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HUD recently announced that it would push back publication of its fiscal year (FY) 2015 income limits until after the publication of 2015 poverty guidelines issued by the Department of Health and Human Services (HHS). The income limits are used to determine income eligibility for HUD’s assisted housing programs, including public housing, Section 8, Section 202, and Section 811. Another indirect effect of the change is that the multifamily tax subsidy projects, or ...
On Dec. 3, the House of Representatives passed the Tax Increase Prevention Act of 2014 (H.R. 5771), 378 to 46, which would extend for one year only, through 2014, a number of expired tax relief provisions, including the 9 percent housing credit floor, which will be applicable for LIHTC allocations made prior to Jan. 1, 2015.
Homebuilding, insurance, and financial services industry groups have asked the U.S. Supreme Court to find that the law does not allow disparate-impact discrimination claims to be heard under the Fair Housing Act (FHA) in a case over an allegedly disproportionate allocation of property tax credits to minorities in Texas.
Q:You can let a full-time site employee occupy a low-income unit at your tax credit site even if her income doesn’t make her eligible to occupy such a unit. True or false?
On Nov. 3, the U.S. District Court Judge for the District of Columbia filed an opinion vacating HUD's final rule on Implementation of the Fair Housing Act’s Discriminatory Effects Standard, commonly referred to as the Disparate Impact Rule. HUD had recently finalized regulations that were intended to codify how a disparate impact claim is established, including the respective burdens that the plaintiffs and defend...
On Oct. 30, the IRS published Revenue Procedure 2014-61, establishing inflation adjustments for various tax provisions and setting the Housing Credit and Private Activity Bonds volume caps for 2015.
In a recent report, Standard and Poor's Rating Service (S&P) found that HFAs' financial ratios remained stable in fiscal year (FY) 2013 after two consecutive years of improvement. Of the 24 state HFAs that S&P rates, 20 of them have an "AA-" rating or higher.
The California Department of Housing and Community Development, the California Tax Credit Allocation Committee, the California Housing Finance Agency, and the California Debt Limit Allocation Committee recently released a year-long cost study measuring the factors that influence the cost of building affordable rental housing in California.
On Oct. 2, the Supreme Court announced its decision to take up the Texas Department of Housing and Community Affairs (TDHCA) v. Inclusive Communities Project case, which focuses on whether TDHCA violated the Fair Housing Act by disproportionately awarding Housing Credits to developers building properties in areas with high minority concentrations.
HUD recently released a notice in the Federal Register announcing guidelines for Housing Credit Agencies (HCAs) to follow in implementing subsidy layering reviews in accordance with the Housing and Economic Recovery Act of 2008 (HERA). The notice sets forth the guidelines for conducting subsidy layering reviews for mixed-finance public housing projects and for newly constructed and rehabilitated structures combining other f...
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