News

The Internal Revenue Service (IRS) recently issued Notice 2013-9 to suspend certain requirements under Section 142(d) of the Internal Revenue Code for qualified residential rental projects financed with tax exempt bonds in order to provide emergency housing relief needed as a result of Hurricane Sandy.

The Treasury Department’s 2012″“2013 Priority Guidance Plan contains 317 projects that are priorities for allocation of the resources of its offices during the twelve-month period from July 2012 through June 2013 (the plan year). Several items pertain to the Low-Income Housing Tax Credit, New Markets Tax Credit and various energy credits.

The Alabama Housing Finance Authority (AHFA) annual developers’ workshop will be held from 9am-2pm on Monday, February 25 on Montgomery Alabama.

A special Connecticut legislative session in June 2012 established a new state Department of Housing (DOH) as the lead agency for all matters related to housing and the Interagency Council on Affordable Housing to advise and assist in the planning and implementation of the new DOH.

A recent report from the University of New Orleans entitled “Supporting Permanently Affordable Housing in the Low-Income Housing Tax Credit Program: An Analysis of State Qualified Allocation Plans” examines how state policies and procedures within Qualified Allocation Plans (“QAPs”) influence the allocation of LIHTC resources and in turn support permanently affordable housing.

Freddie Mac recently announced its highest-producing multifamily mortgage sellers of 2012. The “highest-producing” are those lenders who transacted the most financing volume with Freddie Mac over the year, including a record $28.8 billion in new multifamily volume, comprising 435,000 rental units, and resulting in over $21 billion in mortgage securitizations.

The West Virginia Housing Development Fund (WVHDF) has released a proposed 2013 and 2014 Allocation Plan that includes substantial changes from the 2012 Plan. 

The Oregon Housing and Community Services will be holding a work session for those interested in providing feedback of the 2013 multifamily housing NOFA draft scoring model on Friday, February 8 .

The Community Development Financial Institutions (CDFI) Fund recently released the interim rule for implementation of the CDFI Bond Guarantee program, which was established through Section 1134 of the Small Business Jobs Act of 2010.

The Appeals Court for the Federal Court of Claims recently reversed a lower-court opinion on the Consolidated Edison Company of New York, Inc. vs. United States case. The court concluded that Consolidated Edison’s Lease-In Lease-Out (LILO) transaction did not have economic substance and the purported lease was not a “true lease”.

HUD recently issued a Federal Register Notice seeking public comment on the redesign of the American Housing Survey (AHS) for 2015 and beyond.

The California Housing Partnership Corporation recently released a report entitled “Building and Preserving Affordable Homes near Transit: Affordable TOD as a Greenhouse Gas Reduction and Equity Strategy,” which assesses the existing research on the role of preservation and development of affordable housing in transit-oriented development (TOD) areas as a greenhouse gas (GHG) reduction strategy.