LIHTC

The Maryland Department of Housing and Community Development (MDHCD) and TDA Consulting, Inc., the consulting entity for the revision process for the Maryland LIHTC QAP, will be hosting its second Listening Session on September 14, 2012

The Colorado Housing Finance Agency (CHFA) has released a draft of its 2013 Qualified Allocation Plan (QAP). The draft highlights CHFA’s selection priorities for the 2013 allocation cycle.

The New Mexico Mortgage Finance Authority (MFA) has announced the release of its draft for the 2013 Qualified Allocation Plan and has opened it for public comment until September 21, 2012. The proposed draft includes several scoring modifications, including two changes detailed in supplemental documents.

The Texas Department of Housing & Community Affairs has released the staff draft of its 2013 Multifamily Programs Rules. This document includes the Uniform Multifamily Rules, the Qualified Allocation Plan and the Multifamily Bond Rules.

Due to a high volume of substantial comments, the New Jersey Housing and Mortgage Finance Agency (NJHMFA) is planning amend its Qualified Allocation Plan, which will trigger a re-proposal and a delay in adoption.

A new report entitled “What Happens to Low Income Housing Tax Credit Properties at Year 15 and Beyond?”, commissioned by HUD and written by Abt Associates Inc., examines the long-term affordability of LIHTC properties and likelihood of properties maintaining affordability after the initial 15-year compliance period is over.

The Senate Finance Committee recently held a markup hearing to discuss the Family and Business Tax Cut Certainty Act of 2012 which includes more than $205 billion in tax cut extensions for families and businesses. The bill, which passed the Committee by a margin of 19 to 5, would extend the new markets tax credit (NMTC) program for two years, through 2013, permitting up to $3.5 billion in qualified equity investments for each of calendar years 2012 and 2013.

We are pleased to welcome Pat Costigan, Special Adviser to the Secretary, U.S. Department of Housing and Urban Development, as the keynote speaker at this year’s National Council of Real Estate Market Analysts Annual Meeting, September 6-7 at the Conrad Hotel in Chicago.

The Internal Revenue Service (IRS) recently issued Private Letter Ruling (PLR) 201232006 to allow a multifamily housing bond issuer to file an amended Form 8038 (Information Return for Tax-Exempt Private Activity Bond Issues) for a development where a filing error resulted in the issuer entering the wrong minimum set-aside requirements.

Senator Al Franken (D-MN) recently introduced the “Housing for Homeless Students Act of 2012″ (S 3494) which would amend certain aspects of the Internal Revenue Code of 1986 as it relates to students.

The Texas Department of Housing and Community Affairs (TDHCA) will be hosting a series of workgroups and an online discussion forum to discuss proposed changes to the 2013 Uniform Multifamily Rules and Qualified Allocation Plan.

The Virginia Housing Development Authority (VHDA) has released its proposal for the 2013 Qualified Allocation Plan (QAP). In a memo, VHDA summarized the proposed changes, indicating changes to applicant qualifications and scoring allocations. These changes include: