News

The Ohio Housing Finance Authority has announced the availability of up to $4.5 million in gap financing for multifamily tax-exempt bond projects through the Housing Development Assistance Program.

Indiana State Senator Brandt Hershman (R) has introduced Senate Bill 344, which would repeal of the prohibition against using the value of federal income tax credits awarded under Section 42 for the purpose of determining assessed value.

Indiana State Reps. Suzanne Crouch (R) and Peggy Welch (D) last week introduced H.B. 1248 to create the New Markets Job Growth Tax Credit. The program would provide a state tax credit equal to 39 percent of the purchase price of a qualified investment, which the bill limits to $10 million per transaction.

Representative Chris Gibson (R-NY) recently introduced the Irene and Lee Tax Relief Strom Recovery Act, H.R. 3769, which would increase the amount of Low-Income Housing Tax Credits (LIHTCs) to be allocated in states damaged by Hurricane Irene or Tropical Storm Lee in 2011.

With the recent passage of California Assembly Bill AB 26X, the California Supreme Court voted to dissolve all of the state’s redevelopment agencies, paying off enforceable obligations and disposing of agency assets by February 1, 2012. However, many of these redevelopment agencies have remaining balances in their Low and Moderate Income Housing Funds, which are designated specifically for affordable housing development.

The North Carolina Housing Finance Agency (NCHFA) has released the final Qualified Allocation Plan (QAP) for the distribution of Housing Tax Credits along with updated market study guidelines and the preliminary application.

The U.S. Green Building Council (USGBC) has released a report entitled “Better Buildings Through Executive Action” which is the second phase of a major effort by the organization and partners to encourage the Obama Administration to make full use of all available legal tools to improve the energy efficiency and sustainability of multifamily and commercial buildings.

The California Tax Credit Allocation Committee (CTCAC) recently released proposed regulation changes to the 2012 Tax Credit program and subsequently conducted a 30 day public comment period in which four public hearings were held to receive feedback on the proposed changes.

The Texas Department of Housing and Community Affairs (TDHCA) has released the final 2012-2013 Qualified Allocation Plan (QAP) for the state’s Housing Tax Credit program.

HUD’s Office of Policy Research & Development has published the newest report in its series of ‘Best Practices’ examples, based on federal, state and local strategies that increase affordable housing opportunities, apply sustainable features and practices, and increase access to public transportation.

Introduced in late-December 2011 and passed by the Business and Consumer Affairs Subcommittee in early January, Florida House Bill 1119 increases the total amount of tax credits available to be allocated for the New Markets Development Program from $97.5 million to $195 million.

Missouri State Senate Bill (SB 531) modifies the low-income housing tax credit program and the historic preservation tax credit program by requiring the Department of Revenue to apply any increase in revenue generated from capping these tax credit programs to a decrease in the personal income tax rate to begin on January 1, 2016.