General News

The Bankruptcy Appellate Panel (BAP) for the Sixth Circuit Federal Court of Appeals recently decided a case involving five Kentucky limited partnerships (the Debtors) which were placed in a jointly-administered Chapter 11 case. In the appeal, the debtors took issue with including the value of LIHTCs in the bank’s appraised value of the real property.

The Internal Revenue Service (IRS) has announced that government entity issuers of tax-exempt bonds affected by Hurricane Sandy may qualify for additional time to file Form 8038 or Form 8038-T returns.

The Center for Budget and Policy Priorities (CBPP) recently released a report detailing the implications that impending budget deficit reduction measures could have on housing and community development programs

HUD has published revised closeout requirements for the Neighborhood Stabilization Program (NSP). The revised requirements apply to closeout procedures for program income, land banks and long-term affordability obligations of grantees and certain recapture provisions.

HUD has released Notice H 2012-27 which clarifies portions of previously-issued Risk Mitigation HUD guidance concerning Project Capital Needs Assessment (PCNA) reports and requirements for sizing initial and annual contributions to Reserves for Replacements. The Notice indicates that the MAP Guide has been modified to implement risk mitigation measures and to align PCNA guidance for the multifamily insurance programs.

HUD has released Notice H 2012-25 which provides guidance on the circumstances under which HUD may consider amendments to Use Agreements for properties assisted under the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA). Congress enacted LIHPRHA in 1990 to prevent the loss of several hundred thousand FHA-insured affordable housing units and since then, HUD has overseen hundreds of properties.

The Texas Department of Housing and Community Affairs (TDHCA) has a released a draft version of its 2013 Multifamily Uniform application on its website. The Multifamily Uniform application will be used for the following multifamily housing programs: Housing Tax Credits, Tax Exempt Bonds, HOME Investment Partnership Program, and the Neighborhood Stabilization Program.

The Arizona Department of Housing will be holding the 2013 LIHTC application workshop on January 23, 2013 from 9:00am to 2:00pm. All developers, or designated members from the development team, who plan to apply in the 2013 round must attend this training.

The South Carolina State Housing Finance & Development Authority has published its final 2013 Qualified Allocation Plan (QAP) and Tax Credit Manual for the allocation of its federal Low-Income Housing Tax Credits (LIHTCs).

The North Dakota Housing Finance Agency (NDHFA) has released a draft version of its 2013 Qualified Allocation Plan (QAP). The draft contains several proposed revisions

HUD has announced that Margaret Salazar has been named Deputy Director of the Office of Affordable Housing Preservation (OAHP). Ted Toon, who previously held the position of Director of OAHP, is currently detailed as Acting Director of the Office of Multifamily Housing Development.

HUD has released information about resources and tools available to assist partners in dealing with the damage caused by Hurricane Sandy at HUD-assisted properties.