News

The Tennessee Housing Development Authority (THDCA) has established a Special Tax Credit Committee under the THDA Board to examine the Low-Income Housing Tax Credit Program and make recommendations to the Board regarding the program and subsequent year qualified allocation plans (QAP).

On March 16 HUD issued a new mortgagee letter that effectively raises the maximum FHA mortgage amount for multifamily FHA-insured loans by excluding land value from the calculation of the statutory mortgage limits. It is expected that this new determination by the FHA will expand the use of FHA insurance for multifamily housing in major high-cost cities such as New York City, San Francisco, Boston, and Philadelphia. NH&RA’s General Counsel Bingham McCutchen provided the following summary:

On March 24 the U.S. House of Representatives passed a $16.8 billion package of tax incentives (HR 4849) for state and local governments and small businesses, the second measure in the Democrats’ “jobs agenda” to pass the chamber this month. The measure passed on a largely partisan 246-178 vote. Key provisions include:…

House Democrats on the Ways and Means Committee are reported to be considering amending the tax extenders bill (HR 4213) to shift an extension of the Build America Bonds (BAB) program from the small business bill (HR 4849) to the tax extenders legislation. The shift is being urged because of concerns that the tight Senate calendar may not leave enough time to move other tax bills this year. HR 4213 also includes extensions of the Section 1602/Exchange Program, New Markets Tax Credit and GO Zone Historic Tax Credit and Bonus Depreciation Provisions.

The Law Firm Nixon Peabody LLP recently published a helpful update entitled “What does codification of the “Economic Substance Doctrine” mean for tax credit transactions?” After years of anticipation, the “economic substance test” is now part of the Internal Revenue Code.

The Louisiana Housing Finance Authority (LHFA) has released a description of the procedures used for processing and ranking the requests for additional GO Zone tax credits, and provided examples of the procedures.

The Urban Land Institute has published a new report entitled Housing in America: The Next Decade. The first part of this report reviews the current state of the market.

U.S. Representative Phil Hare (D-IL), last week introduced the Security in Energy and Manufacturing (SEAM) Act (H.R.5041) to extend and improve the Advanced Energy Manufacturing Tax Credit program.

The Ohio Housing Finance Agency’s Office of Program Compliance has issued a compliance update memo addressing several topics. The memo highlights changes to OHFA policies and procedures based on internal review or guidance from program administrators such as the IRS, including:

National Housing & Rehabilitation Association (NH&RA) is pleased to announce that it has extended its discounted early registration rate deadline for the 2010 Spring Policy Forum, May 20-21 at the Liaison Hotel in Washington, DC. Simply register online by no later than Friday, April 30 to receive $100 off conference fees.

The Iowa Finance Authority (IFA) is offering a series of three housing tax credit program compliance seminars later this month. The training will cover significant changes to compliance requirements recently issued by the Department of Housing and Urban Development (HUD).

Governor David A. Paterson today announced that Brian E. Lawlor has been appointed Commissioner of the State Division of Housing and Community Renewal (DHCR) and CEO and President of ‘nyhomes,’ which includes the state’s Housing Finance Agency (HFA) and the State of New York Mortgage Agency (SONYMA).