Illinois

The Internal Revenue Service (IRS) recently published Revenue Procedure 2012-42, which indicates the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers for 2012. These carryovers, which amounts to nearly $2.43 million in unused credits, have been allocated to 34 states.

The Illinois General Assembly recently passed House Bill 5450, amending the Rental Housing Support Program Act, which governs the Rental Housing Support Program (RHSP).

NH&RA is pleased to announce that eight member firms have been selected to participate in the Federal Housing Administration’s (FHA) Multifamily Low-Income Housing Tax Credit Pilot program.

The Federal Housing Administration (FHA) has announced it is planning to launch the first phase of its Multifamily Low-Income Housing Tax Credit Pilot program, which will test an accelerated approval process for the purchase or refinancing of LIHTC properties.

The Illinois State Senate recently passed S.B. 2886, a bill that would allow project sponsors to transfer tax credits earned from the restoration and preservation of qualified historic structures located in River Edge Redevelopment Zones (RERZ).

The Federal Housing Finance Agency (FHFA) recently announced the next step in its Real Estate-Owned (REO) Initiative, targeted to hardest-hit metropolitan areas “” Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and parts of Florida.

The IRS issued Notice 2012-3 to provide guidance on current refunding issues for outstanding prior bond issues that qualify for tax-exempt bond financing under disaster relief bond programs including Gulf Opportunity Zone Bonds (GO Zone Bonds), qualified Midwestern disaster area bonds and Hurricane Ike disaster area bonds under the Heartland Disaster Act.

The Internal Revenue Service (IRS) published Revenue Service 2011-57 which dictates the amounts of unused housing credit carryover allowances allocated to qualified states. Nearly $3.66 million of unused credits were divided among the states in the National Pool.

The Illinois Housing Development Authority (IHDA) released the draft 2012 Qualified Allocation Plan (QAP) that details changes made to the previous year’s plan.

U.S. Representative Bruce Braley (D-IA) last week introduced the Rebuilding Communities Act (H.R. 2901), which would extend a provision enacted in 2008 that increased the historic tax credit to 26 percent and the rehabilitation tax credit to 13 percent in Midwestern communities affected by natural disasters.

The Illinois Housing Development Agency (IHDA) Board of Directors last week appointed Mary R. Kenney as the new executive director of the agency.

City of Chicago Department of Housing and Economic Development (HED) is making available for public comment a draft of its 2011 Low-Income Housing Tax Credit Allocation Plan.