LIHTC

The South Carolina State Housing Finance and Development Authority’s (SC Housing) Compliance Monitoring Department is hosting a workshop to provide an overview of compliance requirements for HOME and LIHTC/HOME developments.

Senator Maria Cantwell (D-WA) introduced legislation calling for a 50 percent increase in Housing Credit authority and other changes to strengthen the Credit program. She has also released an accompanying report on the Housing Credit’s impact.

In an attempt to strengthen the LIHTC program through federal legislation, Senator Cantwell is seeking personal stories of individuals and families who have struggled to find affordable housing and/or have experienced homelessness. NH&RA encourages our members who own and manage affordable housing properties to share this opportunity with their tenants.

Novogradac recently compiled a list of agencies’ criteria for addressing the community revitalization plan preference and found that all states have some form of recognizing CRPs or an equivalent, including target areas or redevelopment plans.

The LIHTC portfolio grew by 481 properties, encompassing 125,876 units, from 2012 to 2013, according to recent data from HUD. The report was a follow-up to last year’s release of Understanding Whom the LIHTC Program Serves: Tenants in LIHTC Units.

Annual population estimates determine the amount of Low-Income Housing Tax Credit and tax-exempt private activity bond authority is available for a given year.

The U.S. Department of Housing and Urban Development released FY-2016 income limits to be used when setting maximum rental rates for housing financed using Low-Income Housing Tax Credits or Tax-Exempt Bonds, as well as income limits to determine eligibility for HUD-assisted housing programs.

The Internal Revenue Service updated the regulations that set the minimum number of low-income units in a Low-Income Housing Tax Credit project for which a housing finance agency must conduct physical inspections and low-income certification reviews.

Across the 20,000-project LIHTC portfolio, occupancy, debt coverage ratio, and cash flow has improved and the number of “underperforming” properties has gone down. CohnReznick will hold a webinar to discuss the report on Thursday, January 21 at 1:00pm ET.

House and Senate approved legislation to establish a permanent minimum 9% Low-Income Housing Tax Credit rate for new construction and substantial rehabilitation and extend the New Markets Tax Credit through 2019.

The Low-Income Housing Tax Credit has financed more than 2.7 million rental homes, according to a report from the National Association of Home Builders.

Massachusetts Governor Charlie Baker joined WinnDevelopment and its partners to celebrate the groundbreaking of a new project to transform the Nockege Mill in downtown Fitchburg, MA, into 96 units of mixed-income housing.