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July 21, 2016
Blog Article
October 1, 2014
Periodical News Brief
On Aug. 21, the Internal Revenue Service (IRS) released Revenue Procedure 2014-49 and Revenue Procedure 2014-50. Both documents provide guidance about temporary disaster relief for qualified developments that were financed with low-income housing tax credits (LIHTCs) or tax-exempt bonds...
July 6, 2016
Periodical News Brief
Mississippi Senate Bill 2922 was signed by Gov. Phil Bryant May 12. The bill increases the amount of credits that may be allocated under the state historic tax credit (HTC). The cap will double, reaching $120 million. However, the S.B. 2922 limits the available annual allocation amount to $12 million. The original cap was $60 million, but there was no annual limit. The bill was effective July 1, and applies to properties that are issued a certificate of eligibility before the end of 2020.
October 3, 2016
Periodical News Brief
On Aug. 26, a U.S. District Court in Texas dismissed a disparate impact claim by The Inclusive Communities Project (ICP) against the Texas Department of Housing and Community Affairs (TDHCA) in TDHCA’s allocation of low-income housing tax credits (LIHTCs) in the Dallas metropolitan area. The decision comes more than a year after the Supreme Court issued a landmark ruling in the case that disparate impact claims could be recognized under the Fair Housing Act. The 32-page decision by the U.S. District Court for the Northern District of Texas rules that ICP did not prove a prima facie case of disparate impact, so it could not proceed in its claim. The Supreme Court ruling was a 5-4 decision allowing complaints to be made under the Fair Housing Act based on “disparate impact,” which is when a policy that appears to be neutral has a discriminatory effect on a protected class. More information is available at www.taxcredithousing.com.
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