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September 15, 2009

Published by Michael J. Novogradac on Sept. 15, 2009, midnight

Today is Tuesday, September 15th, 2009. I am in Washington D.C. this week to attend a housing tax credit association board meeting and conference. I am also meeting with several members of Congress and their staff. This week we have breaking news about a proposal from the U.S. Department of Housing and Urban Development. The proposal is to discontinue, yes, discontinue, its hold harmless policy in calculating income limits for the Section 8 program. While the income limits for low-income housing tax credit and tax exempt bond properties wouldn’t be directly affected by this proposal, several other federal housing programs might feel the effect.  This week we will also provide a summary of a mortgagee letter issued by the Department of Housing and Urban Development. This letter encourages the use of housing tax credits in combination with HUD FHA-insured loans. This week we will also present a quick update on the industry consensus group that formed to support the lowincome housing tax credit program. And finally, we’ll review the latest Recovery Act news. Let’s get started with our breaking news about HUD’s hold harmless policy.

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