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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.

Monday, June 11, 2018

The low-income housing tax credit (LIHTC) has created $75 billion in property value, $923 million in tax revenue and 137,000 jobs in North Carolina over the history of the program, according to a report by the North Carolina Housing Finance Agency (NCHFA). The report details that the LIHTC has financed 83,000 apartments in the state, including 35,600 in rural areas.

Tuesday, June 5, 2018

The California Tax Credit Allocation Committee this month issued two memos with guidance for prospective applicants for the state’s low-income housing tax credit allocation.

Monday, June 4, 2018

The U.S. Department of Housing and Urban Development (HUD) will publish Tuesday in the Federal Register its $266 million in Housing Trust Fund 2018 allocations. HUD’s allocations go to all 50 states, plus the District of Columbia and five territories. State awards range from $36.6 million to California to the small-state minimum of $3 million to 24 states and the District of Columbia, with the territories receiving less.

Friday, June 1, 2018

The California Debt Limit Allocation Committee (CDLAC) and California Tax Credit Allocation Committee (CTCAC) now have a single application for 4 percent low-income housing tax credits (LIHTC), according to a press release from Treasurer John Chiang.

Friday, June 1, 2018

The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Monday’s Federal Register announcing a 2.1 percent increase in the base per-unit statutory mortgage limits for the Federal Housing Administration’s multifamily mortgage programs. The effective date is Jan. 1, 2018.

Thursday, May 31, 2018

The Internal Revenue Service (IRS) published a newly revised Form 8609, providing the option to choose “average income” as a minimum set-aside election for low-income housing tax credit (LIHTC) properties. As of Thursday, the instructions for the form had not been updated. Neither has the IRS released a revision to IRS Form 8823, which is used to notify the IRS of noncompliance with LIHTC provisions or any building disposition.

Tuesday, May 22, 2018

Colorado Gov. John Hickenlooper is expected today to sign into law SB 2018-007, which extends the state’s affordable housing tax credit program through Dec. 31, 2024. The Colorado tax credit was reintroduced Jan. 1, 2015, after a 13-year hiatus and is taken over six years with a $5 million annual cap.

Thursday, May 17, 2018

Wisconsin Gov. Scott Walker signed a bill (Act 176) enacting a new state low-income housing tax credit (LIHTC) program, which will be administered by the Wisconsin Housing and Economic Development Authority. The Wisconsin LIHTC largely mirrors the federal program and can be matched with the federal 4 percent LIHTC.

Wednesday, May 16, 2018

The Georgia Department of Community Affairs today posted a draft income averaging policy. Questions and comments can be submitted to hfdround@dca.ga.gov until close of business May 30. A final policy will be incorporated into the 2018 qualified allocation plan (QAP) through a QAP amendment.

Friday, May 11, 2018

The California Debt Limit Allocation Committee (CDLAC) is seeking feedback on whether to schedule an allocation meeting Oct. 17 or Nov. 14. The organization’s executive director said in a memo that those interested in submitting an application for a tax-exempt bond allocation should indicate which date best meets the needs of their development by emailing cdlac@treasruer.ca.gov by June 22.

Thursday, May 10, 2018

House Majority Leader Kevin McCarthy, R-Calif., and nine Republican colleagues introduced the Spending Cuts to Expired and Unnecessary Programs Act (H.R. 3) Wednesday, a bill that would rescind $15.4 billion in federal budget authority. Included in what the legislation would take is $151 million from the 2018 allocations for the Capital Magnet Fund, $41 million from the U.S.

Thursday, May 3, 2018

Reporting an annual growth rate of 0.7 percent nationwide to 325.7 million residents, the Internal Revenue Service today released official population figures for the 2018 calendar year for purposes of calculating states’ allocations of low-income housing tax credits (LIHTCs) and private activity bonds. The state LIHTC cap is the greater of $2.70 per resident or $3,105,000 and state bond caps are the greater of $105 per resident or $310,710,000.