LIHTC

Last week, the White House released a sweeping set of actions the Biden-Harris administration is taking to increase the supply of affordable housing.

The Internal Revenue Service (IRS) issued Rev. Proc. 2021-39, which extends the ability of bond issuers to conduct hearings virtually through March 31, 2022 due to COVID-19.

The National Low Income Housing Coalition (NLIHC) and Public and Affordable Housing Research Corporation (PAHRC) updated its National Housing Preservation Database with new data for properties assisted by Section 8 Project-Based Rental Assistance, LIHTCs, Public Housing, HUD-insured mortgages, Section 202 Direct Loans, Section 515 mortgages, Section 538 Guaranteed Loans, fair market rent and Real Estate Assessment Center scores.

A Dear Colleague letter, led by Reps. Suzan DelBene (D-WA) and Don Beyer (D-VA), asking Speaker of the House Nancy Pelosi (D-CA) and House Minority Leader Kevin McCarthy (R-CA) to include LIHTC provision in the partisan reconciliation package was signed by 111 representatives.

Last week, the U.S. District Court for the Western District of Washington dismissed a case filed against the Washington State Housing Finance Commission (Commission) from Alden Torch Financial via AMTAX Holdings.

Senate Finance Committee Chairman Ron Wyden (D-OR) has released the text of his soon to be introduced Decent, Affordable, Safe Housing for All (DASH) Act (full text, overall summary, section by section summary).

In a new CityScape article, Alex Schwartz of the New School and Kirk McClure of the University of Kansas explore how the RAD program can “consume” LIHTCs.

The Universal Funding Application (UFA) for the 2022 nine percent LIHTC funding round is currently available with applications due by noon ET on August 19.

The Wisconsin Housing and Economic Development Authority (WHEDA) is encouraging developers with innovative affordable housing projects designed to spark community revitalization and promote resident well-being to apply for nine percent LIHTCs through the innovation housing set-aside between now and September 3.

Hunt Capital Partners announced it has closed $6.4 million in Low Income Housing Tax Credit equity and $2.4 million in state and federal Historic Tax Credit equity for the construction of 48 multifamily housing units in a new building plus 18 additional units in the adaptive reuse of a historic building in Monroe, LA, which dates back to 1929.

The Texas Department of Housing and Community Affairs (TDHCA) posted a list of 2021 nine percent LIHTC Applications that are eligible for an award of tax credits for the 2021 program year. Developers with an appealable interest as a result of changes to the Application List posted on the TDHCA website, should submit a written appeal to the Department by close of business on June 30, 2021, to allow the matter to be considered by the executive director and potentially presented to the Governing Board at the meeting scheduled for July 8, 2021. 

The Ohio Housing Finance Agency is making additional nine percent LIHTCs and Housing Development Loan (HDL) funding available to 2019 and 2020 LIHTC deals struggling with increase construction costs.