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November 1, 2012
Periodical News Brief
The Kansas Department of Commerce ended Kansas Main Street, a program that provided guidance and funding to small communities to revitalize their historic commercial districts.
March 1, 2011
Periodical News Brief
The National Development Council's Corporate Equity Fund (CEF) provided low-income housing and historic tax credit (HTC) equity to the Franklin Building in downtown Watertown, N.Y.
May 2, 2016
Periodical News Brief
On March 18, the Internal Revenue Service (IRS) released Notice 2016-26, inviting public comments to the Department of Treasury and IRS on recommendations for items that should be included on the 2016-2017 Priority Guidance Plan. The Treasury Department’s Office of Tax Policy and the IRS use the Priority Guidance Plan each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices and other published administrative guidance. The 2016-2017 Priority Guidance Plan will identify guidance projects that the Treasury Department and the IRS intend to work on as priorities during the period from July 1, 2016, through June 30, 2017. The notice appeared in the April 4 Internal Revenue Bulletin (IRB) 2016-14.
April 3, 2017
Periodical News Brief
Sen. Maria Cantwell, D-Wash., Orrin Hatch, R-Utah, and 11 other U.S. senators introduced March 7 the Affordable Housing Credit Improvement Act of 2017. The legislation would include a 50 percent increase in the annual LIHTC allocation, establish a minimum 4 percent credit rate, allow income-averaging, allow states to grant a 30 percent basis boost if needed for bond-financed developments and several other provisions, including renaming the LIHTC as the “Affordable Housing Tax Credit.” The legislation was expected to be introduced in the House of Representatives. Cantwell’s office also released a report, “Meeting the Challenges of the Growing Affordable Housing Crisis,” which highlighted the impact on affordable housing of the record increase of 9 million renters in the past decade, the relatively low rate of rental housing construction, the removal of 13 percent of affordable housing homes since 2001 and stagnant wages.
May 2, 2017
Periodical News Brief
On March 14, the Haas Institute released the study, “Opportunity, Race, and Low-Income Housing Tax Credit Projects: An Analysis of LIHTC Developments in the San Francisco Bay Area,” which comprehensively analyzes the administration of the Low-Income Housing Tax Credit (LIHTC) program. The Haas Institute examined LIHTC properties in the San Francisco Bay Area, and results showed that developments financed by the LIHTC in the Bay Area were relatively well distributed across boundaries of opportunity. According to the report, nearly two-thirds of LIHTC developments (64.9 percent) in the nine-county area were sited in moderate, low-, and very-low-opportunity neighborhoods during the years for which data was available (1987-2014). In addition, the Haas Institute stated that 9 percent credits were more frequently used to create housing in high-opportunity neighborhoods than 4 percent credits. However, more than 45 percent of large family developments were sited in low- and very-low-opportunity areas, with these types of properties disproportionately placed in low-opportunity areas where resources for families with children are inadequate to support healthy development and upward mobility. In addition, results indicate that 9 percent LIHTC developments are sited in neighborhoods that are not racially integrated; on a ratio of 3.78-to-1 basis, and 9 percent developments were sited in neighborhoods where 50 percent or more of the population were people of color. The report is available at www.taxcredithousing.com.
July 1, 2011
Periodical News Brief
The Internal Revenue Service (IRS) is soliciting comments concerning the low-income housing tax credit (LIHTC) regulations for federally assisted buildings.
June 1, 2018
Periodical News Brief
The Internal Revenue Service published Revenue Procedure 2018-22 (Rev. Proc. 2018-22) April 30. Rev. Proc. 2018-22 reflects an increase in the state low-income housing tax credit (LIHTC) ceiling enacted through the Consolidated Appropriations Act of 2018. The amended state LIHTC ceiling is the greater of $2.70 multiplied by the state population or $3.105 million. The modifications are in effect for taxable years beginning in 2018. The guidance is available at www.taxcredithousing.com.
July 5, 2017
Periodical News Brief

Melvin L. Watt, director of the Federal Housing Finance Agency (FHFA), May 11 appeared before the U.S. Senate Committee on Banking, Housing and Urban Affairs to discuss the status of the housing finance system after nine years of conservatorship. He reviewed the FHFA’s statutory mandates to manage Fannie Mae’s and Freddie Mac’s (the Enterprises’) day-to-day operations and stated that these conservatorships are not sustainable and they need to end as soon as Congress can chart the way forward on housing finance reform. Watt highlighted important changes and reforms that have taken place during the conservatorships and said that FHFA must continue to meet its obligations while housing finance reform takes place. Watt closed by saying that the most significant challenge FHFA faces as conservator is that additional draws of taxpayer support would reduce the amount of taxpayer backing available to the Enterprises. He added that it would be a misconception for members of the committee to consider any actions that FHFA may take as conservator to avoid additional draws of taxpayer support as an effort to influence the outcome of housing finance reform or as a step toward recap and release. Watt concluded that the FHFA’s actions would be taken solely to avoid a draw during conservatorship. 

June 1, 2017
Periodical News Brief

The Rural Housing Service released a notice in the May 3 Federal Register announcing a series of teleconferences and/or web conference meetings concerning the U.S. Department of Agriculture (USDA) multifamily housing program. The objectives of the series is to enhance the effectiveness of the multifamily housing program, establish a two-way communications forum to update industry participants and Rural Housing Service (RHS) staff, enhance RHS’ awareness of issues that impact multifamily housing and to increase transparency and accountability in the multifamily housing program. Discussion topics will include updates on USDA multifamily housing program activities, perspectives on the multifamily housing notice of funds availability processes and comments on multifamily transaction processes. The meetings are scheduled to occur quarterly during 2017, with the dates and times to be announced via email to registered parties. The notice can be viewed at www.taxcredithousing.com. 

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