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AHTCC Releases Report on How LIHTC Reduces Rent Burdens

November 26, 2024    

A recent report by the Affordable Housing Tax Credit Coalition (AHTCC) highlights the substantial cost savings that LIHTC-financed sites provide to low-income tenants. By quantifying the rent savings provided to tenants, the report emphasizes the value of the LIHTC program in addressing the...

IRS Publishes Unused Housing Credit Carryovers for 2024

November 26, 2024    

The IRS will allocate $3.8 million in unused federal low-income housing tax credits (LIHTCs) as a carryover to 29 states [Revenue Procedure 2024-41]. Last year’s carryover allocation was $11.4 million in two parts. The first was in October 2023 and second one in April 2024.

A state...

Texas Proposes Changes to LIHTC Allocation, Occupancy Priorities

November 26, 2024    

Legislation focuses on access to groceries and teacher housing.

 

Two bills recently were introduced in the Texas Legislature seeking to influence how LIHTCs are allocated and used in the state. These two measures, one introduced in the Texas House of...

2025 LIHTC and Bond Volume Caps Hit New Records

October 30, 2024    

On Oct. 22, the Internal Revenue Service announced an increase in the LIHTC and private-activity bond volume caps for 2025. The announced changes represent a milestone in the effort to bolster affordable housing financing across the country. Both the 9 percent LIHTC multiplier and the private...

California to Cap LIHTC Rent Increases

October 30, 2024    

A new state law broadens the CTCAC regs to include all LIHTC developments.

 

California Governor Gavin Newsom recently signed a bill (AB846) into law that will limit rent increases for tenants in LIHTC sites across California. This legislation is the latest effort in...

HOTMA Compliance Delayed for MFH Programs

September 23, 2024    

The new compliance deadline is July 1, 2025.

 

HUD has issued Notice H 2024-09 delaying HOTMA for Multifamily Housing programs. The previous deadline to come into compliance that came from the most recent version of HUD Notice H 2023-10 was Jan. 1, 2025. Now, the new...

HUD Issues Fair Market Rents for Fiscal Year 2025

September 23, 2024    

The FMRs go into effect on Oct. 1.

 

HUD is required by law to set Fair Market Rents (FMRs) every year. In general, the FMR for an area is the amount that a tenant would need to pay the gross rent (rent plus utilities) of privately owned, decent, and safe rental housing of a...

2025 Qualified Census Tract, Difficult Development Area Designations Published

September 23, 2024    

2025 DDAs and QCTs are effective for LIHTC allocations made after Dec. 31, 2024.

 

HUD recently published a notice in the Federal Register establishing 2025 difficult development areas (DDAs) and qualified census tracts (QCTs) for purposes of the low-income housing tax...

HUD Seeks Feedback for Direct Rental Assistance Pilot Project

August 29, 2024    

Subsidies would be given directly to the renter, rather than to the site.

 

 

HUD Convenes Summit to Address Rising Property Insurance Costs

July 31, 2024    

In the last issue, we highlighted a letter concerning rising insurance costs from a broad coalition of housing providers to members of Congress and the Biden administration. The letter highlighted the fact that as of the fourth quarter 2023, U.S. property insurance rates have increased for 25...

Colorado to Establish Nation’s First Middle-Income Housing Tax Credit

July 31, 2024    

More state and local programs are being designed to address middle-income housing.

 

As a result of state legislation passed in May 2024, Colorado is creating a pilot program to help spur the development of rental housing for middle-income families. The legislation defines...

State of the Nation’s Housing: Rents, Cost Burdens Remain High

June 26, 2024    

Rents continue to rise far faster than wages.

 

 

The Joint Center for Housing Studies of Harvard University recently released the latest version of its annual report, The State of the Nation’s Housing 2024. The report finds that housing costs continue to...