RULE PROPOSED TO ALLOW USE OF INDIAN HOUSING BLOCK GRANT FUNDS IN LIHTC PROJECTS
The U.S. Department of Housing and Urban Development (HUD) today proposed a rule would amend the Indian Housing Block Grant (IHBG) program regulations to specify the conditions under which IHBG funds may be used for project-based or tenant-based rental assistance and clarify that IHBG funds may be used for project-based or tenant-based rental assistance that is administered in a manner consistent with Section 8. In the notice, HUD notes that today’s proposed rule is necessary in order to begin the process of requesting Internal Revenue Service (IRS) approval for the combination of IHBG funds with low-income housing tax credits (LIHTCs). HUD says the proposed rule, when promulgated in final form, will allow for such determination to be made. Click here for more information.