Nevada

HUD’s Multifamily West Region is extending the audited financial reporting deadlines until September 30, 2020. This waiver is limited to entities, which are required to submit the referenced annual financial information on or before June 30, 2020.

Nevada Governor Steve Sisolak (D) signed S.B. 448 that creates a state LIHTC with an annual statewide cap of $10 million that can be carried forward if unused. The state LIHTC has a sunset date of Jan. 1, 2030. Nevada is now the 18th state with a state LIHTC incentive.

HUD’s Office of Multifamily West Region issued a memo that nullifies the requirement to review the status of residents reporting zero or nominal (less than $100.00) income every 90 days.

The Internal Revenue Service (IRS) announced in Revenue Procedure 2013-35 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 2014.

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.

The Federal Housing Finance Agency (FHFA) recently announced the next step in its Real Estate-Owned (REO) Initiative, targeted to hardest-hit metropolitan areas “” Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and parts of Florida.

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 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.

The Nevada Housing Division now requires all LIHTC properties (including TCAP / 1602) to refer to the NOVOCO web site and utilize their income and rent calculator.

Nevada’s Housing Division recently announced that it will host an upcoming workshop entitled, “Affordable Housing Preservation: Preserving LIHTC Projects in Nevada on June 9 in Las Vegas.

The Nevada Housing Division has released the final 2011 Qualified Allocation Plan, as well as the final LIHTC application, exhibits and supporting documents.