News

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.

HUD has issued a call for entries for the 2013 Housing & Community Design Awards. The awards, which are co-sponsored by the American Institute of Architects (AIA) and the HUD Office of the Secretary, recognize excellence in affordable housing, community-based design, participatory design, and accessibility.

HUD has issued a Notice of Intent to conduct an Affirmatively Furthering Fair Housing program in the Baltimore, Maryland Standard Metropolitan Statistical Area (SMSA). The Agency will make available certain incentives to developers in order to encourage the production and availability of more affordable housing units in “communities of opportunity,” as defined in the Thompson vs. HUD settlement, in the Baltimore SMSA.