Online Alerts

Online Alerts

IRS, Treasury Urged to Take Emergency LIHTC Program Measures

March 25, 2020    

The National Council of State Housing Agencies (NCSHA) recently sent a letter to the IRS and the Treasury Department asking them to take immediate action to provide deadline extensions and other necessary accommodations for the LIHTC program due to the severe disruptions the COVID-19 pandemic is...

Milestone Reached in Number of AHCIA Cosponsors

March 25, 2020    

A total of 221 members of the House of Representatives have signed on to cosponsor the Affordable Housing Credit Improvement Act, H.R.3077 (AHCIA). This represents a majority of the House of Representatives. The AHCIA seeks to increase housing credit allocation by 50 percent, phased in over five...

HUD Publishes FY 2019 MTSP Income Averaging Limits

February 20, 2020    

HUD has published average income minimum set-asides for low-income housing tax credit properties. Income limits are provided for every 10 percent increment from 20 percent to 80 percent of the area median income in each state and metropolitan fair market rent/income limits area, based on the...

Alabama Must Consider LIHTC Restrictions in Property Tax Assessment

February 20, 2020    

In Alabama, a court recently ruled against the state’s Department of Revenue (DOR) concerning its policy of disregarding LIHTC extended-use restrictions when determining assessment of value for property taxes. The Alabama Affordable Housing Association (AAHA) had filed a lawsuit arguing...

Maine Enacts Affordable Housing Tax Credit

February 20, 2020    

In January, Maine Governor Janet Mills signed a bill establishing a Maine affordable housing tax credit (AHTC). The Maine State Housing Authority will be tasked with administering and allocating $80 million of credits to affordable rental housing developers between 2021 and 2028, with up to $10...

Treasury OIG Launches Opportunity Zone Investigation

January 22, 2020    

The Inspector General of the U.S. Department of the Treasury recently launched an internal investigation on abuse in the Opportunity Zone program. Treasury Inspector Richard Delmar announced the investigation a few months after Sen. Cory Booker (D-N.J.), Rep. Emanuel Cleaver (D-Mo.), and Rep....

Freddie Mac Reaches $1 Billion in LIHTC Equity Investments

January 22, 2020    

Freddie Mac recently announced it has topped the $1 billion mark in LIHTC equity investments after reentering the market in 2018. Freddie Mac has created an interactive map that details each of its LIHTC equity investments,...

HUD Releases 2019 Annual Homeless Assessment Report

January 22, 2020    

HUD recently released its 2019 Annual Homeless Assessment Report to Congress. HUD’s national estimate is based upon data reported by approximately 3,000 cities and counties across the nation. Every year on a single night in January, planning agencies called “Continuums of Care...

Mayors Ask Congress to Include AHCIA in Year-End Tax Legislation

December 11, 2019    

A bipartisan group of 45 mayors from communities in 19 states and the District of Columbia recently sent a letter to Congressional leaders calling for the addition of the Affordable Housing Credit Improvement Act of 2019 (AHCIA) in any year-end legislative tax package. The letter said the LIHTC...

CohnReznick Releases 2019 LIHTC Investment Report

December 11, 2019    

Tax credit sites have recently enjoyed strong occupancy rates and healthy financial conditions, according to CohnReznick’s Tax Credit Investment Services’ annual report on the performance of sites financed with the federal LIHTC. The data in this report provide detailed insights into...

South Carolina Bill Would Create State LIHTC for Opportunity Zones

December 11, 2019    

Legislation recently introduced in the South Carolina Legislature would create a state-level LIHTC for sites in Opportunity Zones (OZs). All three co-sponsors are members of the Democratic Party, which is in the minority in the State House. The bill would automatically qualify LIHTC developments...

IRS Announces $2.7 Million in 2018 LIHTC National Pool Credits

November 7, 2019    

The IRS recently published Revenue Procedure 2019-41, which announced the amounts of unused LIHTC carryovers allocated to qualified states for calendar year 2019. Unused LIHTCs are oftentimes generated from small amounts of LIHTCs returned by affordable housing developments or from otherwise...