On July 24, the Cleveland Plain Dealer’s Editorial Board wrote an op-ed supporting the Low-Income Housing Tax Credit (LIHTC). This op-ed was in response to Congressional efforts to reform the tax code. On June 27, Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking...
HUD recently announced a proposed rule aimed at improving fair housing practices. According to the notice, HUD is proposing the rule because it says current fair housing practices haven’t been as effective as envisioned. If implemented, the rule will refine and clarify existing...
Facts: An owner of a multiple building project requested an extension of time to make the minimum set-aside election under Section 42(g)(1)(B) of the Internal Revenue Code. The owner elected on Form 8609, Low-Income Housing Credit Allocation and Certification, to begin the...
Facts: An owner’s site consists of multiple buildings located at a single address. The owner inadvertently failed to make an effective election for all buildings in the project for which Forms 8609 were issued, consistent with the owner’s intent to treat these...
Last year, HUD proposed a rule to modify Section 202 Supportive Housing for the Elderly Program and 811 Supportive Housing for Persons with Disabilities Program regulations. The most significant part of the proposed rule dealt with program regulations governing mixed-finance developments or...
The Pennsylvania Housing Finance Agency (PHFA) recently has approved $19.5 million in low-income housing tax credit reservations for the development of 20 affordable housing communities in suburban and rural areas across the state. This is the second cycle of awards in Pennsylvania this year. In...
For the past few years, rural designation for Department of Agriculture (USDA) programs was determined using population data from the 2000 census. Beginning on Oct. 1 of this year, current law would require the USDA to start using the 2010 census. This means that approximately 900 communities...
The Harvard Joint Center for Housing Studies recently released its annual “State of the Nation’s Housing” report. The report is intended to provide a periodic assessment of the nation’s housing outlook and summarizes important trends in the economics and demographics of...
The National Council of State Housing Agencies recently released its 2011 Factbook, a comprehensive survey of Housing Finance Agency (HFA) program activity. The report found that the states allocated $978 million in low-income housing tax credits (LIHTCs)—$749.7 million from their annual...
On May 15, the Center for Housing Policy released a report on state housing policies that help remediate child poverty, promote family and residential stability for children, and help families access communities of opportunity that offer good schools and other amenities that make them especially...
A bipartisan group of House members from New York, New Jersey, and Connecticut recently introduced legislation to provide temporary tax relief for victims of Hurricane Sandy. The Hurricane Sandy Tax Relief Act of 2013 (H.R. 2137), modeled after a similar bill passed into law in the wake of...
Recently, a bipartisan group of 32 U.S. representatives from states affected by Hurricane Sandy, including New York, New Jersey, Connecticut, and Rhode Island, sent House Speaker John Boehner a letter urging tax relief for victims of Super Storm Sandy.
