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Thursday, October 18, 2018

Rep. Jimmy Panetta, D-Calif., this week introduced the Farmworker Housing Improvement Act of 2018, legislation that would reform the United States Department of Agriculture’s Section 514 and Section 516 farmworker housing programs to better align them with the Low-Income Housing Tax Credit program. H.R.

Wednesday, October 17, 2018

The National Low Income Housing Coalition and the Public Assisted Housing Research Corporation today released a report, “Balancing Priorities: Preservation and Neighborhood Opportunity in the Low-Income Housing Tax Credit Program Beyond Year 30.” The report, based on data from the National Housing Preservation Database and other sources, explores challenges in preserving low-income housing tax credit (LIHTC) properties and promoting mobility for low-in

Tuesday, October 16, 2018

The Internal Revenue Service posted a reminder that owners and operators of low-income housing tax credit (LIHTC) properties anywhere in the United States and its territories can provide temporary emergency housing to people displaced from their principal residences by a major disaster, regardless of income.

Tuesday, October 16, 2018

Sen. Dean Heller, R-Nev., this week introduced the Seniors Affordable Housing Tax Credit Act. S. 3580 would allocate tax credits to states, which would award them to owners or developers of rental property for low-income seniors. Seniors in those properties would pay no more than 30 percent of their income for rent and utilities and the property owner would receive a federal tax credit as compensation for potential loss.

Wednesday, October 3, 2018

The Federal Housing Finance Agency (FHFA) today invited public comment on proposed modifications to Fannie Mae and Freddie Mac’s 2018-2020 duty to serve underserved markets plan. Fannie Mae’s proposal includes modifying actions to reflect revised rural investment targets based on enhanced market insight and experience since re-entering the low-income housing tax credit (LIHTC) equity market.

Friday, September 28, 2018

The Federal Housing Administration (FHA) today announced that it is extending its multifamily risk-sharing initiative with the Federal Financing Bank for eligible housing finance agencies (HFAs) through the end of 2018, a decision that will likely reduce the cost of FHA-insured multifamily risk-sharing loans. The risk-sharing initiative was originally scheduled to stop accepting new applications from HFAs at the end of September, but will now accept applications through Dec. 31 for commitments up to the program maximum of $3 billion.

Wednesday, September 26, 2018

Sen. Elizabeth Warren, D-Mass., today introduced the American Housing and Economic Mobility Act of 2018, legislation that would invest $445 billion in the Housing Trust Fund, $523 billion in rural housing programs and strengthen provisions in the Community Reinvestment Act to hold more financial intuitions accountable and strengthen sanctions for failure to follow rules.

Thursday, September 20, 2018

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.

Wednesday, September 19, 2018

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.

Wednesday, September 19, 2018

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.

Tuesday, September 18, 2018

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.

Friday, September 14, 2018

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.

Tuesday, September 11, 2018

Reps. Jeb Hensarling, R-Texas, and John Delaney, D-Md., last week released draft legislation that would wind down Fannie Mae and Freddie Mac over a five-year period and create a mortgage insurance program run through Ginnie Mae. Under the legislation, Ginnie Mae would leave the U.S. Department of Housing and Urban Development and become a stand-alone agency.

Monday, September 10, 2018

Rep. Kevin Brady, R-Texas, today highlighted the introduction of three bills that he said constitute the Tax Reform 2.0 package from Republicans on the House Ways and Means Committee. None of the bills contain provisions directly impacting affordable housing, community development or historic preservation programs. The legislation will lock in individual and small business tax cuts made in the legislation passed in December 2017, and reform savings- and education-related tax provisions.

Friday, September 7, 2018

The National Council of State Housing Agencies (NCSHA) today released a national study of low-income housing tax credit (LIHTC) construction costs, “Variation in Development Costs for LIHTC Projects.” The survey analyzed a multiyear database of 160,000 homes in all 50 states and territories that used the LIHTC during 2011-2016.

Wednesday, August 29, 2018

The U.S. Department of Housing and Urban Development (HUD) will publish Friday in the Federal Register a notice of fiscal year 2019 fair market rents (FMRs). The new FMRs will be effective Oct. 1 unless HUD receives a request for re-evaluation of a specific area FMR. HUD also responds in the notice to a May Federal Register notice concerning the use of FMR surveys in calculating Renewal Funding Inflation Factors. HUD plans to continue using the surveys.

Wednesday, August 29, 2018

The Wisconsin Housing and Economic Development Authority (WHEDA) today announced that it is seeking information on damages and possible displacement of residents from recent storms and flooding in the state. WHEDA asks that property managers contact their compliance officer or portfolio officer with the property name, location, description of damage, number of displaced residents, whether the property has flood insurance and a contact name and phone number.

Tuesday, August 28, 2018

The Office of the Comptroller of the Currency (OCC) today released an advanced notice of proposed rulemaking on modernizing the Community Reinvestment Act (CRA) to be published in the Federal Register. The OCC seeks stakeholder comments on ways to modernize CRA regulations to better achieve the CRA’s purpose.

Wednesday, August 22, 2018

Three federal banking agencies issued an interim rule today to amend the agencies’ liquidity rules concerning certain eligible municipal securities due to the Economic Growth, Regulatory Relief and Consumer Protection Act of 2018.

Wednesday, August 22, 2018

Sen. Ron Wyden, D-Ore., today introduced the Middle Income Housing Tax Credit Act of 2018, legislation that would create a 15-year tax credit for 50 percent of qualifying costs, or a minimum 5 percent per year. The credit would apply to property where at least 60 percent of units are occupied by residents with incomes of 100 percent or less of the area median gross income.