News

U.S. Representative Earl Blumenauer (D-OR) recently introduced the Renewable Energy Expansion Act (H.R. 4599), a bill that would allow taxpayers to receive a tax credit that functions as a direct payment for investing in or producing renewable energy.

Doug Criscitello was sworn in on Tuesday as the U.S. Department of Housing and Urban Development’s (HUD) new Chief Financial Officer.

HUD has issued a notice announcing its intention to offer funding through a competition made available as a Notice of Funding Availability (NOFA) under its Sustainable Communities Planning Grant Program (Program). HUD is also seeking comments on the Program through this Advance Notice.

HUD has issued a notice announcing its intention to offer funding through a competition made available as a Notice of Funding Availability (NOFA) under its Sustainable Communities Planning Grant Program (Program). HUD is also seeking comments on the Program through this Advance Notice. The goal of the Program is to support multi-jurisdictional regional planning efforts that integrate housing, economic development, and transportation decision-making in a manner that empowers jurisdictions to consider the interdependent challenges of economic growth, social equity and environmental impact simultaneously.

HUD has announced its annual adjustments to contract rents for Section 8 owners. The factors are based on a formula using residential rent and utility cost changes from the most current annual Bureau of Labor Statistics Consumer Price Index (CPI) survey. These factors are applied at Housing Assistance Payment (HAP) contract anniversaries for those calendar months commencing after the effective date of this notice (2/10/2010). In a separate notice, HUD also published Renewal Funding AAFs to be used exclusively for renewal funding of tenant-based rental assistance, reflecting the more recent CPI data.

Federal Housing Finance Agency (FHFA) Director Edward DeMarco recently sent a letter to ranking members of the House Financial Services Committee and Senate Banking, Housing and Urban Affairs Committee regarding the federal conservatorship of mortgage finance giants Fannie Mae and Freddie Mac

Secretary of the Treasury Timothy Geithner recently announced a new initiative under the Troubled Asset Relief Program (TARP) that would effectively offer better terms to regulated CDFIs than are available to commercial banks and facilitate investment of low-cost capital in CDFIs that lend to small businesses in distressed communities.

The U.S. Treasury Department and Community Development Financial Institutions (CDFI) Fund are seeking public responses by April 5 to questions relating to a planned new information collection project for the federal new markets tax credit program.

The U.S. Department of Housing and Urban Development has adjusted its statutory mortgage limits for its multifamily housing loan programs for calendar 2010, effective January 1, 2010. The limits are adjusted annually based on changes in an index.

Snowed in? Washington, DC got over two feet of snow last weekend and we are looking at as much as another 10 inches of snow tomorrow – so much for living in the South! But just because we can’t dig our cars out doesn’t mean you can’t plan your trip for an upcoming NH&RA event in a much WARMER climate!

HUD Secretary Shaun Donovan has announced the launch of HUD’s new Office of Sustainable Housing and Communities (OSHC). The office will be overseen by HUD Deputy Secretary Ron Sims. OSHC is designed to help build stronger, more sustainable communities by connecting housing to jobs, fostering local innovation and building a clean energy economy. Funded by Congress for the first time in HUD’s 2010 Budget, OSHC is a key component of the Obama Administration’s Partnership for Sustainable Communities.

In a recent alert, the accounting firm Novogradac & Company has summarized two important IRS Private Letter Rulings impacting the New Markets Tax Credit Ruling.