Massachusetts

The Massachusetts Department of Revenue (DOR) has released the first-ever Massachusetts Tax Credit Transparency Report.

NH&RA is pleased to announce that eight member firms have been selected to participate in the Federal Housing Administration’s (FHA) Multifamily Low-Income Housing Tax Credit Pilot program.

The Massachusetts Department of Housing and Community Development (DHCD) has posted a Draft 2012 Consolidated Annual Action Plan which dictates the funding objectives of DHCD for the Community Development Block Grant (CDBG), HOME, Emergency Shelter Grants (ESG), and Housing Opportunities for Persons with AIDs (HOPWA) programs.

The Federal Housing Administration (FHA) has announced it is planning to launch the first phase of its Multifamily Low-Income Housing Tax Credit Pilot program, which will test an accelerated approval process for the purchase or refinancing of LIHTC properties.

The Massachusetts Department of Housing & Community Development (DHCD) has released the draft version of its 2012 Qualified Allocation Plan (QAP). DHCD anticipates total available funding of $14,662,185 for 2012.

Representative Chris Gibson (R-NY) recently introduced the Irene and Lee Tax Relief Strom Recovery Act, H.R. 3769, which would increase the amount of Low-Income Housing Tax Credits (LIHTCs) to be allocated in states damaged by Hurricane Irene or Tropical Storm Lee in 2011.

Massachusetts Governor Deval Patrick has named Aaron Gornstein as the new undersecretary for Housing and Community Development. Gornstein replaces Tina Brooks, who left the position earlier this year to become the executive vice president of programs for Local Initiatives Support Corporation.

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 Internal Revenue Service (IRS) published Revenue Service 2011-57 which dictates the amounts of unused housing credit carryover allowances allocated to qualified states. Nearly $3.66 million of unused credits were divided among the states in the National Pool.

As you may already know, the affordable housing community suffered a tragic loss in early October with Nancy Andersen’s unexpected passing. Nancy was a great friend, colleague and respected partner during her years of service at MassHousing. Out of our deep respect for Nancy we have decided to adjust the Fall Developer Forum agenda to better accommodate our members who would like to attend her memorial service, which is also scheduled fon November 14 from 5:30 to 7:30 pm in Boston.

The Massachusetts Legislature recently gave initial approval to a supplemental budget bill, which includes provisions to raise the cap on State Low Income Housing Tax Credits (LIHTC) by $10 million in 2013 and $10 million in 2014.

National Housing & Rehabilitation Association Executive Director Thom Amdur announced today the recipients of NH&RA’s 2011 Affordable Housing Vision Awards: Sandra Henriquez, Assistant Secretary for Public and Indian Housing at the U.S. Department of Housing and Urban Development; and Boston accountant and past NH&RA President John Mackey. The pair will be honored at a ceremony on Monday, November 14 at the Intercontinental Hotel in conjunction with NH&RA’s Fall Developers Forum.