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Congressman Keith Ellison (D-MN) recently introduced H.R. 1662, Common Sense Housing Investment Act of 2015. The proposed bill would replace the mortgage interest deduction with a 15 percent flat rate tax credit on interest paid on mortgages up to $500,000. The tax credit would be available to all homeowners, regardless of whether they claim the standard deduction or itemize their tax deductions.
Two researchers from the University of Kansas’ Department of Urban Planning recently completed a study on the locations of assisted housing units and assisted households across the nation. It examines one of the key issues that drive the design of federal low-income housing programs, which is how well federal rental assistance helps people move out of impoverished neighborhoods into safer places with access to better schools and jobs. The study updates a similar one done in the late 1990s.
HUD recently proposed a new rule to implement the Violence Against Women Reauthorization Act of 2013 for nearly all those who reside in HUD-assisted housing. An earlier, 2005 version of the legislation covered only public housing and Section 8 residents.
Q: A male resident complains that one of the site managers, a woman, has been repeatedly calling and texting him with sexually suggestive comments and messages. Sexual harassment occurs only when a man harasses a woman, so you don’t have to worry about a sexual harassment complaint. True or false?
On March 6, 2015, the Department of Housing and Urban Development (HUD) released FY 2015 income limits. Income limits are set by HUD to determine the eligibility of applicants for HUD’s assisted housing programs. Section 8 Fair Market Rent (FMR) area definitions are used to develop median family income estimates for each metropolitan area and non-metropolitan county.
Reps. Pat Tiberi (R-OH) and Richard Neal (D-MA), recently introduced a bill that would create a permanent floor for the Low Income Housing Tax Credit. The legislation would make the 9 percent tax credit rate permanent for new construction projects. The legislation proposed last week also included a provision that would establish a 4 percent floor on the tax credit rate for acquisition costs (but not for projects financed with tax-exempt bonds).
California Assembly Speaker Toni Atkins recently announced a sweeping affordable housing plan. In addition to proposed fees on real estate transaction recording documents, the legislation also would expand low-income housing tax credits for real estate developers by $300 million. The state's current housing tax credit program has a ceiling of $70 million.
HUD recently announced a series of initiatives to support affordable housing production. According to HUD, financing affordable and LIHTC housing is a top priority for multifamily housing. And the changes announced in a recent memo by Benjamin Metcalf, Deputy Assistant Secretary for Multifamily Housing Programs, reflect efforts by HUD to better align HUD programs with the low-income housing tax credit sites.
According to a Housing Virginia Tech housing study, a year-long study conducted by Virginia Tech’s Center for Housing Research, apartments built to higher energy-efficiency standards, including third-party testing and inspection, outperform new standard construction housing by more than 40 percent with respect to energy consumption. The study demonstrates the impacts of energy-efficient construction requirements in affordable rental housing.
Owners of LIHTC sites in Colorado now have the option of basing utility allowances on energy, water, and sewage consumption. Under this new regulation, LIHTC owners must consider more than just energy, water, and sewage consumption when using the Energy Consumption Model. They must take into account the size of the unit, as well as the building’s design and materials, mechanical systems, appliances, and location.