General News

As part of the process to rewrite the 2013 Qualified Allocation Plan (QAP), the Michigan State Housing Development Authority (MSHDA) is soliciting alternative language ideas for any portion of the QAP from stakeholders.

The Alabama Housing Finance Authority (AHFA) has announced that applications for Low-Income Housing Tax Credits and HOME program funds will be accepted beginning March 13, 2012, at 9:00 am CST until 5:00 pm on March 15, 2012.

In response to the feedback the California Tax Credit Allocation Committee (CTCAC) received regarding the proposed changes to the 2012 Tax Credit program, the agency has released a finalized list of recommendations. A few of the major additions/revisions to CTCAC’s market study guidelines were a direct result of comments that the National Council of Affordable Housing Market Analysts (NCAHMA) submitted.

The Massachusetts Department of Housing & Community Development (DHCD) has released the draft version of its 2012 Qualified Allocation Plan (QAP). DHCD anticipates total available funding of $14,662,185 for 2012.

The New York State Division of Housing & Community Renewal has released its Executive Budget for 2012-2013. The Executive Budget recommends $291.7 million for the DHCR, a $22.35 million decrease from the 2011-12 Budget.

The Ohio Housing Finance Authority has announced the availability of up to $4.5 million in gap financing for multifamily tax-exempt bond projects through the Housing Development Assistance Program.

Indiana State Senator Brandt Hershman (R) has introduced Senate Bill 344, which would repeal of the prohibition against using the value of federal income tax credits awarded under Section 42 for the purpose of determining assessed value.

Indiana State Reps. Suzanne Crouch (R) and Peggy Welch (D) last week introduced H.B. 1248 to create the New Markets Job Growth Tax Credit. The program would provide a state tax credit equal to 39 percent of the purchase price of a qualified investment, which the bill limits to $10 million per transaction.

Representative Chris Gibson (R-NY) recently introduced the Irene and Lee Tax Relief Strom Recovery Act, H.R. 3769, which would increase the amount of Low-Income Housing Tax Credits (LIHTCs) to be allocated in states damaged by Hurricane Irene or Tropical Storm Lee in 2011.

With the recent passage of California Assembly Bill AB 26X, the California Supreme Court voted to dissolve all of the state’s redevelopment agencies, paying off enforceable obligations and disposing of agency assets by February 1, 2012. However, many of these redevelopment agencies have remaining balances in their Low and Moderate Income Housing Funds, which are designated specifically for affordable housing development.

The North Carolina Housing Finance Agency (NCHFA) has released the final Qualified Allocation Plan (QAP) for the distribution of Housing Tax Credits along with updated market study guidelines and the preliminary application.

The U.S. Green Building Council (USGBC) has released a report entitled “Better Buildings Through Executive Action” which is the second phase of a major effort by the organization and partners to encourage the Obama Administration to make full use of all available legal tools to improve the energy efficiency and sustainability of multifamily and commercial buildings.