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Tuesday, June 18, 2019

The National Low-Income Housing Coalition (NLIHC) released its 2019 Out of Reach Report today, concluding that in 99 percent of American counties, a full-time, minimum-wage worker can’t afford a one-bedroom rental home at fair market rent.

Tuesday, June 18, 2019

The House Ways and Means Committee will mark up Thursday H.R. 3301, The Taxpayer Certainty and Disaster Tax Relief Act of 2019, legislation that includes extensions through 2020 of numerous expired and expiring tax credits. The bill would extend the new markets tax credit through the end of 2020 with an increase in allocation authority from $3.5 billion to $5 billion for the final allocation round.

Thursday, June 13, 2019

The California Legislature today approved a $214.8 billion budget that includes a $500 million increase for the state low-income housing tax credit (LIHTC). The budget is for the fiscal year that begins July 1 and Gov. Gavin Newsom has 12 days to sign or veto the legislation, although he can use a line-item veto on some budget items. Newsom is a proponent of the LIHTC increase, having included it in his budget request.

Thursday, June 13, 2019

Nevada Gov. Steve Sisolak this week signed legislation into law that creates a state low-income housing tax credit (LIHTC). S.B. 448 creates a transferable state LIHTC with an annual statewide cap of $10 million that can be carried forward if unused. The state LIHTC has a sunset date of Jan. 1, 2030. Nevada becomes the 18th state with a state LIHTC incentive.

Tuesday, June 11, 2019

A Texas bill that would allow educational quality to be a part of the threshold criteria for eligibility for low-income housing tax credit (LIHTC) allocation, but not part of the scoring system in the qualified allocation plan passed both houses of the Legislature and was sent to Gov. Greg Abbott. H.B. 1215 would expire Sept. 1, 2021, and would require a study on the effects of the law.

Tuesday, June 11, 2019

The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Wednesday’s Federal Register announcing the monthly per-unit fee rates used to determine administrative fees for each public housing agency that administers certain HUD programs. The fees involve the Housing Choice Voucher and Moderate Rehabilitation programs for calendar year 2019 (CY 2019).

Tuesday, June 4, 2019

A post on the Notes from Novogradac blog highlights the provisions, benefits and outlook for the Affordable Housing Credit Improvement Act, which was introduced today in both chambers of the U.S. Congress. Sens. Maria Cantwell, D-Wash.; Johnny Isakson, R-Ga.; Ron Wyden, D-Ore.; and Todd Young, R-Ind.; introduced S. 1703, while Reps.

Tuesday, June 4, 2019

Sens. Maria Cantwell, D-Wash.; Johnny Isakson, R-Ga.; Ron Wyden, D-Ore.; and Todd Young, R-Ind.; today introduced S. 1703, the Affordable Housing Credit Improvement Act of 2019 (AHCIA). The bill builds on similar low-income housing tax credit (LIHTC) legislation introduced in 2017 during the last Congress and retains two key provisions from S.

Tuesday, June 4, 2019

The Nevada Assembly voted 40-1 Monday to approve legislation creating a state low-income housing tax credit (LIHTC) beginning in 2020. S.B. 448, which earlier passed the Senate, now goes to the desk of Gov. Steve Sisolak. The bill would create a transferable state LIHTC with an annual cap of $10 million, which can be carried forward if unused. The bill has a sunset date of Jan. 1, 2030.

Tuesday, June 4, 2019

The U.S. Department of Housing and Urban Development (HUD) will publish in Wednesday’s Federal Register a notice seeking comment on proposed changes to how it calculates fair market rents (FMR) for the housing choice voucher program and other HUD-financed housing.

Monday, June 3, 2019

Legislation to increase California’s annual state low-income housing tax credit allocation by $500 million passed the state Assembly and is now being considered by the state Senate. A.B. 10 would require $25 million of the additional allocation to go to farmworker housing and would apply to the calendar years from 2020 through 2024.

Friday, May 31, 2019

The U.S. Department of Housing and Urban Development (HUD) will post in Monday’s Federal Register a notice inviting comments on a proposal to revise information collected from state allocating agencies for HUD’s low-income housing tax credit (LIHTC) database. The proposal would require HUD to establish standards and definitions for the information that state agencies provide.

Friday, May 17, 2019

Colorado Gov. Jared Polis today signed legislation doubling the annual amount of state low-income housing tax credits available for allocation. H.B. 1228 increased the amount of the state LIHTC allocation from $5 million to $10 million for 2020 through 2024.

Thursday, May 16, 2019

The Community Development Financial Institutions (CDFI) Fund plans to publish a notice of funding and an application for the fiscal year 2019 Capital Magnet Fund (CMF) round this summer. Up to $130.8 million is expected to be available in grants for CDFIs and qualified nonprofit housing organizations to support affordable housing activities and related economic development and community service facilities. Applicants must be either a certified CDFI or nonprofit operating with a principal purpose of developing or managing affordable housing.

Tuesday, May 14, 2019

The Missouri House of Representatives passed legislation to place a cap on the state low-income housing tax credit (LIHTC) at 72.5 percent of the federal allocation or $123 million annually in an effort to restart the program. The state Senate, which passed an earlier version of the bill, will now consider the updated version of S.B. 28. Missouri’s state LIHTC program, a dollar-for-dollar match for the federal LIHTC, was put on hold in 2017 by former Gov.

Friday, May 10, 2019

California Gov. Gavin Newsom released a revised 2019-2020 budget request Thursday that includes the $200 million annual expansion of the state Low-Income Housing Tax Credit program included in his original proposal, which would increase the annual statewide cap by $500 million for new construction.

Friday, May 10, 2019

The Federal Housing Administration (FHA) today announced a series of incentives to encourage affordable multifamily property owners to invest in opportunity zones (OZs). FHA will reduce application fees for certain affordable housing programs in OZs and will designate a team of underwriters to speed up the processing of those applications.

Wednesday, May 8, 2019

A report from Freddie Mac Multifamily finds that the government sponsored entity’s business in opportunity zones (OZ) has grown more than 75 percent faster than in other areas and that affordable rental housing is twice more frequent in OZs than in other areas. The report also highlights that rural rental housing is prevalent in OZs and that multifamily rental properties in OZs tend to have fewer units.

Wednesday, May 8, 2019

Legislation in Maine would create a state low-income housing tax credit (LIHTC). L.D. 1645 would allow a 4 percent LIHTC for workforce housing developments that are adaptive reuse of a building not used for residential purposes and have a minimum of 60 percent of units restricted to households with incomes at or below 50 percent of the area median income. The credit would be also available for rural developments and senior housing.

Monday, May 6, 2019

The Novogradac Rent & Income Limit Calculator© is updated in the beta version to include fiscal year (FY) 2019 rent and income limit data that was released by the U.S. Department of Housing and Urban Development on April 24.