LIHTC

The document answers technical questions about income averaging, makes recommendations for how states can implement income averaging, and identifies issues states should consider.

The limits determine eligibility for assisted housing programs including Public Housing, Sec. 8 project-based, Sec. 8 Housing Choice Voucher, Sec. 202, and Sec. 811.

A recent Notes from Novogradac blog post discusses the implementation of the income averaging election set-aside for low-income housing tax credit (LIHTC) properties created by the Consolidated Appropriations Act, 2018.

The Fund anticipates being more restrictive by not permitting the income averaging provision in its first year of existence, namely 2018. 

California responds to the recent omnibus legislation regarding the LIHTC.

The joint application allows a single application to be submitted to both CDLAC and TCAC simultaneously through CDLAC’s online application webpage.

Congressional leadership is anticipating a release of the omnibus language later today with potential for a House vote on Thursday.

Both policy revisions became effective on March 5. Read on for a summary of changes, which include no longer accepting requests for multifamily covenant releases.

The adjustment leaves per-capita amounts unchanged for LIHTCs and PABs. However, the LIHTC small state minimum was reduced by $5,000 while the small state minimum for PABs was reduced by $665,000.

The TCAC 2018 applications and attachments for 4% non-competitive projects are available on the TCAC website: http://www.treasurer.ca.gov/ctcac/2018/application/index.asp The treatment of purchase price in excess of appraised value as presented in the application is expected to be revised.  Applicants for the March Committee meeting may use the current 2018 application.  TCAC will send a subsequent notice if […]

The report is significant in that states will generally respond to the best practices through policy changes in their QAPs.

Not only did Hatch play a large role in the recent tax reform legislation, but he is also a great ally for the Low Income Housing Tax Credit – serving as the Republican co-sponsor on legislation to expand and improve the credit.