Each year the IRS allocates a certain amount of Low-Income Housing Tax Credits to each state using a formula allocation method, which is based on a state’s population, and is established in Section 42 of the Internal Revenue Code. In addition to the credits allocated by this formula method...
At the end of 2013, the Social Security Administration (SSA) posted information that it intended to stop providing paper benefit/award letters from the local SSA offices beginning in February 2014. The rationale was that requiring individuals to use the online technological investments that SSA...
The IRS recently released two revenue procedures that provide guidance about temporary disaster relief for qualified developments that were financed by the LIHTC or tax-exempt bonds. The new revenue procedures modify similar guidance that the IRS issued in 2007, in Revenue Procedure 2007-54.
On Aug. 15, HUD published a notice in the Federal Register requesting comments on the proposed Fair Market Rents (FMRs) for fiscal year (FY) 2015. The primary uses of FMRs are to: (1) determine payment standard amounts for the Housing Choice Voucher program; (2) determine initial renewal rents...
The IRS, as part of its continuing effort to reduce paperwork, invites the general public and other federal agencies to comment on proposed and continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning Form 8823,...
The Treasury Department’s Office of Inspector General recently audited the Delaware State Housing Authority (DSHA) as part of its ongoing oversight of the LIHTC exchange program authorized by Section 1602 of the American Recovery and Reinvestment Act of 2009. The Recovery Act was signed...
On July 11, a coalition of 15 Republicans and 15 Democrats introduced H.R. 5082. The bill is called the National Disaster Tax Relief Act of 2014. This bill would affect areas declared major disaster areas in 2012, 2013, and 2014. The bill was sent to the House Ways and Means Committee for...
On June 25, HUD published a final rule implementing changes to the Section 8 tenant-based and project-based voucher programs made by the Housing and Economic Recovery Act of 2008 (HERA). HERA made several changes to the U.S. Housing Act of 1937 that affect programs administered by HUD’s...
The Ohio Housing Finance Agency (OHFA) recently released the Health Impact Assessment (HIA), a report that examines the health implications of a proposed government policy to align affordable housing inspections. OHFA was awarded a grant from the Health Impact Project, a collaboration of the...
On June 17, the ACTION Campaign submitted a letter to House Ways and Means Committee Chairman Dave Camp asking that he permanently extend minimum 9 and 4 percent Housing Credit rates as part of his current tax extenders effort. ACTION (A Call To Invest in Our Neighborhoods) is a national,...
On June 24, the Senate Budget Committee approved HUD Secretary Shaun Donovan’s nomination to be director of the Office of Management and Budget (OMB) by a vote of 15-6. The Senate Homeland Security and Governmental Affairs Committee approved the nomination on June 25 by a vote of 9-1.
On May 22, Reps. Pat Tiberi, R-Ohio, and Richard Neal, D-Mass., introduced H.R. 4717, a bill that would establish a permanent floor for both the 9 percent and 4 percent Low-Income Housing Tax Credits. The bill would create a fixed 9 percent rate for new rental construction property and a fixed 4...
