News

The U.S. Department of Housing and Urban Development released FY-2016 income limits to be used when setting maximum rental rates for housing financed using Low-Income Housing Tax Credits or Tax-Exempt Bonds, as well as income limits to determine eligibility for HUD-assisted housing programs.

Last October, Representative Mike Kelly (R-PA) introduced legislation seeking the first major changes to the Historic Tax Credit since 1986. Senators Cardin and Collins introduced similar legislation to the Senate in early March.

Preparing for an unprecedented number of RAD transactions this year, HUD is already seeing requests for extensions to Financing Plan submission deadlines. HUD will host a listening session to discuss incentives or remedies short of revoking CHAPs to keep PHAs on schedule and to mitigate the surge of volume at year-end.

Over the next 60 days, HUD is soliciting comments on the Affirmatively Furthering Fair Housing Assessment Tool for States and Insular Areas. One of three AFFH Assessment Tools, this tool is to be used where the State is designated as the lead entity.

In addition to preserving housing for residents making a little at 30% of area median income, the project includes a unique workforce housing component for residents earning up to 95% of the area median income.

The survey asked respondents to indicate how likely they are to pursue new construction, substantial renovation, acquisition, refinancing, tax credit allocations, and more. In almost all cases, a majority of respondents said “yes.”

The ACTION Campaign is calling on Congress to address our nation’s severe shortage of affordable rental housing by raising the cap on Housing Credit allocation authority by at least 50 percent. Read the letter and sign on by Friday, March 11.

The deadlines for Congressmen to sign-in to the letters of support for HOME funds are this Friday, March 11 in the House and March 15 in the Senate.

The Internal Revenue Service updated the regulations that set the minimum number of low-income units in a Low-Income Housing Tax Credit project for which a housing finance agency must conduct physical inspections and low-income certification reviews.

The Fiscal Year 2015 Annual Report from the National Park Service, Federal Tax Incentives for Rehabilitating Historic Buildings, reveals a program that helped provide homes for low- and moderate- income residents, boosted local economies, and created jobs.

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.

Section 9-23 of the new Section 8 Renewal Policy Guide provided instructions for comparing the median rents as derived by the appraiser in a RCS with Census Bureau estimates of the median rents in the project’s zip code. HUD has recently published the new median zip code rents and the 140 percent thresholds.