General News

LOUIS, MO – With three recently closed transactions to support community development projects in Florida, New Jersey, and North Carolina, Smith NMTC Associates, LLC has surpassed $500M in tax credit investments. Additional projects in development for 2020 include the Delmar DivINe initiative in St. Louis and proposals in Georgia, Maryland, New Jersey, Texas, and Virginia.

The Joint Center for Housing Studies of Harvard University (JCHS) will host an event with Whitney Airgood-Obrycki, lead author of the new America’s Rental Housing report, to discuss key findings, including how low vacancy rates, limited new construction and a growing number of higher-income renters are driving the rental affordability crisis.

The Affordable Housing Tax Credit Coalition (AHTCC) is accepting entries for the 2020 Charles L. Edson Tax Credit Excellence Awards through March 11.

Maine Governor Janet Mills (D) signed H.P. 1180 to create a State LIHTC that is equal to the Federal LIHTC, beginning January 1, 2021. The Maine LIHTC will have a $10 million annual statewide cap, but unallocated funds can be carried forward to create a maximum $15 million per year.

The Metropolitan Council of Nashville and Davidson County (Metro Council) amended the original fast track legislation to include inspections and certificates of occupancy by the Department of Codes and Building Safety for qualifying affordable housing developments.

President Trump’s Administration released the Fiscal Year (FY) 2021 budget request, “A Budget for America’s Future.” HUD is allocated $47.9 billion in funding, a 15.2 percent decrease over FY 2020 enacted levels with notable zeroing out of the HOME program, Community Development Block Grants (CDBG), Public Housing Capital Fund, Choice Neighborhoods and HOPE VI.

HUD published Housing Notice 20-02 for Delegated Processing for Certain Capital Advance Projects, which aligns with HUD’s most recent Section 202 and 811 Capital Advance Notices of Funding Availability (NOFA). The notice updates Housing Notice 2013-12 by streamlining the firm commitment process by mandating a timely issuance within 12 months

The Department of the Treasury and the Internal Revenue Service (IRS) released the final versions of Form 8996 – Qualified Opportunity Funds, 8996 instructions and Form 8997 – Initial and Annual Statement of Qualified Opportunity Fund Investments.

An Alabama circuit court ruled against the state Department of Revenue (DoR) concerning its policy of disregarding LIHTC extended-use restrictions when determining assessment of value for property taxes. The Circuit Court of Jefferson County ruled in favor of the Alabama Affordable Housing Association in its lawsuit against the DoR. The court found that DoR’s approach […]

Some of Atlanta’s most seasoned real estate leaders have joined to launch the Atlanta Affordable Housing Fund, LP, a social impact fund designed to provide low interest rate financing for affordable housing projects. The $25 million fund will deploy low-cost capital to qualified developers and sponsors, which is estimated to provide financing to create and/or preserve up to 1,500 affordable housing units.

Oregon Housing and Community Services (OHCS) will hold a Housing Stability Council meeting on Friday, February 7, 2020 from 9:00 am to 2:00 pm PT. Attendees can participate in person at OHCS (725 Summer St. NE, Salem, OR) in conference room 124 A/B or via phone: 1-877-273-4202; Participant Code: 4978330. The meeting materials packet is […]

The West Virginia Housing Development Fund (the Fund) will host a 2020 LIHTC Application Workshop on March 24, 2020, at the Holiday Inn & Suites, South Charleston, WV.