LIHTC

In early December, the National Council of State Housing Agencies (NCSHA) Board of Directors approved updates to its low-income housing tax credit (LIHTC) and underwriting recommended practices.

The Nevada Housing Division recently released the final version of its 2012 Qualified Allocation Plan, describing the process for allocating federal low-income housing tax credits to qualified developers in Nevada.

The California Tax Credit Allocation Committee (TCAC) this week released the 2011/2012 Proposed Program Schedule & Deadlines for the low-income housing tax credit program. The committee held public hearings this week regarding proposed regulation changes for the 2012 allocation round; proposed updates are forthcoming.

Ohio Housing Finance Agency has released a notice that all market studies and any updated narratives must be submitted to OHFA no later than 5:00 p.m. on Thursday, December 8, 2011 and should be indexed according to OHFA Document Submission Procedures.

The Montana Board of Housing (BOH) has released its final Qualified Allocation Plan (QAP) for the 2012 tax credit allocation round.

The Mississippi Housing Corporation (MHC) presented the Executive Summary of its proposed 2012 Qualified Allocation Plan (QAP) revisions during its November Board meeting.

The Connecticut Housing Finance Authority (CHFA) has announced changes to the application and funding round schedules for both the Housing Tax Credit Contribution (HTCC) and Low-Income Housing Tax Credit (LIHTC) programs beginning in 2012.

HUD has released the 2012 Income Limits to be used by projects financed with low-income housing tax credits (LIHTC) and tax-exempt bonds, effective December 1, 2011.

The Internal Revenue Service (IRS) has released a Chief Counsel Advice (CCA) memorandum stating that the sale of certain Massachusetts state tax credits, including low-income housing and historic tax credits, to a third party by the original recipient is a taxable event.

The Virginia Housing Development Authority (VHDA) has announced that effective January 1, 2012, only VHDA-approved market analysts will be authorized to complete market studies for Low-Income Housing Tax Credit (LIHTC) projects.

The Georgia Department of Community Affairs (DCA) has announced the 2012 Qualified Allocation Plan Application Workshop will take place Tuesday, February 28, 2012 from 9:00 am to 4:00 pm at the Cobb Galleria Centre in Atlanta, GA.

The California Tax Credit Allocation Committee (CTCAC) has released the proposed changes to the state’s Qualified Allocation Plan (QAP) for Low-Income Housing Tax Credits (LIHTC) and has announced the schedule for four public hearings regarding those revisions.