The Treasury Department’s second-quarter update to the 2018-2019 Priority Guidance Plan includes plans to provide guidance for the low-income housing tax credit average-income test, the use of historic tax credit for disaster relief, regulations to clarify certain rules for the new markets tax credit and guidance on private-activity bonds for affordable housing.
The U.S. Senate today confirmed Mark Calabria as the director of the Federal Housing Finance Agency by a 52-44 vote. Calabria will oversee, among other things Fannie Mae and Freddie Mac. Calabria will serve a five-year term and he succeeds Mel Watt, whose term ended in January. Calabria previously was the chief economist for Vice President Mike Pence.
The California Tax Credit Allocation Committee (CTCAC) officially amended provisions concerning how it scores low-income housing tax credit (LIHTC) applications that were impacted by the temporary shutdown of the federal government. CTCAC extended the 180- and 194-day deadlines to begin construction by 60 days for properties affected by the shutdown. CTCAC included the changes on pages 49 and 50 of its updated regulations.
Joseph Otting, acting director of the Federal Housing Finance Agency, today announced that he has authorized the transfer of affordable housing allocations from Fannie Mae and
Tax-exempt residential rental private activity bonds (PABs) can be used to build veterans housing or housing for other specified groups under the low-income housing tax credit (LIHTC) statute, according to a revenue procedure released today by the Internal Revenue Service. Rev. Proc. 2019-17 officially coordinates the general public use requirements for bond-financed residential rental properties with provisions from Internal Revenue Code Section 42 that govern the LIHTC.
California state legislation was introduced to authorize low-income housing tax credits (LIHTCs) focused on properties developed in opportunity zones. A.B. 791 would allow bond-financed LIHTC properties in OZs to receive $200 million in LIHTCs, beginning Jan. 1, 2020, until the fund is exhausted.
Sen. Rob Portman, R-Ohio, and two colleagues introduced legislation to allow formerly homeless students to be eligible to live in housing funded by the federal Low-Income Housing Tax Credit (LIHTC) program. S. 767, the Housing for Homeless Students Act of 2019, would allow in LIHTC housing full-time students who were documented as a homeless child or youth during the previous seven years or were defined as a homeless veteran during the previous five years.
A bipartisan group of 16 state senators in Pennsylvania introduced legislation to create a low-income housing tax credit. S.B. 30 would create a state program that largely mirrors the federal LIHTC. The credit would have an annual ceiling of $10 million. The bill was assigned to the Senate Urban Affairs and Housing Committee.
President Donald Trump today issued a memorandum on federal housing finance reform, including frameworks to reform housing government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, programs of the U.S. Department of Housing and Urban Development (HUD), the Federal Housing Administration and Ginnie Mae.
Legislation introduced in Maine would create a state low-income housing tax credit (LIHTC). S.B. 1265 would create a state credit for owners of low-income housing developments that qualify for the federal LIHTC and are financed with tax-exempt bonds. The credit would have an annual statewide cap of $42 million, would be taken over six years and would be effective beginning Jan. 1, 2020.
Legislation to create a state low-income housing tax credit (LIHTC) in Nevada was introduced this week. S.B. 448 would create a state credit that mirrors the federal LIHTC, with a $10 million annual cap. The state credit would have a sunset date of Jan. 1, 2030. The bill was assigned to the Senate Revenue and Economic Development Committee.
The U.S. Department of Housing and Urban Development’s (HUD’s) Real Estate Assessment Center (REAC) inspections of HUD-assisted or HUD-insured multifamily housing need improvement, according to a report issued today by the Government Accountability Office (GAO). The GAO report makes 14 recommendations, focused on how REAC selects, trains and monitors contractors who perform the inspections.
Six U.S. Senators have formally asked the Internal Revenue Service (IRS) to clarify that housing developments for veterans still qualify for private activity bonds (PABs). Sens.
The Maryland Department of Planning and Development adopted changes to regulations for the state historic tax credit, conforming the regulations to H.B. 1454, passed in 2018. The legislation authorized an additional 5 percent credit on top of the existing 20 percent credit for HTC developments that result in a property that receives an allocation of federal low-income housing tax credits.
The Internal Revenue Service today published Notice 2019-19, which provides population figures to use in calculating states’ 2019 calendar-year volume limits for the low-income housing tax credit (LIHTC) and private activity bonds (PABs). The LIHTC figure for each state is the greater of the population multiplied by $2.75625 or $3,166,875. The PAB cap is the greater of the population multiplied by $105 or $316,745,000.
There is a national shortage of 7 million affordable, available rental homes for extremely low-income renters, according to an annual study by the National Low Income Housing Coalition.
Sen. Elizabeth Warren, D-Mass., and two colleagues today introduced legislation to leverage federal funds to build as many as 3.2 million homes, mostly investment in the Housing Trust Fund (HTF) and Capital Magnet Fund (CMF). A companion bill to the American Housing and Economic Mobility Act was introduced by 14 members of the House of Representatives.
Legislation introduced in Colorado would double the annual allocation for the state low-income housing tax credit to $10 million, beginning in 2020. HB 19-1228 would cover the calendar years 2020 through 2024. The bill was assigned to the Finance and Appropriations Committee.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice Thursday in the Federal Register revising the fiscal year 2019 fair market rents (FMRs) for 10 areas, based on data provided to HUD. The FMRs apply to the Housing Choice Voucher program and the Moderate Rehabilitation Single-Room Occupancy program. The revised FMRs will take effect April 13. The 10 areas include four in Oregon, four in California and two in New England.
The Trump administration today released its proposed $4.7 trillion budget for fiscal year 2020, which proposes reductions in funding for the U.S. Department of Housing and Urban Development (HUD), including the elimination of the Community Development Block Grant (CDBG) and HOME Investment Partnerships programs and the Public Housing Capital Fund. The budget request includes $44.1 billion in gross HUD appropriations, a 16.4 percent cut from FY 2018 levels, and a $9.6 billion, or 18 percent cut from FY 2019, to support the core functions.
- 1 of 85
- next ›