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Monday, September 28, 2020

The Missouri Housing Development Commission (MHDC) approved a state qualified allocation plan and issued notices of funding availability for the state low-income housing tax credit (LIHTC) program for the first time since 2017, when then-Gov. Eric Greitens and the MHDC voted to stop matching federal LIHTC awards with state funds.

Wednesday, September 23, 2020

The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Thursday’s Federal Register designating difficult development areas (DDAs) and qualified census tracts (QCTs) for 2021 for purposes of the low-income housing tax credit (LIHTC). DDAs and QCTs are eligible for a 30 percent basis boost in LIHTC properties.

Wednesday, September 23, 2020

The U.S. Department of Housing and Urban Development (HUD) will publish a final rule in Thursday’s Federal Register for HUD’s implementation of the Fair Housing Act’s disparate impact standard.

Tuesday, September 22, 2020

A Novogradac special report released today examines the implications of a Democratic sweep of the House of Representatives, Senate and White House in November’s election.

Monday, September 21, 2020

The Federal Reserve Board today unanimously approved an advance notice of proposed rulemaking (ANPR) and published a press release on an approach to modernize Community Reinvestment Act (CRA) regulations.

Thursday, September 17, 2020

Sen. Ron Wyden, D-Ore., today introduced disaster relief legislation that would increase low-income housing tax credit (LIHTC) allocation by as much as 50 percent in 2021 for 2020 disaster areas. The 2020 Disasters Tax Relief Act includes relief for areas affected by the Iowa derecho, wildfires in California and Oregon and areas affected by hurricanes Laura and Isaias.

Thursday, September 3, 2020

A California bill that would allow school districts that use low-income housing tax credits (LIHTCs) to build affordable housing on district-owned land to restrict affordable housing to teachers and other school employees passed the state Legislature and awaits the signature of Gov. Gavin Newsom. The Teachers Housing Act (AB 3308) would permit non-employees of the school districts to live in the housing, but would allow districts to prioritize school district employees.

Wednesday, September 2, 2020

The U.S. District Court for the Eastern District of New York ruled that a Section 42(i)(7) right of first refusal (ROFR) granted to a nonprofit does not compel the property owner to sell, absent the common law conditions precedent. In its ruling in Riseboro Community Partnership Inc. vs. Sunamerica Housing Fund 682 the Court noted that defendants argued that 420 Stockholm Street Associates, L.P.

Tuesday, September 1, 2020

The Centers for Disease Control and Prevention (CDC) today announced an order to temporarily halt residential evictions to prevent the further spread of COVID-19. The moratorium is in effect through Dec. 31 and applies to covered tenants facing eviction for nonpayment of rent who present a signed declaration to their landlords that they meet certain income and hardship criteria.

Friday, August 14, 2020

The U.S. Department of Housing and Urban Development (HUD) published in today’s Federal Register a notice of fiscal year 2021 (FY 21) fair market rents (FMRs) for the Housing Choice Voucher program, Moderate Rehabilitation Single Room Occupancy program and other HUD programs. The notice states that the trend factors used to determine FY 21 FMRs include updated economic assumptions to reflect the economic impact of the COVID-19 pandemic.

Friday, July 31, 2020

A group of 103 members of the House of Representatives, led by Rep. Suzan DelBene, D-Wash., and Rep. Jackie Walorski, R-Ind., today published a letter asking House leadership to prioritize affordable housing measures in the next COVID-19 relief legislation.

Friday, July 24, 2020

Novogradac this week adjusted downward its estimate of national median income for 2021 after the Congressional Budget Office (CBO) released its midyear estimate of consumer price index (CPI), one of the components the U.S. Department of Housing and Urban Development (HUD) uses to calculate income limits for the low-income housing tax credit (LIHTC) and HUD programs. Based on this update, Novogradac adjusted its estimate of national median income for 2021 to $79,200, an 0.89 percent increase over the 2020 national median income.

Monday, July 20, 2020

The Federal Housing Finance Agency (FHFA) today released a proposed rule with the same housing goals for 2021 for Fannie Mae and Freddie Mac as for 2018-2020. Due to the economic uncertainty related to the COVID-19 pandemic, the FHFA proposed goals for 2021 only, rather than the normal three-year period. The FHFA proposes to purchase mortgages or multifamily properties for properties totaling 315,000 low-income units.

Monday, July 20, 2020

Forty-four states and 151 local jurisdictions have created rental assistance programs in response to the COVID-19 pandemic, but much more assistance is needed, according to a report issued today by the National Low-Income Housing Coalition.

Tuesday, July 14, 2020

In no state, metropolitan area or county in the United States can workers earning minimum wage–whether federal or prevailing state or local minimum wage–afford a modest two-bedroom rental home at fair market rent by working a standard 40-hour week, according to Out of Reach 2020, an annual report released today by the National Low-Income Housing Coalition.

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.