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On Feb. 19, the National Housing Conference’s Center for Housing Policy released its annual Housing Landscape report entitled, “The Housing Affordability Challenges of America’s Working Households.” In summarizing the affordable housing challenges of low- and moderate-income working households, the report found that these households have greater affordability challenges than the overall population.
Colorado State Representative Crisanta Duran (D-District 5) and State Senator Jessie Ulilbarri (D-District 21) recently introduced HB-1017, which proposes to renew Colorado’s State Low Income Housing Tax Credit program. Colorado previously had a State Housing Credit in 2001 and 2002. The State Housing Credit helped produce approximately 800 affordable rental units, and raised more than $20 million in private sector equity for the development of affordable rental h...
HUD recently issued a notice requesting public comment on its efforts to establish a baseline assessment of the renewable energy capacity in HUD’s public housing and federally assisted multifamily housing portfolios. The assessment will support President Obama's Climate Action Plan, which calls for the installation of 100 megawatts (MW) of renewable energy generation capacity by 2020 at LIHTC sites, Rural Development properties, and public housing and multifam...
“The simple fact is we are in the midst of the worst rental affordability crisis that this country has known," HUD Secretary Donovan said at a recent housing conference.
This statement coincided with the release of a report entitled "America's Rental Housing: Evolving Markets and Needs." Issued by the Harvard Joint Center for Housing Studies, the report discusses how the recent economic turmoil underscored the many advantages of renting an...
On Nov. 15, HUD published the Difficult to Develop Areas (DDAs) for 2014 and indicated that the Qualified Census Tracts (QCTs) that were published April 20, 2012, will remain in effect. HUD also announced that in 2016 it will begin to use small-area fair market rents instead of metropolitan-area fair market rents to designate metropolitan DDAs.
The Housing and Insurance Subcommittee of the House Committee on Financial Services recently held a hearing on the implementation of the Biggert-Waters Flood Insurance Reform Act of 2012. The hearing’s purpose was to assess the ongoing implementation of the law.
Congress enacted the Biggert-Waters legislation to extend the National Flood Insurance Program (NFIP) for five years while enacting reforms to help address the program’s $24 billion debt load.
On Nov. 13, a settlement was reached in an important fair housing lawsuit. This case involved the southern New Jersey town of Mt. Holly. In 2003, Mount Holly declared a neighborhood called the “Gardens” blighted and sought to redevelop it, claiming that was the only way to end rising crime in the area and revive the township’s economy. But the redevelopment included new housing that would be too expensive for residents who wanted to stay.
The IRS recently released its latest LIHC Newsletter, which provides a forum for information about Section 42, the Low-Income Housing Tax Credit (LIHTC), and communicates technical knowledge and skills, guidance, and assistance for developing LIHTC properties.
On Oct. 17, the Mississippi Supreme Court upheld the income approach to valuation of affordable housing sites in Mississippi. Mississippi Code Section 27-35-50(4)(d) prohibits local governments from including the value of federal tax credits in their valuation of the properties for tax assessment purposes. The court confirmed the constitutionality of Mississippi Code Section 27-35-50(4)(d) and the Income Valuation Approach provided in the Mississippi Department of Reven...
On Oct. 21, the California Tax Credit Allocation Committee (TCAC) proposed extending the “Readiness-to-Proceed” deadline that applies to some 2013 low-income housing tax credit sites. The change would allow some in-state credit recipients with federal funding an additional 45 days to close their construction period financing as required under Readiness-to-Proceed point scoring. Under TCAC’s point system, 20 points is available to projects that are able...
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