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A bill introduced in the Georgia House of Representatives would change provisions related to the state low-income housing tax credit (LIHTC), including reducing the state credit percentage of a federal credit. H.B. 1182 would limit the state credit to 80% of the federal LIHTC award unless it is a targeted community project, in which case it would be eligible for 100% of the federal award.

Legislation in the Hawaii House of Representatives would require that the state’s qualified allocation plan (QAP) for awarding low-income housing tax credits (LIHTCs) give priority to specific types of properties. H.B. 1763 would require the Hawaii Housing Finance and Development Corporation to prioritize for allocating LIHTCs properties on state- or county-owned land; properties required to be conveyed to the state our county at a definite time; properties owned by organizations obliged to use all financial surplus generated by the property to build, manage or rehabilitate housing; projects with a perpetual affordability commitment; and properties built by developers who demonstrate a history of early loan repayment or who request shorter repayment terms.

IRS Issues Updated Guidance for Form 8823
Thursday, February 8, 2024

The Internal Revenue Service (IRS) issued updated guidance for completing Form 8823, the form used by state and local low-income housing tax credit (LIHTC) agencies to notify the IRS in the event of noncompliance or building disposition. The guidance updates the section on Items Excluded from Income (Miscellaneous) to reflect provisions issued in the Housing Opportunity Through Modernization Act (HOTMA) of 2016, which was designed to streamline administration and ease the burden on public housing authorities (PHAs), private owners of affordable housing and tenants.

Legislation introduced in the Utah House of Representatives would allow unallocated portions of the state low-income housing tax credit (LIHTC) to be carried forward to future years. H.B. 465 modifies several affordable housing provisions, including to allocate credits returned to or recaptured by the Utah Housing Corporation in the previous year.

The U.S. Department of Housing and Urban Development released further guidance this week for implementing provisions of the Housing Opportunity Through Modernization Act (HOTMA) of 2016, which was designed to streamline administration and ease the burden on public housing authorities (PHAs), private owners of affordable housing and tenants.

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