General News

Key housing programs are in serious jeopardy. Your elected officials will soon be back in your district for August recess and there’s no better time to reach out and show them the importance of the programs that support the development of affordable housing.

A report from the Government Accountability Office suggests that a joint administration between the IRS and the Department of Housing and Urban Development (HUD) would benefit the Low-Income Housing Tax Credit Program.

A report from the Senate Finance Committee Community Development & Infrastructure Bipartisan Tax Working Group estimated expenditures for the historic tax credit, low-income housing tax credit, and new markets tax credit for fiscal years 2014-2018. The report is meant to inform the committee’s discussions on tax reform. The report did not make any recommendations regarding the tax credit programs.

Boston Capital is investing in the rehabilitation of Court Street Veterans Housing, a 97-unit apartment community serving formerly homeless and at-risk veterans in Boston, Massachusetts. Court Street Veterans Housing will be rehabilitated in part with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program.

The U.S. House of Representatives passed a bill that would help leverage private investment to fund upgrades to water and energy systems in aging HUD-assisted housing. The bill will go next to the Senate for consideration.

The U.S. Department of Housing and Urban Development announced a Small Building Risk Sharing Initiative, which aims to facilitate the financing of small multifamily properties. HUD is looking for both “Mission Based Lenders,” including Community Development Finance Institutions (CDFIs), other nonprofit lenders, public and quasipublic agenices, and “Private Lenders” that are approved as FHA MAP Lenders to participate in the program as Qualified Sharing Program Entities (QPEs).

Senate bill (S. 1795) and House bill (H.R. 3110) aim to provide tax relief to communities hit by natural disaster between 2012 and 2015. Provisions include an increased allocation of housing credits and the opportunity to compete for an additional allocation of New Markets Tax Credits.

Gardner Capital Development has been awarded a reservation of Low Income Housing Tax Credits from the Nebraska Finance Authority’s competitive application process to develop Fountain Springs Estates, a $5 million rental housing project consisting of 16 two- and three-bedroom duplexes for seniors.

Senate Finance Committee approved a tax extender bill that fixes the 9% and 4% credit rate floor for allocations made in 2015 and 2016. These provisions are part of a larger two-year tax extender bill.

The U.S. Department of Housing and Urban Development (HUD) released a final rule on affirmatively furthering fair housing. The rule clarifies existing fair housing obligations and indicates that HUD will provide open data and technical assistance for HUD grantees to meet those obligations.

A FY-2014 report from the Housing Assistance Council provides an overview of the United States Department of Agriculture’s (USDA) rural housing loan and grant obligation activity. For multi-family programs, the report looks at how Section 515 funds, multi-family housing vouchers, and rental assistance contracts were awarded.

The U.S. Department of Housing and Urban Development published June 15 a revised Rental Assistance Demonstration (RAD) Notice. On Friday, July 10th, HUD will hold live Q/A sessions on the revised RAD Notice that was published on June 15, 2015.