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The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Friday’s Federal Register proposing a collection of information for rental households and rental housing stock in areas that receive Community Development Block Grant–Disaster Recovery (CDBG-DR) grants.
The U.S. Department of Housing and Urban Development (HUD) announced today it will extend the compliance date to Oct. 1, 2024, for the National Standards for the Physical Inspection of Real Estate (NSPIRE) for select programs.
The California Department of Housing and Community Development (HCD) and the California Housing Finance Agency (CalHFA) today announced the joint publication of the updated Audited Financial Statements Handbook for Multifamily Rental Housing.
The number of households with worst-case housing needs hit a record level in 2021, according to the executive summary of the Worst Case Housing Needs: 2023 Report to Congress, released today by the U.S. Department of Housing and Urban Development (HUD).
The U.S. Department of Housing and Urban Development (HUD) published updated guidance this week for public housing authorities (PHAs) and other properties participating in HUD multifamily assisted housing programs concerning financial benefits from participation in community solar energy programs or on-site solar facilities.
Minnesota Housing is accepting comments through Aug. 11 on its new state housing tax credit program and contribution fund, through which taxpayers can designate $1,000 to $2 million annually to a fund for a variety of affordable housing uses. The state credit was created in 2021 budget legislation and has a $9.9 million annual cap for contributions. Taxpayers receive 85% of their contribution as a state tax credit. Minnesota Housing published a program concept document and hosted an information session. The credit will expire in 2028.
The U.S. Department of Housing and Urban Development (HUD) published in today’s Federal Register a final scoring notice for the National Standards for the Physical Inspection of Real Estate (NSPIRE), which outlines how HUD will sample and score public housing and multifamily housing properties.
Legislation signed into law by New Jersey Gov. Phil Murphy will increase the annual cap for a special state tax incentive for certain properties that receive low-income housing tax credits (LIHTCs). S.B. 4023 makes changes to Aspire, a $14 billion tax incentive gap-filling program launched in 2020. Provisions include increasing the cap from $60 million to $90 million per redevelopment project that receives a LIHTC and is in a designated incentive area.
A new homeownership tax credit included in budget legislation signed this week in Ohio will provide up to $50 million in tax credits annually. Gov. Mike DeWine signed H.B. 33, which included both the homeownership credit and created a low-income housing tax credit (LIHTC) for Ohio. The homeownership credit, which covers the gap between the development costs and the state’s estimate of the value of the finished home, shares some similarities to the proposed Neighborhood Homes Tax Credit (NHTC). A News from Novogradac blog post provides what’s known about the homeownership tax credit and addresses unanswered questions.
Texas will have a state low-income housing tax credit (LIHTC) beginning Jan. 1, 2024, after Gov. Greg Abbott recently signed enacting legislation. H.B. 1058 creates a credit for up to the amount of the federal LIHTC allocation amount for each property, with an annual statewide cap of $25 million. The state LIHTC will be split evenly between properties receiving 9% LIHTCs and 4% LIHTCs and credits can first be claimed in tax reports originally due on or after Jan. 1, 2026. The state credit has a sunset date of Dec. 31, 2029.
Ohio budget legislation signed this week by Gov. Mike DeWine creates a state low-income housing tax credit (LIHTC) and a tax credit to promote single-family affordable homeownership. H.B. 33 provides a state LIHTC with a cap of $100 million annually for affordable properties placed in service on or after July 1, 2023. The homeownership credit will cover the gap between the development budget and the state’s estimate of the appraised value of the finished home. There is a statewide cap of $50 million per year. Both credits have a sunset date of June 30, 2027.
Hawaii Gov. Josh Green last week signed a variety of bills to increase access to affordable housing and support families at risk of homelessness. A press release from Green’s office highlights several pieces of legislation, including S.B. 1357, which extends the sunset date for issuing county-level affordable housing credits to the state Department of Hawaiian Home Lands to July 1, 2030, and H.B. 675, which requires the state to open at least two rounds for the allocation of low-income housing tax credits (LIHTCs) and allows the application period for four state programs to be combined for administrative efficiency.
Texas Gov. Greg Abbott signed legislation this week that gives priority in the allocation of multifamily housing private activity bonds (PABs) to properties that previously received an allocation but need additional PAB issuance to maintain compliance with the 50% financed-by test. H.B. 1766 gives priority to properties that have closed on a previous reservation of PABs and have applied for 4% low-income housing tax credits (LIHTCs) in the previous four years.
Rhode Island Gov. Daniel McKee signed budget legislation that includes a provision creating a state low-income housing tax credit (LIHTC) with a statewide annual allocation of up to $30 million. H. 5200 allows the tax credit to be taken over five years and allows a taxpayer to redeem 90% of the value of the credit. The state LIHTC has a sunset date of June 30, 2028.
Rep. Maxine Waters, D-California, and several members of the House of Representatives today reintroduced three bills that target the affordable housing crisis, homelessness and the racial wealth and homeownership gaps in the nation. Similar versions were all introduced in 2021. The Housing Crisis Response Act of 2023 would expand U.S. Department of Housing and Urban Development (HUD) rental assistance, invest in public housing and more to provide more than $150 billion in affordable housing investments, creating 1.4 million affordable, accessible homes, helping 300,000 households afford their rent and make a national investment in homeownership for first-generation, first-time homebuyers. The Ending Homelessness Act of 2023 would transform the housing choice voucher program into a federal entitlement, so every household that qualifies for assistance would receive it. The Downpayment Toward Equality Act of 2023 would provide $100 billion in direct assistance to help first-time, first-generation homebuyers purchase their first home. Waters also released fact sheets about each of the bills.
The supply of low-cost rental units continued to decline in 2022, fueling a 25% increase nationally in unsheltered homelessness since 2015, according to the State of the Nation’s Housing 2023 Report by the Joint Center for Housing Studies of Harvard University. According to the report, the nation saw its most significant drop in housing affordability in nearly a generation from 2019 to 2021–measured by the percentage of residents paying more than 30% of their income on housing.
The U.S. Department of Housing and Urban Development (HUD) today announced the pending publication in the Federal Register of the Final Inspections Standards Notice for the National Standards for the Physical Inspection of Real Estate (NSPIRE).
The U.S. Department of Housing and Urban Development (HUD) today issued a memorandum lifting the $25 million cap on loans in the new low-income housing tax credit (LIHTC) pilot program instituted in 2019.
U.S. Reps. Mike Kelly, R-Pennsylvania, and Brian Higgins, D-New York, today introduced the Neighborhood Homes Investment Act (NHIA), a bill which would create a single-family tax credit similar to the low-income housing tax credit (LIHTC) to help finance the new construction or acquisition and rehabilitation of owner-occupied homes in distressed neighborhoods. The NHIA coalition estimates 500,000 homes would be built or substantially rehabilitated and more than $125 billion of total development activity over a decade of the tax incentive.
Proposed budget legislation in Rhode Island includes the allocation of up to $30 million annually for a new state low-income housing tax credit (LIHTC). H. 5200 includes the LIHTC provision, with the credits to be taken over five years. Under the legislation, a taxpayer could redeem 90% of the value of the tax credit. The spending bill needs the approval of the state Legislature and the signature of Gov. Daniel McKee. If enacted, the LIHTC would begin July 1 and would sunset June 30, 2028.
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