News

HUD awarded more than $51 million in Section 202 grants to nonprofit organizations across the country to finance more affordable housing construction, provide rental assistance and facilitate supportive services delivery for very low-income seniors.

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 […]

Last week House Democrats released a $760 billion infrastructure framework, which calls for strengthening existing infrastructure financing tools, like LIHTC, the New Markets Tax Credit (NMTC) and the Historic Tax Credit (HTC). Specifically, the Moving America and the Environment Framework calls for expanding the three tax credits, as well as expanding the national volume cap for private activity bonds (PAB). The framework also includes $86 billion over five years to pay for the deployment of high-speed broadband in unserved and underserved communities, low-interest financing for broadband deployment and digital equity activities.

The Internal Revenue Service (IRS) released Revenue Ruling 2020-04, which clarifies the manner to properly compute the 70 and 80 percent income limits applicable to the LIHTC under Section 42 of the Internal Revenue Code. The 70 percent limit is 140 percent or less of the income limit for a very low-income family of the same size and the 80 percent limited is 160 percent or less of the income limit for a very low-income family of the same size.

The Federal Housing Administration (FHA) posted a draft of Appendix 16 on Organizational Chart for Lease Structure of its 2020 Multifamily Accelerated Processing (MAP) Guide. To provide feedback, respondents must use the 2019 Draft MAP Guide Response Worksheet and e-mail the response worksheet to HSNG_MF_2019MAPGuide-DraftingSuggestions@hud.gov by February 12.

During the 2020 State of the Union (SOTU) address to a joint session of Congress President Donald J. Trump said the following on Opportunity Zones, “Jobs and investments are pouring into 9,000 previously neglected neighborhoods thanks to Opportunity Zones, a plan spearheaded by Senator Tim Scott (R-SC) as part of our great Republican tax cuts.”

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.

Texas’ 2020 Multifamily Uniform Application posted on January 22, 2020, has been revised to correct Tab 48, the tie-breaker information worksheet. The revision only affects competitive nine percent LIHTC applications.

The Minnesota Department of Human Services (DHS) staff will provide an overview of Housing Support and how this resource works for housing developments with supportive housing units on February 26 from 10:00 am to 12:00 pm CT. This session is designed for developers, property management staff and service partners interested in learning more about Housing Support and additional DHS resources for supportive housing