LIHTC

Novogradac published updated unit financing estimates of enacting a minimum four percent LIHTC , which estimates more than 126,000 additional affordable rental homes would be created or preserved from 2020 to 2029. 

The National Council of State Housing Agencies (NCSHA) released a matrix comparing the LIHTC accommodations NCSHA is requesting from the IRS to those allowed under existing IRS Revenue Procedures 2014-49 and 2014-50, which provide relief in instances of Presidentially-declared Major Disasters, and to recent IRS Notice 2020-23, which extends certain program deadlines until July 15, […]

The National Low Income Housing Coalition (NLIHC) created a searchable database and map of multifamily properties covered under the federal moratoriums to help renters know if they are protected.

HUD released the median family incomes and income limits for Fiscal Year (FY) 2020. Median incomes are used as the basis for income limits in several HUD programs, including the Public Housing, Section 8 Housing Choice and Project-Based Voucher, Section 202 housing for the elderly and Section 811 housing for persons with disabilities programs.

The IRS issued Revenue Procedure 2020-23 that allows, once again, the amending of Bipartisan Budget Agreement (BBA) partnership tax returns once Form 8609 is received for 2018 tax returns, as long as the partnership files an amended return by September 30, 2020.

The Internal Revenue Service issued Notice 2020-23, providing additional relief to taxpayers affected by COVID-19. Among other things, the notice automatically extends the 180-day deadline to invest capital gains in a Qualified Opportunity Fund to July 15 for taxpayers with a deadline between April 1 and July 15. While the notice does not specifically reference any Housing Credit or Housing Bond deadlines, it applies the July 15 deadline to all time-sensitive actions included in IRS Revenue Procedure 2018-58, which includes numerous deadlines related to these programs.

The Arizona Department of Housing received 24 applications in response to the 2020 QAP. A list of these applications is available here.

The North Carolina Housing Finance Agency posted the 2020 LIHTC Final Site Scores. The scores are broken up into two categories: nine and four percent. The nine percent scores are then further subdivided by region.

The Internal Revenue Service (IRS) told the National Council of State Housing Agencies (NCSHA) that the ten issues for which the NCSHA requested specific guidance are all relevant to the current COVID-19 situation and under active consideration by IRS while they await guidance from Treasury about how to proceed.

HUD released Fiscal Year (FY) 2020 Income Limits, which are effective as of April 1, 2020. Income limits are set by HUD to determine the eligibility of applicants for HUD’s assisted housing programs. The FY 2020 Multifamily Tax Subsidy Projects (MTSP) Income Limits were also announced and go into effect as of April 1, 2020.

All 2020 competitive nine percent reservation applications are now available, all accompanying market studies for applications are available here. Please note the competitive nine round continues on track with original timelines with staff currently reviewing (remotely) all mandatory items.

The Delaware State Housing Authority (DSHA) deadline submission for the 2020 LIHTC application will continue to be Thursday, April 30, at 3:00 pm ET. No new applications will be accepted after this deadline.