Lawmakers blame the agency for lack of direction. A bipartisan group of 24 members of Congress recently sent U.S. Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel a letter urging the Treasury and IRS to issue guidance providing direction to state agencies and other LIHTC program participants, such as owners and managers, on the application of protections guaranteed by the Violence Against Women Act (VAWA) for residents of, and applicants for, affordable housing financed with LIHTCs.
And the investment cap increased this year. The Federal Housing Finance Agency (FHFA) recently released its annual Housing Mission Report. An independent agency established by the Housing and Economic Recovery Act of 2008 (HERA), the FHFA is responsible for the effective supervision, regulation, and housing mission oversight of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank System, which includes the 11 Federal Home Loan Banks (FHLBanks) and the Office of Finance (OF).
The Biden administration recently released a fact sheet announcing new proposals to “Lower Housing Costs for Working Families.” The fact sheet was released in advance of President Biden’s State of the Union address, which committed efforts to bring housing costs down while increasing the housing supply.
The IRS recently published Notice 2024-12 with the population figures used to calculate the calendar year 2024 LIHTC and private activity bond limits for all 50 states; Washington D.C.; and U.S. territories.
The Federal Housing Finance Agency (FHFA) recently released a summary of responses it received after issuing a Request for Input (RFI) on how the agency could create and enforce renter protections for households living in rental properties with federally backed mortgages, namely through Fannie Mae and Freddie Mac. This RFI was significant because more than 12 million renters live in properties with federally backed mortgages and any renter protections created by FHFA could cover a significant share of renters across the nation.
The IRS doesn’t have the resources to collect detailed LIHTC cost information. The U.S. Government Accountability Office (GAO) recently issued a brief report entitled, “Low-Income Housing Tax Credit: Opportunities to Improve Oversight.” The report highlights the fact that the U.S. has a widespread shortage of affordable housing and the LIHTC is the largest source of federal assistance for developing affordable rental housing.
HUD recently announced settlements with housing providers in Nevada and California, resolving allegations that they denied housing opportunities to two women because they experienced dating violence and stalking.
