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The U.S Department of Housing and Urban Development (HUD) released a memorandum describing changes made by the Violence Against Women Reauthorization Act of 2022, which took effect Oct. 1, 2022. The memo describes changes effective Oct. 1, 2022–including expanded definitions and the addition of the HUD Section 202 Direct Loan program to the list of covered programs. The memo also describes provisions enacted but not implemented, as well as additional information being sought.
A bill introduced in the Hawaii Legislature would require the Hawaii Housing Finance and Development Corporation to hold a minimum of two application periods per year for affordable housing financing, including the state low-income housing tax credit (LIHTC). H.B. 675 also would allow the application period for four state programs to be combined for administrative efficiency. There currently is one LIHTC application round per year in Hawaii.
Legislation introduced in the Montana House of Representatives would create a state low-income housing tax credit (LIHTC). H.B. 829 would create a workforce housing tax credit with an annual statewide cap of $1.5 million. The credit could be claimed over six years and would be effective for tax years beginning on or after Jan. 1, 2024, with a sunset date of Dec. 31, 2029. Similar legislation was passed by the Legislature in 2021 and vetoed by the governor.
Taxpayers earning less than $60,000 in a taxable year and who also receive New York’s historic barn rehabilitation tax credit (HTC) would be eligible for refundable credits under legislation introduced in the state Senate. S.B. 3582 would allow taxpayers earning $60,000 or less to receive a credit or refund for the amount of the barn HTC and those earning more than $60,000 would be allowed to carry the credit forward if desired.
The Community Development Financial Institutions (CDFI) Fund announced today that 197 community development entities (CDEs) applied for allocation in the calendar year (CY) 2022 round of the new markets tax credit (NMTC).
A bill introduced in the Hawaiian Legislature would allow developers to offer vacant units in low-income housing tax credit (LIHTC) properties set aside for supportive housing to other income-eligible tenants after reasonable attempts to rent the unit to a special-needs tenant. S.R. 49 emphasizes the need for supportive housing under the LIHTC, but cites the need for affordable housing of all types.
Legislation introduced in the Texas Senate would allow an occupancy preference for employees of school districts in which low-income housing tax credit (LIHTC) properties are built. S.B. 2328 would allow teachers and other employees of such school districts to receive preference if all other occupancy requirements are met under state and federal law. It would take effect Sept. 1.
The Community Development Financial Institutions (CDFI) Fund will publish a notice in Tuesday’s Federal Register inviting comment on its community development entity (CDE) certification application. The CDFI Fund is not suggesting any changes to the application; this comment invitation is a required part of the regular review.
A notice to be published in Monday’s Federal Register by the U.S. Department of Housing and Urban Development (HUD) provides updated guidelines and requirements for project-based voucher (PBV) subsidy layering reviews (SLRs) and requirements for mixed-finance projects. The notice also expands the delegation of SLRs to housing credit agencies in cases where the PBV assistance is combined with other government assistance. Previously, that delegation was only required in cases that involved the low-income housing tax credit (LIHTC), with HUD required to complete the other SLR cases.
Mississippi Gov. Tate Reeves this week signed into law a bill that extends the period of time in which a taxpayer can claim a 75% rebate on the amount of the state historic tax credit (HTC). H.B. 390 extends the period to any time after the certification of the rebate, a change from the previous regulation that required an election be made in the year in which the rebate is certified. The change is immediately effective.
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