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New York Governor Andrew M. Cuomo recently announced $91 million in awards for shovel-ready projects to build affordable housing across the state. The funds were available through New York State Homes & Community Renewal (HCR)’s Unified Funding Application, a single-source process to apply for several funding streams for affordable, multifamily developments, part of the governor’s efforts to break down the inefficient and duplicative silos that had previously governed state funding.
It's not uncommon to hear about residents suing owners, claiming that they were injured by the presence of mold in their units. Exposure to certain molds or fungi has been linked to a number of ailments, including asthma, headaches, and skin rashes.
On April 10, President Obama released his proposed budget for the 2014 fiscal year. His proposals affecting low-income housing tax credits (LIHTCs) can be found in the "Reserve for Revenue-Neutral Business Tax Reform" Section of the proposed budget. Here are the changes proposed to the rules governing LIHTCs:
Recently, the Missouri state auditor announced plans to review the state’s low-income housing tax credit program as the state's General Assembly looks at tax credits this session. Currently, the program is administered by the Missouri Housing Development Commission. And the program provides federal and state tax credit to investors in affordable housing.
Recently, the IRS issued Notice 2013-15, advising state and local housing credit agencies that allocate low-income housing tax credits of the population figures to use in calculating tax credit ceilings and tax-exempt private activity bond caps. This year, each state's low-income housing tax credit ceiling is equal to the greater of $2.25 multiplied by the state population or $2,590,000. And a state's tax-exempt bond volume cap will be the greater of $95 multiplied by the state population or $291,875,000.
HUD is seeking public comments by April 15, 2013, on Section 2835(d) of the Housing and Economic Recovery Act (HERA) that requires each state agency administering tax credits under Section 42 of the Internal Revenue Code of 1986 to furnish HUD, not less than annually, information concerning the race, ethnicity, family composition, age, income, use of rental assistance under Section 8 or other similar assistance, disability status, and monthly rental payments of households residing in each property receiving such credits.
Recently, the IRS invited public comment on recommendations for items that should be included on the 2013-2014 Guidance Priority List. 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 published administrative guidance such as regulations, revenue rulings, notices, and others.
With the damage inflicted by Hurricane Sandy still fresh on our minds, you might be wondering what you might do to avert catastrophe the moment when the phone rings to notify you that your world has been turned upside-down.
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