Tax Exempt Bonds

The Internal Revenue Service published Internal Revenue Bulletin No. 2022-12, which contains calendar year 2022 resident population figures to calculate state allocations of the nine percent LIHTC and private activity bond cap.

The Internal Revenue Service released Revenue Procedure 2021-45, which sets state ceilings for nine percent LIHTCs and private activity bonds (PAB).

Council of Development Finance Agencies’ (CDFA) Annual Volume Cap Report for 2019 and 2020.

Virginia Housing established a schedule of application deadlines for five potential tax-exempt bond (TEB) issues for the 2022 calendar year.

Last week House Democrats released a $760 billion infrastructure framework, which calls for strengthening existing infrastructure financing tools, like LIHTC, the New Markets Tax Credit (NMTC) and the Historic Tax Credit (HTC). Specifically, the Moving America and the Environment Framework calls for expanding the three tax credits, as well as expanding the national volume cap for private activity bonds (PAB). The framework also includes $86 billion over five years to pay for the deployment of high-speed broadband in unserved and underserved communities, low-interest financing for broadband deployment and digital equity activities.

Representatives from the Texas Bond Review Board will discuss the lottery process, lottery application requirements and how to proceed in the oversubscribed regions and sub-ceilings on a webinar from 10:00 – 11:00 am CT on January 30. Attendees will learn about legislative changes that increase demand earlier in the private activity bond program year.

On December 17, 2019 from 10:00 a.m.- 12:00 p.m., the Illinois Housing Development Authority (Authority) will hold its listening session regarding the proposed guidance on projects with rental assistance contracts requesting tax-exempt bonds and 4% Low-Income Housing Tax Credits in the Authority’s offices located at 111 E. Wacker Drive, Suite 1000. As a reminder, guests will be asked to register in the 111 E. Wacker Drive lobby as part of the building’s standard security protocol. Pre-registration is strongly encouraged.

Over the past few years, the Illinois Housing Development Authority (Authority) has seen an increase in applications seeking to use tax-exempt bonds (TEBs) and 4% Low-Income Housing Tax Credits (LIHTC) in connection with the acquisition and rehabilitation of developments that are subsidized by Housing Assistance Payment (HAP) contracts. To clarify information in the 2020-2021 Qualified Allocation Plan, the Authority plans to issue guidance specifically related to the review and underwriting of such applications. The Authority intends to publish this guidance on its website on January 1, 2020 and will refer to it in connection with the assessment of any PPA request currently under review at the Authority, regardless of the date the pending PPA request was submitted. Applicants with an approved PPA for a proposed transaction that (i) has not been presented to the IHDA board or (ii) has been presented to the IHDA board, but has not yet closed, may not be subject to each parameter referred to in the guidance. The Authority will assess transactions with approved PPA’s on a case-by-case basis and apply elements of the guidance in its sole, but reasonable discretion.

The Internal Revenue Service (IRS) released Revenue Procedure 2019-44, which sets state ceilings for nine percent LIHTCs and private activity bonds (PAB). The LIHTC cap is the greater of $2.8125 multiplied by the state population or $3,217,500. The PAB cap is the greater of $105 multiplied by the state population or $321,775,000.

Kentucky NOFA For Tax-Exempt Bonds with Gap Financing
Kentucky Housing Corporation (KHC) released the 2020 Notice of Funding Availability (NOFA) for Tax-Exempt Bonds with Gap Financing. A combined total of $5.7 million of HOME Investment Partnerships Program (HOME), Affordable Housing Trust Fund (AHTF), and National Housing Trust Fund (NHTF) funds is available.

2020 Democratic Presidential hopeful, Senator Michael Bennet (CO) released a plan to Tackle America’s Housing Affordability Crisis. The three tenants of his plan are Build More Affordable Housing Near Good Jobs, Help Middle-Class and Working Families Afford A Home and Reform Federal Housing Tax Incentives. Sen. Bennet calls for expanding the LIHTC by 50 percent, […]

The Internal Revenue Service published Notice 2019-19, which provides population figures to use in calculating 2019 volume limits for the low-income housing tax credit (LIHTC) and private activity bonds (PABs). The LIHTC cap is the greater of the population multiplied by $2.75625 or $3,166,875 and the PAB cap is the greater of the population multiplied […]