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One growing trend in low-income housing is developing affordable housing with environmental sustainability in mind. In a recent report, Global Green USA examined states’ criteria for distributing federal Low-Income Housing Tax Credits (LIHTCs). The ranking is based on how well those criteria incentivize eco-friendly development and how much green housing is actually built as a result. Subcategories included Smart Growth, Energy Efficiency, Resource Conservation, and Health Protection.
Utah Housing Corporation recently announced awards of its 2013 round of competition for federal Low Income Housing Tax Credits (LIHTC). As the administrator of the LIHTC program for the State of Utah, Utah Housing received applications for 24 proposed projects, requesting a total of $11,624,000 in annual housing credits.
It's a good idea to quiz your staff members regularly to assess their familiarity with the low-income housing tax credit (LIHTC) program. Testing staff members this way can confirm that you're working with a team equipped to tackle important compliance issues and keep the owner's tax credits safe. Or it can reveal gaps in staff members’ compliance knowledge, so you'll know where they need training to get up to speed.
On Jan. 2, President Obama signed H.R. 8, the American Taxpayer Relief Act of 2012, into law. The bill had been approved by the Senate by a vote of 89-8 and then by the House of Representatives by a vote of 257-167.
HUD recently released the “HOME and the Low-Income Housing Tax Credit Guidebook,” a manual aimed at helping participating jurisdictions (PJs) navigate projects that combine funds generated through the Low-Income Housing Tax Credit (LIHTC) offered by the Internal Revenue Service with housing block grant funds provided through the HOME Investment Partnerships (HOME) Program administered by HUD.
The holiday season festivities bring an increased excitement about adorning homes with traditional decorations, but as beautiful as they are, holiday decorations are an added fire hazard. Holiday decoration fires are most likely to happen in the living room, and almost half of all home decoration fires are started by candles, mostly because the decorations were placed too close to a heat source. In just seconds, a dry Christmas tree can become fully engulfed in flames.
On Dec. 11, HUD re-released new income limits for fiscal year 2013. The revised data supersedes the income limits posted on Dec. 4 for all areas. The new income limits took effect on Dec. 11. The income limits are set as a percentage of area median income adjusted for household size. The newly issued income limits and further information regarding the income limits can be found at www.huduser.org/portal/datasets/il/il13/index.html.
The IRS recently issued Notice 2012-68, which suspends certain requirements under Section 42 of the Internal Revenue Code for low-income housing credit projects to provide emergency housing relief needed as a result of the devastation caused by Hurricane Sandy and associated storms.
The National Multi Housing Council and the National Apartment Association (NMHC/NAA ) recently led a 10-member industry effort to submit formal comments to the Internal Revenue Service (IRS) on a proposed rule (77 FR 46987) that would make changes to current regulations governing utility allowances at Low-Income Housing Tax Credit (LIHTC) properties in cases where residents pay their own utilities.
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