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Wilmington Housing Authority in North Carolina could face consequences for maintenance problems at Creekwood South, according to a state agency that helped finance the community's $16 million overhaul.

The N.C. Housing Finance Agency, which contributed low-income housing tax credits to rehabilitate Creekwood, recently conducted a routine inspection and found some units don't meet standards.

The IRS recently announced that it is waiving certain limitations for projects financed with Low Income Housing Tax or exempt facility bonds so that owners across the United States can provide housing to victims of severe storms, flooding, landslides, and mudslides in Colorado that began Sept. 11, 2013.

HUD recently published final fair market rents (FMRs) for HUD fiscal year (FY) 2014. In general, the FMR for an area is an amount that would be needed to pay the rent and utilities of a privately owned, decent, and safe rental housing unit of a modest nature with suitable amenities. HUD is required to publish the FMRs at least annually to be effective on Oct. 1 of each year.

HUD recently announced plans to expand both the geographic scope and the lending industry’s participation in the Federal Housing Administration (FHA) to test an accelerated FHA insurance approval process for Housing Credit development loans under the FHA’s Section 223(f) program. HUD launched the pilot in response to a provision in the Housing and Economic Recovery Act of 2008 (HERA) requiring FHA to streamline mortgage insurance applications for developments financed with Housing Credit equity.

Becoming a pet-friendly site may be a great way to increase your pool of prospective residents and keep them longer once you find them. Responsible pet owners generally are also responsible tenants, and they appreciate sites that welcome pets, In fact, research by FIREPAW, the Foundation for Interdisciplinary Research and Education Promoting Animal Welfare, found that pet owners in pet-friendly housing stay an average of 46 months, compared to 18 months for residents residing in rentals prohibiting pets.

On Aug. 29, the IRS and the Treasury Department released Revenue Ruling 2013-17, providing guidance for the treatment of same-sex marriages. Revenue Ruling 2013-17 will be applied prospectively as of Sept. 16, 2013.

When Congress returns to session on Sept. 9, its legislative priorities for the remainder of the calendar year include the debt ceiling extension, federal appropriations measures, and potential tax reform.

HUD published a Final Rule in the Federal Register on July 24 to amend the Home Investment Partnerships (HOME) program regulations. The HOME program provides grant funding through a formula allocation to states and local governments to strengthen public-private partnerships and increase the supply of affordable housing for low-income households. State and local government agencies that administer HOME programs, or participating jurisdictions (PJs), are required to match a portion of federal funds with non-federal resources.

On Aug. 6, President Obama described his housing finance reform goals and principles in a speech in Phoenix, Ariz. In the speech, as well as in a fact sheet the White House released the same day, the president also called on Congress to take additional steps to help homeowners and communities hit hard by the housing crisis. Obama also expressed support for policies designed to preserve and build new affordable rental housing, including the Low Income Housing Tax Credit (LIHTC).

On Aug. 1, Senate Finance Committee Member Maria Cantwell (D-WA) introduced legislation to make permanent the temporary 9 percent floor for volume cap housing credits and create a new 4 percent floor for volume cap housing credits used for acquisition. S.1442 mirrors legislation Cantwell and former Senator Olympia Snowe (R-ME) introduced last year, which failed to pass before the end of the session. S. 1442 has been referred to the Senate Finance Committee.