LIHTC

The Minnesota Housing Finance Agency (MHFA) has begun its formal review and revision process for the 2013 Qualified Allocation Plan, and recently released a summary of proposed changes. MHFA’s Board will review the final QAP and procedural manual revisions at its March 22 meeting.

The Montana Department of Commerce on March 8 published a Notice of Amendment on two proposed changes pertaining to the low-income housing tax credit program and allocation procedure.

In accordance with IRS Revenue Procedure 2007-54, the Indiana Housing and Community Development Authority (IHCDA) and the Kentucky Housing Corporation (KHC) have permitted owners of Section 42 LIHTC properties to provide temporary emergency housing to individuals affected by the recent floods and tornadoes.

The Georgia Department of Community Affairs (DCA) Office of Affordable Housing has published the following documents for use in preparing applications in the 2012 OAH Funding Round.

Two pieces of affordable housing legislation, S.4758C and S.6480, were recently introduced by Senator Catharine Young in the New York State Senate.

The Kentucky Housing Corporation (KHC) has issued guidance to housing partners regarding housing issues and increased needs as a result of the recent storms that affected the state. More specifically, KHC is informing multifamily project owners that most damage-related replacement costs are eligible for reimbursement from Reserve for Replacement (R4R) accounts.

Reps. Patrick Tiberi (R-OH) and Richard Neal (D-MA) recently sent a letter to members of Congress urging their support of H.R. 3661. H.R. 3661 would make permanent the fixed floor rate for 9% low-income housing tax credits that was enacted as part of the Housing and Economic Recovery Act.

In response to a growing number of requests to modify the restrictive covenants of housing credit apartment communities, the Ohio Housing Finance Agency (OHFA) recently established Restrictive Covenant Modification Guidelines for the review of modification requests.

The Wisconsin Housing and Economic Development Authority (WHEDA) will host four tax credit workshops that will cover the basics of the program, compliance requirements and WHEDA’s monitoring procedures.

NH&RA is pleased to offer the PowerPoint Presentations from our recent 2011 Annual Meeting & New Markets Tax Credit Symposium, which was held February 22-26 at the Breakers Resort in Palm Beach, Fla. In addition, we have included additional conference materials, relevant articles, reports, memos, etc. under the relevant session titles.

The Virginia Housing Development Authority (VHDA) has released a memo to provide clarification for potential applicants in the state’s 2012 LIHTC funding round.

The Texas Department of Housing and Community Affairs (TDHCA) has released its public hearing schedule to gather public comments on 2012 Competitive Housing Tax Credit (HTC) Applications.