- September 18, 2018by Jennifer SchwartzGAO Housing Credit Development Cost Study Illustrates State Efforts to Ensure Reasonable Costs and Recommends Additional Data CollectionToday, the U.S. Government Accountability Office (GAO) published its long-awaited report on Low Income Housing Tax Credit (Housing Credit) development costs, “Low-Income Housing Tax Credit: Improved Data and Oversight Would Strengthen Cost Assessment and Fraud Risk Management.”
- September 11, 2018by Jennifer SchwartzThe House Ways and Means Committee released a package of three bills, which together are the House’s follow-on to last year’s Tax Cuts and Jobs Act. The bills, collectively “Tax Reform 2.0,” would make permanent the tax cuts for individuals and small businesses that were established on a temporary basis in tax reform last year, encourage retirement savings, and support business innovation. The bills do not make any direct changes to affordable housing programs, such as the Low Income Housing Tax Credit or tax-exempt private activity Housing Bonds.
- September 7, 2018by Jennifer SchwartzNCSHA released new independent research by Abt Associates on Housing Credit development costs across the nation. NCSHA commissioned the study, Variation in Development Costs for LIHTC Projects, which finds that for properties placed in service between 2011 and 2016, the median total development cost (TDC) per unit, inclusive of soft costs and land costs, was $164,757 and the mean TDC per unit was $182,498, adjusted for construction cost inflation. The research is based on nationwide data from more than 2,500 Housing Credit properties containing more than 160,000 units, representing approximately 47 percent of all 9 percent units and 20 percent of all 4 percent bond-financed units placed in service over the time period studied.
- August 13, 2018by Jennifer SchwartzEarlier today, HUD issued a press release stating its intention to reopen for public comment its 2015 final rule on Affirmatively Furthering Fair Housing (AFFH) and made available a pre-publication of an Advance Notice of Proposed Rulemaking, which HUD will soon officially publish in the Federal Register.
- August 3, 2018by Jennifer SchwartzSenator Booker Introduces Legislation Establishing Renters’ Credit and Affordable Housing Planning RequirementsOn August 1, Senator Cory Booker (D-NJ) introduced the Housing, Opportunity, Mobility, and Equity Act of 2018, S. 3342, which would establish new Consolidated Plan (Con Plan) requirements, enact a refundable tax credit for renter households, and set up an optional savings program for renters that receive the renters credit established by the bill.