The U.S. Department of Housing and Urban Development’s (HUD’s) Real Estate Assessment Center (REAC) inspections of HUD-assisted or HUD-insured multifamily housing need improvement, according to a report issued today by the Government Accountability Office (GAO). The GAO report makes 14 recommendations, focused on how REAC selects, trains and monitors contractors who perform the inspections.
Six U.S. Senators have formally asked the Internal Revenue Service (IRS) to clarify that housing developments for veterans still qualify for private activity bonds (PABs). Sens.
The Maryland Department of Planning and Development adopted changes to regulations for the state historic tax credit, conforming the regulations to H.B. 1454, passed in 2018. The legislation authorized an additional 5 percent credit on top of the existing 20 percent credit for HTC developments that result in a property that receives an allocation of federal low-income housing tax credits.
The Internal Revenue Service today published Notice 2019-19, which provides population figures to use in calculating states’ 2019 calendar-year volume limits for the low-income housing tax credit (LIHTC) and private activity bonds (PABs). The LIHTC figure for each state is the greater of the population multiplied by $2.75625 or $3,166,875. The PAB cap is the greater of the population multiplied by $105 or $316,745,000.
There is a national shortage of 7 million affordable, available rental homes for extremely low-income renters, according to an annual study by the National Low Income Housing Coalition.
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