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Oregon to Boost Affordable Housing Lender Tax Credits by $10 Million per Fiscal Year
Oregon Gov. Kate Brown signed legislation this week that clarifies laws on certain tax credits concerning community development. H.B. 2433 increases the limit of the total amount of outstanding affordable housing lender tax credits allowed in any fiscal year to $35 million (from $25 million) from Jan. 1, 2022, through Dec. 31, 2025. A qualification for this credit is expanded to include loan proceeds used to finance certification construction, development, acquisition or rehabilitation of housing if such preserved housing is or will be occupied by households earning no more than 80% of the area median income (AMI) and subject to a rental assistance contract limiting a tenant’s rent to no more than 30% of their income. The bill also establishes an annual limit on eligible agriculture workforce housing construction tax credits of no more than $16.75 million in total potential credits in a two-year period. The limit on the period during which the credit is allowed for a qualified loan is 30 years for rent assistance or financing resources from the United States Department of Agriculture, for new housing construction, acquisition of housing or a preservation project. The legislation takes effect Sept. 25.
The state of affordable housing legislation will be a topic of discussion at the Novogradac 2021 Affordable Housing Tax Credit and Bond Conference, Sept. 30-Oct. 1, in Nashville, Tennessee.