Morgan Stanley is committing $110 million to promote community development by financing construction of affordable rental housing. In partnership with National Equity Fund (NEF)—a national nonprofit and a leading LIHTC syndicator—Morgan Stanley is capitalizing a $50 million LIHTC investment fund and providing $60 million to finance several hundred million dollars of additional NEF housing fund […]
Be careful before you charge households for parking spaces at your site. Whether you can charge for parking depends on how the parking area at your site is classified under tax credit rules. If you charge your residents for parking without knowing the rules, the owner may lose tax credits on a portion of the […]
As part of his effort to streamline state government, Iowa Governor Chet Culver has moved the HOME program, a key housing program, from the state’s Department of Economic Development to the Iowa Finance Authority (IFA). In addition, the IFA will now be headed by Joe O’Hern, who was previously a deputy director at the authority. […]
A household in Minnesota lived in a tax credit unit under a one-year lease, which stated that the lease could be terminated upon 60 days’ written notice. As the end of the lease term approached, the management company sent a 60-day notice to the household saying it would not renew the lease. The notice did […]
A property owner sued to evict a resident for nonpayment of rent. The owner claimed that the resident owed back rent totaling more than $30,000. The resident asked the court to dismiss the case. The owner bought the building from HUD in 2004 and signed a regulatory agreement stating that until all the necessary repairs […]
HUD has released an update of the Comprehensive Housing Affordable Strategy (CHAS) data, which provides HUD-defined income limits (primarily 30, 50, and 80 percent of median income). Among the latest revisions to the LIHTC database is the addition of data for projects placed in service through 2006. This includes 389 projects and 34,224 units placed […]
A recent OIG audit of the Section 8 project-based voucher program operated by Massachusetts’ Department of Housing and Community Development (DHCD) found that the DHCD’s contracts with administering agencies were properly administered, tenants were eligible participants, and the rental units were eligible under the program. In addition, tenant rental and housing assistance payments were calculated […]
Senate action on H.R. 4213, the Tax Extenders Act of 2009, which was passed by the House of Representatives, has been postponed until 2010, according to a the NCSHA. Section 207 of the Act would extend the low-income housing tax credit program under section 1602 the American Recovery and Reinvestment Act of 2009 to January […]
When applicants or residents tell you they are getting alimony or child support, you will probably get a copy of the separate agreement or divorce decree to verify the amount and frequency of payments. But these papers can be useful in other ways. They can help you to screen applicants. And you can use them […]
Virginia-based Silverwood Companies has led a group of local investors in acquiring The Fields of Westover, a 305-unit, low-income apartment community located in Falls Church. The new ownership plans to invest approximately $4 million to renovate the one- and two-bedroom apartments, to be renamed East Falls Apartments. The 12.4-acre property, comprising 60 two-story buildings, was […]
