Federal / Agency News

The U.S. Department of Housing and Urban Development’s Office of Policy Research & Development has made available a report and supporting data that provides a regional or metropolitan perspective on residential and business vacancies using mail delivery data from the US Postal Service.

The Internal Revenue Service has issued a new notice that allows for the use of a utility allowance for rent-restricted units in a low-income housing tax credit project where utility sub-metering is used, and lays out the conditions that must be met for this treatment to apply. The new guidance, in Notice 2009-44, clarifies and is retroactive to the effective date of the final utility allowance regulation published on July 29, 2008.

The Department of Energy (DOE) has scheduled a public meeting for June 18th to receive comments on its proposal to amend the eligibility provisions under the Weatherization Assistance Program for certain HUD assisted and Low Income Housing Tax Credit properties.

HUD and the Department of Energy have issued a Memorandum of Understanding (MOU)that outlines a path by which LIHTC Projects, HUD Assisted Housing and Public Housing can utilize Weatherization Assistance Program funds.

The Government Accountability Office (GAO) recently released a report claiming that HUD’s oversight of public housing authorities (PHAs) could be more focused on identifying potential inappropriate use or mismanagement of public housing funds.

The U.S. Department of Housing and Urban Development recently announced $1.5 in available funding through the Homelessness Prevention and Rapid Re-Housing Program, provided under the American Recovery and Reinvestment Act (ARRA) of 2009.

The Internal Revenue Service (IRS) recently issued Notice 2009-52, which describes the procedures taxpayers must follow in order to make the election to receive the energy investment tax credit (IRC Section 48) instead of the production tax credit (IRC Section 45).

The Internal Revenue Service is soliciting comments on Form 8611, the form required for Recapture of Low-Income Housing Tax Credits (LIHTC). Under the LIHTC program, if a project is discarded or fails to meet ongoing program requirements during the 15-year compliance period, the owner must use Form 8611 in order to recapture part of the credits taken in prior years.

House Ways and Means Select Revenue Measures Subcommittee Chairman Richard E. Neal (D-MA) has that the Subcommittee on Select Revenue Measures will hold a hearing on issues involving tax-exempt and taxable governmental bonds on May 21.

The National Housing & Rehabilitation Association has made available the PowerPoint presentations displayed during the recent 2009 Spring Developers Forum: A Time of Opportunity, held May 11-12, 2009 at the Hyatt Regency Century Plaza in Los Angeles, California.

The U.S. Treasury Department and Internal Revenue Service are soliciting suggestions on federal tax guidance projects that should be included on the 2009-2010 Guidance Priority List.

NH&RA is urging Congress to take action to make a critical technical change to the New Markets Tax Credit Program, making it easier to use the subsidy on projects involving multiple buildings.