HUD recently issued a final rule to formalize the national standard for determining whether a housing practice violates federal fair housing law as the result of discriminatory effect.
On Feb. 5, the Treasury Department released the second quarter update to the 2012-2013 Priority Guidance Plan. The Treasury Department’s Office of Tax Policy and the IRS use the Guidance Priority List each year to identify and prioritize the tax issues that should be addressed through...
Recently, the IRS suspended certain requirements for qualified residential rental projects financed with tax-exempt bonds that are providing emergency housing for victims of Hurricane Sandy. IRS Notice 2013-9 temporarily suspends income limitations and the non-transient use requirement for the...
On Dec. 20, 2012, Ohio Gov. John Kasich signed a bill into law that will keep real estate taxes lower for properties with income restrictions, including low-income housing tax credit properties. The provision was added to H.B. 510 during Ohio’s lame duck...
HUD recently released a request for comments on the statutorily mandated collection of information for tenants of low-income housing tax credit (LIHTC)-funded properties. The Housing and Economic Recovery Act (HERA) required that each state agency administering tax credits annually furnish HUD...
Recently, the Government Accountability Office (GAO) released a new report, “Agencies Implemented Changes Enacted in 2008, but Project Data Collection Could Be Improved.” GAO conducted the study in accordance with a congressional requirement in the Housing and Economic Recovery Act...
On Oct. 16, the Social Security Administration (SSA) announced the 2013 cost of living adjustment (COLA) of 1.7 percent. The COLA increase will begin with benefits that more than 56 million Social Security beneficiaries receive in January 2013. Increased payments to more than 8 million...
The IRS recently announced that the amount used to calculate the low-income housing tax credit (LIHTC) ceiling in 2013 will be the greater of $2.25 multiplied by the state population or $2,590,000. The previous multiplier was $2.20 and a small state minimum of $2,525,000.
Earlier this year we reported on a physical inspection pilot program that was launched in six states in November 2011. Its goal is to test methods for developing a single, periodically scheduled physical inspection for jointly subsidized multifamily housing that can be performed by one housing...
Congressman Joe Baca of California recently introduced legislation aimed at increasing the number of senior housing sites built under the low-income housing tax credit program. His bill, H.R. 6295, would require states to provide additional points in their qualified allocation plans to...
A study entitled "What Can We Learn about the Low Income Housing Tax Credit Program by Looking at the Tenants?" was recently released by Katherine O’Regan, Associate Professor at NYU Wagner Graduate School and the Furman Center, and Keren Horn, Assistant Professor of Economics at...
In the May issue of the Insider, we highlighted a federal court ruling that held that the Texas Department of Housing and Community Affairs (TDHCA) unintentionally discriminated in its allocation of low-income housing tax credits (LIHTCs) [“In the News: Court Rules Texas LIHTC...
