General News

Senator Maria Cantwell (D-WA) and a group of bipartisan Senators together re-introduced S. 1442, which would amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit (LIHTC) rate for unsubsidized buildings and provide a minimum 4 percent credit rate for existing buildings.

The Federal Housing Finance Agency (FHFA) recently issued a call for public input on strategies for reducing Fannie Mae and Freddie Mac’s presence in the multifamily housing finance market in 2014.

HUD’s Deputy Assistant Secretary for the Office of Multifamily Housing Ben Metcalf recently released a letter announcing that the agency has exhausted its $25 billion commitment authority limit allotted for fiscal year (FY) 2013 to operate its FHA Multifamily Risk Share and Healthcare programs.

HUD has issued a notice announcing that mortgage insurance premiums (MIPs) for Federal Housing Administration (FHA) Multifamily, Healthcare Facilities, and Hospital mortgage insurance programs that have commitments to be issued or reissued in FY-2014 will remain the same as in FY-2013.

CohnReznick, Nixon Peabody, and the Pennsylvania Housing Finance Agency present the webinar “Utilizing 4% Credits in RAD Transactions” on Thursday, September 26 from 10:00 am-11:00 am EST. Presenters John Mackey (CPA, Partner CohnReznick), Susan Belles (Manager of Loan Programs, Pennsylvania Housing Finance Agency), and Michael Reardon (Partner, Affordable Housing Nixon Peabody LLP) will share their practical experience and insights in helping public housing authorities finance RAD conversions, rehabilitation, and new construction projects by integrating 4% tax-exempt bonds.

Nebraska Investment Finance Authority announced a public hearing regarding the 2014 QAP on October 8, 2013 at 10:00 am .

U.S. House Representative Jim McDermott (D-WA) recently introduced H.R. 3145 to amend Section 42 of the Internal Revenue Code of 1986 as it relates to homeless youth and veterans.

HUD recently released Notice H 2013-27 to all Multifamily Hub Directors announcing the annual base city High Cost Percentage (HCP) and High Cost Area revisions for 2013.

HUD has published its quarterly notice of all regulatory waivers that the Department has approved for the Office of Community Planning and Development, the Office of Housing ““ Federal Housing Administration (FHA), and the Office of Public and Indian Housing.

HUD recently published a Notice in the Federal Register establishing operating cost adjustment factors (OCAFs) for Section 8 Housing Assistance Payment (HAP) contract renewals.

The Internal Revenue Service (IRS) recently published Revenue Procedure 2013-31, which details the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers allocated for calendar year 2013.

The Michigan State Housing Development Authority (MSHDA) has released an updated draft of the MSHDA Gap Financing Program. MSHDA is currently accepting comments on the draft and there will be a presentation at the MSHDA Board meeting on September 25, 2013. The intention of program update is to address concerns of the competitive nature of the program.