The Treasury Department’s second-quarter update to the 2018-2019 Priority Guidance Plan includes plans to provide guidance for the low-income housing tax credit average-income test, the use of historic tax credit for disaster relief, regulations to clarify certain rules for the new markets tax credit and guidance on private-activity bonds for affordable housing.
The U.S. Senate today confirmed Mark Calabria as the director of the Federal Housing Finance Agency by a 52-44 vote. Calabria will oversee, among other things Fannie Mae and Freddie Mac. Calabria will serve a five-year term and he succeeds Mel Watt, whose term ended in January. Calabria previously was the chief economist for Vice President Mike Pence.
The California Tax Credit Allocation Committee (CTCAC) officially amended provisions concerning how it scores low-income housing tax credit (LIHTC) applications that were impacted by the temporary shutdown of the federal government. CTCAC extended the 180- and 194-day deadlines to begin construction by 60 days for properties affected by the shutdown. CTCAC included the changes on pages 49 and 50 of its updated regulations.
Joseph Otting, acting director of the Federal Housing Finance Agency, today announced that he has authorized the transfer of affordable housing allocations from Fannie Mae and
Tax-exempt residential rental private activity bonds (PABs) can be used to build veterans housing or housing for other specified groups under the low-income housing tax credit (LIHTC) statute, according to a revenue procedure released today by the Internal Revenue Service. Rev. Proc. 2019-17 officially coordinates the general public use requirements for bond-financed residential rental properties with provisions from Internal Revenue Code Section 42 that govern the LIHTC.
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