Low-Income Housing Tax Credits:

News Archive

2009

May

IRS PUBLISHES UTILITY ALLOWANCE GUIDANCE CLARIFICATION

WASHINGTON, D.C. - May 5, 2009

The Internal Revenue Service (IRS) today issued guidance in Notice 2009-44 to clarify that utility costs paid by a tenant and based on actual consumption in a sub-metered rent-restricted unit are treated as paid directly by the tenant for purposes of Section 42(g)(2)(B)(ii) of the Internal Revenue Code. The IRS says that building owners may rely on Notice 2009-44 for any utility allowances effective no earlier than the first day of the building owner's taxable year beginning on or after July 29, 2008. The IRS will accept comments on Notice 2009-44 through July 27, 2009.

GUIDANCE RELEASED FOR TCAP AND LIHTC EXCHANGE PROGRAM

WASHINGTON, D.C. - May 4, 2009

The Department of Housing and Urban Development (HUD) and Treasury Department today released guidance on the two programs created by the American Recovery and Reinvestment Act of 2009 related to the low-income housing tax credit (LIHTC). Today, HUD issued CPD Notice 09-03 describing the implementation of the Tax Credit Assistance Program (TCAP). This notice explains program requirements and provides guidance to state housing credit agencies on the information they must submit to HUD as a condition of receiving their grant. These submissions are due to HUD within 30 days - by Wednesday, June 3, 2009. HUD has also posted a Questions and Answers document about the TCAP program, and says it will update that information on an ongoing basis.

The Treasury Department also published application information and forms and is now accepting applications from LIHTC allocating agencies for grants in lieu of LIHTCs for 2009.

HUD announced that on Wednesday, May 6, HUD and the Department of Treasury will be conducting a joint web/satellite broadcast on TCAP and the Grants in Lieu of Tax Credits Program.

This guidance will also be discussed in person by industry leaders at Novogradac & Company’s conference A Look Ahead: The LIHTC and the Recovery and Reinvestment Act, May 13-14, 2009 in New Orleans, La.

April

HUD INVITES COMMENT ON APPROVAL PROCESS FOR MULTIFAMILY PROJECTS

WASHINGTON, D.C. - April 29, 2009

The U.S. Department of Housing and Urban Development (HUD) today released a notice inviting recommendations from stakeholders in its insured multifamily projects, as well as interested members of the public, on administrative and procedural changes that HUD should adopt to expedite approval of multifamily housing projects involving low-income housing tax credits (LIHTCs) or tax-exempt bonds under its jurisdiction. In addition to soliciting general recommendations on expediting the approval process of multifamily housing projects, HUD also invited recommendations on a number specific topics including: improving the efficiency of approval procedures; simplifying approval requirements; and establishing time deadlines or target deadlines for required approvals. Click here for a copy of the notice.

IRS RELEASES RULING ABOUT OFF SITE COSTS AND ELIGIBLE BASIS

WASHINGTON, D.C. - April 28, 2009

The costs of constructing streets and related infrastructure improvements that will be dedicated to public use in a low-income housing tax credit project are capitalizable into the bases of project's residential rental buildings, the Internal Revenue Service determined in private letter ruling (PLR) 200916007. The ruling will be examined in detail in the June 2009 issue of the Novogradac Journal of Tax Credit Housing.

GO ZONE CREDITS DO NOT QUALIFY FOR TCEP GRANTS, CAN BE REALLOCATED

WASHINGTON, D.C. - April 27, 2009

The U.S. Treasury Department released a letter today that says that credits allocated under the Gulf Opportunity (GO) Zone Act of 2005 will not be eligible for grants from the Tax Credit Exchange program (TCEP). The letter from Deputy Assistant Secretary (International Tax Affairs) Michael F. Mundaca says that TCEP applies only to low-income housing tax credits allocated under section 42(h)(3)(C) of the Internal Revenue Code. Because GO Zone credits were allocated as “additional credit cap,” states cannot return these credits for grant money. The letter also says that 2008 GO Zone credits returned in 2009 can be reallocated during states’ 2009 allocation rounds. Louisiana’s response, as well as additional information about the American Recovery and Reinvestment Act, can be found here.

Treasury’s treatment of GO Zone and disaster credits under TCEP will be just one of the topics discussed at Novogradac & Company’s conference A Look Ahead: The LIHTC and the Recovery and Reinvestment Act, May 13-14, 2009 in New Orleans, La.

INDIANA LIHTC AGENCY PUBLISHES DRAFT RECOVERY ACT PLAN

INDIANAPOLIS, IND. - April 21, 2009

The Indiana Housing and Community Development Authority (IHCDA) today released a draft of its proposed policies for implementing the two enhancement funding sources for low-income housing tax credit (LIHTC) developments created by the American Recovery and Reinvestment Act of 2009. IHCDA’s plan outlines its policies for the Tax Credit Assistance Program (TCAP) and the Credit Exchange Program. In the notice announcing the proposed policies, IHCDA says Midwestern Disaster Credits are not eligible to be exchanged for cash through Treasury and TCAP funds will not be eligible for developments that have received Midwestern Disaster credits. Public review and comments of the draft will be accepted through May 22, 2009 and a public hearing will be held on May 22 at IHCDA. For more information, and a copy of the proposed policy, click here and scroll down to the section labeled Indiana.

CALIF. RESPONDS TO RECOVERY ACT PLAN COMMENTS

SACRAMENTO, CALIF. - April 16, 2009

Today, the California Tax Credit Allocation Committee (TCAC) released a memo regarding comments received from the public on its proposed regulation changes related to the American Recovery and Reinvestment Act of 2009 and the tax credit program’s final tiebreaker. TCAC says it has carefully considered all comments received, and has finalized the recommendations that it will present to the committee for consideration and adoption on April 30, 2009. Click here for a copy of the memo, which lists the revisions to the initially proposed changes.

GEORGIA RELEASES PRELIMINARY ARRA IMPLEMENTATION PLAN

ATLANTA, GA. - April 9, 2009

The Georgia Department of Community Affairs (DCA) yesterday released its preliminary plan for implementing the low-income housing tax credit (LIHTC) provisions of the American Recovery and Reinvestment Act of 2009. The proposed plan, which is subject to change, addresses how DCA will implement both the Tax Credit Exchange program and the Tax Credit Assistance program. The agency said it released the preliminary plan to help developers get their projects “shovel ready” as soon as possible. DCA will hold a Q&A meeting on the preliminary plan on Wednesday, April 15. Click here to download Georgia’s plan as well as plans and memos from other states related to Recovery Act funding for LIHTC properties.

DCA’s implementation plan and other state responses to the Recovery Act will be the focus of Novogradac & Company’s conference A Look Ahead: The LIHTC and the Recovery and Reinvestment Act, May 13-14, 2009 in New Orleans, La.

March

TENNESSEE PUBLISHES CURRENT PLANS FOR RECOVERY ACT PROVISIONS

NASHVILLE, TENN. - March 31, 2009

The Tennessee Housing Development Agency today released a memo regarding its 2009 low-income housing tax credit (LIHTC) program and its plans to implement the LIHTC provisions of the American Recovery and Reinvestment Act of 2009. The memo notes that the agency is still waiting on guidance from Treasury and the U.S. Department of Housing and Urban Development (HUD) regarding the requirements and administration. In the interim, today’s memo describes staff expectations regarding how TDHA’s current plans for the Recovery Act’s provisions will affect the 2009 LIHTC application round. Click here to download the memo from Tennessee, as well as similar announcements from several other state LIHTC allocating agencies.

TDHA’s regulations and other state responses to the Recovery Act will be the focus of Novogradac & Company’s conference A Look Ahead: The LIHTC and the Recovery and Reinvestment Act, May 13-14, 2009 in New Orleans, La.

HUD SEEKS INPUT ON LIHTC TENANT DATA COLLECTION REQUIREMENT

WASHINGTON, D.C. - March 30, 2009

The U.S. Department of Housing and Urban Development (HUD) today invited early input from state housing agencies and other interested stakeholders on a methodology or approach to meet the low-housing tax credit (LIHTC) tenant data collection requirement of the Housing and Economic Recovery Act of 2008 (HERA). HERA requires state LIHTC allocating agencies to submit to HUD, not less than annually, certain demographic and economic information on households residing in LIHTC properties. The statute also requires HUD to establish standards and definitions for the information that state housing agencies must submit, and to provide them with technical assistance in establishing systems to compile and submit the information. Today's notice seeks early input on a methodology or approach to meet this statutory requirement in advance of HUD's submission of a formal proposal for public comment. HUD will accept comments through May 29, 2009. Click here for a copy of the notice. Click here for more information about HERA.

REAC EXTENSION GRANTED BY HUD FOR SOME MULTIFAMILY PROPERTY OWNERS

WASHINGTON, D.C. - March 26, 2009

Due to U.S. Department of Housing and Urban Development (HUD) infrastructure performance problems, multifamily property owners have experienced difficulties submitting their financial statements due March 30, 2009 (for owners with a fiscal year end on December 31, 2008). The Office of Multifamily Housing Programs, Office of Asset Management has authorized the Real Estate Assessment Center (REAC) to implement a blanket 30-day extension only for owners whose project fiscal year ends December 31, 2008. Owners/auditors should not request an extension in the Financial Assessment Sub System (FASS); the extension has been automatically implemented. The extended FASS due date is April 30, 2009.  HUD says owners who submit the financial statements on or before April 30 will not be referred to the Departmental Enforcement Center or be flagged in the Active Partners Performance System.

NOVOGRADAC'S RENT & INCOME CALCULATOR UPDATED FOR 2009

WASHINGTON, D.C. - March 25, 2009

Novogradac & Company LLP's Rent & Income Limit Calculator© has been updated to include the U.S. Department of Housing and Urban Development's (HUD) 2009 rent and income limit data. It is available online at www.novoco.com/products/rentincome.php with the compliments of Novogradac & Company LLP.

The Rent & Income Limit Calculator© will calculate IRS 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. It also provides the HUD sourced 30 percent, 50 percent and 80 percent income limits for a selected county; automatically calculates the LIHTC rent and income limits for any selected percentage of the area median income (AMGI) for the selected county; and allows users to select parameters to calculate rent and income limits for other affordable housing programs.

The Rent & Income Limit Calculator© also allows users to choose which bedroom sizes are displayed (the default setting displays results for all bedroom sizes) and choose which income or rent levels are displayed on the 10 year historical charts.

New this year, the Rent & Income Limit Calculator© has been updated to incorporate changes to the law made by the Housing and Economic Recovery Act of 2008 (HERA). Also, a new field has been added in which users can type the project name, resulting in the project name being displayed on the last page.

HUD RELEASES INCOME LIMITS FOR 2009

WASHINGTON, D.C. - March 19, 2009

The U.S. Department of Housing and Urban Development (HUD) today released income limits for 2009. Click here for links to the income limits and accompanying information and tables. Under the Housing and Economic Recovery Act of 2008 (Public Law 110-289), income limits used to determine qualification levels as well as set maximum rental rates for projects funded with low-income housing tax credits (LIHTC) and projects financed with tax-exempt housing bonds - referred to by HUD as Multifamily Tax Subsidy Projects (MTSPs) - are now calculated and presented separately from the Section 8 income limits. Both MTSP and Section 8 income limit data have been posted here.

To hear this news discussed in detail, tune in next week to the Tax Credit Tuesday Podcast on March 24.

Novogradac & Company LLP is currently updating its Rent & Income Limit Calculator© to include 2009 data. Subscribers to the free Industry Alert E-mail service will receive an e-mail announcement when the update has been completed.

CALIFORNIA PROPOSES NEW REGULATIONS FOR RECOVERY ACT FUNDS

SACRAMENTO, CALIF. - March 18, 2009

The California Tax Credit Allocation Committee (TCAC) yesterday released a new proposed regulation section incorporating the American Recovery and Reinvestment Act of 2009, specifically the Tax Credit Assistance Program (TCAP) funding and credit exchange program. TCAC says it is providing the proposed regulations while waiting for more detailed program guidance from the Department of Housing and Urban Development (HUD) and the Secretary of the Treasury regarding these funding sources. HUD is expected to post the TCAP rules shortly, and it is likely that states will have short timelines for providing the plans they adopt for administering those funds. To prepare for the anticipated short federal timelines, TCAC says its staff is promulgating the proposed regulations for public review and comment. Comments on those regulations will be accepted in writing and at three public hearings. TCAC says the proposed regulations are likely to evolve as staff receive public comments and receive additional federal guidance.

TCAC’s regulations and other state responses to the Recovery Act will be the focus of Novogradac & Company’s conference A Look Ahead: The LIHTC and the Recovery and Reinvestment Act, May 13-14, 2009 in New Orleans, La.

DELAWARE RELEASES MEMO ADDRESSING GOALS FOR ARRA PROVISIONS

DOVER, DEL. - March 11, 2009

The Delaware State Housing Authority today released a memo regarding the American Recovery and Reinvestment Act of 2009. The memo describes the two low-income housing tax credit (LIHTC) programs created by the Recovery Act and outlines the authority’s goals for implementing those programs. Click here to download the memo from Delaware and more than a dozen similar announcements from other state LIHTC allocating agencies.

February

ARRA EXCHANGE PROGRAM GRANTS DO NOT REDUCE ELIGIBLE BASIS

SAN FRANCISCO, CALIF. - February 25, 2009

In today's webinar on the American Recovery and Reinvestment Act of 2009, Novogradac & Company noted that it had been told by the Internal Revenue Service that grants received under the credit exchange program were federal grants, and while they were not taxable income and did not reduce depreciable basis, they did reduce eligible basis. The statute states that "basis" is not reduced, and we had argued that the statutory reference to "basis" should mean both eligible and depreciable basis.

We have since received a revised interpretation from Treasury, that upon further reflection, it believes that grants received under the credit exchange program do not reduce eligible basis.

This is a significant interpretative victory for the low-income housing tax credit community, and will be of benefit to affordable housing developments that receive both credit exchange grants and a low-income housing tax credit allocation. We expect that the Internal Revenue Service will issue interpretive guidance to this effect.

HUD ALLOCATES $2.25 BILLION FOR TAX CREDIT PROGRAM

WASHINGTON, D.C. - February 25, 2009

The U.S. Department of Housing and Urban Development (HUD) today announced that it allocated nearly 75 percent of the $13.61 billion of funding provided by the American Recovery and Reinvestment Act of 2009 for projects and programs administered by HUD. The funding announced today is primarily formula-based, including $2.25 billion for the Tax Credit Assistance Program (TCAP). TCAP grants are funded under HUD's HOME program and are meant to help state housing finance agencies kick-start the production of stalled affordable rental housing projects that rely on low-income housing tax credits (LIHTCs). Click here for more information, including a table of TCAP funding amounts by state.

To learn more about this program, and the other tax credit provisions included in the Recovery Act, tune in to The Recovery and Reinvestment Act of 2009 Webinar. The live session will be held from 10:00 a.m. - 12:00 p.m. Pacific Standard Time today, and a recording of the webinar will be available for download shortly after the event concludes.

The implementation of the Recovery Act and an assessment of its impact will also be the focus of the New Orleans LIHTC Finance Conference on May 13-14, 2009. Novogradac & Company is currently developing the agenda for the event, which will feature panel discussions on topics including: income and accounting implications of credit exchange dollars and HOME fund dollars; ways to use credit exchange dollars; asset management by state agencies; the impact of ARRA on TEB financed transactions; and investor reactions to ARRA.

CALIFORNIA POSTPONES FIRST ROUND LIHTC APPLICATIONS

SACRAMENTO, CALIF. - February 23, 2009

The California Tax Credit Allocation Committee (TCAC) today announced that it is postponing the due date for its first round of low-income housing tax credit (LIHTC) applications and its upcoming application workshops. With the enactment of the American Recovery and Reinvestment Act of 2009, TCAC will be promulgating regulations modifying the qualified allocation plan (QAP) to make available the new federal HOME and credit exchange resources. TCAC staff is conferring with California stakeholders, other states and federal officials, and intends to develop draft regulations shortly. TCAC says it will disclose the new first-round application deadline as soon as we it establishes the timing for adopting new regulations.

To learn more about how state housing tax credit agencies are responding to the enactment of the American Recovery and Reinvestment Act of 2009, tune in to The Recovery and Reinvestment Act of 2009 Webinar on February 25, 2009.

AMERICAN RECOVERY AND REINVESTMENT ACT SIGNED INTO LAW

DENVER, COLO. - February 17, 2009

President Barack Obama today signed into law the American Recovery and Reinvestment Act of 2009 at a signing ceremony held at the Denver Museum of Nature & Science. The new law includes enhancements to the new markets tax credit (NMTC), renewable energy tax credit (RETC) and low-income housing tax credit (LIHTC) programs.

Tune in to today’s Tax Credit Tuesday podcast to hear more about the tax credit provisions included in the $787 billion economic recovery package.

Next week, on Wednesday, February 25 Novogradac & Company will present a webinar about the American Recovery and Reinvestment Act. Michael J. Novogradac, managing partner in the San Francisco office of Novogradac & Company LLP, will describe the provisions of the new law including:

• the additional $3 billion in new markets tax credit authority provided for 2008 and 2009;
• the extensions of placed in service dates for renewable energy facilities;
• the temporary permission to elect the investment tax credit in lieu of the production tax credit;
• the low-income housing tax credit exchange provision; and
• the $2.25 billion in gap funding for LIHTC projects.

AGREEMENT ANNOUNCED ON RECOVERY LEGISLATION

WASHINGTON, D.C. - February 11, 2009

Congressional conferees today announced they had reached a tentative agreement on an economic recovery package. While some of the details remain to be finalized, the legislation is said to include approximately $789 billion in spending and tax provisions. Initial reports indicate that that the low-income housing tax credit (LIHTC) exchange provision passed in the House bill is included in the final package, as is a provision to provide new funds that will be provided to fill gaps in LIHTC funding although the amount of that funding is still unclear. At this writing, it is also unclear whether the final bill includes the LIHTC accelerator provision that was passed as part of the Senate bill. Updates will be provided online at www.taxcredithousing.com as soon as additional information becomes available.

Novogradac & Company LLP is planning a webinar on the provisions of the economic recovery legislation. Details will be posted shortly at www.novoco.com/events.

SENATE OKS RECOVERY BILL WITH LIHTC, NMTC, RETC PROVISIONS

WASHINGTON, D.C. - February 10, 2009

The Senate today voted 61 to 37 to approve H.R. 1, the American Recovery and Reinvestment Act of 2009. The Senate version of the economic recovery package includes a provision to accelerate the low-income housing tax credit (LIHTC) allowing investors to claim 20 percent of the allowable credits in each of the first three years, and the remaining 40 percent over the next seven years. The bill also provides $2 billion dollars of LIHTC gap financing.

The Senate measure would also authorize an additional $1.5 billion for the 2008 new markets tax credit (NMTC) allocation round and an additional $1.5 billion for the 2009 allocation round. The NMTCs allocated for the 2009 round would be allowed against the alternative minimum tax.

In addition, the Senate’s proposal extends the placed-in-service date for wind facilities through December 31, 2012 and through December 31, 2013 for certain other qualifying facilities. The proposal would also temporarily allow renewable energy production facilities to elect the investment tax credit in lieu of the production tax credit.

Click here for a summary of the finance provisions included in the final version of the Senate bill. The legislation will now go through a conferencing process to resolve differences with the House-passed recovery legislation. Lawmakers have indicated they intend to deliver a final bill to the president for his signature by the end of this week.

A discussion about the House and Senate recovery bills will be presented in this week’s Tax Credit Tuesday podcast, which will be posted online by 1 p.m. Pacific time.

SUPPORT NEEDED TODAY FOR LIHTC ACCELERATOR AMENDMENT

WASHINGTON, D.C. - February 4, 2009

Sen. Maria Cantwell, D-Wash., today filed an amendment to the Senate economic recovery proposal that would accelerate the amount of low-income housing tax credits that could be claimed in the first three years while still retaining the full 10-year credit period. This proposal is an integral part of the comprehensive package of affordable housing provisions that the LIHTC community has recommended as part of the American Recovery and Reinvestment Act of 2009.

The amendment is currently sponsored by Sens. Cantwell, Kerry, Snowe, Schumer, Stabenow, Bingaman, Ensign, Carper, Hatch, Wyden, Cardin, and Nelson. Those in the LIHTC community are urged to call or e-mail their Senators today who are not currently sponsors, and ask them to support the Cantwell LIHTC amendment. Click here for a copy of the Cantwell amendment as well as the industry sign-on letter supporting the package of affordable housing proposals.

January

AMENDMENT TO SENATE RECOVERY BILL WOULD ACCELERATE LIHTCS

WASHINGTON, D.C. - January 26, 2009

The Senate Finance Committee will consider an amendment to its economic recovery proposal that would accelerate the amount of low-income housing tax credits that could be claimed in the first three years while still retaining the full 10-year credit period. Supporters say this could increase yields and book earnings to investors thereby attracting more investors to the weakened LIHTC equity market without significantly lowering tax credit prices. The Senate Finance Committee will consider the American Recovery and Reinvestment Act of 2009 during a hearing tomorrow.

The amendment is currently cosponsored by Sens. Maria Cantwell, D-Wash., Charles Schumer, D-N.Y., John Kerry, D-Mass., Debbie Stabenow, D-Mich., Olympia Snowe, R-Maine, and John Ensign, R-Nev. Additional support for the amendment is still needed. Those in the LIHTC community are encouraged to contact their members of Congress, particularly Chairman Max Baucus, D-Mont., and members of the Senate Finance Committee, to express support for the amendment.

SENATE ECONOMIC RECOVERY INTRODUCED WITHOUT LIHTC PROVISIONS

WASHINGTON, D.C. - January 23, 2009

The Senate Finance Committee today unveiled the details of its proposal for an economic recovery package, which includes a five year carryback for general business tax credits but does not include new federal support for the low-income housing tax credit program nor incentives to help the industry raise new investor capital. The Senate Finance Committee is scheduled to hold a hearing on the American Recovery and Reinvestment Act on January 27.

Tune in to the Tax Credit Tuesday podcast on January 27 to hear Michael J. Novogradac, CPA, discuss the latest developments in the ongoing consideration of the Senate and House economic recovery proposals.

HELP URGED TO SUPPORT LIHTC PROVISIONS FOR RECOVERY BILL

WASHINGTON, D.C. - January 16, 2009

The House version of an economic recovery bill was released yesterday and despite initial hopes, the bill as it currently stands contains neither new federal support for the low-income housing tax credit (LIHTC) program nor new incentives to help the industry raise new investor capital. The Affordable Housing Tax Credit Coalition is currently reaching out to lawmakers about including the coalition's proposals in the forthcoming Senate version of the economic recovery package as well as reconsidering the proposals for future inclusion in the House version.

AHTCC is urging those in the LIHTC community to contact their Senators and Representatives immediately and ask that they support AHTCC's proposals. To assist supporters of the program in advocating on behalf of the LIHTC, the coalition has provided a copy of a joint letter that was written and cosigned by a number of LIHTC stakeholders, including the AHTCC, Enterprise Community Partners, Housing Advisory Group, Local Initiatives Support Corporation and the National Association of State and Local Equity Funds.

SENATE COMMITTEE HOLDS HEARING FOR HUD SECRETARY POST

WASHINGTON, D.C. - January 13, 2009

The Senate Banking, Housing and Urban Affairs Committee today held a nomination hearing for Shaun Donovan, secretary-designate for the U.S. Department on Housing and Urban Development (HUD). Click here to download copies of the prepared statements made by committee Chairman Chris Dodd, D-Conn., and secretary-designate Donovan.

Donovan’s nomination is one of the many topics discussed in today’s Tax Credit Tuesday podcast as well as in a panel discussion at last week’s 15th Annual Affordable Housing Developers Conference in Miami. A recording of that panel discussion is available for download here.

HUD ANNOUNCES 2009 ANNUAL ADJUSTMENT FACTORS

WASHINGTON, D.C. - January 12, 2009

The U.S. Department of Housing and Urban Development (HUD) today published revised Annual Adjustment Factors (AAFs) for adjustment of Section 8 contract rents for specified programs. These AAFs apply to housing assistance payment contract anniversaries for calendar months commencing after today. Click here for more information.

INTERAGENCY CRA GUIDANCE UPDATED

WASHINGTON, D.C. - January 7, 2009

The Office of the Comptroller of the Currency, Treasury (OCC), Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC) and Office of Thrift Supervision (OTS) yesterday announced the publication of new and revised Interagency Questions and Answers Regarding Community Reinvestment. The questions and answers interpret the agencies’ Community Reinvestment Act (CRA) regulations and provide guidance to financial institutions and the public. The agencies proposed the questions and answers on July 11, 2007. After considering the comments, the agencies adopted the majority of the questions and answers as they were proposed or with revisions in response to the comments. In addition, they are proposing for comment one new and two revised questions and answers. Comments on the proposed provisions are due by March 9, 2009. For more information on the CRA, including these questions and answers and the agencies’ CRA regulations, visit the CRA Resource Center.