News

In his State of the City speech earlier this year, Washington, DC Mayor Vincent Gray pledged $100 million towards affordable housing for the District of Columbia. The plan that will guide the administration’s affordable housing efforts was recently unveiled. “Bridges to Opportunity: A New Housing Strategy for DC” was produced by a task force appointed by the Mayor in 2012 and proposes three broad strategic goals and 24 Action Items to achieve those goals.

HUD has published a notice in the Federal Register announcing the FY-2013 Annual Adjustment Factors (AFF) for adjustment of contract rents for units assisted in certain Section 8 housing assistance payment programs during the initial (i.e., pre-renewal) term of the HAP contract and for all units in the Project-Based Certificate program.

The Louisiana House of Representatives recently approved H.B. 726 by a vote of 66-33, a measure to create a state New Markets Jobs Tax Credit to provide incentives for private businesses to invest in low-income rural and “emerging urban” communities.

Iowa Governor Terry Branstad yesterday signed Senate File 436 into law to modify the rules for the state Historic Preservation and Cultural and Entertainment District Tax Credit, making the program easier to use and expanding eligibility.

The Connecticut Housing Finance Authority Board of Directors approved the draft 2013 Qualified Allocation Plan (QAP).

HUD recently issued Notice PIH-2013-11 to provide instructions for submitting requests for Subsidy Layering Reviews (SLRs) according to various guidelines.

NH&RA hosted nearly 150 professionals at the 2013 Spring Developers Forum May 7-8 in Marina del Rey, CA. All conference materials, Power Point presentations, relevant articles, reports, memos, etc. are available for review.

The Senate Finance Committee has released a tax reform option paper about economic and community development provisions. The document is the sixth in a series of papers compiling tax reform options that Finance Committee members may wish to consider as they work towards reforming our nation’s tax system.

The Federal Housing Finance Agency (FHFA) recently released reports detailing the activity of the Government Sponsored Enterprises (GSEs) Fannie Me and Freddie Mac’s multifamily businesses.

The Departments of Justice (DOJ) and Housing and Urban Development (HUD) have released new guidance on design and construction requirements under the Fair Housing Act.

In accordance with Section 206A of the National Housing Act, HUD has adjusted the Basic Statutory Mortgage Limits for Multifamily Housing Programs for Calendar Year 2013.  Effective Date: January 1, 2013.

The Internal Revenue Service and Treasury Department recently announced that it will soon issue a safe harbor revenue procedure for historic rehabilitation tax credit (HTC) transactions.