The Housing and Insurance Subcommittee of the House Committee on Financial Services recently held a hearing on the implementation of the Biggert-Waters Flood Insurance Reform Act of 2012. The hearing’s purpose was to assess the ongoing implementation of the law.
On Nov. 13, a settlement was reached in an important fair housing lawsuit. This case involved the southern New Jersey town of Mt. Holly. In 2003, Mount Holly declared a neighborhood called the “Gardens” blighted and sought to redevelop it, claiming that was the only way to end rising...
The IRS recently released its latest LIHC Newsletter, which provides a forum for information about Section 42, the Low-Income Housing Tax Credit (LIHTC), and communicates technical knowledge and skills, guidance, and assistance for developing LIHTC properties.
On Oct. 17, the Mississippi Supreme Court upheld the income approach to valuation of affordable housing sites in Mississippi. Mississippi Code Section 27-35-50(4)(d) prohibits local governments from including the value of federal tax credits in their valuation of the properties for tax...
On Oct. 21, the California Tax Credit Allocation Committee (TCAC) proposed extending the “Readiness-to-Proceed” deadline that applies to some 2013 low-income housing tax credit sites. The change would allow some in-state credit recipients with federal funding an additional 45 days to...
For tax credit sites that also receive less than $500,000 in combined federal financial assistance, HUD recently issued Notice 2013-23 that revised the financial reporting requirements for small multifamily housing developments. Specifically, the notice eliminates the audit requirements for...
Senator Maria Cantwell (D-WA) and a group of bipartisan senators together reintroduced S. 1442, which would amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit (LIHTC) rate for unsubsidized buildings and provide a minimum 4 percent credit rate for...
U.S. House Representative Jim McDermott (D-WA) recently introduced H.R. 3145 to amend Section 42 of the Internal Revenue Code of 1986 as it relates to homeless youth and veterans. The last modification to the student rule occurred in 2008 with the passage of the Housing and Economic Recovery Act...
The Fair Housing Justice Center (FHJC) recently released a report entitled “Choice Constrained, Segregation Maintained: Using Federal Tax Credits to Provide Affordable Housing” that examines the location of affordable housing/Low-Income Housing Tax Credit (LIHTC) properties in the...
On Aug. 21, HUD posted Change 4 to HUD Handbook 4350.3, REV-1, “Occupancy Requirements of Subsidized Multifamily Housing Programs.” Its accompanying transmittal is dated Aug. 6, and it states that Change 4 is effective upon issue.
On Aug. 9, the Treasury Department released its 2013–2014 Priority Guidance Plan. In IRS Notice 2013-22, the department solicited suggestions from all interested parties, including taxpayers, tax practitioners, and industry groups, to help formulate a Priority Guidance Plan that focuses...
A report on the impact of the Low-Income Housing Tax Credit (LIHTC) program on rural communities was recently released. The report, “The Low-Income Housing Tax Credit: Overcoming Barriers to Affordable Housing in Rural America,” was prepared by Rapoza Associates in partnership with...