Notes from Novogradac

Published by H. Blair Kincer on July 24, 2018

The 2018 income data released by the U.S. Department of Housing and Urban Development (HUD) provide an opportunity to examine trends nationally as well as at the local market level.

Nationally, the income data illustrates a stark contrast in the nation’s economy today as compared to four years ago. Below is the area median income (AMI) map Novogradac published showing the change from 2013 to 2014 (red represents negative income growth while green is positive growth).


Published by H. Blair Kincer on July 17, 2018

In the seven years Novogradac has analyzed operating and expense data for low-income housing tax credit (LIHTC) properties, operating expenses for buildings geared toward senior tenancy have been consistently lower than for family properties.

Published by H. Blair Kincer on June 26, 2018

The gap between operating expenses for low-income housing tax credit (LIHTC) properties that are acquired and rehabilitated and those that are newly constructed is the largest it’s ever been, according to the 2018 Novogradac Multifamily Rental Housing Operating Expense Report-Survey and Analysis of LIHTC Properties.

Published by Michael Novogradac on June 22, 2018

Late last month the Joint Committee on Taxation (JCT) released its Estimates of Federal Tax Expenditures for Fiscal Years 2017-2021. As in years past, the report highlights the comparatively low cost of the low-income housing tax credit (LIHTC), historic tax credit (HTC), renewable energy production tax credit (PTC), renewable energy investment tax credit (ITC), and new markets tax credit (NMTC) compared to other tax expenditures.

Published by H. Blair Kincer on June 21, 2018

Until 2015, operating expenses for low-income housing tax credit (LIHTC) properties grew at a fairly consistent pace. And while there was growth in 2015, year-over-year change was much slower than in years past, increasing just 1.3 percent.

Published by Mark Shelburne on June 11, 2018

At the time of this writing, eight state low-income housing tax credit (LIHTC) allocating agencies have made statements or issued guidance about how they will implement the new set-aside option known as income averaging (IA).  Other allocating agencies around the country likely will look to these examples.


Published by Peter Lawrence on May 22, 2018

The House Appropriations Transportation-HUD (THUD) Subcommittee approved its $71.8 billion fiscal year (FY) 2018 spending bill May 15, which is expected to be approved by the full House Appropriations Committee May 23.

Published by Jeffrey T. Nishita on May 18, 2018

Twenty-five years of affordable housing conferences have gathered thousands of development, investment and compliance professionals to discuss the opportunities and challenges they were facing at the time. Looking back at those challenges and opportunities, Michael Novogradac, CPA, shared some lessons and strategies gleaned from those years for attendees at Novogradac's 25th Annual Affordable Housing Conference yesterday in San Francisco.