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LIHTC Bill to Add Appeal Process for Designation of QCTs and DDAs

WASHINGTON – July 29, 2014

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Rep. Pete Gallego, D-Texas, introduced legislation to provide an appeal process for designation as qualified census tracts (QCTs) and difficult development areas (DDAs) under the Low-Income Housing Tax Credit (LIHTC) program. H.R. 5198 was introduced July 24 and has been referred to the House Committee on Ways and Means. The text of the legislation and information about cosponsors will be posted to the Affordable Housing Resource Center when it becomes available.

Tune in to the August 5 Tax Credit Tuesday podcast to learn more about the bill.

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Audit Finds Delaware Complied with 1602 LIHTC Exchange Rules

WASHINGTON – July 16, 2014

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The Department of the Treasury’s Office of Inspector General last week released an audit of the Delaware State Housing Authority (DSHA) compliance with the Section 1602 low-income housing tax credit exchange program. The audit found that DSHA substantially met the requirements for receiving its 1602 program award and for allocating those funds to low-income housing developments. However, it found that a Delaware state law prevented DSHA from fulfilling the 1602 program requirement that each state housing credit agency open a financial institution account to receive and disburse program funds. The audit determined that DSHA still met the overall financial management requirement by tracking tax credit exchange program funds in a separate general ledger account.

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IRS Solicits Comments on LIHTC Form 8823

WASHINGTON – July 14, 2014

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In a notice in tomorrow’s Federal Register, the Internal Revenue Service (IRS) will invite public comments regarding Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. No changes have been proposed to the form at this time, but the estimated burden hours associated with the collection of Form 8823 have been decreased by 69,000 hours to 303,200 hours. Written comments will be accepted through Sept. 13, 2014.

Live Webinar on Community Reinvestment Act Questions and Answers

WASHINGTON – July 11, 2014

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The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (OCC) announced today that they will host a live interagency webinar regarding revisions to the “Interagency Questions and Answers Regarding Community Reinvestment” and the revised “Large Institutions Community Reinvestment Act Examination Procedures” on July 17 at 2 p.m. Eastern. Participants must register by July 17.

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Julian Castro Confirmed as HUD Secretary

WASHINGTON – July 9, 2014

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The Senate today confirmed Julian Castro as Secretary of the U.S. Department of Housing and Urban Development. Castro was confirmed by a bipartisan vote of 71-26. He replaces outgoing secretary Shaun Donovan.

Donovan, Castro Nominated to Lead OMB, HUD

WASHINGTON – May 23, 2014

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President Barack Obama today nominated U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan to be the new director of the Office of Management and Budget (OMB). He also nominated San Antonio Mayor Julian Castro to replace Donovan as HUD Secretary. The nominations will now go to the Senate for approval.

Tune in to next week’s Tax Credit Tuesday podcast to learn more.

Reps. Tiberi, Neal to Introduce Permanent 9 Percent, 4 Percent LIHTC Floor

WASHINGTON – May 22, 2014

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Reps. Pat Tiberi, R-Ohio, and Richard Neal, D-Mass., today introduced a bill that would create a permanent floor for the low-income housing tax credit (LIHTC).The bill would establish a fixed 9 percent LIHTC rate for new rental construction property and a fixed 4 percent LIHTC rate for existing property. The bill would only affect the amount of LIHTCs that a housing finance agency may award a particular development and wouldn’t affect the overall amount of state credit allocations. The text of the legislation and information about cosponsors will be posted to the Affordable Housing Resource Center when it becomes available.

Tune in to next week’s Tax Credit Tuesday podcast to learn more about the bill.

Rent & Income Limit Calculator© Updated with HOME Limits

SAN FRANCISCO – April 28, 2014

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Novogradac & Company LLP has released an updated version of the Rent & Income Limit Calculator© featuring the U.S. Department of Housing and Urban Development's (HUD’s) 2014 HOME income limits and rent limits, which are effective on May 1, 2014.

In addition to the 2014 HOME rent and income limits, Novogradac's 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.

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.

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).

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.

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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