Recent News

Friday, January 15, 2021

The Internal Revenue Service (IRS) today issued a notice extending temporary relief for low-income housing tax credit (LIHTC) properties from COVID-19-related difficulties and providing new relief. Notice 2021-12 extends certain deadlines in previous notices from Dec. 31, 2020. Among the extensions are the 10% test for carryover allocations and the 24-month minimum rehabilitation expenditure period, both of which are extended until Sept. 30.

Thursday, January 14, 2021

President-elect Joe Biden released a $1.9 trillion COVID-19 relief plan today that includes an extension of the eviction and foreclosure moratoriums and continue applications for forbearance on federally guaranteed mortgages until Sept. 30.

Wednesday, January 13, 2021

Iowa Gov. Kim Reynolds released a proposed fiscal year 2022-23 budget this week that includes a state low-income housing tax credit (LIHTC), doubling the state workforce housing tax credit and increasing funding for the state housing trust funds. Reynolds’ $8.1 billion proposal includes a $15 million annual allocation for a new state LIHTC incentive and a boost for the workforce housing tax credit from $25 million annually to $50 million, with a doubling of the small-cities set-aside from $10 million to $20 million.

Tuesday, January 12, 2021

A bill introduced in the Indiana Senate would create a state low-income housing tax credit (LIHTC) for a percentage of the federal 4% LIHTCs received by properties. S.B. 214 would make the state LIHTC transferrable and the credit could be carried forward up to nine years. 

Tuesday, January 12, 2021

Legislation pre-filed in Virginia and scheduled to be introduced Wednesday would create a state low-income housing tax credit (LIHTC) equal to the amount of the federal LIHTC that a development receives.

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