All News

Friday, March 29, 2019

A bipartisan group of 16 state senators in Pennsylvania introduced legislation to create a low-income housing tax credit. S.B. 30 would create a state program that largely mirrors the federal LIHTC. The credit would have an annual ceiling of $10 million. The bill was assigned to the Senate Urban Affairs and Housing Committee.

Wednesday, March 27, 2019

President Donald Trump today issued a memorandum on federal housing finance reform, including frameworks to reform housing government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, programs of the U.S. Department of Housing and Urban Development (HUD), the Federal Housing Administration and Ginnie Mae.

Wednesday, March 27, 2019

Legislation introduced in Maine would create a state low-income housing tax credit (LIHTC). S.B. 1265 would create a state credit for owners of low-income housing developments that qualify for the federal LIHTC and are financed with tax-exempt bonds. The credit would have an annual statewide cap of $42 million, would be taken over six years and would be effective beginning Jan. 1, 2020.

Wednesday, March 27, 2019

Legislation to create a state low-income housing tax credit (LIHTC) in Nevada was introduced this week. S.B. 448 would create a state credit that mirrors the federal LIHTC, with a $10 million annual cap. The state credit would have a sunset date of Jan. 1, 2030. The bill was assigned to the Senate Revenue and Economic Development Committee.

Thursday, March 21, 2019

The U.S. Department of Housing and Urban Development’s (HUD’s) Real Estate Assessment Center (REAC) inspections of HUD-assisted or HUD-insured multifamily housing need improvement, according to a report issued today by the Government Accountability Office (GAO). The GAO report makes 14 recommendations, focused on how REAC selects, trains and monitors contractors who perform the inspections.

Tuesday, March 19, 2019

Six U.S. Senators have formally asked the Internal Revenue Service (IRS) to clarify that housing developments for veterans still qualify for private activity bonds (PABs). Sens.

Monday, March 18, 2019

The Maryland Department of Planning and Development adopted changes to regulations for the state historic tax credit, conforming the regulations to H.B. 1454, passed in 2018. The legislation authorized an additional 5 percent credit on top of the existing 20 percent credit for HTC developments that result in a property that receives an allocation of federal low-income housing tax credits.

Monday, March 18, 2019

The Internal Revenue Service today published Notice 2019-19, which provides population figures to use in calculating states’ 2019 calendar-year volume limits for the low-income housing tax credit (LIHTC) and private activity bonds (PABs). The LIHTC figure for each state is the greater of the population multiplied by $2.75625 or $3,166,875. The PAB cap is the greater of the population multiplied by $105 or $316,745,000.

Thursday, March 14, 2019

There is a national shortage of 7 million affordable, available rental homes for extremely low-income renters, according to an annual study by the National Low Income Housing Coalition.

Wednesday, March 13, 2019

Sen. Elizabeth Warren, D-Mass., and two colleagues today introduced legislation to leverage federal funds to build as many as 3.2 million homes, mostly investment in the Housing Trust Fund (HTF) and Capital Magnet Fund (CMF). A companion bill to the American Housing and Economic Mobility Act was introduced by 14 members of the House of Representatives.

Wednesday, March 13, 2019

Legislation introduced in Colorado would double the annual allocation for the state low-income housing tax credit to $10 million, beginning in 2020. HB 19-1228 would cover the calendar years 2020 through 2024. The bill was assigned to the Finance and Appropriations Committee.

Wednesday, March 13, 2019

The U.S. Department of Housing and Urban Development (HUD) will publish a notice Thursday in the Federal Register revising the fiscal year 2019 fair market rents (FMRs) for 10 areas, based on data provided to HUD. The FMRs apply to the Housing Choice Voucher program and the Moderate Rehabilitation Single-Room Occupancy program. The revised FMRs will take effect April 13. The 10 areas include four in Oregon, four in California and two in New England.

Monday, March 11, 2019

The Trump administration today released its proposed $4.7 trillion budget for fiscal year 2020, which proposes reductions in funding for the U.S. Department of Housing and Urban Development (HUD), including the elimination of the Community Development Block Grant (CDBG) and HOME Investment Partnerships programs and the Public Housing Capital Fund. The budget request includes $44.1 billion in gross HUD appropriations, a 16.4 percent cut from FY 2018 levels, and a $9.6 billion, or 18 percent cut from FY 2019, to support the core functions.

Friday, March 8, 2019

The Oklahoma Affordable Housing Act (S.B. 416) was introduced in Oklahoma to reduce the credit period for taxpayers to receive state low-income housing tax credits from 10 years to five years for credits allocated to a qualified property on or after Jan. 1, 2020. If enacted, the change would become effective Nov. 1, 2019.

Thursday, March 7, 2019

Legislation in Kentucky to create a state Low-Income Housing Tax Credit (LIHTC) program was assigned to the House Appropriations and Revenue Committee. HB 488 would create a nonrefundable Kentucky affordable housing credit equaling the federal LIHTC for the years 2019 through 2022. The statewide annual cap would be half of the federal LIHTCs awarded or $5.25 million.

Thursday, March 7, 2019

Maryland legislation would introduce a state affordable housing tax credit effective in 2020. HB 1141 would create the Qualified Maryland Housing Tax Credit for properties that qualify for the federal low-income housing tax credit (LIHTC) and are in areas designated as community revitalization areas–which includes opportunity zones. There would with an annual statewide cap of $10 million and no requirement that the development also receive federal LIHTCs.

Thursday, March 7, 2019

Legislation in Arizona to create a state low-income housing tax credit (LIHTC) matching the amount of its federal LIHTC award passed the House Ways and Means Committee and is now before the entire House. HB 2365 would take effect for properties placed in service after June 30, 2020, with an annual statewide cap of $12 million. No more than 20 percent of the credits each year could be awarded to projects financed through tax-exempt bonds.

Thursday, March 7, 2019

The California Tax Credit Allocation Committee (TCAC) published a memo Wednesday concerning processes for requests TCAC receives for consent to assign reservations of low-income housing tax credits, carryover allocations and other agreements. The memo specifies how to submit requests for written consent and agreement requests and highlights areas in which TCAC does not require written consent and agreement.

Wednesday, March 6, 2019

Reps. Earl Blumenauer, D-Ore., and Jackie Walorski, R-Ind., yesterday introduced the Move America Act of 2019 (H.R. 1508) to spur investment in infrastructure improvements through Move America Bonds and Move America Credits. The bill would expand tax-exempt private activity bonds for infrastructure and create a federal infrastructure tax credit to fund infrastructure projects through public-private partnerships. Sens.

Wednesday, February 27, 2019

The Internal Revenue Service will publish in Monday’s Federal Register final utility allowance regulations for low-income housing tax credit (LIHTC) properties. The final regulations make permanent the temporary rules under which charges for utilities are treated as paid to the utility company in situations where tenants pay the building owner for utilities based on actual consumption and the building owner pays the utility company.