Recent News
A group of more than 140 organizations submitted a letter to the Internal Revenue Service (IRS), requesting deadline extensions and other accommodations for the low-income housing tax credit (LIHTC) due to the COVID-19 pandemic.
The Internal Revenue Service published in Monday’s Federal Register a notice and request for comment on IRS Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. The IRS is recommending no changes to the form. Comments are due Jan. 22, 2021.
The ongoing affordable housing crisis, COVID-19 pandemic, social unrest and effects of climate change combine to require a “comprehensive re-envisioning of national housing policy,” according to the “The State of the Nation’s Housing 2020,” an annual report released today by the Joint Center for Housing Studies of Harvard University.
The Federal Housing Finance Agency (FHFA) announced today a combined $140 billion multifamily loan purchase cap for Fannie Mae and Freddie Mac–$70 billion for each government-sponsored enterprise (GSE). At least 50 percent of the GSE multifamily loans are required to be used for affordable housing, up from a 37.5 percent requirement in 2020.
The U.S. Department of Housing and Urban Development (HUD) today announced that the Rental Assistance Demonstration (RAD) program has facilitated more than $10 billion in capital investment to improve or replace 140,000 public housing units. RAD was launched in 2012 and allows public housing and HUD’s other non-public housing legacy rental assistance programs to convert to Section 8 funding with private ownership.
