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The National Housing Conference’s Center for Housing Policy recently released a cost burden report that examines trends in housing affordability for low- to moderate-income working families throughout the United States. Using the U.S.
On Feb. 2, President Obama introduced his fiscal year (FY) 2016 budget. The proposal includes significant policy proposals aimed at improving the Low-Income Housing Tax Credit (LIHTC) program. The budget retains many of last year’s proposed modifications, and adds a new proposal to remove the population cap for Qualified Census Tract designations.
Specifically, the current budget proposal would modify the LIHTC program by:
HUD recently issued a memo clarifying tenant protections for households when owners use both HUD-assistance and LIHTC financing. According to HUD, there have been reports that some owners had been trying to terminate the tenancy of current HUD-assisted tenants who don’t meet LIHTC eligibility guidelines.
The U.S. Department of Health & Human Services (HHS) recently issued its 2015 poverty guidelines. These guidelines are used to determine financial eligibility for certain federal programs. Now that these guidelines have been published, HUD will release two sets of new income limits for fiscal year 2015 soon.
On Dec. 19, President Obama signed H.R. 5771, The Tax Increase Prevention Act of 2014, into law. This law extends for one year only a number of tax relief provisions that expired on Dec. 31, 2013. The one-year extension act passed the Senate earlier by a vote of 76-16. And the House passed the legislation 378-46 on Dec. 3. By extending the provisions through Dec. 31, 2014, taxpayers and businesses will see tax relief on their 2014 tax returns.
On Dec. 11, 2014, Federal Housing Finance Agency (FHFA) Director Melvin L. Watt instructed Fannie Mae and Freddie Mac to begin setting aside and allocating funds for the Housing Trust Fund and the Capital Magnet Fund. Congress created the two funds in 2008 under the Housing and Economic Recovery Act of 2008 (HERA) to provide financing for the production and preservation of affordable housing. However, they have been empty since they were created six years ago due to Fannie Mae and Freddie Mac being placed into conservatorship.
Housing credit sites are performing well across-the-board, including large, small, urban, and ex-urban projects, according to a recent report published by CohnReznick entitled “The Low-Income Housing Tax Credit Program: A Performance Update Analysis.”
Oregon Housing and Community Services (OHCS), the agency that administers the LIHTC program in Oregon, recently released new data on the demographics of households served by LIHTC sites in 24 of the state’s 26 counties. This is the first publically available dataset on LIHTC properties to contain county-level data on tenant characteristics.
On Nov. 7, HUD submitted its Fiscal Year 2012-2013 Annual Report on the State of Fair Housing in America to Congress. The report includes information regarding the prevalence of different types of discrimination in housing and HUD’s actions to combat discrimination.
The Federal Housing Finance Agency (FHFA) released on Nov. 21 the final version of its strategic plan for fiscal years 2015-2019. The FHFA was established by the Housing and Economic Recovery Act of 2008 (HERA) and is responsible for the effective supervision, regulation, and housing mission oversight of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank System, which includes 12 Federal Home Loan Banks (FHLBs) and the Office of Finance.
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