All News

Thursday, December 5, 2019

Montana Housing is accepting applications through Dec. 30 for the Multifamily Coal Trust Homes Program, which will provide $15 million of Coal Tax Trust Fund dollars through low-interest loans to develop affordable rental homes. The program was created by H.B.

Tuesday, December 3, 2019

The Internal Revenue Service will publish final regulations to implement the base erosion and anti-abuse tax (BEAT) in Friday’s Federal Register. Treasury Decision 9885 finalizes proposed regulations published Dec. 21, 2018, and is effective Friday.

Monday, November 18, 2019

Seven members of the House of Representatives introduced legislation that would bar jurisdictions from using a high-housing-cost adjustment to calculate area median income for low-income housing tax credit properties without approval from the U.S. Department of Housing and Urban Development. The Affordable Housing and Area Median Income Fairness Act of 2019 (H.R.

Monday, November 18, 2019

The Wisconsin Housing and Economic Development Authority (WHEDA) issued modifications to its qualified allocation plan for 2019 and 2020 to include the average-income option for the rural set-aside for 9 percent low-income housing tax credits (LIHTCs).

Friday, November 8, 2019

Democratic presidential candidate Pete Buttigieg today released a plan that includes spending $430 billion on affordable housing measures. Buttigieg’s plan includes more investment in low-income housing tax credits, as well more investment in the Housing Trust Fund, Capital Magnet Fund, and the U.S. Department of Housing and Urban Development’s HOME funds and Community Development Block Grants.

Thursday, November 7, 2019

The Internal Revenue Service today issued the inflation-adjusted amounts for states’ low-income housing tax credit (LIHTC) and private activity bonds (PAB) for 2020. Revenue Procedure 2019-44 sets the state ceiling for the LIHTC at the greater of $2.8125 multiplied by the state population or $3,217,500. The per-capita number is an increase of 2 percent over 2019 and the state minimum is an increase of $50,625.

Tuesday, November 5, 2019

The California Tax Credit Allocation Committee posted an updated frequently asked questions (FAQ) document concerning the application for the state’s $500 million in low-income housing tax credits (LIHTCs) to be paired with 4 percent federal LIHTCs. The FAQs include information on pairing the credits with bonds, the required date to begin construction and an explanation of the application evaluation process.

Monday, November 4, 2019

Apple Inc. today announced a $2.5 billion commitment to help address the affordable housing crisis in California, including a $1 billion investment in an affordable housing investment fund through the state that will provide an open line of credit for the state and others to develop and build new very low- to moderate-income housing.

Friday, November 1, 2019

The National Council of State Housing Agencies (NCSHA) this week sent comments to the Internal Revenue Service (IRS) on how the IRS can improve low-income housing tax credit disaster relief guidance provided in Revenue Procedures 2014-49 and

Thursday, October 31, 2019

Reps. Brad Wenstrup, R-Ohio, and Danny Davis, D-Ill., introduced the Housing for Homeless Students Act of 2019, which would make homeless and recently homeless youth and veterans eligible to live in properties financed by low-income housing tax credits. The bill is a companion bill to S. 767, which was introduced in March. The LIHTC “student rule” prohibits tenants from being full-time students, with some exceptions.

Tuesday, October 29, 2019

California Debt Limit Allocation Committee (CDLAC) staff will recommend during its Dec. 11 meeting to make competitive the February 2020 allocation round for tax-exempt bonds. The threshold score cutoff is 80 for applications for bond allocations in the February round–when CDLAC will consider the allocation of bonds to properties awarded state low-income housing tax credits (LIHTCs) in January.

Monday, October 28, 2019

The Internal Revenue Service today published Revenue Procedure 2019-41, announcing the amounts of unused low-income housing tax credit (LIHTC) carryover from the national pool allocated to qualified states for calendar year 2019. Thirty-one states will receive carryover LIHTCs totaling $2.7 million, with allocations ranging from $6,464 for Vermont to $408,227 for California.

Friday, October 25, 2019

Sen. Cory Booker, D-N.J., and Rep. James Clyburn, D-S.C., introduced companion legislation this week that would create a refundable tax credit for rent-burdened taxpayers and would require states that receive major federal grants to create an inclusive zoning strategy. The Housing, Opportunity, Mobility and Equality (HOME) Act, S. 2684 and H.R.

Wednesday, October 23, 2019

Combined multifamily and single-family tax-exempt private activity bond (PAB) issuance was $22.1 billion in 2018, an increase of more than $1.1 billion over 2017, according to a report issued by the Council of Development Finance Agencies (CDFA). Today’s report contains revised numbers from an original report that was posted Oct. 15.

Tuesday, October 22, 2019

The National Council of State Housing Agencies (NCSHA) this week recognized 13 state housing finance agencies (HFAs) for initiatives that address affordable housing challenges. Thirty-six HFAs submitted entries for the 2019 NCSHA Annual Awards for Program Excellence.

Tuesday, October 22, 2019

The U.S. Department of Housing and Urban Development (HUD) today announced that the Real Estate Assessment Center will not adopt the Accounting Standards Update 2016-18 on restricted cash in its financial templates. The decision creates a difference in how financial statements are presented under generally accepted accounting principles and in HUD-based financial statements.

Thursday, October 17, 2019

The U.S. Department of Housing and Urban Development released the list of difficult development areas (DDAs) and qualified census tracts (QCTs) for 2020 for the low-income housing tax credit (LIHTC). DDAs and QCTs are eligible for as much as a 30 percent basis boost while receiving the LIHTC. The DDAs and QCTs are effective for allocations of LIHTCs after Dec.

Friday, October 11, 2019

Beto O’Rourke, a Democratic candidate for president, today released a housing plan that requires permanent affordability for homes funded by the 9 percent low-income housing tax credit. O’Rourke, a former U.S. congressman from Texas, also proposes a $400 billion investment in the National Housing Trust Fund and a $60 billion investment in the Capital Magnet Fund over a decade.

Thursday, October 10, 2019

Democratic presidential candidate Michael Bennet today posted a housing plan on his website that includes a call for a 50 percent increase in allocation of 9 percent low-income housing tax credits (LIHTCs), as well as other proposals that are part of the Affordable Housing Credit Improvement Act. Bennet, a U.S.

Wednesday, October 9, 2019

The Internal Revenue Service (IRS) this week released the 2019-2020 priority guidance plan, which established guidance priorities for the Department of the Treasury and IRS for the period from July 1, 2019, through June 30, 2020.