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Congressman Joe Baca of California recently introduced legislation aimed at increasing the number of senior housing sites built under the low-income housing tax credit program. His bill, H.R. 6295, would require states to provide additional points in their qualified allocation plans to developers building affordable senior communities.
A study entitled "What Can We Learn about the Low Income Housing Tax Credit Program by Looking at the Tenants?" was recently released by Katherine O’Regan, Associate Professor at NYU Wagner Graduate School and the Furman Center, and Keren Horn, Assistant Professor of Economics at the University of Massachusetts Boston. The study describes the incomes and rent burdens of tenants living in Low Income Housing Tax Credit (LIHTC) properties. The authors used tenant-level data from 15 states, representing over 30 percent of all LIHTC units and all regions of the country.
On June 5, HUD announced that it's clamping down on excessive pay at public housing authorities, setting caps that extend and expand limits imposed by Congress. The action comes as HUD revealed that the top official at the Atlanta housing agency received a compensation package of $644,214, the highest in the country.
In the May issue of the Insider, we highlighted a federal court ruling that held that the Texas Department of Housing and Community Affairs (TDHCA) unintentionally discriminated in its allocation of low-income housing tax credits (LIHTCs) [“In the News: Court Rules Texas LIHTC Program Violates Fair Housing Act,” p. 8]. The case was filed by The Inclusive Communities Project (ICP), a Dallas fair housing organization, which alleged that the TDHCA intentionally steered subsidized apartments away from affluent white neighborhoods and into poor minority areas.
The Federal Housing Finance Agency (FHFA) recently released for comment proposed changes to its existing housing goals and housing goals for 2012, 2013, and 2014 for Fannie Mae and Freddie Mac.
According to the FHFA, the value of low-income housing tax credits (LIHTCs) fell in 2009, but has recovered to a point where the LIHTC market is substantially healthier. The Office of Management and Budget forecasts that total equity raised through LIHTCs is to average $7.8 billion per year from the 2013 to 2017 period.
HUD recently announced that it has designated qualified census tracts (QCTs) for 2013 for purposes of the low-income housing tax credit. HUD based the 2013 QCTs on new data from the 2010 Decennial Census and the 2006-2010 tabulations of the American Community Survey.
This is the first time since 2007 that the QCTs have changed substantially. The boundaries and numbering of census tracts established for the 2010 Decennial Census may differ from those established for the 2000 Census, upon which past QCT designations were based.
Utah Governor Gary Herbert recently signed H.B. 75 to require low-income housing tax credit (LIHTC) property owners to provide certain information annually to county assessors.
Under the new law, owners must provide rent rolls and a financial operating statement for the prior year, a signed statement that the property continues to meet LIHTC requirements, and financing terms and agreements for the property.
Recently, a federal judge ruled that the Texas Department of Housing and Community Affairs (TDHCA) unintentionally discriminated in its allocation of low-income housing tax credits (LIHTCs). The case was filed by The Inclusive Communities Project (ICP), a Dallas fair housing organization. In its complaint, the ICP alleged that TDHCA intentionally discriminates based on race by disproportionately approving LIHTC projects in predominantly minority neighborhoods and disproportionately denying LIHTC in predominantly Caucasian neighborhoods.
The benefits of the low-income housing tax credit (LIHTC) program extend beyond the families occupying the approximately 200 affordable housing units that are financed each year in New Hampshire, says a recent study by the New Hampshire Finance Housing Authority. According to the report, the LIHTC developments are an important and ongoing source of income, taxes, and jobs for the state.
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