News

LISC has named Tina Brooks, Massachusetts’ undersecretary for housing and community development, as its new EVP for programs.

The IRS has issued a new notice (Notice 2011-63) that provides supplemental guidance on the determination of when State and local bonds are considered “issued” for purposes of volume cap limitations on private activity bonds and other bond volume caps and limitations under Federal law.

The House Financial Services Capital Markets and Government Sponsored Enterprises Subcommittee approved five bills designed to constrain Fannie Mae and Freddie Mac and hasten their departure from the mortgage market.

Reps. Ron Kind (D-WI), Spencer Bachus (R-AL), Richard Neal (D-MA), and Terri Sewell (D-AK), and Sens. John Kerry (D-MA), and Scott Brown (R-MA), yesterday introduced H.R. 2718 and S. 1456, respectively.

HUD has announced the addition of a preservation web page to the Multifamily website.

NH&RA is pleased to offer .PDF versions of the PowerPoint slides presented at the 2011 Summer Institute & New Markets Tax Credit Symposium.

NCHFA is seeking input on the draft 2012 Qualified Allocation Plan prior to publication.

The Maryland Department of Housing & Community Development recently released Multifamily Housing Notice 11-07 which provides an update on the Spring 2011 funding round, and reminds potential applicants about the Round 2 deadline.

The Internal Revenue Service has issued a directive to provide guidance to IRS examiners and their managers on how to determine when, during an examination, it is appropriate to seek the approval of the Director of Field Operations in order to raise the economic substance doctrine.

The Obama Administration has announced that it has named Carol Galante as the acting commissioner of the Federal Housing Administration (FHA).

The Texas Department of Housing & Community Affairs recently issued a newsletter that provides clarification about utility allowance and gross rent violations for the Housing Tax Credit program. Also contained in the newsletter:

Recognizing the need for affordable housing near public transit, the Arizona Department of Housing has partnered with the cities of Mesa, Tempe and Phoenix, the Department of Transportation, the Metro light rail, Arizona State University, community leaders and others to create the Sustainable Communities Working Group.