General News

At its December 2011 meeting, the Connecticut Housing Finance Authority Board of Directors approved the draft 2012 Qualified Allocation Plan (QAP) and Low-Income Housing Tax Credit (LIHTC) Procedures for public comment.

NH&RA member firm, Gallagher Evelius & Jones LLP, has drafted an excellent summary of notable 2011 affordable housing policy changes for the Maryland Affordable Housing Coalition. The memo summarizes a number of federal and local policy changes impacting the Low-Income Housing Tax Credit (LIHTC), compliance issues, the New Markets Tax Credit (NMTC), New Issue Bond Program (NIBP) as well as Maryland specific programs. The entire text of the memorandum is provided below.

The Arizona Department of Housing (ADOH) has released the final approved version of the state’s 2012 Qualified Allocation Plan (QAP) for the distribution of Low-Income Housing Tax Credits (LIHTCs).

On January 4, California Assembly Bill 643 was amended to include the creation of a California New Markets Tax Credit (NMTC) Program.

The Minnesota Housing Finance Agency (MHFA) is now accepting applications for Round 2 of the 2012 Housing Tax Credit program, of which approximately $500,000 in tax credits are available.

NH&RA was saddened to learn of the passing of former FHA Commissioner Lawrence B. Simons on December 29, 2011.

Oregon Housing and Community Services (OHCS) has rewritten and restructured the process documentation to help applicants navigate the Consolidated Funding Cycle process for 2012.

On December 31, the Rental Policy Working Group (RPWG) released its administrative proposals for the realignment of federal affordable rental housing programs. The report, called “Federal Rental Alignment Administrative Proposals” proposes ways to reduce the cost and burden of various affordable housing programs operated by the Departments of Agriculture, Housing and Urban Development (HUD), Treasury and others.

Maryland’s Public Service Commission (PSC) has ordered the Department of Housing and Community Development (DHCD) to become the sole provider of weatherization and energy retrofitting programs for low income households throughout the state.

The California Supreme Court recently upheld bill AB 26X as constitutional, allowing the state to eliminate 400 local redevelopment agencies and struck down AB 27X, which would have enabled the redevelopment agencies to stay in business if they agreed to pay a big chunk of their revenues to the state.

The Colorado Housing Finance Agency (CHFA) has released the final draft of the state’s 2012 Qualified Allocation Plan for the allocation of Low-Income Housing Tax Credits (LIHTCs).

The Wisconsin Housing and Economic Development Authority (WHEDA) recently announced that it has lowered its permanent lending rate for LIHTC developments to 6.90%. The agency has indicated that competitive LIHTC applicants should use this rate, along with a 30 year amortization, in LIHTC underwriting.