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The share of voucher holders covered by voucher protection laws is growing, according to a recent report from The Urban Institute and the Poverty & Race Research Action Council (PRRAC). Their dataset and accompanying report entitled, “State and Local Voucher Protection Laws,” compile state and local laws that prohibit discrimination by landlords against renters with Housing Choice Vouchers (HCVs).
The Internal Revenue Service has announced an increase in the private-activity bond volume cap while the low-income housing tax credit (LIHTC) multiplier will remain the same in 2021. The multiplier is $2.8125, which is multiplied by a state’s population to determine the volume of 9 percent credits the state will have. The amounts used to calculate the state credit ceiling ultimately for 9 percent LIHTCs will be the greater of the multiplier amount or $3,245,625. While there is no change to the multiplier, the small state minimum has increased $28,125 from $3,217,500 this year.
Despite the important focus on COVID-19, lead safety in the home remains a high priority for all Americans. HUD has joined the U.S. Environmental Protection Agency, the Centers for Disease Control and Prevention, and additional partners, in highlighting this issue during National Lead Poisoning Prevention Week (NLPPW) 2020, which runs from Oct. 25 - 31.
The National Fair Housing Alliance (NFHA), the NAACP Legal Defense and Educational Fund, Inc. (LDF), Fair Housing Advocates of Northern California, and BLDS, LLC filed a federal lawsuit to challenge HUD’s recent revisions to the final disparate impact rule that shifted the burden of proof from owners and financial institutions to the victims of discrimination.
The Internal Revenue Service (IRS) recently published Revenue Procedure 2020-42 announcing $3,105,001 of unused LIHTCs allocated from the national pool to 33 qualified states for calendar year 2020. The national pool in 2020 reflects an increase from the $2.7 million in unused LIHTCs in 2019. Allocations range from $7,450 for Vermont to $471,731 for California, with an average allocation of $94,091.
The Social Security Administration recently announced the Cost-of-Living Adjustment (COLA) for 2021. Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 1.3 percent in January 2021. Increased payments to more than 8 million SSI beneficiaries will begin on Dec. 31, 2020. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
Even residents who don’t file tax returns can still receive their economic impact payments. As a result of the hardships presented by the coronavirus, economic impact payments are still being issued by the Internal Revenue Service (IRS). While most people have received their payment automatically, some non-filing residents need to take action and submit their information to the IRS. These residents don’t typically have a tax return filing requirement because they have very low incomes. But many in this group are still eligible to receive an economic impact payment.
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, recently released guidance answering frequently asked questions (FAQs) regarding the forgiveness of Paycheck Protection Program loans. The Paycheck Protection Program (PPP) is a $669 billion business loan program established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help businesses keep their workforce employed during the COVID crisis.
On Aug. 8, President Trump issued an executive order to address COVID-19-related challenges for renters. The order directs a number of federal agencies, including the Treasury Department and HUD, to consider actions to prevent eviction and foreclosure. It requires the secretaries of Treasury and HUD to identify any available federal funds that could be used to provide temporary financial assistance to renters because of the pandemic.
As Congress begins work on its next coronavirus relief package, various groups are urging lawmakers to include provisions in the legislation that will provide relief to LIHTC owners and developers. The National Association of Home Builders (NAHB) recently sent a letter to House and Senate leaders urging lawmakers to expand eligibility to the Paycheck Protection Program (PPP) so that developers and multifamily property owners are eligible to participate in this loan program and to have their loans forgiven.
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