News

The Delaware State Housing Authority has released draft versions of its 2013 Qualified Allocation Plan (QAP), cover sheet, and attachments. The draft contains several changes from the 2012 QAP.

We invite you to take a short break from your year end closings and join more than 150 of the leading developers and affordable housing professionals from around the country at our 2012 Fall Developers Forum at the Langham Hotel. The Developers Forum is the last NH&RA conference of the year!

The Nebraska Investment Finance Authority (NIFA) has released its final version of the state’s 2013 Qualified Allocation Plan (QAP) for the purpose of allocating federal Low Income Housing Tax Credits (LIHTCs).

HUD recently issued an updated draft Low-Income Housing Tax Credit (LIHTC) Pilot Program Application Processing Guide. This informal guide is meant for lenders and HUD staff to use while underwriting loans for the Pilot Program, which aims to streamline FHA processing of mortgage insurance applications for projects with LIHTC equity.

The Bankruptcy Appellate Panel (BAP) for the Sixth Circuit Federal Court of Appeals recently decided a case involving five Kentucky limited partnerships (the Debtors) which were placed in a jointly-administered Chapter 11 case. In the appeal, the debtors took issue with including the value of LIHTCs in the bank’s appraised value of the real property.

The Internal Revenue Service (IRS) has announced that government entity issuers of tax-exempt bonds affected by Hurricane Sandy may qualify for additional time to file Form 8038 or Form 8038-T returns.

The Center for Budget and Policy Priorities (CBPP) recently released a report detailing the implications that impending budget deficit reduction measures could have on housing and community development programs

HUD has published revised closeout requirements for the Neighborhood Stabilization Program (NSP). The revised requirements apply to closeout procedures for program income, land banks and long-term affordability obligations of grantees and certain recapture provisions.

HUD has released Notice H 2012-27 which clarifies portions of previously-issued Risk Mitigation HUD guidance concerning Project Capital Needs Assessment (PCNA) reports and requirements for sizing initial and annual contributions to Reserves for Replacements. The Notice indicates that the MAP Guide has been modified to implement risk mitigation measures and to align PCNA guidance for the multifamily insurance programs.

HUD has released Notice H 2012-25 which provides guidance on the circumstances under which HUD may consider amendments to Use Agreements for properties assisted under the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA). Congress enacted LIHPRHA in 1990 to prevent the loss of several hundred thousand FHA-insured affordable housing units and since then, HUD has overseen hundreds of properties.

The Texas Department of Housing and Community Affairs (TDHCA) has a released a draft version of its 2013 Multifamily Uniform application on its website. The Multifamily Uniform application will be used for the following multifamily housing programs: Housing Tax Credits, Tax Exempt Bonds, HOME Investment Partnership Program, and the Neighborhood Stabilization Program.

The Arizona Department of Housing will be holding the 2013 LIHTC application workshop on January 23, 2013 from 9:00am to 2:00pm. All developers, or designated members from the development team, who plan to apply in the 2013 round must attend this training.