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The IRS recently published Notice 2024-12 with the population figures used to calculate the calendar year 2024 LIHTC and private activity bond limits for all 50 states; Washington D.C.; and U.S. territories.
The Federal Housing Finance Agency (FHFA) recently released a summary of responses it received after issuing a Request for Input (RFI) on how the agency could create and enforce renter protections for households living in rental properties with federally backed mortgages, namely through Fannie Mae and Freddie Mac. This RFI was significant because more than 12 million renters live in properties with federally backed mortgages and any renter protections created by FHFA could cover a significant share of renters across the nation.
The IRS doesn’t have the resources to collect detailed LIHTC cost information.
The U.S. Government Accountability Office (GAO) recently issued a brief report entitled, “Low-Income Housing Tax Credit: Opportunities to Improve Oversight.” The report highlights the fact that the U.S. has a widespread shortage of affordable housing and the LIHTC is the largest source of federal assistance for developing affordable rental housing.
HUD recently announced settlements with housing providers in Nevada and California, resolving allegations that they denied housing opportunities to two women because they experienced dating violence and stalking.
A group of mayors, county executives, and county board chairs representing communities across the country recently signed onto a letter urging Congress to enact the Affordable Housing Credit Improvement Act (AHCIA) of 2023, S. 1557 and H.R. 3238, which would strengthen and expand the Low-Income Housing Tax Credit. The letter highlighted that the LIHTC program is the nation’s primary tool for encouraging private investment in affordable rental housing.
In the Sept. 21 issue of the Federal Register, HUD published its annual notice designating the 2024 Qualified Census Tracts (QCTs) and Difficult Development Areas (DDAs) for the LIHTC program. HUD is required to designate these areas under Internal Revenue Code Section 42. Both QCTs and DDAs are eligible for an increase in basis and available tax credits of up to 30 percent for new construction and rehabilitation costs.
The BlueGreen Alliance Foundation recently released a report that ranked all states based on their criteria for allocating LIHTCs through Qualified Allocation Plans (QAPs). The report scored each state based on how the states’ QAPs promoted healthy building practices, energy efficiency, and racial equity.
States have broad discretion in administering QAPs and determining the importance of criteria within the document. States structure QAPs around several categories:
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