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The Federal Housing Finance Agency (FHFA) recently announced that Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs), will be allowed limited re-entry into the LIHTC market as equity investors, effective immediately.
The GSEs have been absent from the LIHTC market since September 2008 when they were placed into government conservatorship. Prior to the financial crisis, the GSEs provided roughly 40 percent of annual equity investments in LIHTC ...
Evidence is building that housing affordability, the neighborhood’s environment, and conditions within the home are all important determinants of health, according to an op-ed published in the Economist Group’s Roll Call publication by Anand Parekh, M.D., chief medical adviser at the Bipartisan Policy Center. As a result, states and affordable housing development agencies are beginning to look at ways LIHTC may be used to improve health.
The Tax Cuts and Jobs Act (H.R. 1), which proposes the elimination of Private Activity Bonds, would cost the State of New York $4.5 billion in affordable housing investment annually, and 17,000 fewer affordable units would be built each year, according to an impact analysis recently released by the New York Housing Conference (NYHC), a nonprofit affordable housing policy and advocacy organization.
In a letter sent to the California Congressional delegation, California State Treasurer John Chiang urged the delegation to preserve funding for LIHTC and the Private Activity Bond programs. He pointed out the vital role these programs play in building and preserving affordable housing throughout the nation, but especially in California as Californians struggle “with a housing crisis that is quickly metastasizing into a humanitarian and public health catastrophe.&...
On Oct. 13, the Social Security Administration (SSA) announced the Cost-of-Living Adjustment (COLA) for 2018. The monthly Social Security and Supplemental Security Income (SSI) benefits for more than 66 million Americans will increase 2.0 percent in 2018. The 2.0 percent COLA will begin with benefits payable to more than 61 million Social Security beneficiaries in January 2018. And increased payments to more than 8 million SSI beneficiaries will begin on Dec. 29, 2017.
The Department of Justice (DOJ) recently announced a new initiative to combat sexual harassment in housing. The initiative specifically seeks to increase the DOJ’s efforts to protect women from harassment by landlords, property managers, maintenance workers, security guards, and other employees and representatives of rental property owners. “No woman should be made to feel unsafe in her own home,” said Acting Assistant Attorney General John M. Gore of ...
The IRS recently published Revenue Procedure 2017-58. It announced the 2018 inflation-adjusted amounts for the low-income housing tax credit and private activity bond caps. The state LIHTC ceiling in 2018 will be the greater of $2.40 multiplied by the state population or $2,765,000, which is an increase of $55,000 over this year’s cap. The multiplier had been $2.35 in 2017. The state ceiling for the private activity bond volume cap will be the greater of $105 time...
HUD Secretary Ben Carson recently testified before the House Financial Services Committee in a hearing titled “The Future of Housing in America: Oversight of the Department of Housing and Urban Development.” The hearing’s intent was to discuss current HUD activities and programming.
According to data recently released, the National Housing Preservation Database (NHPD) shows that 488,332 federally assisted apartments or rental homes will reach the end of their current subsidy contracts and affordability restrictions for low-income families in the next five years. Nearly one in four of these units are funded by LIHTCs. Recently updated, the database allows users to estimate the size of the affordable housing stock in local areas and identify properti...
According to a new report from public accounting firm CohnReznick, LIHTC sites are operating better than in any period in the program’s 31-year history. For its report, the firm requested the participation of every active housing tax credit syndicator and some of the nation’s largest institutional investors. Thirty-three housing tax credit syndicators and two of the nation’s largest investors participated in the survey. The firm analyzed data collected...
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