LIHTC

RBC Capital Markets Tax Credit Equity Group recently announced the closing of RBC Tax Credit Equity California Fund–5 with total tax credit equity of $65,676,225. The Fund consists of federal LIHTC equity and federal Historic Tax Credit equity. The Fund is comprised of investments in six LIHTC eligible multi-family apartment communities located throughout California, representing 707 affordable homes.

Woda Cooper Companies recently celebrated the Grand Opening of Towne Creek Crossing in Walton, KY. This is a new multifamily community offering 44 affordable rental townhomes for households earning up to 60 percent of area median income. Co-developed by Woda Cooper Companies, Inc. and Housing Services Alliance, Towne Creek Crossing is comprised of one-, two- and three-bedroom townhomes for families, singles or seniors.

The Ohio Housing Finance Agency (OHFA) released the draft 2020 Multifamily Underwriting Guidelines. Comments will be accepted through Monday, November 4 and must be sent in writing to QAP@ohiohome.org. A final version of the Guidelines will be released no later than November 15. OHFA also finalized its Average Income Policy and released a set of […]

Winthrop & Weinstine, P.A. has helped Centennial Partners, an affiliate of Milwaukee, WN-based real estate developer Wimmer Communities, secure an important victory in a LIHTC Year-15 Exit dispute. Following a four-day jury trial and only 40 minutes of deliberations, a jury of 12 Milwaukee County residents quickly returned a verdict in favor of Centennial Partners.

2020 Democratic Presidential hopeful, Senator Michael Bennet (CO) released a plan to Tackle America’s Housing Affordability Crisis. The three tenants of his plan are Build More Affordable Housing Near Good Jobs, Help Middle-Class and Working Families Afford A Home and Reform Federal Housing Tax Incentives. Sen. Bennet calls for expanding the LIHTC by 50 percent, […]

NCSHA released revamped model forms for LIHTC compliance monitoring, developed in collaboration with its members and stakeholders. NCSHA’s Recommended Practices in LIHTC Administration encourage housing finance agencies to adopt model forms, which help standardize compliance monitoring practices across states and create efficiencies for development owners and other LIHTC industry professionals.

The Kentucky Housing Corporation (KHC) released a draft of the Income Average Compliance Policy for public review. This policy establishes guidance for KHC partners electing to use the new Average Income set aside. Public comments will be accepted through Tuesday, October 15, 2019 to Phyllis Clem at pclem@kyhousing.org.

HUD designated Difficult Development Areas (DDAs) and Qualified Census Tracts (QCTs) for 2020. DDAs are areas with high land, construction and utility costs relative to the area median income and are based on Fair Market Rents, income limits, the 2010 census counts, and five-year American Community Survey (ACS) data. QCTs are areas where either 50 […]

The Supreme Court of Georgia decided in Heron Lake II Apartments, LP et al. v. Lowndes County Board of Tax Assessors that LIHTCs do no constitute “actual income.” The decision centers around the argument that investors do not receive more money from anyone for tax credits rather, they merely pay less in taxes to the […]

The Virginia Housing Development Agency posted a memo with guidelines for properties implementing Average Income along with five videos with information on Average Income.

The Missouri Housing Development Commission (MHDC) will conduct a webinar on income-averaging on August 27 at 10:00 am CDT. This webinar will cover MHDC’s income-averaging policy in detail, discuss application requirements and cover administration of these developments from approval through compliance. Those who are interested in electing income-averaging for developments submitted in the 2019 Rental Production Application round should plan to attend this webinar.

The Universal Funding Application  for the 2020 multifamily Housing Credit funding round is available with applications due by noon EDT on, August 15.