News

The Council of Economic Advisers recently released a report on the $13.61 billion of funding for HUD from the American Recovery and Reinvestment Act of 2009 (ARRA).

The U.S. Department of Housing and Urban Development (HUD) is in the process of implementing its multifamily transformation plan aimed, in part, at cutting FHA loan processing times. Expected to be completed by 2016

As reported in the March 2014 issue of the Tax Credit Advisor, Fannie Mae and Freddie Mac have gradually sold their interests in LIHTC investments since being placed in conservatorship, however, the massive sale that was expected by many throughout the LIHTC industry has entirely subsided.

On April 3, the Senate Finance Committee approved the Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act to extend for two years dozens of expiring tax provisions.

On February 26, House Ways and Means Chairman David Camp (R-MI) revealed his long-awaited tax reform proposal, which includes some version of the Low Income Housing Tax Credit.

Through 2013 it appears that as long as Fannie Mae and Freddie Mac remain in business, they will continue to lend to affordable housing, particularly to existing and aging affordable developments.

The U.S. Department of Housing and Urban Development (HUD) recently launched the RentalAssistance Demonstration (RAD) program to address a $25 billion accumulation in capital needs for public housing.

The 9 percent LIHTC fixed-rate was established as part of the Housing and Economic Recovery Act of 2008 and was renewed in the “fiscal cliff” deal – the American Taxpayer Relief Act of 2012 – in January 2013.

Prior to the new year, Congress passed and the President signed into law a bill that provides a broad outline for the federal budget through 2015 and eases some of sequestration’s cuts.

From November 20-22, over 900 developers, capital providers and other professionals in the affordable Housing industry met in Chicago for AHF Live: The 2013 Affordable Housing Developers’ Summit.