General News

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2013. Through the first 11 application rounds of the NMTC Program, the CDFI Fund has made 836 awards, allocating a total of $40 billion in tax credit authority to CDEs through a competitive application process.

WNC has closed WNC Institutional Tax Credit Fund 40, L.P. (WNC Corp. 40), a $126.8 million institutional low-income housing tax credit (LIHTC) fund. To date, the fund has 17 properties under contract throughout the nation for an aggregate total of $123 million.

Operating expenses for low-income housing tax credit properties have grown in recent years, according to the 2015 edition of the Novogradac Multifamily Rental Housing Operating Expense Report–Survey and Analysis for LIHTC Properties.

Senators Al Franken (D-MN) and Rob Portmann (R-OH) introduced legislation to modify the tax code so that homeless youth and veterans who are full-time students are eligible to live in low-income housing tax credit properties.

Increased competition for low income housing tax credits (LIHTC) is expanding the role qualified allocation plans (QAPs) plays in determining where developments are built, according to a new report from the U.S. Department of Housing and Urban Development.

The Federal Housing Finance Agency (FHFA) announced that it is revising the affordable housing lending categories that are excluded from the multifamily lending purchase caps established in the 2015 Scorecard for Fannie Mae and Freddie Mac.

Ginnie Mae announced that effective June 1, 2015, USDA Section 538 Multifamily loans with a maximum loan amount of 70% of total development costs will be eligible for pooling into Ginnie Mae mortgage-backed securities (MBS). This is an increase from the previously allowable maximum loan amount of 50% of the total development costs.

Boston Capital is investing in the construction of a 72-unit apartment community. The apartment community will be built with tax credit equity from the LIHTC program. Homes will be available to individuals and families earning 60 percent or less of the area median income (AMI).

Senators introduced a bill on May 5 to create a permanent floor for the low income housing tax credit. The bill is identical to the one introduced to the House in late February.

U.S. Department of Housing and Urban Development (HUD) released recently a draft form of an updated Multifamily Accelerated Processing (MAP) Guide. The agency is inviting stakeholders to provide feedback until May 14, 2015.

Methodist Retirement Community worked with Lancaster Pollard to refinance the Happy Harbor Apartments, a 51-unit affordable seniors housing community with a Sec. 8 Housing Assistance Payment (HAP) contract on all 51 units.

House Appropriations Transportation-HUD subcommittee approved a fiscal 2016 appropriations bill that would provide $55.27 in discretionary spending for infrastructure and housing programs. The measure would put FY-2016 funding above 2015 enacted levels, but still fall short of the Obama Administration’s budget request.