We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
The IRS recently released its 2015 Calendar Year Resident Population Figures in IRS Notice 2015-12. This notice advises 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.
The IRS sets priority guidance plans each year and updates them on a quarterly basis. The IRS uses the priority guidance plan each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance. The 2015-2016 Priority Guidance Plan will identify guidance projects that the IRS intends to work on actively as priorities during the period from July 1, 2015, through June 30, 2016.
The National Housing Conference’s Center for Housing Policy recently released a cost burden report that examines trends in housing affordability for low- to moderate-income working families throughout the United States. Using the U.S.
On Feb. 2, President Obama introduced his fiscal year (FY) 2016 budget. The proposal includes significant policy proposals aimed at improving the Low-Income Housing Tax Credit (LIHTC) program. The budget retains many of last year’s proposed modifications, and adds a new proposal to remove the population cap for Qualified Census Tract designations.
Specifically, the current budget proposal would modify the LIHTC program by:
HUD recently issued a memo clarifying tenant protections for households when owners use both HUD-assistance and LIHTC financing. According to HUD, there have been reports that some owners had been trying to terminate the tenancy of current HUD-assisted tenants who don’t meet LIHTC eligibility guidelines.
The U.S. Department of Health & Human Services (HHS) recently issued its 2015 poverty guidelines. These guidelines are used to determine financial eligibility for certain federal programs. Now that these guidelines have been published, HUD will release two sets of new income limits for fiscal year 2015 soon.
On Dec. 19, President Obama signed H.R. 5771, The Tax Increase Prevention Act of 2014, into law. This law extends for one year only a number of tax relief provisions that expired on Dec. 31, 2013. The one-year extension act passed the Senate earlier by a vote of 76-16. And the House passed the legislation 378-46 on Dec. 3. By extending the provisions through Dec. 31, 2014, taxpayers and businesses will see tax relief on their 2014 tax returns.
On Dec. 11, 2014, Federal Housing Finance Agency (FHFA) Director Melvin L. Watt instructed Fannie Mae and Freddie Mac to begin setting aside and allocating funds for the Housing Trust Fund and the Capital Magnet Fund. Congress created the two funds in 2008 under the Housing and Economic Recovery Act of 2008 (HERA) to provide financing for the production and preservation of affordable housing. However, they have been empty since they were created six years ago due to Fannie Mae and Freddie Mac being placed into conservatorship.
Housing credit sites are performing well across-the-board, including large, small, urban, and ex-urban projects, according to a recent report published by CohnReznick entitled “The Low-Income Housing Tax Credit Program: A Performance Update Analysis.”
Oregon Housing and Community Services (OHCS), the agency that administers the LIHTC program in Oregon, recently released new data on the demographics of households served by LIHTC sites in 24 of the state’s 26 counties. This is the first publically available dataset on LIHTC properties to contain county-level data on tenant characteristics.
RSS