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Recently, the Missouri state auditor announced plans to review the state’s low-income housing tax credit program as the state's General Assembly looks at tax credits this session. Currently, the program is administered by the Missouri Housing Development Commission. And the program provides federal and state tax credit to investors in affordable housing.
Recently, the IRS issued Notice 2013-15, advising state and local housing credit agencies that allocate low-income housing tax credits of the population figures to use in calculating tax credit ceilings and tax-exempt private activity bond caps. This year, each state's low-income housing tax credit ceiling is equal to the greater of $2.25 multiplied by the state population or $2,590,000. And a state's tax-exempt bond volume cap will be the greater o...
HUD is seeking public comments by April 15, 2013, on Section 2835(d) of the Housing and Economic Recovery Act (HERA) that requires each state agency administering tax credits under Section 42 of the Internal Revenue Code of 1986 to furnish HUD, not less than annually, information concerning the race, ethnicity, family composition, age, income, use of rental assistance under Section 8 or other similar assistance, disability status, and monthly rental payment...
Recently, the IRS invited public comment on recommendations for items that should be included on the 2013-2014 Guidance Priority List. The Treasury Department’s Office of Tax Policy and the IRS use the Guidance Priority List each year to identify and prioritize the tax issues that should be addressed through published administrative guidance such as regulations, revenue rulings, notices, and others.
With the damage inflicted by Hurricane Sandy still fresh on our minds, you might be wondering what you might do to avert catastrophe the moment when the phone rings to notify you that your world has been turned upside-down.
San Francisco’s experience with traditional public housing might be coming to an end, replaced by a privately funded model that other cities could follow. The San Francisco Housing Authority has dealt with underfunding and, according to Mayor Ed Lee, it has a permanently dilapidated housing stock that “does not work for getting people out of poverty.”
One growing trend in low-income housing is developing affordable housing with environmental sustainability in mind. In a recent report, Global Green USA examined states’ criteria for distributing federal Low-Income Housing Tax Credits (LIHTCs). The ranking is based on how well those criteria incentivize eco-friendly development and how much green housing is actually built as ...
Utah Housing Corporation recently announced awards of its 2013 round of competition for federal Low Income Housing Tax Credits (LIHTC). As the administrator of the LIHTC program for the State of Utah, Utah Housing received applications for 24 proposed projects, requesting a total of $11,624,000 in annual housing credits.
It's a good idea to quiz your staff members regularly to assess their familiarity with the low-income housing tax credit (LIHTC) program. Testing staff members this way can confirm that you're working with a team equipped to tackle important compliance issues and keep the owner's tax credits safe. Or it can reveal gaps in staff members’ compliance knowledge, so you'll know where they need training to get up to speed.
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