General News

IRS published in today’s Federal Registrar two sets of regulations that will facilitate the ability of owners of LIHTC properties to use a consumption-based utility allowance at properties that are either submetered or generate and sell energy using on site renewables.

The President’s proposed FY-2017 budget shows support for several of the key tax credit, HUD, and rural development programs that spur the development of affordable housing by private developers.

HUD is proposing to reduce 2016 FHA Mortgage Insurance Premiums for affordable housing and green and energy efficient housing. HUD is accepting comments on the proposal through February 29. The changes would go into effect April 1.

The awards and grants will go to projects that benefit disadvantaged communities by increasing the accessibility of affordable housing, employment centers, and key destinations via low-carbon transportation.

HUD released answers to frequently asked questions regarding the Pay for Success Permanent Supportive Housing Demonstration. The demonstration aims to develop a model for a population continuously cycling between the criminal justice system and homeless services.

The report explains how LIHTC works and who lives in the affordable rental homes financed by the credit. The report also describes various types of LIHTC properties and looks at the credit from the perspective of residents, state housing agencies, developers, investors and syndicators.

Across the 20,000-project LIHTC portfolio, occupancy, debt coverage ratio, and cash flow has improved and the number of “underperforming” properties has gone down. CohnReznick will hold a webinar to discuss the report on Thursday, January 21 at 1:00pm ET.

FY 2016 funding includes level and higher funding from FY 2015 levels for many key HUD housing programs. In most cases, the funding levels stop short of fully funding the programs’ needs, but are better than expected. Congress approved the omnibus funding measure on Friday, December 18.

The revised answers to NMTC frequently asked questions add, revise, and update earlier versions from December 2014 and October 2015.

Up to $1 million in planning and pre-development funds is available to housing authorities interested in redeveloping their state-aided public housing as a mixed income development in partnership with a developer.

A recent report profiles successful efforts to preserve affordable housing using below-market debt funds, private equity vehicles, and real estate investment trusts (REITs).

The Low-Income Housing Tax Credit has financed more than 2.7 million rental homes, according to a report from the National Association of Home Builders.