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Texas Gov. Greg Abbott signed legislation to spur development of affordable housing near veterans hospitals by changing the scoring system for allocating low-income housing tax credits (LIHTCs). H.B. 1558 updates the state’s LIHTC scoring system with additional points for an application for a property in a county of between 1 million and 4 million residents that is located within 2 miles of a veterans hospital, veterans affairs medical center or veterans affairs health center. The change takes effect Sept. 1.
A report by the Missouri Housing Development Commission recommends that the state allow accelerated redemption for up to 50% of state low-income housing tax credits (LIHTCs), an increase from 20% in a pilot program. Missouri’s state credit is generally redeemed ratably over a 10-year period and the accelerated program allows recipients to redeem 71% of the credits in the first five years. The study committee found that accelerating redemption of the state LIHTC increased the equity pricing by more than 10 cents per tax credit dollar, which could mean an additional 86 units of affordable housing could be built annually with no increase in spending.
The U.S. Department of Housing and Urban Development (HUD) will publish in Friday’s Federal Register a proposed rule reinstating its previous rule on disparate impact’s role in the Fair Housing Act. The proposal would reinstate the 2013 rule that allowed evidence of discriminatory effects–including acts that were seemingly neutral, but had unequal effects–to be considered discrimination. HUD published a notice of proposed rulemaking in 2019 that would have weakened the ability to prove discrimination through disparate impact.
The U.S. Center for Disease Control and Prevention (CDC) today announced an extension of its COVID-19-related federal eviction moratorium through July 31. The extension, which was scheduled to end June 30, allows time to prevent a wave of evictions and extends the period for state and local governments to distribute emergency rental assistance.
The U.S. Department of the Treasury today released an updated frequently asked questions (FAQs) document and fact sheet to support the rapid deployment of Emergency Rental Assistance (ERA) aid by states, territories, localities and tribal governments. The updated FAQs strongly encourage partnerships with courts to prevent evictions and develop eviction-diversion programs, emphasize helping families experiencing homelessness gain access to assistance, remove language and cultural barriers in securing ERA and more.
The U.S. Supreme Court released a decision today ruling that the structure of the Federal Housing Finance Agency (FHFA) is unconstitutional and allowing the president to fire the director. The decision in Collins v. Yellen paves the way for President Joe Biden to replace FHFA Director Mark Calabria if he chooses. Calabria is an appointee of President Donald Trump. The court ruled that the Recovery Act, which placed FHFA enterprises Fannie Mae and Freddie Mac under government conservatorship, violated the Constitutional separation of powers dictate by restricting the president’s ability to remove the FHFA head.
Texas Gov. Greg Abbott signed legislation that amends the state historic tax credit (HTC) regulations to make expenses for a nonprofit corporation to rehabilitate a historic structure ineligible for the HTC if the structure is leased to a tax-exempt entity in a disqualified lease. H.B. 3777 takes effect Jan. 1, 2022.
Legislation signed into law in Texas expands the state’s exemption from property tax for property owned by charitable organizations that provide housing for people experiencing homelessness. H.B. 115 would change the number of years an organization needs to be in existence, depending on the size of the county. The legislation also requires the property to be located on a tract of land that’s at least 15 acres and removes the requirement that the property must be on a single campus.
Illinois Gov. J.B. Pritzker signed legislation to implement the state budget that includes provisions to extend the sunset date for the state’s River Edge historic tax credit (HTC) and the state credit for affordable housing donations. S. 2017 extends the sunset date for the River Edge HTC from Dec. 31, 2021, to Dec. 31, 2026.
Four senators led by Sen. Jon Ossoff, D-Georgia, introduced Monday the Solar Energy Manufacturing for America (SEMA) Act in an effort to spark domestic solar manufacturing, speed the transition to clean energy and propel America toward greater energy independence. The bill introduced by Ossoff along with Sens. Raphael Warnock, D-Georgia, Michael Bennet, D-Colorado, and Debbie Stabenow, D-Michigan, would provide tax credits to manufacturers throughout the solar manufacturing supply chain, including polysilicon production to photovoltaic cells to fully assembled solar modules
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