LIHTC

The Colorado Housing and Finance Authority (CHFA) will implement a new income averaging policy and income averaging compliance guidelines as part of the 2019 Qualified Allocation Plan. The policy is effective as of Jan. 1, 2019. CHFA also released an updated income averaging FAQ.

Save the Date What:                    2019 LIHTCP Application Workshop When:                  Tuesday, April 9, 2019 Where:                 Holiday Inn Hotel & Suites, South Charleston, WV Registration materials and hotel room block information will be forthcoming. Thank you… Michelle Michelle L. Wilshere, CPA, MBA Senior Manager of the Low-Income Housing Tax Credit Program West Virginia Housing Development Fund 5710 […]

Congress is readying a short-term continuing resolution that would fund the government through Feb. 8 and avert a partial government shutdown on Friday, Dec. 21. Seven appropriations subcommittee bills, including Transportation-HUD, still have yet to receive funding for all of Fiscal Year (FY) 2019. Five of the twelve appropriations subcommittee bills are funded for all of FY 2019 and won’t need a CR to continue operating.

House Ways and Means Chairman Kevin Brady (R-Texas) released a third iteration of a year-end tax package. The new version includes the same provision in his original and second bill that clarifies that veterans are a specified group for preferences within the Low Income Housing Tax Credit (LIHTC) program and extends the LIHTC public use provisions from nine percent allocations to also include four percent bond allocations.

At the Dec. 13 meeting, the Board of Directors of the Florida Housing Finance Corporation (Florida Housing) approved a portfolio preservation action plan.

The 2019-2020 Qualified Allocation Plan approved by the Virginia Housing Development Authority is now available.

The New Hampshire Housing Finance Authority (NHHFA) recently issued its Income Averaging (IA) policy. Both four and nine percent Low Income Housing Tax Credit projects are eligible to select IA as a minimum set-aside.

House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced a new year-end tax relief package. The bill includes the same provision in his original bill that clarifies that veterans are a specified group for preferences within the Low Income Housing Tax Credit (LIHTC) program and extends the LIHTC public use provisions from nine percent allocations to also include four percent bond allocations.

The ACTION Campaign updated its district fact sheets with new data to show the LIHTC’s impact in each congressional district. Last month they released the updated state fact sheets.

The Internal Revenue Service (IRS) published the 2019 state caps for the Low Income Housing Tax Credit (LIHTC) and Private Activity Bonds (PAB) in Revenue Procedure 2018-57. The LIHTC is the greater of $2.75625 times the state population or a minimum of $3,166,875. The PAB volume cap is the greater of $105 times the state […]

NH&RA member firm Dominium recently published three articles on income averaging. The first article dispels the myth that there is an income averaging ‘cliff’ when one unit on the property goes out of compliance. Rather, 40 percent of units must serve households that on average make 60 percent of the area median income.

The U.S. Department of the Treasury released its 2018-2019 Priority Guidance Plan.  Part one covers implementation of the Tax Cuts and Jobs Act of 2017. Notably, the first item in this section is issuing regulations for LIHTC income averaging. The plan also includes issuing regulations for utility allowances under the LIHTC, clarification and revision of […]