News

A bill in the Arkansas House of Representatives (H.B. 1555) would increase the State Historic Tax Credit (HTC) from $4 million to $10 million and extend the sunset date from December 31, 2027, to December 31, 2037.

Housing Association of Nonprofit Developers (HAND) released an online Housing Indicator Tool (HIT), a platform that will provide the most up-to-date information on housing production across the region, with a comparison to established local housing targets from the Capital Region’s housing affordability challenge.

Legislation introduced in the Illinois Legislature would create a state LIHTC. S.B. 2445 and H.B. 3213 would create the Build Illinois Homes Tax Credit as of January 1, 2021, with a $35 million annual allocation, with 24.5 percent of the credits allocated to the City of Chicago Department of Housing.

Massachusetts Governor Charlie Baker (R) signed an Act Enabling Partnerships for Growth (H. 5250), which includes doubling the annual allocation of state LIHTCs from $20 million to $40 million through January 1, 2025. The bill also makes more than $625 million in capital authorizations, as well as policy provisions to boost economic growth.

Legislation in the Missouri legislature would reduce the annual allocation of the State LIHTC from $6 million to $2 million and would set an aggregate cap of $80 million on LIHTCs for properties financed with nine percent LIHTCs. H.B. 1095 includes reductions on several Missouri state credits. The bill would add a sunset date of […]

A bill in the Rhode Island General Assembly (H.B. 5458) would eliminate the sunset provision for the State Historic Tax Credit (HTC). The credit is currently set to expire when the maximum aggregate credits are exhausted or June 30, 2021, whichever comes first. The measure has been referred to the House Finance Committee, which has […]

The South Carolina Department of Revenue released a revenue ruling to provide guidance for the State LIHTC, which was enacted in May 2020. Revenue Ruling 21-5 provides an overview of the Federal and State LIHTC. The revenue ruling provides questions and answers on such issues as what constitutes a qualified project, information about an eligibility […]

The Virginia legislature recently approved a bill to create a State LIHTC, sending the legislation to Gov. Ralph Northam’s (D) desk. S.B. 1197 creates the Virginia housing opportunity tax credit with a $15 million annual allocation for five years. The credit would be effective for taxable years beginning on or after January 1, 2021, and […]

The U.S. Department of the Treasury released an updated frequently asked questions (FAQ) for the Emergency Rental Assistance (ERA) program established by the Consolidated Appropriations Act (CAA) of 2021 that incorporates many changes called for by affordable housing trade associations.

The Department of Justice recently withdrew the Trump-era HUD appeal in Massachusetts Fair Housing Center v. HUD – a case that challenges the 2020 disparate impact rule, which limited plaintiffs’ ability to bring disparate impact claims.

HUD named the following new staff appointments: Jim Crawford, Special Assistant to the Deputy Secretary, Office of the Deputy Secretary; Lopa Kolluri, Principal Deputy Assistant Secretary for Housing, Department of Housing/Federal Housing Administration; and Gina Metrakas, Senior Advisor for Executive Orders and Executive Actions, Office of the Secretary.

A report from the Center on Budget and Policy Priorities (CBPP) estimates that the $25 billion of emergency rental assistance allocated at the end of 2020, combined with the additional $25 billion in rental assistance proposed in the House COVID-19 relief bill, would assist four to six million low-income households.