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In December, a group of lawmakers in the House and Senate introduced legislation to make permanent the 9 percent tax credit percentage floor for the low-income housing tax credit (LIHTC).
Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012, the Social Security Administration recently announced
The 3.6 percent cost-of-living adjustment (COLA) will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012.
Information about Medicare changes for 2012 haven't been announced yet. For some beneficiaries, their Social S...
Recently, the Missouri House rejected an attempt to end tax credits for the developers of low-income housing and historic buildings. House members defeated an amendment to an economic development bill that would have placed a July 2018 expiration date on the two programs. Instead, they adopted an amendment allowing lawmakers to consider a measure in 2016 that would prohibit the tax credits.
The IRS recently published the amounts of unused low-income housing tax credit carryovers for calendar year 2011. Revenue Procedure 2011-57 details how nearly $3.66 million of unused LIHTCs were divided among the eligible states in the national pool. States qualify for the national pool if they have allocated all their housing tax credits in a calendar year and request to receive an allocation of additional LIHTCs left over by other states.
On Dec. 1, HUD released income limits for 2012. Under the Housing and Economic Recovery Act of 2008 (HERA), income limits are used to determine qualification levels as well as set maximum rental rates for projects funded with low-income housing tax credits and projects financed with tax-exempt housing bonds. These projects are referred to by HUD as Multifamily Tax Subsidy Projects (MTSPs) and are calculated and presented separately from the Section 8 income limits.
On Oct. 20, the IRS released the inflation-adjusted low-income housing tax credit and private activity bond caps for 2012. For calendar year 2012, the amount used to calculate a state's LIHTC is the greater of $2.20 per resident or $2,525,000. This represents a 5 cent per-capita increase. This year, the ceiling was fixed at $2.15 multiplied by the state population, or $2,465,000.
On Oct. 19, the Social Security Administration announced a Cost of Living (COLA) increase of 3.6 percent. This is the first increase in two years and will be effective with the January 2012 benefit payment. Shortly after this announcement, the U.S. Department of Health and Human Services announced that premiums for Medicare Part B coverage for physician and outpatient services will increase less than projected next year, and that the deductible will actually decrease. P...
On Oct. 3, House Ways and Means Committee member Jim McDermott (D-WA) introduced legislation, H.R. 3076, that would amend the Housing Credit to make formerly homeless youth who are students eligible for Housing Credit-financed housing.
On Sept. 30, HUD released its final fair market rents (FMRs), which are used in the determination of area median family income and their associated income limits, for fiscal year (FY) 2012. They took effect Oct. 1. HUD uses FMRs to determine payment standard amounts for the Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and initial rents for certain housing assistance payments contracts.
A study recently released by Reznick Group, a national CPA firm, shows that the operating performance of apartment properties financed with housing tax credits improved significantly during the years 2008-10.
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