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A recent report from MPF Research, the intelligence arm of RealPage, has found that Phoenix has the greatest mismatch between needy households and housing credits units. According to the data, Phoenix has just 6.08 housing credit units per 100 low-income households, ranking it the lowest out of the top 50 apartment markets studied by the firm. Phoenix was followed by Pittsburgh (6.13) and Syracuse, N.Y., (6.27).
HUD recently published “Understanding Whom the LIHTC Program Serves: Data on Tenants in LIHTC Units as of December 31, 2014.” The report provides demographic and economic data about LIHTC tenants, including race, ethnicity, family composition, age, income, use of rental assistance, disability status, and monthly rent burden. This report is the third public release of information as required by the Housing and Economic Recovery Act (HERA) of 2008.
HUD recently announced the 2017 income limits for the MTSP housing programs effective April 14, 2017. This includes low-income housing tax credits and tax-exempt bond financing. HUD advises that the income limits are effective immediately for all HUD programs, whereas the IRS allows a transition period from the date of publication to implement the new limits. According to IRS Revenue Ruling 94-57, income limits must be implemented on the effective date or no more than 45 days from the published date.
The National Fair Housing Alliance (NFHA) recently released its annual report on fair housing trends. The report, entitled “The Case for Fair Housing: 2017 Fair Housing Trends Report,” includes the most recent data on reported instances of housing discrimination across the country. Every year, the NFHA compiles data from a comprehensive set of fair housing organizations and government agencies to provide a snapshot of what housing discrimination looks like today. Some of the highlights from the 2016 data include the following data points:
Representative Pat Tiberi (R-OH-12) and Ways and Means Committee Ranking Member Richard Neal (D-MA-1) recently introduced the Affordable Housing Credit Improvement Act of 2017 (H.R. 1661). This is the companion legislation to S. 548, which Senator Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) introduced earlier to strengthen and expand the Low Income Housing Tax Credit program.
Senator Maria Cantwell (D-WA) recently released a report entitled “Meeting the Challenges of the Growing Affordable Housing Crisis.” The report details the exploding demand for affordable housing and the dramatic decrease in affordable units. It attributes the crisis to an increased demand for housing, the constrained supply of housing, and stagnant wages. Here are the key findings from the report:
The Haas Institute for a Fair and Inclusive Society at UC Berkeley recently released a study that comprehensively analyzes the administration of the LIHTC program in California by examining LIHTC developments in the San Francisco Bay Area.
Representative Keith Ellison (D-MN) recently reintroduced legislation to end homelessness and housing poverty through tax reform. The bill calls for reducing the mortgage interest deduction to a flat 15 percent tax credit for the first $500,000 of debt. The legislation would gradually phase-out the current deduction and direct the revenue generated into LIHTCs, Section 8 rental assistance, the Public Housing Capital Fund, and the Housing Trust Fund. The estimated generated revenues are $300 billion over 10 years.
Texas Low Income Housing Information Service recently released a report titled “Fair Housing and Balanced Choices: Did Texas Reduce Government-Funded Segregation?” The report looked at the effect of a 2013 change in LIHTC award criteria on the location of LIHTC developments in the state’s five largest metro areas. These areas include Austin, Dallas, Fort Worth, Houston, and San Antonio. The new race-neutral criteria resulted in properties located in areas with lower concentrations of racial minorities and higher opportunity.
On Feb. 13, by a vote of 53 to 47, the United States Senate voted to confirm the nomination of Steve Mnuchin, a former investment banker and Hollywood film financier, to serve as Secretary of the Treasury. Mnuchin served as senior advisor and finance chair to the Trump campaign and recently served as chairman and corporate executive officer of OneWest Bank.
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