All News

Thursday, July 9, 2020

A unity task force created by Vice President Joe Biden and Sen. Bernie Sanders, D-Vt., yesterday released a set of policy recommendations for a Biden administration if he wins the presidential election in November. The 110-page task force blueprint calls to expand and make permanent the new markets tax credit (NMTC) and to double the funding for community development financial institutions.

Wednesday, July 1, 2020

The House of Representatives today approved a sweeping infrastructure bill, voting to send the $1.5 trillion legislation to the Senate. The Moving Forward Act (H.R.

Wednesday, July 1, 2020

The Internal Revenue Service today released an advance copy of proposed regulations concerning low-income housing tax credit (LIHTC) compliance issues, returning to a previous standard of required inspection of the lesser of the applicable Real Estate Assessment Center (REAC) number of 20 percent of the low-income units in the development.

Tuesday, June 30, 2020

California Gov. Gavin Newsom today signed a state budget bill that includes an extra $500 million in funding for state low-income housing tax credits (LIHTCs) and exempts the LIHTC from the state’s $5 million annual cap in claiming business tax credits. California’s previous budget bill approved the extra $500 million in annual LIHTCs, subject to the state Legislature appropriating the funds.

Monday, June 29, 2020

Five members of the House of Representatives last week introduced a bill to create a tax credit for providing services to individuals with serious and long-term disabilities who live in low-income housing tax credit (LIHTC)-financed properties.

Friday, June 26, 2020

A report from the Government Accountability Office (GAO) concluded that rental affordability declined from 2001 to 2017 as the number of renters increased from 34 percent of the population to 36 percent.

Friday, June 26, 2020

Sens. Rob Portman, R-Ohio, and Ben Cardin, D-Md., on Thursday introduced the Neighborhood Homes Investment Act (S. 4073), a bill to create a single-family tax credit similar to the low-income housing tax credit (LIHTC) that would help finance the rehabilitation of deteriorated homes in distressed neighborhoods. The bill is the Senate companion to a House bill, H.R. 3316, introduced by Reps.

Thursday, June 25, 2020

U.S. senators today introduced legislation to expand the 9 percent low-income housing tax credit (LIHTC), set a permanent minimum 4 percent LIHTC rate and expand the use of the 30 percent basis boost for affordable housing properties. The Emergency Affordable Housing Act would make permanent the 12.5 percent expansion from 2018 for the 9 percent LIHTC and add 25 percent plus inflation for two years on top of that.

Monday, June 22, 2020

Sweeping infrastructure legislation released today in the House of Representatives includes provisions to establish a permanent minimum 4 percent rate for the low-income housing tax credit (LIHTC), increase the annual LIHTC allocation amount, temporarily reduce the 50 percent test for bond-financed housing to 25 percent and permanently extend the new markets tax credit (NMTC) at $5 billion (with additional allocation in 2020 and 2021).

Friday, June 19, 2020

The California Tax Credit Allocation Committee (CTCAC) Thursday approved a plan to allocate $1 billion in federal disaster relief low-income housing tax credits (LIHTCs) to counties affected by wildfires in 2017 and 2018.

Tuesday, June 16, 2020

The California Tax Credit Allocation Committee (CTCAC) granted Monday a six-month extension of placed-in-service deadlines for properties that received a low-income housing tax credit (LIHTC) carryover allocation in 2018 and 2019, due to complications from the COVID-19 pandemic.

Wednesday, June 10, 2020

The U.S. Department of Treasury and the Internal Revenue Service (IRS) today posted a notice seeking recommendations to be included on the 2020-2021 Priority Guidance Plan. The Priority Guidance Plan identifies guidance projects that the Treasury and the IRS intend to focus on from July 1, 2020, through June 30, 2021.

Monday, June 1, 2020

Sixty-seven mayors from across the nation today sent a letter to leaders of both chambers of Congress, calling for low-income housing tax credit (LIHTC) provisions to be included in the next round of COVID-19 relief legislation.

Thursday, May 28, 2020

The National Low-Income Housing Coalition and the Public and Affordable Housing Research Corporation today released a report that highlights the need for additional resources for affordable housing, saying nearly 300,000 affordable homes could be lost in the next five years.

Thursday, May 28, 2020

The Community Development Financial Institutions (CDFI) Fund will publish in Friday’s Federal Register a notice opening the fiscal year 2020 round for the Capital Magnet Fund (CMF). Through the CMF, the CDFI Fund will award up to $173.8 million in grants to CDFIs and nonprofit organizations to finance affordable housing and related economic development and community service facilities.

Friday, May 22, 2020

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today released an outline of policies to preserve and expand affordable housing that he will push to have included in the next round of COVID-19 relief legislation–including several provisions related to the low-income housing tax credit (LIHTC).

Wednesday, May 20, 2020

Gov. Henry McMaster signed into law legislation creating a South Carolina state low-income housing tax credit (LIHTC). The Workforce and Senior Affordable Housing Act ( H.B. 3998) creates a state LIHTC equal to the amount of the federal LIHTC received by a taxpayer for properties placed in service between Jan. 1, 2020, and Dec. 31, 2030.

Wednesday, May 20, 2020

The Office of the Comptroller of the Currency (OCC) today published a final rule amending Community Reinvestment Act (CRA) regulations, six weeks after the comment period closed on the proposed rule, which received more than 7,500 comments.

Tuesday, May 19, 2020

Oklahoma Gov. Kevin Stitt vetoed legislation that would have cut the state’s low-income housing tax credit (LIHTC) annual allocation by half. S.B. 2760 would have reduced the annual allocation amount for state LIHTCs from $4 million to $2 million, retroactive to Jan. 1. Stitt’s veto keeps the allocation amount at $4 million.

Friday, May 15, 2020

A bill on the desk of Oklahoma Gov. Kevin Stitt would reduce the annual state low-income housing tax credit (LIHTC) amount by half. S.B. 2760 would cut the annual allocation of Oklahoma state LIHTCs from $4 million to $2 million and would be effective retroactive to Jan. 1. The legislation passed the House by a 59-41 vote and the Senate by a 25-20 vote.