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On Jan. 2, President Obama signed H.R. 8, the American Taxpayer Relief Act of 2012, into law. The bill had been approved by the Senate by a vote of 89-8 and then by the House of Representatives by a vote of 257-167.
HUD recently released the “HOME and the Low-Income Housing Tax Credit Guidebook,” a manual aimed at helping participating jurisdictions (PJs) navigate projects that combine funds generated through the Low-Income Housing Tax Credit (LIHTC) offered by the Internal Revenue Service with housing block grant funds provided through the HOME Investment Partnerships (HOME) Program administered by HUD.
The holiday season festivities bring an increased excitement about adorning homes with traditional decorations, but as beautiful as they are, holiday decorations are an added fire hazard. Holiday decoration fires are most likely to happen in the living room, and almost half of all home decoration fires are started by candles, mostly because the decorations were placed too close to a heat source. In just seconds, a dry Christmas tree can become fully engulfe...
On Dec. 11, HUD re-released new income limits for fiscal year 2013. The revised data supersedes the income limits posted on Dec. 4 for all areas. The new income limits took effect on Dec. 11. The income limits are set as a percentage of area median income adjusted for household size. The newly issued income limits and further information regarding the income limits can be found at www.huduser.org/portal/datasets/il/il13/index.html.
The IRS recently issued Notice 2012-68, which suspends certain requirements under Section 42 of the Internal Revenue Code for low-income housing credit projects to provide emergency housing relief needed as a result of the devastation caused by Hurricane Sandy and associated storms.
The National Multi Housing Council and the National Apartment Association (NMHC/NAA ) recently led a 10-member industry effort to submit formal comments to the Internal Revenue Service (IRS) on a proposed rule (77 FR 46987) that would make changes to current regulations governing utility allowances at Low-Income Housing Tax Credit (LIHTC) properties in cases where residents pay their own utilities.
HUD recently announced the expansion of its FHA Low-Income Housing Tax Credit (LIHTC) Pilot program by increasing the number of participating HUD Hub Processing Offices by five and to make the pilot available to LIHTC projects nationwide. The program is designed to test streamlined approval processes for the purchase or refinancing of LIHTC properties.
The added HUD offices are in Atlanta, Denver, Fort Worth, San Francisco, and Seattle. They join the ...
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