Recent News
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.
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.
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.
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.
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.
Recent Updates
January 15, 2021 11:56am
