The National Multi Housing Council (NMHC) and National Apartment Association (NAA) released a statement applauding an updated clarification on guidance issued by the IRS concerning utility allowance calculations on LIHTC properties that submeter. At the urging of NMHC/NAA, last July the IRS issued regulations changing the way rents are adjusted on LIHTC properties where residents […]
IRS Section 42 requires that LIHTC units be maintained in a habitable condition and in a rent-ready state. Therefore, as a service to property owners and managers, the Indiana Housing & Community Development Authority (IHCDA) issued a memo listing some of the most common physical inspection non-compliance issues it identified during 2008. The memo broke […]
A significant number of low-income housing tax credit (LIHTC) properties have funds through the HOME Investments Partnership (HOME) Program. The HOME program is a block grant program administered by HUD. As with most funding sources, when an owner agrees to use HOME funds at an LIHTC property, then the owner is also required to commit […]
HUD announced that is has released an update of the LIHTC Database to include LIHTC-financed projects placed in service through 2006. The LIHTC Database is the only comprehensive source of information on the federal government’s program for the construction and rehabilitation of low-income rental housing. The LIHTC database contains the following the following information: Project […]
Can a city condemn an apartment complex that is so rundown that it is considered to be a public nuisance? That question was put to the test in a recent case. The lawsuit arose after Joliet, Illinois attempted to condemn an apartment complex. One of the owners of the complex contended that the Fair Housing […]
As part of the Obama Administration’s effort to create jobs and ease pressures on the housing market, the U.S. Department of the Treasury announced more than $330 million in American Recovery and Reinvestment Act funding to spur the development of affordable housing units in Kansas, Michigan, Ohio, Wisconsin, and Puerto Rico. HUD also announced $83 […]
Centerline Capital Group has closed two proprietary low-income housing tax credit (LIHTC) funds to raise approximately $70 million of equity proceeds that will finance the production or preservation of eight affordable multifamily housing developments containing 615 units of affordable housing. Centerline’s affordable housing transaction team, led by Andrew J. Weil, executive manager of the affordable […]
HUD has announced it has completed updating its low-income housing tax credit database. The LIHTC program is the federal government’s primary vehicle for facilitating production of rental housing targeted to low-income households. Created by HUD and available to the public since 1997, the LIHTC database has been updated to include information on more than 29,225 […]
The Citizens’ Housing and Planning Association (CHAPA) is asking the Massachusetts Senate to restore the necessary funding to critical multifamily housing programs. The budget released by the Senate Committee on Ways and Means, which would cut funding to affordable housing by 32 percent over FY ’09, “comes at the worst possible time for low and […]
The IRS has issued Notice 2009-44, which lays out the guidelines for charging for submetering in low-income tax credit housing units. “The notice clarifies that utility costs paid by a tenant and based on actual consumption in a submetered unit should be treated as paid directly by the tenant for the purposes of Section 42(g)(2)(B)(ii),” […]
