News

The Internal Revenue Service (IRS) announced in Revenue Procedure 2012-41 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2013.

The Federal Housing Finance Agency (FHFA) recently released an updated strategic plan for fiscal years 2013-2017. The plan, entitled “Preparing a Foundation for a More Efficient and Effective Housing Finance System,” details how FHFA will carry out its role as chief regulator of the Federal Home Loan Banks (FHLBs), Fannie Mae and Freddie Mac. Specifically, FHFA sets four broad goals and associated implementing actions for the government sponsored enterprises (GSEs).

The Internal Revenue Service (IRS) recently published Revenue Procedure 2012-42, which indicates the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers for 2012. These carryovers, which amounts to nearly $2.43 million in unused credits, have been allocated to 34 states.

The Texas Department of Housing and Community Affairs (TDHCA) has opened the public comment period for its proposed 2013 HOME, Housing Tax Credit and Housing Trust Fund Regional Allocation Formula (RAF) Methodology. TDHCA will also continue to accept public comments on several of its multifamily plans and rules through October 22, 2012.

On October 3, 2012, the Virginia Housing Development Authority Board of Commissioners approved revisions to the 2013 Qualified Allocation Plan. The revisions were proposed by VHDA and left open for public comment through September 24, 2012. All of the proposed major changes were approved. The changes have been sent to the Governor for final approval.

HUD has issued a notice establishing operating cost adjustment factors (OCAFs) for project based assistance contracts for eligible multifamily housing projects having an anniversary date on or after February 11, 2013.

The Arizona Department of Housing has issued a first draft of its 2013 Qualified Allocation Plan (QAP). Major changes to the QAP include

HUD has published Comprehensive Housing Market Analyses for three new metropolitan areas, Wichita, Kansas; Oakland, California; and Salinas, California.

The U.S. Government Accountability Office (GAO) recently released a report entitled “Mortgage Financing: Fannie Mae and Freddie Mac’s Multifamily Housing Activities Have Increased,” which examines the role that Fannie Mae and Freddie Mac have played in providing financing for multifamily properties with five or more units.

HUD recently published Housing Notice 2012-20, FHA Underwriting Instructions for Projects Converting Assistance under the Rental Assistance Demonstration.

The U.S. Department of Housing and Urban Development (HUD) announced that 17 communities across the country have been awarded $4.95 million in Choice Neighborhoods Planning Grants. HUD’s Choice Neighborhoods Initiative promotes a comprehensive approach to transforming distressed areas of concentrated poverty into viable and sustainable mixed-income neighborhoods.

California Governor Jerry Brown recently signed several bills into law, all of which will have a significant impact on the multifamily housing development industry. The Southern California Association of Nonprofit Developers (SCANPH) estimates that these approved measures could provide up to $80 million in funding for housing-related development.