LIHTC

A new rule from the Office of the Comptroller of the Currency (OCC), effective April 1, 2021, codifies and expands prior OCC interpretations dealing with the use of national bank lending powers to engage in tax equity financings. Tax equity financings refer to transactions in which a national bank provides equity financing to fund projects […]

NH&RA submitted our comments on the Internal Revenue Service (IRS) and the Department of the Treasury’s proposed rule on the average income test.

NH&RA created a customizable template letter for developers to submit comments to the Internal Revenue Service (IRS) and Department of the Treasury (Treasury) on their Average Income Test proposed rule. Comments are due by December 29 and should be submitted here.

The Affordable Housing Tax Credit Coalition (AHTCC) is circulating a sign-on letter to support the National Council of State Housing Agencies’ (NCSHA) letter to the Internal Revenue Service (IRS) and Department of the Treasury calling for an extension to the temporary COVID-related LIHTC relief. The deadline to sign-on is Friday, November 20. NH&RA joined the […]

In response to the continuing COVID-19 pandemic, the Internal Revenue Service (IRS) published Revenue Procedure 2020-49, which provides temporary guidance on the statutory public approval requirement for tax-exempt qualified private activity bonds. The revenue procedure extends the time period during which telephonic hearings satisfy the public approval requirement from December 31, 2020, until September 30, […]

The Department of the Treasury and the Internal Revenue Service posted a proposed rule on the Average Income minimum set-aside election. The proposed rule would require properties electing the average income minimum set-aside to designate the imputed income limit of each low-income unit no later than the close of the first taxable year of the LIHTC period. To avoid noncompliance and recapture, owners would only be allowed to take mitigating steps with 60 days of year-end.

The Connecticut Housing Finance Authority (CHFA) announced the deadline to apply for taxable bond construction-to-permanent or permanent-only financing for developments expecting to apply in the upcoming 2021 nine percent LIHTC Round has been extended to 4 p.m. ET on Friday, October 23, 2020.

Oregon Housing and Community Services (OHCS) released a new Average Income Policy, which details the restrictions, utilization requirements and fees for projects electing to use the average income set aside.

The Internal Revenue Service (IRS) published Revenue Procedure 2020-42 announcing $3,105,001 of unused LIHTCs allocated from the national pool to 33 qualified states for calendar year 2020.

HUD published a final rule on its implementation of the Fair Housing Act’s disparate impact standard, which will become effective October 24. HUD’s office of Policy Development and Research issued a notice designating Difficult Development Areas (DDAs) and Qualified Census Tracts (QCTs) for 2021 LIHTC properties.

The Connecticut Housing Finance Authority (CHFA) updated several documents for its upcoming nine percent LIHTC round. Applications for the nine percent round are due no later than 4 p.m. ET on November 12, 2020. CHFA will hold a Tax Credit Compliance Monitoring Workshop from 9 – 10:30 a.m. ET on September 30.

The California Tax Credit Allocation Committee (TCAC) updated its 2020 program schedule. The TCAC meeting and award date for the second round of competitive applications has been changed from September 30 to October 14.