News

HUD has issued a notice setting forth the submission requirements, eligible uses of funds, and program requirements for the Tax Credit Assistance Program (TCAP).

The Wisconsin Housing and Economic Development Authority has released a memorandum dated May 4 that describes administrative changes that will be made to its 2009 low-income housing tax credit (LIHTC) program.

The U.S. Treasury Department and Internal Revenue Service are soliciting suggestions on federal tax guidance projects that should be included on the 2009-2010 Guidance Priority List.

The Community Development Financial Institutions (CDFI) Fund has issued a new document listing and answered frequently asked questions on compliance issues under the federal new markets tax credit program.

The USDA Rural Housing Service has published a notice to establish a demonstration Rural Development Voucher Program.

The U.S. Department of Housing and Urban Development (HUD) has published a notice soliciting public comments and recommendations for how the Department can expedite approvals of applications for FHA multifamily mortgage insurance for loans to finance low-income housing tax credit projects.

A newly released private letter ruling from the Internal Revenue Service says that the costs of infrastructure improvements connected with a low-income housing tax credit project that are paid for by the taxpayer and dedicated to the city are includible in the basis of each low-income building in the project, and are includible in tax credit eligible basis.

Assembly member Sam Hoyt (D-Buffalo) and Senator David Valesky (D-Syracuse) have introduced A.6471-A/S.2960-A which provides a 20% NYS rehabilitation credit, with a cap of $5 million per project, for users of the federal rehabilitation credit on qualified commercial structures in New York State.

Michigan State Housing Development Authority has posted a Questions and Answers Section on the the ARRA portion of the Authority’s website.

Michigan State Housing Development Authority has updated its 9% tax credit application materials publishing a new Tab NN in the Combined Application that should be used by ALL applicants seeking 9% LIHTC awards in May of 2009.

NH&RA is urging Congress to take action to make a critical technical change to the New Markets Tax Credit Program, making it easier to use the subsidy on projects involving multiple buildings.

Based on additional feedback received, the California Tax Credit Allocation Committee has revised its proposed regulation changes for implementation of the American Recovery and Reinvestment Act (ARRA).