Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012, the Social Security Administration recently announced
The 3.6 percent cost-of-living adjustment (COLA) will begin with benefits that nearly 55...
The IRS recently published the amounts of unused low-income housing tax credit carryovers for calendar year 2011. Revenue Procedure 2011-57 details how nearly $3.66 million of unused LIHTCs were divided among the eligible states in the national pool. States qualify for the national pool if they...
Recently, the Missouri House rejected an attempt to end tax credits for the developers of low-income housing and historic buildings. House members defeated an amendment to an economic development bill that would have placed a July 2018 expiration date on the two programs. Instead, they adopted...
On Dec. 1, HUD released income limits for 2012. Under the Housing and Economic Recovery Act of 2008 (HERA), income limits are used to determine qualification levels as well as set maximum rental rates for projects funded with low-income housing tax credits and projects financed with tax-exempt...
On Oct. 3, House Ways and Means Committee member Jim McDermott (D-WA) introduced legislation, H.R. 3076, that would amend the Housing Credit to make formerly homeless youth who are students eligible for Housing Credit-financed housing.
On Oct. 20, the IRS released the inflation-adjusted low-income housing tax credit and private activity bond caps for 2012. For calendar year 2012, the amount used to calculate a state's LIHTC is the greater of $2.20 per resident or $2,525,000. This represents a 5 cent per-capita increase....
On Oct. 19, the Social Security Administration announced a Cost of Living (COLA) increase of 3.6 percent. This is the first increase in two years and will be effective with the January 2012 benefit payment. Shortly after this announcement, the U.S. Department of Health and Human Services...
A study recently released by Reznick Group, a national CPA firm, shows that the operating performance of apartment properties financed with housing tax credits improved significantly during the years 2008-10.
On Sept. 30, HUD released its final fair market rents (FMRs), which are used in the determination of area median family income and their associated income limits, for fiscal year (FY) 2012. They took effect Oct. 1. HUD uses FMRs to determine payment standard amounts for the Housing Choice...
The legislation signed by the President on Aug. 2 calls for a two-step increase in the federal debt ceiling plus spending cuts of about $917 billion. It also created the Joint Select Committee on Deficit Reduction, which has the goal of slashing an additional $1.5 trillion from the deficit over...
Section 2002 of the Housing and Economic Recovery Act (HERA) of 2008 requires HUD to collect certain data for low-income housing tax credit tenants. According to HERA, states are required to submit demographic data including race, disability status, and partial Social Security numbers for each...
On Aug. 19, HUD published proposed fair market rents (FMRs) for fiscal year (FY) 2012. FMRs are used to determine payment standard amounts for several programs, including the Housing Choice Voucher program. They also affect the calculation of rent limits for the low-income housing tax credit...
