The U.S. Department of Housing and Urban Development released a draft of a notice to provide clarification for Section 8 Project-Based Rental Assistance (PBRA) Housing Assistance Payment (HAP) contract bifurcations. The notice addresses issues that arise when a single HAP contract is divided into two or more contracts following HUD approval. The notice proposes to establish clear standards for HUD approval of such requests and steps for approval.
A bill introduced in the Texas Legislature would forbid an increase in rent during a lease agreement for properties financed with low-income housing tax credits (LIHTC) unless as provided under rental subsidy programs. H.B. 1344 would add the provision to existing regulations forbidding locking out or seizing property of tenants without judicial support.
Eight states, the District of Columbia and the U.S. territories except Puerto Rico will receive the small-state minimum allocation for 9% low-income housing tax credits (LIHTCs) in 2023, based on resident population figures published by the Internal Revenue Service in Notice 2023-22. The resident population figures are also used to calculate private activity bond (PAB) cap. Alaska, Delaware, Montana, North Dakota, Rhode Island, South Dakota, Vermont, Wyoming, the District of Columbia and the territories will all receive $3,185,000 in 9% LIHTC allocation, while other states will receive $2.75 multiplied by their population. Those states plus Hawaii, Idaho, Kansas, Maine, Mississippi, Nebraska, New Hampshire, New Mexico and West Virginia will receive the small-state minimum PAB cap of $2,990,375, while the other states will receive $120 multiplied by their population figure.
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.
March 22, 2023 3:33pm
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