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A group of mayors, county executives, and county board chairs representing communities across the country recently signed onto a letter urging Congress to enact the Affordable Housing Credit Improvement Act (AHCIA) of 2023, S. 1557 and H.R. 3238, which would strengthen and expand the Low-Income Housing Tax Credit. The letter highlighted that the LIHTC program is the nation’s primary tool for encouraging private investment in affordable rental housing.
In the Sept. 21 issue of the Federal Register, HUD published its annual notice designating the 2024 Qualified Census Tracts (QCTs) and Difficult Development Areas (DDAs) for the LIHTC program. HUD is required to designate these areas under Internal Revenue Code Section 42. Both QCTs and DDAs are eligible for an increase in basis and available tax credits of up to 30 percent for new construction and rehabilitation costs.
The BlueGreen Alliance Foundation recently released a report that ranked all states based on their criteria for allocating LIHTCs through Qualified Allocation Plans (QAPs). The report scored each state based on how the states’ QAPs promoted healthy building practices, energy efficiency, and racial equity.
States have broad discretion in administering QAPs and determining the importance of criteria within the document. States structure QAPs around several cat...
The Joint Center for Housing Studies of Harvard University recently released its annual report, State of the Nation’s Housing 2023. The report combines analyses of data from the U.S. Census Bureau, HUD, Freddie Mac, the National Association of Realtors, RealPage, and other sources to provide a comprehensive snapshot of the country’s housing supply and demand.
On May 11, bipartisan groups of senators and representatives introduced the Affordable Housing Credit Improvement Act (AHCIA) of 2023 in the Senate and House. The AHCIA was first introduced in Congress in 2016, and has had increasing bipartisan support since then. Although it hasn’t passed, the provisions included in the AHCIA are often included in other major housing bills introduced each session.
HUD and the Treasury Department recently highlighted the Biden administration’s efforts to increase access to safe, quality housing by encourage the use of American Rescue Plan (ARP) funds for affordable housing production and preservation. The State and Local Fiscal Recovery Funds (SLFRF), authorized by the ARP, delivers $350 billion to state, territorial, local, and Tribal governments across the country to support their response to and recovery from the COVID-19...
Senate Finance Committee Chairman Ron Wyden recently reintroduced the Decent Affordable, Safe Housing for All (DASH) Act, which implements sweeping reforms to affordable housing financing in an effort to combat homelessness and expand affordable housing access.
The IRS recently published Notice 2023-22 with the population figures used to calculate the calendar year 2023 LIHTC and private activity bond limits for all 50 states; Washington D.C.; and U.S. territories. According to the data, the population figures increased 0.4 percent from 2022 to 2023. However, the 2023 national 9 percent LIHTC allocation increased 6.2 percent from 2022.
The White House recently announced new actions to increase fairness in the rental market and further principles of fair housing. Notable actions announced include:
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