News
West Virginia Governor Signs Bills Eliminating State HTC Caps, Creating Middle-Income Housing Tax Exemption and Middle-Income Tax Credit
West Virginia Governor Jim Justice (R) signed legislation that eliminates the transaction cap and the annual statewide cap for the State Historic Tax Credit (HTC).
CDFI Fund Awards $26 Million to Banks that Increased Investments in Severely Distressed Communities
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $26 million in awards to 158 FDIC-insured banks, through the fiscal year (FY) 2021 round of the Bank Enterprise Award Program (BEA Program), for increasing investments to communities experiencing severe economic distress across the nation.
Michigan Adopts Procedures for State HTC Certifications
The Michigan Strategic Fund has adopted procedures for taxpayers to request certain certifications to receive the State Historic Tax Credit (HTC).
FHLBank Pittsburgh Announces Affordable Housing Resources Available in 2022
The Federal Home Loan Bank of Pittsburgh’s Affordable Housing Program (AHP) will open June 28, with approximately $7 million available.
CHP Releases 2022 California Affordable Housing Needs Report
Key findings from the California Housing Partnership’s annual Affordable Housing Needs Report include:
Senate Advances FHA Commissioner Nomination
Yesterday, the Senate voted to discharge the nomination of Julia Gordon to serve as commissioner of the Federal Housing Administration/deputy secretary of HUD’s Office of Housing.
Treasury Details ERA 2 Reallocation Process
The Department of the Treasury published plans for reallocation of unspent dollars from the Emergency Rental Assistance program authorized under the American Rescue Plan Act (ERA 2).
Treasury Reallocates $1 Billion in ERA 1 Funding to States, Localities and Tribes
The U.S. Department of the Treasury announced the second round of reallocations from the Emergency Rental Assistance (ERA) program.
HUD Names Willie Fobbs Director of Multifamily Office of FHA Production
HUD recently named Willie Fobbs as director of Multifamily’s Office of Production. Prior to joining HUD, Fobbs served as the associate director of housing production and preservation at the Virginia Department of Housing and Community Development (DHCD).
HUD Withdraws Clarification on Valuation of Non Shelter Services Memo
On March 24, HUD issued a memo withdrawing its November 15 Clarification on Valuation of Non Shelter Services memo. HUD expects to more fully address the issues that led to the release of this memo, as well as questions and concerns arising from the memo, in upcoming draft revisions to Chapter 9 of the Section 8 Renewal Policy Guidebook.
Indiana Enacts State LIHTC
Indiana Governor Eric Holcomb (R) signed into law an omnibus tax law that creates a State LIHTC for fiscal years after June 30, 2023. S.B. 382 creates an Indiana LIHTC available to recipients of Federal four percent LIHTCs that can be taken over five years and carried forward up to nine years. The Indiana credit will be for up to 100 percent of the federal credits issued to the property.
NLIHC Publishes 2022 Advocates’ Guide
National Low Income Housing Coalition (NLIHC) released its Advocates’ Guide 2022: A Primer on Federal Affordable Housing & Community Development Programs & Policies, a comprehensive resource for advocates and others involved in many aspects of affordable housing and community development.