On July 11, a coalition of 15 Republicans and 15 Democrats introduced H.R. 5082. The bill is called the National Disaster Tax Relief Act of 2014. This bill would affect areas declared major disaster areas in 2012, 2013, and 2014. The bill was sent to the House Ways and Means Committee for...
On June 25, HUD published a final rule implementing changes to the Section 8 tenant-based and project-based voucher programs made by the Housing and Economic Recovery Act of 2008 (HERA). HERA made several changes to the U.S. Housing Act of 1937 that affect programs administered by HUD’s...
The Ohio Housing Finance Agency (OHFA) recently released the Health Impact Assessment (HIA), a report that examines the health implications of a proposed government policy to align affordable housing inspections. OHFA was awarded a grant from the Health Impact Project, a collaboration of the...
On June 17, the ACTION Campaign submitted a letter to House Ways and Means Committee Chairman Dave Camp asking that he permanently extend minimum 9 and 4 percent Housing Credit rates as part of his current tax extenders effort. ACTION (A Call To Invest in Our Neighborhoods) is a national,...
On June 24, the Senate Budget Committee approved HUD Secretary Shaun Donovan’s nomination to be director of the Office of Management and Budget (OMB) by a vote of 15-6. The Senate Homeland Security and Governmental Affairs Committee approved the nomination on June 25 by a vote of 9-1.
On May 22, Reps. Pat Tiberi, R-Ohio, and Richard Neal, D-Mass., introduced H.R. 4717, a bill that would establish a permanent floor for both the 9 percent and 4 percent Low-Income Housing Tax Credits. The bill would create a fixed 9 percent rate for new rental construction property and a fixed 4...
The Louisiana Joint Legislative Committee on the Budget recently approved a compliance fee increase that will go into effect beginning with the next funding round. The Louisiana Housing Corporation (LHC) will increase its compliance fee from $5 to $33 per unit for sites that receive new LIHTC...
Rep. Charles Rangel, D-N.Y., recently introduced the Renters Tax Credit Act of 2014 (H.R. 4479), which would provide a tax credit to apartment owners and lenders that subsidize the cost of lower rents for low-income households. The renter’s credit combines the concepts of the Low-Income...
Although the low-income housing tax credit program started less than 30 years ago, many sites are now operating after their initial 15-year compliance period—that is, in the “extended use period,” which preserves rental affordability for at least an additional 15 years as...
In 2012, HUD and the Federal Housing Administration (FHA) introduced a new Multifamily Low Income Housing Tax Credit Pilot Program intended to speed project financing of tax credit sites. Before, the Section 223(f) program for FHA-insured loans couldn’t be used for substantial...
Sen. Charles Schumer, D-N.Y., recently introduced the National Disaster Tax Relief Act of 2014 (S. 2233), a bill that would increase the Low-Income Housing Tax Credit (LIHTC), New Markets Tax Credit (NMTC), and Historic Rehabilitation Tax Credit (HTC) allocations in states that included a...
In January 2014, the IRS released a draft version of the Section 42 Audit Technique Guide. The audit technique guide was prepared to assist IRS examiners audit owners of tax credit sites. The audit technique guide consists of 20 chapters, in nine parts, plus 10 appendices that include case law...
