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There are 31 affordable housing units available for every 100 extremely low-income renter households, according to The National Low Income Housing Coalition, which recently released its "Out of Reach" annual report. According to the report, there were over 40 million renter households in the U.S. in 2012, making up 35 percent of all households nationwide. This is a 1.1 million increase over the previous year and double the rate of growth in previous decades.
The recently released Census Bureau population estimates show the nation becoming increasingly metropolitan. Large metro areas are growing at twice the rate of smaller ones. In fact, nearly one in seven Americans reside in just three metro areas—Chicago, Los Angeles, or New York. And almost one in three live in one of the 10 most populous areas, which include the three just mentioned, plus Dallas-Fort Worth, Houston, Philadelphia, Washington, Miami, Atlanta, and B...
On March 4, President Obama introduced his fiscal year (FY) 2015 budget, requesting a total of $46.7 billion for HUD programs, as well as significant policy proposals aimed at improving the Low-Income Housing Tax Credit (LIHTC) program. The "Green Book," which is used to provide general explanations of the administration’s budget and revenue proposals, provides significant detail into different policy recommendations having to do with the LIHTC and other...
The IRS recently released its 2014 Calendar Year Resident Population Estimates in IRS Notice 2014-12. This notice advises 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 $2.30 multiplied by the state population or $2,635,000.
The IRS has extended through 2014 the Physical Inspections Pilot Program for participating states, which is an alternative method, announced in Notice 2012-18 to satisfy certain physical inspection and certification review requirements under Regulation Section 1.42-5(c)(2).
On Feb. 7, President Obama signed the Agriculture Act of 2014 into law. The legislation ensures that 900 communities eligible for rural housing programs since 2000 will retain status as "rural" areas. It also increases the population definition of a rural community from 25,000 to 35,000.
On Jan. 30, the Senate approved the Homeowner Flood Insurance Affordability Act (S. 1926), legislation that would provide relief from rising flood insurance premium rates for site owners across the nation. Premium increases for National Flood Insurance Program (NFIP) policyholders had been scheduled to take effect this year. The bill, which was introduced by Senator Robert Menendez (D-NJ), delays the increases for about four years.
An all-too-common scenario in tax credit site management is the household that becomes uncommunicative at recertification time for mixed-income buildings. You've probably encountered such households before: Multiple notices to make an appointment for a recertification interview are shrugged off and ignored.
If you're in a part of the country experiencing harsh winter conditions, you may be worried about the possibility of being hit with slip-and-fall lawsuits filed by residents or guests. Although it’s inevitable that accidents will occur, the management can try to make the site as safe as possible for residents and consequently avoid liability for any slip-and-fall accidents.
Housing credit allocating agencies continue to actively promote affordable supportive housing, according to a recent report by the Corporation for Supportive Housing (CSH). In “Housing Credit Policies in 2013 that Promote Supportive Housing,” CSH reviewed 56 qualified allocation plans (QAPs) from 2013. QAPs are used by housing finance agencies to award tax credits to applicants. The report summarizes the supportive housing policies in each QAP.
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