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For tax credit sites that also receive less than $500,000 in combined federal financial assistance, HUD recently issued Notice 2013-23 that revised the financial reporting requirements for small multifamily housing developments. Specifically, the notice eliminates the audit requirements for small entities (defined as receiving less than $500,000 in combined federal awards) regardless of existing regulatory agreement requirements. Owners of these projects will be permitt...
Senator Maria Cantwell (D-WA) and a group of bipartisan senators together reintroduced S. 1442, which would amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit (LIHTC) rate for unsubsidized buildings and provide a minimum 4 percent credit rate for existing buildings. In other words, the bill would permanently extend the flat 9 percent credit rate and create a flat 4 percent credit rate for LIHTC allocations.
U.S. House Representative Jim McDermott (D-WA) recently introduced H.R. 3145 to amend Section 42 of the Internal Revenue Code of 1986 as it relates to homeless youth and veterans. The last modification to the student rule occurred in 2008 with the passage of the Housing and Economic Recovery Act, which created a new exemption to make full-time students who were in foster care tax credit eligible.
The Fair Housing Justice Center (FHJC) recently released a report entitled “Choice Constrained, Segregation Maintained: Using Federal Tax Credits to Provide Affordable Housing” that examines the location of affordable housing/Low-Income Housing Tax Credit (LIHTC) properties in the New York City region and how housing location can perpetuate segregation.
On Aug. 21, HUD posted Change 4 to HUD Handbook 4350.3, REV-1, “Occupancy Requirements of Subsidized Multifamily Housing Programs.” Its accompanying transmittal is dated Aug. 6, and it states that Change 4 is effective upon issue.
Change 4 is the first formal change to the Handbook since 2009. Every chapter of the HUD Handbook 4350.3 other than Chapter 2 has been affected by Change 4. However, only a portion of the changes apply to the compliance requi...
On Aug. 9, the Treasury Department released its 2013–2014 Priority Guidance Plan. In IRS Notice 2013-22, the department solicited suggestions from all interested parties, including taxpayers, tax practitioners, and industry groups, to help formulate a Priority Guidance Plan that focuses resources on guidance items that are most important to taxpayers and tax administration.
A report on the impact of the Low-Income Housing Tax Credit (LIHTC) program on rural communities was recently released. The report, “The Low-Income Housing Tax Credit: Overcoming Barriers to Affordable Housing in Rural America,” was prepared by Rapoza Associates in partnership with five members of the National Rural Housing Coalition, including Self-Help Enterprises, Coachella Valley Housing Coalition, Peoples’ Self-Help Housing Corporation, South Coun...
On July 24, the Cleveland Plain Dealer’s Editorial Board wrote an op-ed supporting the Low-Income Housing Tax Credit (LIHTC). This op-ed was in response to Congressional efforts to reform the tax code. On June 27, Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Orrin Hatch (R-Utah) had proposed a “blank-slate” approach as a legislative starting point for tax reform and called on Senate colleagues to provide proposals ...
HUD recently announced a proposed rule aimed at improving fair housing practices. According to the notice, HUD is proposing the rule because it says current fair housing practices haven’t been as effective as envisioned. If implemented, the rule will refine and clarify existing requirements to help HUD program participants comply with fair housing guidelines more effectively.
Last year, HUD proposed a rule to modify Section 202 Supportive Housing for the Elderly Program and 811 Supportive Housing for Persons with Disabilities Program regulations. The most significant part of the proposed rule dealt with program regulations governing mixed-finance developments or those projects that receive funding from both the low-income housing tax credit (LIHTC) and Section 202/811 programs.
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