News

Friday, January 27, 2023

Legislation in Texas would give priority in the allocation of private activity bonds (PABs) for residential rental housing to properties that previously received an allocation but need additional PAB issuance to maintain compliance with the 50% financed-by test.

Wednesday, January 25, 2023

Legislators in Arizona introduced a bill Monday to extend the state’s low-income housing tax credit (LIHTC) expiration from Dec. 31, 2025, to Dec. 31, 2031. H.B. 2318 would raise the annual state cap from $4 million to $12 million beginning in 2024. The credit is worth at least 50% of the federal credit for each year during the federal credit period and can be carried forward five years.

Wednesday, January 25, 2023

Legislation to introduce a state historic tax credit (HTC) was read twice this week in the Arizona state Legislature. H.B. 2258 would authorize a combined annual aggregate cap of $15 million in tax credits from Dec. 31, 2023, through Dec. 31, 2033. The amount of the credit is 20% of the qualified rehabilitation expenditures (QREs). The credit can be carried forward 10 years.

Wednesday, January 25, 2023

Legislation introduced in the Indiana state Senate would create a state historic tax credit (HTC). S.B. 478 would create a state credit worth 30% of qualified rehabilitation expenditures (QREs) for nonprofit properties that don’t produce income. All other historic rehabilitations would receive a 25% state HTC. The credit could be carried forward up to 10 years. There would be a $10 million annual cap and the credit would expire Jan. 1, 2033. Indiana currently has a residential HTC only.

Wednesday, January 25, 2023

A bill introduced Tuesday in the New Hampshire Legislature would establish a historic tax credit (HTC) for housing. S.B. 231 would create a five-year credit capped at $5 million annually in contributions for historical structures being used as or converted to multifamily apartments. The tax credit would be applicable to up to 65% of the contribution made by an investor to the state authority, which would pass the investment to a specific project. If passed, the legislation would take effect July 1.

Wednesday, January 25, 2023

A bill introduced in the Nebraska Legislature would expand the state historic tax credit (HTC) percentage, while also decreasing the statewide cap beginning in 2024. L.B. 756 would increase the state HTC percentage from 20% to 25% for properties in counties with cities with a population 100,000 or more, while those in other counties would be worth 30% of eligible expenditures. The maximum HTC amount per property would be $2 million and beginning Jan. 1, 2024, the statewide annual cap would drop from $15 million to $12 million. The legislation would also add a provision requiring properties to be at-grade or aboveground to be eligible for the HTC.

Wednesday, January 25, 2023

A bill in the Illinois state Senate would extend the sunset date for the state historic tax credit (HTC) while increasing the annual cap. S.B. 119 would provide a sunset date of Dec. 31, 2028, for the state HTC, five years later than the current sunset date. The legislation would also expand the annual state cap of $15 million to $75 million, beginning Jan. 1, 2024.

Wednesday, January 25, 2023

Two bills introduced in the Hawaii Senate would encourage the allocation of low-income housing tax credits (LIHTCs) to state-owned properties that would then use surplus finances for more affordable housing. S.B. 858 would require that the state qualified allocation plan (QAP) add that up to 20% of the criteria for allocation be for properties that offer to convey ownership of the finished property to the state or another organization that is obliged to use all financial surpluses to build more housing and to prioritize applications based on the timing and loan amount repaid early to the state rental housing revolving fund. S.B. 936 would require the QAP to prioritize developments owned by the state.

Wednesday, January 25, 2023

The Biden administration today announced actions to increase fairness in the rental market and fair housing, as well as issuing a Blueprint for a Renters Bill of Rights. Among the actions are that the U.S. Department of Housing and Urban Development (HUD) will publish a notice of proposed rulemaking to require public housing authorities (PHAs) and owners of project-based rental assistance properties to provide at least 30 days’ advanced notice before terminating a lease due to nonpayment of rent. Other actions include that the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) will collect information to identify practices that unfairly prevent applicants and tenants from accessing or staying in housing and will use that information to inform enforcement and policy actions; the CFPB and FTC will work to ensure accurate information for credit reporting and hold background reporting agencies accountable for unreasonable procedures; and the Federal Housing Finance Agency (FHFA) will launch a public process to examine proposals to promote renter protection and limit “egregious rent increase” for future investments.

Tuesday, January 24, 2023

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today it would delay the launch of the new CDFI Certification Application past the anticipated April timeline. The CDFI Fund is determining a new launch date, but the ongoing pause on CDFI certification application submissions will remain in effect. There are revisions to the application and reporting requirements. The CDFI Fund attributed the postponement to further review of public comments to the version of the application released for public comment in the Nov. 4, 2022, Federal Register. Comments on that draft were due in December 2022.