Recent News
Eligible basis should be reduced for noncompliance of the common area for low-income housing tax credit (LIHTC) properties, according to a memorandum from the Office of Chief Counsel of the Internal Revenue Service.
California Gov. Gavin Newsom signed a $214 billion budget Thursday that includes a $500 million annual increase in state low-income housing tax credit (LIHTC) allocation and $650 million targeted to provide homes, rental assistance and navigation services to decrease homelessness. The LIHTC increase will go primarily to properties using the 4 percent credit to build new housing.
The percentage of cost-burdened renters dropped slightly, but there remains a significant gap in affordable housing, according to the State of the Nation’s Housing 2019 report issued by the Joint Center for Housing Studies at Harvard University. The annual report says that 1.5 million units of housing should be built each year, which is 260,000 units more than were built in 2018.
President Donald Trump today signed an executive order to establish a White House Council on eliminating Barriers to Affordable Housing Development. The group will consist of members from eight federal agencies and the chairman will be Ben Carson, secretary of the U.S. Department of Housing and Urban Development.
Four U.S. Senators today introduced legislation that would repeal the qualified contract option for the federal low-income housing tax credit (LIHTC). The Save Affordable Housing Act of 2019, introduced by Sens. Ron Wyden, D-Ore., Todd Young, R-Ind., Ben Cardin, D-Md., and Sherrod Brown, D-Ohio, includes a provision to eliminate the qualified contract option for future LIHTC allocations.
