News

The U.S. Department of Housing and Urban Development (HUD) has published a draft Mortgagee Letter with revised requirements for Project Capital Needs Assessment (PCNA), Estimated Reserves for Replacements and Remedies for Accessibility Deficiencies.

On May 9, Alabama’s state legislature sent the proposed Alabama New Markets Development Act (HB257) to Governor Wallace’s office for approval. The bill is informed by the Federal New Markets Tax Credit and much of the language and general structure mirrors key concepts and precedent in Section 45D of the IRS Code of 1986; however, there are several notable differences.

The Center on Budget Policy and Priorities (CBPP) released a report that commended the Senate Committee on Appropriations for a few of the policy proposals in its recently approved HUD appropriations bill for FY 2013. Most notably, the Senate Committee funded Housing Choice Vouchers at $17.5 billion, which is $250 million above the Obama Administration’s request for FY 2013.

Several agencies have released a notice indicating changes to the Fixed Residential Moving Cost Schedule (FRMCS). The FRMCS was developed as a result of the Uniform Relocation Act to assist with moving payments and related expenses for people who are displaced because of Federal or federally assisted projects.

HUD’s Economic and Market Analysis Division regularly publishes Comprehensive Housing Market Analysis reports for regions across the country.

The California Tax Credit Allocation Committee (TCAC) has releases the 2012 Proposed Program Schedule, including a revised first-round award meeting date and new second round application deadline for the Low-Income Housing Tax Credit program.

The Vermont Housing Managers Association (VHMA) is offering an Advanced Low Income Housing Tax Credit Course on Thursday, June 7, 2012 from 8:45 a.m. to 4:30 p.m.

Rep. Dave Camp (R-MI), Chairman of the House Ways & Means Committee, announced last week that the Select Revenue Subcommittee will hold an additional hearing on tax extenders legislation in early June.

Congress is considering expanding HUD’s Moving to Work Demonstration program, and has asked the U.S. Government Accountability Office (GAO) to evaluate the success of the program to date, HUD’s existing monitoring efforts, as well as the potential benefits and concerns of expansion.

HUD has published a notice entitled Operating Guidance for Implementing FY 2012 HOME Appropriation Requirements.

The Federal Housing Finance Agency (FHFA) has released a draft version of its Strategic Plan: Fiscal Years 2013-2017.

The Ohio Housing Finance Agency’s Office of Program Compliance has updated its Extended Use Monitoring Plan for tax credit projects in Extended Use.