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Recent News
A bipartisan group of legislators introduced the Affordable Housing Credit Improvement Act of 2021 (AHCIA) today in both chambers of Congress. Novogradac estimates the primary unit financing provisions of the bill could finance as much as 2 million additional affordable rental homes over 10 years. The legislation would lower the financed-by threshold for private activity bonds (50% test) from 50% to 25% starting in 2022; increase 9% LIHTC authority by 25% in 2021 and 2022; extend the discretionary 30% basis boost for 9% LIHTC properties to PAB-financed properties; provide a 30% basis boost for properties in rural and Native American areas; and more.
A bill introduced in the North Carolina Senate would reinstate the state low-income housing tax credit (LIHTC) that expired in 2015. S.B. 588 would allow credits worth varying percentages, depending on the makeup and location of the development, to properties that receive a federal LIHTC allocation.
President Joe Biden released a $1.5 trillion federal spending outline for fiscal year 2022 today, a discretionary funding request that includes $68.7 billion for the U.S. Department of Housing and Urban Development (HUD), an increase of 15% over 2021 levels. The outline also requests $330 million for the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund, a 21% increase from 2021 levels.
The Urban Institute released a brief report about the nation’s housing supply shortage, calling for “policymakers … [to] expand the Low-Income Housing Tax Credit [LIHTC], Section 142 tax-exempt bonds for the development of rental housing, and the New Market Tax Credit [NMTC], each of which has proven effective in promoting development in underserved communities.”
The U.S. Department of Treasury today released the Made in America Tax Plan report, providing additional details on the infrastructure plan announced March 31 by President Joe Biden’s administration. The description includes a statement that there would be “a marked increase in the resources available through the low-income housing tax credit [LIHTC] and other housing incentives,” but the report focuses on renewable energy provisions.
Recent Updates
April 22, 2021 8:48pm
April 21, 2021 9:26am
