News

The New York City Council recently passed a controversial new law, Int. No. 730-A, which amends Title 26 of the City of New York’s Administrative Code to add a new Section 10 entitled “Housing Development Project Reporting Requirements.” On Friday August 24, Mayor Bloomberg vetoed Intro 730-A.

The New Mexico Mortgage Finance Authority (MFA) has announced the release of its draft for the 2013 Qualified Allocation Plan and has opened it for public comment until September 21, 2012. The proposed draft includes several scoring modifications, including two changes detailed in supplemental documents.

The Texas Department of Housing & Community Affairs has released the staff draft of its 2013 Multifamily Programs Rules. This document includes the Uniform Multifamily Rules, the Qualified Allocation Plan and the Multifamily Bond Rules.

Due to a high volume of substantial comments, the New Jersey Housing and Mortgage Finance Agency (NJHMFA) is planning amend its Qualified Allocation Plan, which will trigger a re-proposal and a delay in adoption.

A new report entitled “What Happens to Low Income Housing Tax Credit Properties at Year 15 and Beyond?”, commissioned by HUD and written by Abt Associates Inc., examines the long-term affordability of LIHTC properties and likelihood of properties maintaining affordability after the initial 15-year compliance period is over.

In an email message to congressional offices, The U.S. Department of Agriculture (USDA) explains that the department has rescinded a previous Section 515 NOFA that was to be used for new construction funding.

Earlier this month Representative Bob Filner (D-Calif.) introduce the Clean Energy Victory Bond Act of 2012 (HR 6275). This legislation addresses a number of renewable energy programs and initiatives. Highlights of interest to NH&RA members include and extension of various expiring energy investment credits through 2023.

On June 29, the U.S. House of Representatives approved its fiscal year (FY) 2013 appropriations bill (HR. 5972) for the U.S. Departments of Transportation and Housing and Urban Development, or T-HUD. The approved bill funds HUD programs at around $33.6 billion, which is about $1.36 billion (3.9 percent) below the Senate Appropriations Committee proposed FY 2013 amount, $1.75 billion (4.9 percent) below the President’s FY 2013 request, and $3.8 billion (10.2 percent) below the FY 2012 enacted level. The FY 2013 appropriations bill (HR. 5973) for the U.S. Department of Agriculture including rural housing programs administered by Rural Development is expected to be considered by the full House within the next week. The Senate Appropriations Committee approved its version of both bills (S. 2322, S. 2375) in April but the full Senate has not yet scheduled floor consideration of the bill.

The White House Domestic Policy Council’s Rental Policy Working Group (RPWG) recently held a conference to discuss progress of its ongoing rental policy alignment activities, including the various pilot programs underway and next steps for other alignment projects.

The National Council of Affordable Housing Market Analysts (NCAHMA), a professional association of rental real estate market analysts and appraisers, today announced its plan to rebrand the organization and expand its mission and membership.

The National Housing & Rehabilitation Association (NH&RA) today presented developer Robert J. Greer, President of the Michaels Development Company, with its inaugural Chairman’s Award, at the organization’s 2012 Summer Institute conference in Edgartown, Massachusetts.

The Senate Finance Committee recently held a markup hearing to discuss the Family and Business Tax Cut Certainty Act of 2012 which includes more than $205 billion in tax cut extensions for families and businesses. The bill, which passed the Committee by a margin of 19 to 5, would extend the new markets tax credit (NMTC) program for two years, through 2013, permitting up to $3.5 billion in qualified equity investments for each of calendar years 2012 and 2013.