A National Low Income Housing Coalition (NLIHC) and Public Affordable Housing Research Corporation (PAHRC) report released today estimates that more than 175,000 federally assisted homes could be lost from the nation’s affordable housing stock during the next five years without expansion of preservation efforts.
A revenue procedure from the Internal Revenue Service (IRS) allocates nearly $7.8 million–the largest amount in 21 years–of unused low-income housing tax credits (LIHTCs) to 29 states. Revenue Procedure 2021-44 provides $7,797,915 in unused credits to be allocated to states, ranging from $30,789 for South Dakota to $1,357,757 for California. The 2021 amount is roughly triple the average amount for the past 25 years and the most since $16.6 million in unused credits were allocated in 1995.
The Federal Housing Finance Agency (FHFA) announced today $78 billion each in 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac. The Multifamily Caps Fact Sheet states at least 25% of Fannie and Freddie’s multifamily businesses are required to be affordable to residents at or below 60% area median income (AMI), up from 20% in 2021.
District of Columbia budget legislation that includes a tax exemption for low-income housing tax credit (LIHTC) properties owned or controlled by nonprofit organizations is now law. B24-285 also includes provisions to exempt LIHTC housing from property tax and payment in lieu of tax if is developed on property that has been awarded a grant or loan from the Housing Production Trust Fund or other District government low-income housing financing assistance programs to provide affordable housing to householders earning no more than 80% of the adjusted median income.
The U.S. Department of the Treasury today posted official guidance on how it will reallocate funds under the first Emergency Rental Assistance program (ERA1). Treasury’s guidance addresses the $25 billion initially allocated to states, the District of Columbia, U.S. territories, tribal governments, tribally designated housing entities, the Department of Hawaiian Homelands and units of local government.