All News

Tuesday, August 14, 2018

The Community Development Financial Institutions (CDFI) Fund today reminded prospective fiscal year 2018 Capital Magnet Fund (CMF) applicants that the deadline for online submission of the SF-424 grant application through grants.gov is Aug. 20 at 11:59 p.m. ET and the deadline for creating an organizational account through the CDFI Fund’s Awards Management Information System (AMIS) is Aug. 27 at 11:59 p.m. ET.

Monday, August 13, 2018

The U.S. Department of Housing and Urban Development (HUD) today published an advanced notice of proposed rulemaking, inviting public comment on amendments to HUD’s affirmatively furthering fair housing regulations. HUD previously withdrew its assessment tools used to assess fair housing. HUD is seeking comments on several areas, but specifically asked eight questions about community involvement, data collection, reporting methods, evaluation and more.

Monday, August 13, 2018

The Community Development Financial Institutions (CDFI) Fund is seeking application reviewers for the fiscal year 2018 application round of the Capital Magnet Fund. Reviewers should have expertise in affordable housing finance and/or development. The CDFI Fund particularly seeks reviewers with experience in underwriting, assessing and/or evaluating affordable housing and economic development projects financed or developed by CDFIs and nonprofit developers or experience structuring and underwriting complex multifamily affordable housing transactions.

Monday, July 30, 2018

The U.S. Department of Housing and Urban Development (HUD) today announced its approval of a $1.5 billion disaster recovery plan for Puerto Rico to recover from Hurricane Irma and Hurricane Marina that includes $100 million in Community Development Block Grant-Disaster Relief gap funding for low-income housing tax credit properties and $10 million in rental assistance program funding for low-income renters.

Thursday, July 26, 2018

Rep. James Clyburn, D-S.C., today introduced legislation to increase the low-income housing tax credit (LIHTC) annual allocation and increase the credit percentage formula.

Thursday, July 19, 2018

Sen. Kamala Harris, D-Calif., introduced legislation to create a refundable tax credit for renters who pay more than 30 percent of their annual gross income on rent and utilities. The Rent Relief Act, which is cosponsored by Sens. Dianne Feinstein, D-Calif., Richard Blumenthal, D-Conn., and Maggie Hassan, D-N.H., was introduced in the House last summer, where it has six co-sponsors.

Wednesday, July 18, 2018

The Community Development Financial Institutions (CDFI) Fund today opened fiscal year 2018 funding round for the Capital Magnet Fund. The CDFI Fund will award approximately $142.9 million to CDFIs and qualified nonprofit housing organizations this year to finance affordable housing activities, related economic development activities and community service facilities, with the goal of attracting private capital to economically distressed communities.

Wednesday, July 18, 2018

Nine U.S. Senators today introduced legislation to create a bipartisan task force on affordable housing. Sens. Todd Young, R-Ind.; Maria Cantwell, D-Wash; Angus King, I-Maine; Dean Heller, R-Nev.; Tim Kaine, D-Va.; Doug Jones, D-Ala.; Cory Gardner, R-Colo.; Marco Rubio, R-Fla.; and Chris Coons, D-Del.; introduced the Task Force on the Affordable Housing Crisis Act.

Friday, July 13, 2018

The low-income housing tax credit (LIHTC) is America’s most prolific source of funding for new affordable rental housing, but faces significant legislative and economic challenges, according to a report by Urban Institute released this week.

Tuesday, July 3, 2018

The California Tax Credit Allocation Committee (CTCAC) announced Tuesday that it created tutorial videos to assist low-income housing tax credit property owners in preparing their placed-in-service documentation. The videos are available on CTCAC’s website.

Tuesday, July 3, 2018

The U.S. Department of Housing and Urban Development (HUD) will publish a notice Thursday in the Federal Register seeking comments on its proposed new collection of information on the Housing Trust Fund (HTF). HUD will seek information on project-specific property, tenant, owner and financial data to track grantee performance and compliance with HTF regulations. Comments are due 60 days after the notice is published in the Federal Register.

Monday, July 2, 2018

The U.S. Department of Housing and Urban Development (HUD) will publish two notices in Tuesday’s Federal Register implementing several changes to the Rental Assistance Demonstration (RAD) program, including the official increase in the number of units eligible.

Thursday, June 21, 2018

The California Tax Credit Allocation Committee (TCAC) today published guidance for those using a hybrid of 9 percent and 4 percent low-income housing tax credits to develop affordable housing. The guidance covers items such as calculating developer fees, how developments will be scored, how set-asides will be determined, common-area components and more.

Tuesday, June 19, 2018

The low-income housing tax credit (LIHTC) remains the largest provider of assisted rental affordable housing in America and a 12.5 percent increase in LIHTC allocations over the next four years will provide a boost, but there remains a significant gap in affordable housing, according to the State of the Nation’s Housing 2018.

Monday, June 18, 2018

The Massachusetts Supreme Judicial Court affirmed a lower court’s summary judgment supporting a nonprofit’s right of first refusal to purchase a low-income housing tax credit (LIHTC) property once a third party makes an enforceable offer to purchase the property. The court in Homeowner's Rehab Inc. v.

Friday, June 15, 2018

The National Council of State Housing Agencies (NCSHA) this week sent a letter to the Internal Revenue Service and the Department of the Treasury concerning the implementation of income averaging in low-income housing tax credit properties. The letter seeks state flexibility in establishing income-averaging guidelines and determining how to approach compliance monitoring.

Thursday, June 14, 2018

The Treasury Department today designated the final round of qualified opportunity zones (OZs) in four states: Florida, Nevada, Pennsylvania and Utah. Investors in qualified opportunity funds that invest in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026. With this final round, OZs have been designated in all 50 states, the District of Columbia and five U.S. possessions.

Wednesday, June 13, 2018

There is a national shortage of 7.2 million available, affordable rental homes to extremely low-income renters in America and no state or major metropolitan area has an adequate supply, according to “Out of Reach 2018,” a report released today by the National Low-Income Housing Coalition (NLIHC).

Wednesday, June 13, 2018

Several Massachusetts tax credit programs, including the low-income housing tax credit (LIHTC) and the historic tax credit (HTC), were expanded and extended effective May 31. H 4536 extended the state LIHTC through 2025 with $5 million per year added for properties that improve existing state or federally assisted housing, along with a five-year housing bond issue.

Tuesday, June 12, 2018

The Internal Revenue Service (IRS) updated and expanded the content on its opportunity zones frequently asked questions page. The new content includes confirmation that 2017 and 2018 gains are eligible for deferral and that a taxpayer may file an amended 2017 return to include a deferral on gains.