Nebraska

Nebraska State Senator Jeremy Nordquist recently introduced the Nebraska Job Creation and Mainstreet Revitalization Act (LB 191), which would create a state historic rehabilitation tax credit for historic, income-producing properties in Nebraska.

The Nebraska Investment Finance Authority (NIFA) has released its final version of the state’s 2013 Qualified Allocation Plan (QAP) for the purpose of allocating federal Low Income Housing Tax Credits (LIHTCs).

The Internal Revenue Service (IRS) announced in Revenue Procedure 2012-41 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2013.

The Internal Revenue Service (IRS) recently published Revenue Procedure 2012-42, which indicates the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers for 2012. These carryovers, which amounts to nearly $2.43 million in unused credits, have been allocated to 34 states.

Nebraska State Senator Abbie Cornett (R-District 45) recently introduced the Historic Property Restoration and Reuse Act, L.B. 888, which aims to provide a 25 percent tax credit for for-profit developers and a 30 percent tax credit for nonprofit developers that choose to rehabilitate or restore federal, state, or locally designated historic properties.

The IRS issued Notice 2012-3 to provide guidance on current refunding issues for outstanding prior bond issues that qualify for tax-exempt bond financing under disaster relief bond programs including Gulf Opportunity Zone Bonds (GO Zone Bonds), qualified Midwestern disaster area bonds and Hurricane Ike disaster area bonds under the Heartland Disaster Act.

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.

U.S. Representative Bruce Braley (D-IA) last week introduced the Rebuilding Communities Act (H.R. 2901), which would extend a provision enacted in 2008 that increased the historic tax credit to 26 percent and the rehabilitation tax credit to 13 percent in Midwestern communities affected by natural disasters.

Nebraska Investment Finance Authority (NIFA) is spearheading the National Affordable Housing Equality Initiative (NAHE) to raise awareness about the problems caused by outdated restrictions in the Low Income Housing Tax Credit program.

The Nebraska Investment Finance Authority (NIFA) has released its draft 2011 Low-Income Housing Tax Credit (LIHTC) Application Package, including a draft Qualified Allocation Plan, and application form.

Nebraska Investment Finance Authority (NIFA) is spearheading the National Affordable Housing Equality Initiative (NAHE) to raise awareness about the problems caused by outdated restrictions in the Low Income Housing Tax Credit program.

HUD’s Economic and Market Analysis Division has published a Comprehensive Housing Market Analysis report for the Omaha-Council Bluffs, Nebraska-Iowa region.