General News

The Kentucky Housing Corporation has announced that Andrew Hawes, director of Multifamily Finance, has left KHC to pursue opportunities in development. Hawes was a member of the KHC team for fifteen years.

The South Carolina State Housing Finance and Development Authority will be holding a public hearing to collect comments on its proposed 2013 Qualified Allocation Plan (QAP) and 2013 Tax Credit Manual. The public hearing has been scheduled for November 1, 2012 from 10:00am-12:00pm.

The California Tax Credit Allocation Committee has scheduled its first committee meeting of 2013 for January 16, 2013. In preparation for proposed regulation changes for 2013, CTCAC has also released an updated geographic apportionment methodology that has been proposed to update the current Regulation Section 10315(i).

The Community Development Financial Institutions (CDFI) Fund recently updated the low-income community eligibility data for the New Markets Tax Credit (NMTC) program. This new data is based on income and poverty data provided by the Census Bureau’s 2006-2010 American Community Survey (ACS) for the 2010 census tracts.

HUD recently released the Community Planning and Development (CPD) Income Eligibility Calculator, a new tool to help CPD grantees determine income eligibility and assistance amounts for beneficiaries of CPD programs.

The taxpayer in the Historic Boardwalk Hall (HBH) v. Commissioner case recently filed a petition for rehearing and rehearing en banc of the U.S. 3rd Circuit Court of Appeals’ August 27 panel opinion. In that decision, the court found that the project’s historic tax credit (HTC) equity investor, Pitney Bowes Inc., was not a bona fide partner in HBH because it lacked a meaningful stake in the project’s success or failure.

The Internal Revenue Service (IRS) announced in Revenue Procedure 2012-41 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2013.

The Federal Housing Finance Agency (FHFA) recently released an updated strategic plan for fiscal years 2013-2017. The plan, entitled “Preparing a Foundation for a More Efficient and Effective Housing Finance System,” details how FHFA will carry out its role as chief regulator of the Federal Home Loan Banks (FHLBs), Fannie Mae and Freddie Mac. Specifically, FHFA sets four broad goals and associated implementing actions for the government sponsored enterprises (GSEs).

The Internal Revenue Service (IRS) recently published Revenue Procedure 2012-42, which indicates the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers for 2012. These carryovers, which amounts to nearly $2.43 million in unused credits, have been allocated to 34 states.

The Texas Department of Housing and Community Affairs (TDHCA) has opened the public comment period for its proposed 2013 HOME, Housing Tax Credit and Housing Trust Fund Regional Allocation Formula (RAF) Methodology. TDHCA will also continue to accept public comments on several of its multifamily plans and rules through October 22, 2012.

On October 3, 2012, the Virginia Housing Development Authority Board of Commissioners approved revisions to the 2013 Qualified Allocation Plan. The revisions were proposed by VHDA and left open for public comment through September 24, 2012. All of the proposed major changes were approved. The changes have been sent to the Governor for final approval.

HUD has issued a notice establishing operating cost adjustment factors (OCAFs) for project based assistance contracts for eligible multifamily housing projects having an anniversary date on or after February 11, 2013.