Recent News

Tuesday, November 29, 2022

The Internal Revenue Service (IRS) will publish a notice in Wednesday’s Federal Register providing guidance on the prevailing wage and apprenticeship requirements that allow bonus credit percentages for certain renewable energy provisions of the Inflation Reduction Act (IRA). The notice also provides guidance for determining the beginning of construction date for certain credits. Under the IRA, properties that meet prevailing wage and apprenticeship requirements qualify for the 30% renewable energy investment tax credit (ITC) and the $26 per megawatt-hour production tax credit (PTC).

Monday, November 28, 2022

Bipartisan legislation introduced in both houses of Congress would allow college students who have experienced homelessness or are currently homeless to live in properties financed by the low-income housing tax credit (LIHTC). The Housing for Homeless Students Act of 2022 (S. 5108 and H.R. 9313) would change LIHTC regulations–which currently do not allow tenants to be full-time students.

Tuesday, November 22, 2022

A group representing more than 2,400 public and private organizations involved in affordable housing–including Novogradac–sent on Monday an open letter to Congress calling for an increase in low-income housing tax credit (LIHTC) allocation authority. The letter from the A Call to Invest in Our Neighborhoods (ACTION) Campaign called on Congress to expand LIHTC authority by 50% (or at least reinstate the 12.5% increase to LIHTC authority) and to lower the financed-by bond financing threshold for affordable housing from 50% to 25%. The letter called for those moves to be made before the end of 2022.

Wednesday, November 16, 2022

Legislation introduced in the Texas House of Representatives would amend the state’s ranking system for low-income housing tax credit (LIHTC) applications to include whether the units in a development have air conditioning. H.B. 191 would make whether a property has air conditioning the 11th scoring criteria in order of importance. It would also require any statement of support from a state representative about a property applying for LIHTC allocation to disclose the percentage of units owned by the applicant that are equipped with air conditioning.

Friday, November 11, 2022

The Internal Revenue Service (IRS) will publish a notice in Monday’s Federal Register requesting comments on IRS Form 8609 and 8609-A. Form 8609 is filed by owners of low-income housing tax credit (LIHTC) properties for each building in a multiple-building project and to certify certain information. Form 8609-A is filed to report compliance with LIHTC provisions and calculate the LIHTC. No changes are proposed to the current forms and the review is for an extension of the current forms. Written comments should be received by Jan. 13, 2023.

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