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A recent study by Rebecca Diamond and Timothy McQuade of Stanford University Graduate School of Business for the National Bureau of Economic looked at the neighborhood impact of multifamily housing funded by low-income housing tax credits. They found that crime rates fall and property values rise when subsidized housing is built in a poor neighborhood.
The study analyzed transaction and demographic data from 129 counties and found the following facts:
Senator Maria Cantwell (D-WA) is seeking personal stories of individuals and families who have struggled to find affordable housing and/or have experienced homelessness. Her office is looking for a large volume of stories to help demonstrate to her fellow legislators the widespread and urgent need to invest more federal resources in affordable housing.
A report by the American Council for an Energy-Efficient Economy titled “Lifting the High Energy Burden in America’s Largest Cities: How Energy Efficiency Can Improve Low Income and Underserved Communities” found that low-income households, renters, and African-American households face greater energy cost burdens than higher income households, homeowners, and white households.
In October 2015, IRS Notice 2015-53 set the state credit ceiling at the greater of $2.35 times the state’s population or the small-state minimum of $2.69 million. And now, with IRS Notice 2016-24, the IRS recently updated state population estimates for 2016. These population numbers are used to calculate the amount of LIHTCs and private activity bonds states and U.S. territories can issue.
Senator Cantwell (D-WA) recently announced her plan to introduce legislation to significantly expand the Low-Income Housing Tax Credit. Her announcement, which took place at the Patrick Place Housing Credit development in Seattle, is the first of many events to promote the Housing Credit as the best tool to address the affordable housing crisis. “We’re here today to launch a national campaign to say that we need to increase the amount of tax credits so more affordable housing units can be built in the United States of America,” Senator Cantwell said in a statement.
HUD recently published the FY 2016 income limits. Income limits are used to determine whether an applicant family is income-eligible for the specific subsidy program. Based on the median income for a specific geographical area, income limits are scaled for family sizes of one to eight persons. In order to qualify for the specific housing program, the family's income must be at or below the specified income limit for that program.
The IRS recently published in the Federal Register the final and temporary regulations regarding utility allowance sub-metering. Utility sub-metering is the implementation of a system that allows an owner of a tax credit site to bill tenants for individually measured utility usage.
Over 1,000 national, state, and local affordable housing industry stakeholders who are part of the A Call To Invest in Our Neighborhoods (ACTION) Campaign are calling on Congress to address the shortage of affordable rental housing by expanding the Low-Income Housing Tax Credit.
The Obama administration recently unveiled a new online tool at opportunity.census.gov that brings together data from Census Bureau, HUD, the Environmental Protection Agency (EPA), the Department of Health and Human Services (HHS), and others to help community leaders improve services, and to assist residents in getting the most from their communities. The website is part of an effort by the administration to improve the delivery of social services, increase opportunities for children, and increase transparency.
President Obama recently unveiled his last – and largest – budgetary wish list for how he'd like to see the U.S. spend its money in fiscal 2017. The FY 2017 budget proposal is his eighth presidential budget request. In it, Obama calls for a record $4.1 trillion in spending, with notable cost increases proposed for clean energy development, medical research and fighting cancer, defense spending, and battling climate change.
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