General News

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) recently released data collected on projects financed through the New Markets Tax Credit (NMTC) program. Treasury collects this data, along with audited financial statements, annually from Community Development Entities (CDEs) that have been awarded NMTC allocations within six months of the end of the CDEs fiscal year.

Recently, at a State job summit convened in St. Paul, Minnesota Governor Mark Dayton announced his intentions to create a state New Markets Tax Credit Program (NMTC).

The Michigan State Housing Development Authority (MSHDA) has announced it has reinstated deadline extension fees for LIHTC applications, effective immediately.

New York Governor Andrew Cuomo recently signed legislation that allows New York State Housing Finance Agencies (HFAs) including the New York City Housing Development Corporation (HDC) and the New York State Housing Finance Agency (HFA) to issue unrated bonds for private placement in order to finance affordable housing developments.

The Ohio Housing Finance Agency (OHFA) has released its 2012 Draft Appraisal Guidelines for projects that are seeking housing credits or gap financing resources, and has opened a public comment period.

HUD has published a notice that designates Difficult Development Areas (DDA) for purposes of the Low-Income Housing Tax Credit. HUD makes new DDA and Qualified Census Tract (QCT) designations annually.

HUD has released the operating cost adjustment factors (OCAFs) for project based assistance contracts for eligible multifamily housing projects having an anniversary date on or after February 11, 2012.

Committees from both the House and Senate have sent deficit reduction recommendations to the Joint Select Committee on Deficit Reduction (Super Committee). Several recommendations made by both parties from the House Financial Services would have significant impacts on federal housing program funding.

Last week, the United States Senate considered multiple amendments to an appropriations minibus, H.R.2112, which includes the annual spending bills for Agriculture, Commerce-Justice-Science, Transportation, and Housing and Urban Development. Despite Senate Majority Leader Harry Reid’s (D-NV) hopes to approve the spending bill by the end of last week, the Senate instead made a deal to revisit the legislation and vote by November 1.

HUD issued Notice H 2011-30 to provide additional guidance on how the Reserve for Replacements account must be used for properties that have completed a restructuring under the Mark-to-Market (M2M) program.

President Barack Obama recently announced his intent to nominate Carole J. Galante as HUD’s Assistant Secretary and Commissioner of the Federal Housing Administration (FHA). Galante previously served as Deputy Assistant Secretary for the Office of Multifamily Housing at HUD.

The Local Initiatives Support Corporation (LISC) has leveraged a $5 million grant from the federal Capital Magnet Fund and a $19 million loan from Morgan Stanley to launch the Neighborhood Revitalization Loan Fund.