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The Illinois Legislature sent last week the COVID-19 Affordable Housing Grant Program Act to the desk of Gov. J.B. Pritzker. H.B. 2621 would extend the state’s low-income housing tax credit (LIHTC) five years through Dec. 31, 2026. The bill authorizes grant funding to bolster construction and rehabilitation of as many as 3,500 affordable homes by Dec. 31, 2024, in areas disproportionately affected by the global pandemic.
Texas legislation that would change the scoring system for allocating low-income housing tax credits (LIHTCs) to encourage the development of affordable housing near veterans hospitals passed both houses of the Legislature and is on the desk of Gov. Greg Abbott. H.B. 1558 would add a provision to the state’s LIHTC scoring system adding points for an application for a property in a county of between 1 million and 4 million residents that is located within 2 miles of a veterans hospital, veterans affairs medical center or veterans affairs health center.
Nevada Gov. Steve Sisolak signed legislation that lifts the sunset date on the ability to transfer state low-income housing tax credits (LIHTCs) while requiring that the transfer take place at least 45 days before the project is closed. S.B. 284 eliminates the previous sunset date of Jan. 1, 2030, for transferring state credits.
The White House today released a summary, fact sheet and Greenbook on President Joe Biden’s proposed $6 trillion budget for fiscal year 2022. Of this amount, the Biden administration requests $1.67 trillion in discretionary spending, $754 billion for defense and $913 billion for nondefense, the first such request where nondefense exceeded defense in recent history.
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation today published a statement that extends for 36 months the period for favorable Community Reinvestment Act (CRA) regulation consideration for bank activities that help revitalize or stabilize disaster areas in Puerto Rico and the U.S. Virgin Islands hit by Hurricane Maria. The extension now lasts through Sept. 20, 2023, and applies to institutions located outside of the areas.
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