Recent News
Combined tax-exempt private activity bond (PAB) issuance for multifamily and single-family housing set a record in 2017, according to a report issued today by the Council of Development Finance Agencies (CDFA). The combined multifamily and single-family total was $21 billion, an increase of $2.5 billion from 2016.
U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced that HUD’s Rental Assistance Demonstration (RAD) program has preserved 100,000 units. The RAD program provides public housing authorities with access to private investment to preserve public housing properties and address the backlog of deferred maintenance.
Twelve Pennsylvania state senators today introduced legislation to create a state housing tax credit, modeled after the federal low-income housing tax credit (LIHTC). SB 1185 includes a $10 million annual cap and would mirror LIHTC requirements for applicants and uses. The state credit would be taken over a five-year period, with a five-year carryover for any amount that exceeds the tax liability of the taxpayer.
The Government Accountability Office (GAO) today released its study on development costs for low-income housing tax credit (LIHTC) properties. “Low-Income Housing Tax Credit: Improved Data and Oversight Would Strengthen Cost Assessment and Fraud Risk Management” measured development costs of LIHTC properties in 10 states between 2011 and 2015.
Novogradac estimates the U.S. median income will increase by more than 5 percent in 2019 and by nearly 4.4 percent in 2020, based on 2017 American Community Survey data released Thursday. Low-income housing tax credit (LIHTC) properties and U.S. Department of Housing and Urban Development Section 8 limits increases are capped at the greater of 5 percent or double the median-income change, meaning the estimated cap for 2019 will be more than 10 percent and the 2020 cap will be almost 8.8 percent.
Recent Updates
September 20, 2018 3:32pm
