News

The Internal Revenue Service (IRS) recently published a guide for the New Markets Tax Credit (NMTC) program.

Last week, the National Housing & Rehabilitation Association welcomed over 120 industry professionals to Washington, DC for its 2010 Spring Affordable Housing Policy Forum. The highly praised program explored the critical nexus between today’s changing public policy environment and affordable housing development, as well as combined NH&RA’s traditional transaction-oriented sessions with valuable social networking opportunities.

HUD has published its FY-2010 Choice Neighborhoods Imitative (CNI) NOFA Pre-Notice. CNI is funded at $65,000,000 in FY-2010. The pre-notice is intended to help potential applicants prepare for the application process. It sets out the core goals of the initiative and outlines the framework and selection criteria for the competition.

HUD’s Office of Policy Development and Research has released a report, “Preview of Data for U.S. Housing Market Conditions 1st Quarter 2010.” Published quarterly, the report provides statistical data and written reports on housing market conditions in the U.S.

Earlier this week, U.S. Housing and Urban Development Secretary Shaun Donovan testified before the U.S. House Committee on Financial Services on the Preservation, Enhancement and Transformation of Rental Assistance Act (TRA), an initiative proposed in the FY-2011 budget to streamline HUD’s rental assistance programs and revitalize the existing stock of public and assisted housing.

The U.S. Department of Housing and Urban Development recently issued a report to Congress that found that the severity of “worst case housing needs” in the U.S. grew dramatically between 2001 and 2007.

Last week, the National Housing & Rehabilitation Association welcomed over 120 industry professionals to Washington, DC for its 2010 Spring Affordable Housing Policy Forum. The highly praised program explored the critical nexus between today’s changing public policy environment and affordable housing development, as well as combined NH&RA’s traditional transaction-oriented sessions with valuable social networking opportunities.

The legislative text the American Jobs and Closing Tax Loopholes Act (H.R. 4213) was released last week by the U.S. House of Representatives as an amended version of an earlier version of the bill, in response to the companion legislation, passed by the Senate on March 10.

Maryland Governor Martin O’Malley last week signed into law H.B. 475, the Sustainable Communities Act of 2010, reauthorizing through 2014 the tax credit formerly known as the Heritage Structure Rehabilitation Tax Credit.

The U.S. Department of Housing and Urban Development recently issued a federal register notice that announces a Section 8 demonstration program for determining FMRs in smaller metropolitan areas.

The Community Development Financial Institutions (CDFI) Fund has released updated guidance for the 2010 New Markets Tax Credit (NMTC) program, including application questions-and-answers.

NH&RA has also been meeting with HUD officials to discuss forthcoming changes to underwriting standards, lender qualifications, and other areas in the FHA multifamily mortgage insurance programs to assure that the reforms encourage rather than deter FHA financing of affordable rental housing projects in a timely and cost-effective manner.