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Friday, January 17, 2020

A bill introduced this week in the Indiana House of Representatives would create a state low-income housing tax credit (LIHTC). H.B. 1381 would create a 4 percent state LIHTC worth up to the amount of the federal LIHTC for the taxpayer, with a statewide annual cap of $36 million. The credit would be effective for taxable years beginning Jan. 1, 2021, although applications could be submitted starting July 1, 2020.

Friday, January 17, 2020

A bill introduced in the Hawaii Legislature would specify that certain provisions of the Internal Revenue Code concerning deductions, at-risk rules and passive activity loss do not apply to claims for the state low-income housing tax credit (LIHTC). H.B. 956 also covers taxpayers who were granted an award under Section 1602 of the American Recovery and Reinvestment Act. For buildings that receive a LIHTC allocation after Dec.

Friday, January 17, 2020

The Missouri state low-income housing tax credit (LIHTC) annual cap would be the lesser of 72.5 percent of the federal allocation or $123 million, under legislation introduced in the state Senate. S.B. 549 would reduce the annual cap from 100 percent of the federal LIHTC awards and would also reduce the limit of 4 percent LIHTCs awarded to bond-finance properties from $6 million to $4 million.

Friday, January 17, 2020

S.B. 1578 was introduced in the Oklahoma Legislature to increase the annual ceiling for the state low-income housing tax credit (LIHTC) to $5 million, beginning Jan. 1, 2021. The state currently has an annual state LIHTC ceiling of $4 million.

Wednesday, January 8, 2020

The Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation will publish their joint notice of proposed rulemaking for updated Community Reinvestment Act (CRA) regulations in Thursday’s Federal Register. The proposed CRA regulations were made public Dec. 12, 2019.

Tuesday, January 7, 2020

Two bills were introduced in the Virginia General Assembly to expand access to affordable housing. H.B. 810 would establish a stakeholder advisory group in the Virginia Department of Housing and Community Development and the Virginia Housing Development Authority to develop a state low-income housing tax credit.

Monday, January 6, 2020

Children who live in low-income housing tax credit (LIHTC) housing saw an increase in the likelihood of attending a higher education program for four years or more and an increase in future earnings for each additional year they spent in a LIHTC home as a child, according to a paper written for the staff of the Joint Committee on Taxation.

Tuesday, December 31, 2019

The U.S. Court of Appeals for the Fifth District ruled Monday that a Texas nonprofit lacked standing to sue the federal government over claims that the government didn’t promote fair housing through the low-income housing tax credit incentive. The court dismissed the suit in Inclusive Communities Project Inc. (ICP) v. Department of Treasury.

Tuesday, December 24, 2019

The California Debt Limit Allocation Committee (CDLAC) Monday voted to apportion 84.34 percent of the state ceiling of private activity bond allocation in 2020 for multifamily affordable rental housing. California is expected to have a PAB cap of about $4.2 billion in 2020, which means approximately $3.6 billion would go to multifamily housing PABs, which are paired with 4 percent low-income housing tax credits.

Monday, December 23, 2019

The Community Development Financial Institutions (CDFI) Fund will publish two notices in Thursday’s Federal Register requesting comments on a tracking system and an application for the new markets tax credit (NMTC) incentive. The first notice seeks comments on the NMTC program’s Allocation and Qualified Equity Investment tracking system.

Monday, December 23, 2019

The U.S. Department of Housing and Urban Development (HUD) will publish in Thursday’s Federal Register a proposal for the expansion of information it collects on project-based vouchers (PBVs)–which have become more widespread with the expansion of HUD’s Rental Assistance Demonstration (RAD) program.

Monday, December 23, 2019

President Donald Trump late Friday signed two budget bills totaling $1.4 trillion–bills that include a one-year extension of both the new markets tax credit (NMTC) and renewable energy production tax credit (PTC), as well as an estimated $1 billion in low-income housing tax credit (LIHTC) allocation authority for California. The two measures fund the government for fiscal year 2020, which ends Sept. 30, 2020.

Tuesday, December 17, 2019

One of two year-end fiscal year 2020 spending bills for the federal government includes a one-year extension of the new markets tax credit (NMTC) at $5 billion, a one-year extension of the production tax credit (PTC) for wind at the phasedown rate of 60 percent and a nearly $1 billion disaster allocation of low-income housing tax credits to California after it was hit by wildfires in 2017 and 2018.

Thursday, December 12, 2019

The Office of the Comptroller of the Currency (OCC) today released a notice of proposed rulemaking to reform the Community Reinvestment Act (CRA) regulations. The OCC was joined by the Federal Deposit Insurance Corporation, which is one of three federal regulators that oversee the CRA. The Federal Reserve Board of Governors did not sign on.

Monday, December 9, 2019

A group of 45 mayors sent a letter to Congressional leaders today calling for the addition of the Affordable Housing Credit Improvement Act of 2019 in any year-end legislative tax package.

Monday, December 9, 2019

The California Tax Credit Allocation Committee (CTCAC) released a memo last week clarifying that applicants or operators of low-income housing tax credit (LIHTC) properties must meet several requirements when proposing to use a LIHTC apartment for a property manager who also qualifies as an income-restricted tenant.

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).