for auditing all partnerships will be effective for tax years beginning after Dec. 31, 2017. Some partnerships may elect into the regime prior to that date. The provisions are intended to make the IRS partnership audit process more efficient by eliminating multi-tier audits and determinations at the partner level. Comments on the new rules are due April 15.

To learn more about the implications of the new provisions on tax credit partnerships read the Notes from Novogradac blog, and purchase a recording of the Novogradac New Rules for IRS Audits of Partnerships Webinar.

 

HUD Provides Advanced Review of Rule to Ease Regulatory Requirements

WASHINGTON – March 2, 2016

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The U.S. Department of Housing and Urban Development (HUD) posted on its website Tuesday for advanced review a final rule to ease regulatory requirements for a number of programs. The rule is intended to streamline requirements and provide flexibility for agencies that administer HUD’s rental assistance programs. The requirements listed include such things as tenant rental payments, rent determination processes, verification of Social Security numbers for children of applicants, frequency of utility reimbursement payments and more.

HUD said that this is a first step toward a systematic streamlining of its rental assistance programs. The rule, which was proposed in January 2015 and issued as an interim rule in September 2015, will become effective 30 days after being published in the Federal Register.

 

IRS, Treasury Amend LIHTC Utility Allowances Submetering Regulations

WASHINGTON – March 2, 2016

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The Internal Revenue Service and the Treasury Department will publish in tomorrow’s Federal Register final and temporary regulations that amend the utility allowance regulations concerning the low-income housing tax credit (LIHTC). The final regulations provide that utility costs paid by a LIHTC property tenant based on actual consumption in a submetered rent-restricted unit are treated as paid by the tenant directly to the utility. Thus, the utility costs do not count against the maximum rent that the LIHTC building owner can charge. The temporary regulations extend the principles of these submetering rules to LIHTC property owners that provide low-income tenants with energy directly acquired from a renewable source and that is not delivered by a local utility provider. The regulations will be effective on the date of publication in the Federal Register.

 

IRS Amends LIHTC Compliance-Monitoring Regulations

WASHINGTON – Feb. 23, 2016

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The Internal Revenue Service (IRS) will post in the Feb. 25 Federal Register final and temporary regulations relating to low-income housing tax credit (LIHTC) compliance monitoring. The amendments revise and clarify the requirement to conduct physical inspections and review low-income certifications and other documentation. Temporary regulations are effective upon publication in the Federal Register and expire Feb. 22, 2019. The text of the temporary regulations serves as the text of proposed regulations, also scheduled for publication in the Federal Register.

The IRS will concurrently issue Rev. Proc. 2016-15 to provide that the minimum number of low-income units in a LIHTC development that must undergo physical inspection is the lesser of 20 percent of the low-income units in the property, rounded up to the nearest whole number, or the number of low-income units set forth in the Low-Income Housing Credit Minimum Unit Sample Size Reference Chart in the revenue procedure. The same rule applies to determine the minimum number of units that must undergo low-income certification review. Rev. Proc. 2016-15 also permits the physical inspection protocol established by the U.S. Department of Housing and Urban Development (HUD) Real Estate Assessment Center (REAC protocol) to satisfy the physical inspection requirements of LIHTC compliance monitoring. The revenue procedure is effective Feb. 25, 2016. Agencies using the REAC protocol under the physical inspections pilot program may use the provisions for onsite inspections retroactively to Jan. 1, 2015.

Tune in to the March 1 Tax Credit Tuesday podcast to learn more.

 

Administration Releases FY 2017 Budget

WASHINGTON – Feb. 9, 2016

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President Barack Obama today released his $4.2 trillion fiscal year (FY) 2017 budget, the final budget request of his presidency. For the U.S. Department of Housing and Urban Development (HUD), the budget requests $48.9 billion in gross discretionary funding, a 15 percent increase over FY 2016. The budget also calls for a new $11 billion in mandatory spending over the next 10 years for programs to house homeless families, including $8.8 billion for housing choice vouchers and $2.2 billion for short-term assistance.

The budget proposes changes to reform and expand the Low-Income Housing Tax Credit (LIHTC) program, including allowing states to convert up to 18 percent of each state’s private-activity bond volume cap into additional LIHTC authority; allowing the income-average rule for LIHTC eligibility; adding to the selection criteria for LIHTC allocation the preservation of federally assisted affordable housing; making affirmatively furthering fair housing an explicit preference in qualified allocation plans (QAPs); allowing HUD to designate as a qualified census tract (QCT) any census tract that meets certain criteria for the prevalence of poverty or low-income households; and adding protection for victims of domestic violence as a mandatory provision of the long-term-use agreement. The proposal would also modify and permanently extend the new markets tax credit (NMTC) at $5 billion and the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Further analysis will be available on the Notes from Novogradac blog.

 

Enterprise Recommends Doubling LIHTC Allocations, Making NMTC Permanent

COLUMBIA, Md. – Feb. 4, 2016

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Enterprise Community Partners Inc., a national nonprofit organization, today proposed several affordable housing and economic development policies to strengthen communities in, “An Investment Opportunity: A Bold New Vision for Housing Policy in the U.S.” The proposals include gradually doubling annual allocations of the low-income housing tax credit (LIHTCs), expanding funding for the Section 8 program, promoting mixed-income developments and making permanent and significantly expanding the new markets tax credit (NMTC). Enterprise also recommended creating a new federal tax credit for private investments into community development financial institutions (CDFIs) and other community investment entities.

 

FHA Updates MAP Guide

WASHINGTON– Feb. 2, 2016

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The Federal Housing Administration (FHA) today released an updated Multifamily Accelerated Processing (MAP) Guide that combines all FHA multifamily underwriting guidance into one document. The updated MAP Guide includes revised chapters that discuss the low-income housing tax credit (LIHTC) and other tax credits, as well as master lease structuring to facilitate the use of new markets tax credits (NMTCs) and historic tax credits (HTCs). The U.S. Department of Housing and Urban Development (HUD) said the revised MAP Guide is intended to streamline loan application approvals and to promote consistency across all HUD processing offices. Requirements are effective May 28.

FHA to Reduce Insurance Rates for Multifamily Mortgages

WASHINGTON– Jan. 28, 2016

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U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce multifamily mortgage insurance rates to encourage capital financing of affordable and energy-efficient housing. The reduced rates will be 25 basis points for broadly affordable housing, defined as properties with 90 percent of the units assisted by the low-income housing tax credit (LIHTC) or Section 8; 35 basis points for mixed-income properties; and 25 basis points for energy-efficient properties that meet certain performance standards. The reduced rates take effect April 1. FHA estimates the reductions will spur an additional 12,000 units of affordable housing to be rehabilitated each year, benefitting nearly 40,000 families over the next three years.

FHA will also reduce certain upfront multifamily mortgage insurance premiums for FHA commitments issued or reissued beginning April 1.

Tune in to the Feb. 2 Tax Credit Tuesday podcast to learn more.

 

HUD Proposes FY 2016 Mortgage Insurance Premium Changes

WASHINGTON– Jan. 27, 2016

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The U.S. Department of Housing and Urban Development (HUD) in the Federal Register tomorrow will propose changes to the fiscal year (FY) 2016 mortgage insurance premiums for certain Federal Housing Administration (FHA) multifamily housing insurance programs. The proposed upfront capitalized MIP for affordable housing is 25 or 30 basis points, depending on HUD’s classification of the property, and 25 basis points for green and energy-efficient housing. There are no proposed MIP changes for market-rate housing. The proposed FY 2016 MIP rates would be effective for commitments issued or reissued beginning April 1, 2016. Comments are due 30 days after publication in the Federal Register.

 

HUD Issues HOME Underwriting and Subsidy Layering Guidelines

WASHINGTON– Jan. 7, 2016

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In Notice CPD-15-11 the U.S. Department of Housing and Urban Development (HUD) provides guidance to participating jurisdictions in its HOME Investments Partnerships (HOME) program. The guidance concerns the development and implementation of written subsidy (including the low-income housing tax credit [LIHTC]) layering and underwriting guidelines in accordance with HOME regulations. Those guidelines are to evaluate and ensure that the HOME investment doesn’t exceed the amount necessary to provide quality affordable housing that is financially viable.

 

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