LIHTC

The California Tax Credit Allocation Committee (CTCAC) will hold a public meeting on July 26 at 9:15 a.m. PT (901 P Street, Room 102, Sacramento, CA 95814) or via Microsoft Teams.

The National Park Service (NPS) issued revised application forms and instructions for Historic Tax Credits (HTCs) ahead of an August 15 deadline.

Rhode Island Governor Daniel McKee (D) recently signed H.B. 6016, which extends the sunset date of the state historic tax credit (HTC) to June 30, 2024 or until the maximum aggregate credits is exhausted.

Kansas Housing announced that it received applications for the four percent LIHTC equating to more than $254 million in private activity bonds (PABs) for the second of three application rounds.

Minnesota Housing announces that the deadline to submit 2023 Multifamily Consolidated RFP/2024 HTC Round 1 applications is July 13 by noon CT.

Last week, the Affordable Housing Credit Improvement Act was reintroduced in both the House and Senate as H.R. 3238 and S. 1557.

Kentucky Housing Corporation (KHC) announced corrections to instructions contained in their most recent version of the 2023-2024 Multifamily Guidelines and KHC also updated the Multifamily Guidelines and Scoring Workbook for the 2024 program year.

A blog post from Bad Elphick with Novogradac explains the recent Financial Accounting Standards Board (FASB) Accounting Standards update, which makes investing in New Markets Tax Credits (NMTCs), Historic Tax Credits (HTCs), Renewable Energy Tax Credits (RETCS) and any new tax credits created in the future more attractive to investors.

The Senate Committee on Banking, Housing and Urban Affairs held a nomination hearing for Dr. Jared Bernstein to be chairman of the Council of Economic Advisers and Solomon Greene to be an assistant secretary of Policy Development & Research at HUD and David Uejio to be assistant secretary for Fair Housing and Equal Opportunity at HUD.

In Notice 2023-22, the Internal Revenue Service (IRS) published the 2023 resident population figures, which are used to calculate the population-based component of LIHTCs and Private Activity Bonds (PABs).

The Congressional Budget Office (CBO) released its Budget and Economic Outlook for 2023 to 2033, which includes the consumer price index (CPI) figure that has historically been used by HUD to determine income limits for LIHTC properties.

Eleven states, including California, Florida, Illinois, Indiana, Kentucky, Massachusetts, Oregon, New York, Pennsylvania, Texas and Washington, sent a letter to leaders of the Senate and House tax committees urging them to include LIHTC provision in a year-end bill.