We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
On Dec. 20, 2012, Ohio Gov. John Kasich signed a bill into law that will keep real estate taxes lower for properties with income restrictions, including low-income housing tax credit properties. The provision was added to H.B. 510 during Ohio’s lame duck congressional session in an effort to make law a practice that had been common in the state before a bill passed earlier in 2012 prohibited it.
HUD recently released a request for comments on the statutorily mandated collection of information for tenants of low-income housing tax credit (LIHTC)-funded properties. The Housing and Economic Recovery Act (HERA) required that each state agency administering tax credits annually furnish HUD with information concerning the race, ethnicity, family composition, age, income, use of rental assistance under Section 8(o) of the U.S.
Recently, the Government Accountability Office (GAO) released a new report, “Agencies Implemented Changes Enacted in 2008, but Project Data Collection Could Be Improved.” GAO conducted the study in accordance with a congressional requirement in the Housing and Economic Recovery Act of 2008 (HERA) that it analyze Housing Credit changes enacted in that law.
On Oct. 16, the Social Security Administration (SSA) announced the 2013 cost of living adjustment (COLA) of 1.7 percent. The COLA increase will begin with benefits that more than 56 million Social Security beneficiaries receive in January 2013. Increased payments to more than 8 million Supplemental Security Income beneficiaries will begin on Dec. 31, 2012. This will increase the monthly benefits received by 62 million people in the U.S. who receive benefits such as SS r...
The IRS recently announced that the amount used to calculate the low-income housing tax credit (LIHTC) ceiling in 2013 will be the greater of $2.25 multiplied by the state population or $2,590,000. The previous multiplier was $2.20 and a small state minimum of $2,525,000.
Also, according to Revenue Procedure 2012-41, the private-activity bond volume cap will be the greater of $95 multiplied by the state population or $291,875,000 in 2013. The bond cap for 2012 is ...
Earlier this year we reported on a physical inspection pilot program that was launched in six states in November 2011. Its goal is to test methods for developing a single, periodically scheduled physical inspection for jointly subsidized multifamily housing that can be performed by one housing agency but will satisfy all other agencies' inspection requirements. The hope is that by cutting back on repetitive housing inspections, those resources can go toward providin...
Congressman Joe Baca of California recently introduced legislation aimed at increasing the number of senior housing sites built under the low-income housing tax credit program. His bill, H.R. 6295, would require states to provide additional points in their qualified allocation plans to developers building affordable senior communities.
A study entitled "What Can We Learn about the Low Income Housing Tax Credit Program by Looking at the Tenants?" was recently released by Katherine O’Regan, Associate Professor at NYU Wagner Graduate School and the Furman Center, and Keren Horn, Assistant Professor of Economics at the University of Massachusetts Boston. The study describes the incomes and rent burdens of tenants living in Low Income Housing Tax Credit (LIHTC) properties. The authors used ...
On June 5, HUD announced that it's clamping down on excessive pay at public housing authorities, setting caps that extend and expand limits imposed by Congress. The action comes as HUD revealed that the top official at the Atlanta housing agency received a compensation package of $644,214, the highest in the country.
In the May issue of the Insider, we highlighted a federal court ruling that held that the Texas Department of Housing and Community Affairs (TDHCA) unintentionally discriminated in its allocation of low-income housing tax credits (LIHTCs) [“In the News: Court Rules Texas LIHTC Program Violates Fair Housing Act,” p. 8]. The case was filed by The Inclusive Communities Project (ICP), a Dallas fair housing organization, which alleged that the TDHCA intent...
RSS