News

U.S. Representative Keith Ellison (D-MN) recently re-introduced the Common Sense Housing Investment Act of 2013 (H.R. 1213) which would replace the federal mortgage interest deduction (MID) with a 15 percent non-refundable tax credit for all mortgages up to $500,000. Legislators expect that phasing out the MID would increase federal revenue by $196 billion over ten years.

U.S. Senators Max Baucus (D-MT) and Orrin Hatch (R-UT) recently introduced legislation that would make permanent the enhanced tax incentives for conservation easements (including historic buildings) that are scheduled to expire at the end of 2013.

Moody’s Investors Service recently released a report on the current financial outlook for state housing finance agencies (HFAs). Moody’s concludes while the U.S. housing market has begun to show signs of improvement, the fiscal outlook for the state HFA sector remains negative due to significant market and credit pressures.

The Texas Department of Housing and Community Affairs (TDHCA) recently released the schedule for six public hearings to gather public comment on the 2013 Competitive Housing Tax Credit Applications.

Proposed amendments, a new rule, re-proposed amendments, re-proposed new rules, and a re-proposed repeal to the 2013 Qualified Allocation Plan were published in the New Jersey Register on March 18, 2013.

After months of stalemate on December 31 (US Senate) and January 1 (US House of Representatives) respectively, has passed HR 8, The American Taxpayer Relief Act, which addresses the tax provisions of the “fiscal cliff.” The legislation is expected to be signed into law by President Obama imminently. The legislation includes a number of tax extenders including extensions of most of the expiring “Bush-era” income tax rates, a permanent “patch” for the alternative minimum tax, and most notably for NH&RA members extensions of the New Markets Tax Credit and the fixed 9 percent rate for the Low-Income Housing Tax Credit through 2013. The measure also postpones sequestration, automatic spending cuts to government spending that was set to occur in January, by two months to allow time for further negotiation.

NH&RA member firm, Nixon Peabody recent released an article detailing the potential threats of the looming sequestration cuts.

The National Housing & Rehabilitation Association, in association with the National Trust Community Investment Corporation, honored developers, architects and historic preservation professionals that brought new life to ten historic buildings through its awarding of the 2012 J. Timothy Anderson Awards for Excellence in Historic Rehabilitation.

Bernie Husser, Executive Vice President of The Richman Group Affordable Housing Corporation, and head of its Boston office, was elected Chairman of the Board of Directors of the National Housing & Rehabilitation Association (NH&RA) at NH&RA’s 2013 Annual Meeting in Miami Beach.

The New Hampshire Housing Finance Authority has released s draft of their 2014 Qualified Allocation Plan (QAP) with Appendices.  The QAP defines the process by which New Hampshire Housing Finance Authority will allocate federal Low Income Housing Tax Credits to developers.

The Affordable Rental Housing A.C.T.I.O.N. (A Call to Invest in Our Neighborhoods) network has released a series of District Fact Sheets and Key Member Fact Sheets detailing the success of the program in every Congressional district.

The Missouri State Senate recently approved a measure (SB 120) to amend the state’s Historic Preservation Tax Credit (HPTC) program.