News

HUD recently issued a revised final implementation of the Rental Assistance Demonstration (RAD) program guidance to clarify how RAD transactions will be handled moving forward in light of the 60,000 unit cap for RAD not being increased in the fiscal year (FY) 2014 appropriations package.

HUD’s Office of Affordable Housing Preservation (OAHP) recently announced the launch of an updated version of its Section 236 consolidated e-Application tool at www.hudmfpreservation.net, as a part of its goal to move towards centralized processing of Section 236 prepayments and preservation transactions.

On December 9, 2013, the Joint Center for Housing Studies of Harvard University (JCHS) released a new report on U.S. renters and rental housing characteristics, conditions, and trends during an event at the Newseum in Washington, D.C. The report, America’s Rental Housing: Evolving Markets and Trends, describes how the 2008 recession has impacted rental housing trends. Currently, there are 43 million rental households, representing 35% of Americans — the highest rate in more than a decade. Additionally, a disproportionate amount of lower-income families and individuals living in rental housing pay an excessive share of their income towards rent. Because of the vast changes in housing, many consider America to be experiencing the worst crisis today in renter affordability.

On December 3, 2013 HUD previewed to NH&RA a series of new incentives and policy flexibility for owners of multifamily affordable housing properties that commit to making portfolio wide energy efficiency commitments through the Administration’s Better Buildings Challenge. HUD has developed these incentives to address the market and policy barriers that owners experience in greening their properties. The underlying policy will be issued in a separate and forthcoming Implementation Memo, to be released in FY-2014.

On Wednesday February 26, House Ways & Means Committee Chairman Dave Camp (R-Mich.) released his long-awaited draft Tax Reform Act of 2014. The draft legislation contains many significant provisions relating to the Low-Income Housing Tax Credit and would also repeal the Historic Rehabilitation Tax Credit and various renewable energy credits.

WASHINGTON, DC ““ National Housing & Rehabilitation Association (“NH&RA”) will convene its first Preservation Through Energy Efficiency Road Show (“Road Show”) on April 3 at the Hub Cira Centre in downtown Philadelphia, PA….

A recently introduced bill (H. R. 3939) in the U.S. House of Representatives would amend certain provisions of the Internal Revenue Code, including a permanent extension of the New Markets Tax Credit (NMTC) program, in order to stimulate economic investment and create jobs…

Last week, California Tax Credit Allocation Committee (TCAC) released the final proposed changes to the 2014 California Qualified Allocation Plan (QAP).

Community Development Financial Institutions Fund (CDFI Fund) released a notice in the Federal Register soliciting comments concerning the New Markets Tax Credit (NMTC) Program Allocation Application.

The Ohio Housing Finance Agency (OHFA) released the final draft 2014 Qualified Allocation Plan (QAP).

For over 20 years, The City of Chicago Department of Housing and Economic Development (HED) releases a five-year Qualified Allocation Plan (QAP) for Chicago and this year the 2014-2018 plan will be approved….

The Illinois Housing Development Agency (IHDA) released the 2014 Final Illinois QAP.