Compliance with fair housing laws is serious business. And the rules are tough. Break them and you pay a stiff penalty. That is what happened to the manager, management company, and owners of an apartment complex in Kansas City, Kansas. The combined $2.13 million settlement represents the second largest monetary payment ever obtained by the […]
HUD has issued Notice H2010-04, which revises the protocol for placing flags in the Active Partners Performance System (APPS) when a property receives a physical inspection score that is below 60 but above 30, to ensure that those flags are true indicators of potential risk. Under the old protocol, a flag was placed in APPS […]
Many site managers confuse the term “credit period” and “compliance period.” The credit period is the 10-year period during which the owner claims its tax credits. It began either the same taxable year the building was placed in service or the following year. The compliance period is the 15-year period during which you must follow […]
Approximately $193 million awarded to the District of Columbia Housing Finance Agency (DCHFA) through the Obama Administration’s New Issue Bond Program (NIBP) became available for use by the DCHFA for its intended projects. The proceeds are the result of the taxable revenue bonds issued by the DCHFA on December 30, 2009. The NIBP, a recently […]
The Texas Department of Housing and Community Affairs (TDHCA) awarded funds to help finance the redevelopment of an existing affordable rental property in East Austin. The TDHCA awarded $296,912 in housing tax credits to private developers acquiring and rehabilitating the 130-unit Elm Ridge Apartments. Because the credits provide a dollar value for a 10-year period, […]
After being closed for two years, the Kentucky Housing Corporation has reopened its waiting list in 87 counties in which it administers the Section 8 Tenant-Based Rental Assistance Program. The list was closed in 20008 due to a high demand for rental housing assistance and a wait time that went beyond two years.
After holding hearings around the state, the California Tax Credit Allocation Committee (TCAC) is looking to finalize and adopt several changes it proposed to its tax credit regulations for 2010. Among the changes under consideration were: Increase the housing goal thresholds for single room occupancies (SROs) from 10 percent to 15 percent and for special […]
Kansas Housing Resources Corporation (KHRC) has awarded $62.4 million in stimulus funds to support the construction of 842 affordable rental housing units. The funds come from the Tax Credit Exchange Program (CEP) and the Tax Credit Assistance Program (TCAP). KHRC received $43.3 million from the U.S. Department of the Treasury through CEP to convert previously […]
Approximately $7.5 million in state and federally backed funding efforts will help back construction of the River to River Residential Community of Marion (Illinois). The Illinois Finance Authority (IFA) provided $5.7 million in tax-exempt bond financing to build the supportive living facility for low-income seniors. An additional $1.8 million in American Recovery and Reinvestment Act […]
The U.S. Department of Energy (DOE) is amending the eligibility provisions applicable to multifamily buildings under the Weatherization Assistance Program for Low-Income Persons. As a result of a final rule issued on January 25, if a multi-unit building is under an assisted or public housing program and is identified by HUD, and included on a […]
