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The California Debt Limit Allocation Committee issued its agenda Friday for its Sept. 29 meeting, which includes a recommendation to adopt emergency regulations to restore and reinstate previous emergency packages.
Novogradac has convened a working group to examine the effects of a surprise announcement by the U.S. Census Bureau of a year 2020 data collection issue. In July, the U.S. Census Bureau announced that it will not publish 1-year American Community Survey (ACS) data for 2020.
The U.S. Department of Housing and Urban Development (HUD) issued a notice Monday updating flat rent submission requirements.
The U.S. House of Representatives Financial Services Committee today voted to approve legislation that drives $322 billion to housing and community development resources.
The U.S. Census Bureau today released its 2021 Current Population Survey Annual Social and Economic Supplement (CPS ASEC) report. The report indicated that, between 2019 and 2020, real median household income decreased 2.9% to $67,521 and the total number of people with earnings decreased by about 3 million. The number of those who worked full-time, year-round decreased by approximately 13.7 million. The real median earnings of all workers decreased 1.2%, while the real median earnings of those who worked full-time, year-round increased 6.9% between 2019 and 2020. The poverty rate increased for the first time after five consecutive annual declines, reaching 11.4% in 2020, up almost a full percentage point from 10.5% in 2019.
Rep. Maxine Waters, D-California, introduced legislation Tuesday to alter the Emergency Rental Assistance (ERA) program. H.R. 5196, Expediting Assistance to Renters and Landlords Act of 2021, aims to expedite the processing of applications so ERA grantees can hasten the delivery of assistance. Changes include expanding eligibility criteria to cover hardships that happened during the pandemic; codifying that tenants are allowed to identify themselves as eligible; and extended the time period during which a household may receive either ERA 1 or ERA 2 assistance.
The U.S. Department of Housing and Urban Development (HUD) will publish in Thursday’s Federal Register a notice designating 2022 difficult development areas (DDAs) and qualified census tracts (QCTs) for purposes of the low-income housing tax credit (LIHTC). The statutorily mandated notice designates DDAs for all 50 states, the District of Columbia, Puerto Rico, Guam, the Northern Mariana Islands and the U.S. Virgin Islands. The notice also designates QCTs based on new income and poverty data released in the American Community Survey. LIHTC properties built in a DDA or QCT are qualified to increase their eligible basis by up to 30%.
President Joe Biden’s administration announced Wednesday a suite of changes geared at creating 100,000 affordable homes during the next three years. The administration’s fact sheet put the emphasis on the lower- and middle-income sectors of the market.
The Federal Housing Finance Agency (FHFA) announced today that it will increase by $350 million each the amount Fannie Mae and Freddie Mae can invest annually in low-income housing tax credit (LIHTC) equity, effective immediately. Previously, each of the enterprises was capped at $500 million. The news release also stated that FHFA requires any investments above $425 million in a given year to be in markets it has identified as having difficulty attracting investors, marking an increase to 50% of the cap from the previous requirement of 40% of Fannie and Freddie’s cap that must be made to meet affordable housing objectives
The District of Columbia Council approved budget support legislation that included a tax exemption for low-income housing tax credit (LIHTC) properties owned or controlled by nonprofit organizations. B24-0285 includes an exemption from deed, recordation, real property tax and payment-in-lieu-of-taxes for property financed with LIHTCs. The exemption is for properties acquired between Oct. 1, 2012, and leased before Oct. 1, 2021. The bill awaits the signature of D.C. Mayor Muriel Bowser.
The Internal Revenue Service (IRS) today issued a revenue procedure that further extends the ability to hold certain hearings concerning private activity bonds (PABs) by telephone due to the ongoing COVID-19 pandemic. Rev. Proc. 2021-39 extends that time until March 31, 2022, for hearings concerning PABs, which can be used to fund affordable housing in conjunction with 4% low-income housing tax credits (LIHTCs).
The U.S. Supreme Court ended the Centers for Disease Control and Prevention’s (CDC’s) eviction moratorium Thursday, ruling that Congress must specifically authorize any extension of the moratorium. The unsigned ruling in Alabama Association of Realtors vs. Department of Health and Human Services came in a 6-3 decision. The CDC instituted the original eviction moratorium in September 2020 in reaction to the COVID-19 pandemic. The moratorium received multiple extensions, the most recent on Aug. 3 by President Joe Biden’s administration.
A group of 111 House Democrats sent a letter today to House Speaker Nancy Pelosi, D-California, and House Minority Leader Kevin McCarthy, R-California, asking that the Affordable Housing Credit Improvement Act (AHCIA, H.R. 2573, S. 1136) be included in budget reconciliation legislation being considered by Congress. The AHCIA would increase the amount of low-income housing tax credit (LIHTC) allocation, decrease the 50% test for private activity bond-financed housing and make other changes to the LIHTC. Earlier this week, the House approved a budget resolution to clear the path to pass a $3.5 trillion spending bill.
The U.S. Department of the Treasury today announced seven additional policies to encourage the delivery of Emergency Rental Assistance (ERA) to eligible households. The latest Treasury data shows that about 1 million ERA payments were made by the end of July, boosting the total of payments to more than $5.1 billion of the $25 billion allocated under the first round of ERA. However, the Treasury announcement said, “too many grantees have yet to demonstrate sufficient progress in getting assistance to struggling tenants and landlord,” and provided new guidance.
The House of Representatives approved the fiscal year 2022 budget resolution Tuesday, unlocking forthcoming $3.5 trillion reconciliation legislation that will likely include a significant expansion of the low-income housing tax credit (LIHTC), creation of the neighborhood homes tax credit (NHTC) to incentivize the development and rehabilitate single-family housing in distressed neighborhoods and more funding for a wide variety of U.S. Department of Housing and Urban Development (HUD) programs. In addition to these resources, the forthcoming reconciliation legislation possibly could include the creation of the middle-income housing tax credit (MIHTC) to serve renters earning just above LIHTC income limits and expansion and enhancement for the federal historic tax credit (HTC), permanence and expansion of new markets tax credit (NMTC), extension and substantial expansion of renewable and clean energy tax credits
Senate Finance Committee Chairman Ron Wyden announced sweeping housing legislation today that includes enhancements to the low-income housing tax credit (LIHTC) and the introduction of the middle-income housing tax credit (MIHTC) and neighborhood homes tax credit (NHTC). The Decent, Affordable, Safe Housing for All (DASH) Act–which will be formally introduced in September–would provide an expansion of 9% LIHTC annual allocation, provide a 50% basis boost for properties for extremely low-income renters; reduce for four years the 50% financed-by test for tax-exempt-bond-financed properties, provide a potential 30% difficult development area basis boost for rural and Native American properties and more.
New York Gov. Andrew Cuomo signed legislation Friday that allows the state to finance the acquisition and/or conversion of distressed hotels and commercial office properties by nonprofits to increase affordable housing. S.B. 5257 aims to ease the state’s affordable housing burden by financing the purchase of said properties for use as permanent affordable housing.
The Wisconsin Housing and Economic Development Authority (WHEDA) today announced that it is lowering interest rates for tax-exempt bond financing for affordable housing and for other affordable housing financing tools. For tax-exempt bond-financed affordable housing properties closing in 2021, WHEDA locked the tax-exempt rate at 4.25% for long-term bonds and 2.5% for short-term bonds. Projects must close by Nov. 30, with one extension to Dec. 15. For projects closing in 2022, the tax-exempt underwriting rate will be 4.35% for long-term bonds and 2.75% for short-term bonds, with projects anticipated to close by April 30, 2022. WHEDA also adjusted permanent financing for 9% low-income housing tax credit (LIHTC) developments from 5.35% to 4.95%.
The U.S. Department of Housing and Urban Development (HUD) will publish in Friday’s Federal Register a notice of fiscal year 2022 (FY 22) fair market rents (FMRs) for the Housing Choice Voucher program, Moderate Rehabilitation Single-Occupancy program and other HUD programs. The notice provides a description of FMR methodology, lists area definition changes and provides information on FMR re-evaluations. HUD provides an FMR schedule for metropolitan and non-metropolitan areas and for small areas. Comments on the notice are due Sept. 30 and the FMRs are effective Oct. 1.
Internal Revenue Bulletin 2021-31 provides state and territory low-income housing tax credit (LIHTC) allocating agencies with population figures to calculate disaster LIHTCs they can allocate under the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Notice 2021-45 identifies the counties and parishes eligible for the disaster LIHTCs along with their combined populations. The disaster LIHTCs are equal to the lesser of $3.50 multiplied by the population in the disaster zones or 65% of the state LIHTC ceiling for calendar year 2020.
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