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Iowa Finance Authority Nationally Recognized for Excellence in Financial Reporting
The Government Finance Officers Association recently awarded the Iowa Finance Authority (IFA) with the Certificate of Achievement for Excellence in Financial Reporting for its fiscal year 2019 comprehensive annual financial report (CAFR), the highest form of recognition in governmental accounting and financial reporting. “The attainment of the Certificate of Achievement for Excellence in Financial Reporting for the third consecutive year is a significant accomplishment,” said Iowa Finance Authority Executive Director Debi Durham. “This award represents IFA’s commitment to excellence in financial management, reporting and transparency on behalf of Iowans.”
NCSHA Washington Report | November 6, 2020
In a polarized political environment with a gridlocked federal government, how can the country meet national challenges that play out differently from state to state? In housing, it can work...
NCSHA Releases 2020 Election Analysis
As of this writing, who will win the presidential election and which party will control the Senate in the next Congress remain uncertain, though the mist appears to be clearing slightly. Final outcomes could be determined in the next few days or could take substantially longer, especially if Senate control depends on one, or possibly two, Georgia Senate runoff elections to be held in January. NCSHA election analysis linked here goes into more detail on the election results and our analysis of them.
PHFA Applauds Creation of PA Low Income Housing Tax Credit Program
The Pennsylvania Housing Finance Agency applauds the passage of Senate Bill 30 and its signature into law today, creating the Pennsylvania low-income housing tax credit (LIHTC) program. The legislation was written by Senator Tom Killion and received strong bipartisan support in the General Assembly. It will mirror the federal LIHTC program established in 1986. That program allocates tax credits to the states that developers then use to raise capital for the construction of affordable rental housing. In exchange for receiving the tax credits, developers agree to keeps rents affordable for a number of years in the apartments that are built.
Kansas Housing, Office of Rural Prosperity Request Bids for Statewide Housing Needs Assessment
State officials will commission Kansas’ first comprehensive study of housing needs and resources in more than 20 years, Lieutenant Governor Lynn Rogers announced. The state’s Office of Rural Prosperity, in conjunction with Kansas Housing Resources Corporation (KHRC), the state’s housing finance agency, is releasing a Request for Proposal (RFP) soliciting bids from qualified firms to develop, conduct, and deliver the assessment. Kansas has not conducted a major housing study in decades, resulting in a dearth of data on existing housing resources and current and projected needs.
CalHFA’s Mixed-Income Program Wins National Award
California's Mixed-Income Program (MIP), which is administered by the California Housing Finance Agency (CalHFA) as a result of support and collaboration across all sectors of the government from Governor Gavin Newsom's Administration to the Legislature to the State Treasurer's Office, has won a national award for program excellence. The National Council of State Housing Agencies (NCSHA) made the announcement at its annual conference Oct. 27, naming CalHFA's program a 2020 winner in its Rental Housing: Encouraging New Construction category.
IRS Publishes Average Income Test Proposed Rule
On October 29, the IRS published a notice of proposed rulemaking on the Housing Credit Average Income Test (AIT) minimum set-aside for public comment. The regulations, once finalized, would provide guidance on implementation of the AIT, as established by the Consolidated Appropriations Act of 2018 (2018 Act), which allows owners of Housing Credit properties (for purposes of the tax code, the “taxpayer”) to elect to serve households earning as much as 80 percent of area median income (AMI), as long as the income designations of the units in the property average no more than 60 percent of AMI. The proposed rule would modify existing Housing Credit regulations for the “next available unit rule” at Section 1.42-15 and establishes a new regulation for the AIT at Section 1.42-19.
WHEDA’s Altoro Elected to Executive Committee of the National Council of State Housing Agencies
Joaquín Altoro, CEO of the Wisconsin Housing and Economic Development Authority, has been elected to serve as the at-large member of the executive committee of the National Council of State Housing Agencies. Altoro, who started a two-year term on NCSHA’s board of directors in 2019, was elected to the executive committee role by the other board members. NCSHA is a nonprofit, nonpartisan organization created to advance the efforts of the nation’s state housing finance authorities and their partners to provide affordable housing to those who need it.
Governor Wolf Announces Investment of Tax Credits in North Philadelphia to Build Transformative Mixed-Use Development
Governor Tom Wolf today announced that Commonwealth Cornerstone Group has completed a New Markets Tax Credit transaction of $16.5 million to help fund construction of a new shopping complex and 98 mixed-income units of rental housing along the 2000-2200 block of Ridge Avenue in North Philadelphia. The 231,000-square-foot commercial shopping complex already has four major tenants lined up to begin business when construction is completed.
IRS Publishes Housing Credit and Private Activity Bond 2021 Volume Cap Amounts
On October 26, the Internal Revenue Service issued Revenue Procedure 2020-45, providing the 2021 per capita and small state minimum levels for the Housing Credit and Private Activity Bond (PAB) volume caps. In 2021, states will receive the greater of $2.81 per capita or $3,245,625 in Housing Credit authority.
Iowa Finance Authority Honored with National Marketing Award
The Iowa Finance Authority was recently honored with a national marketing award from the National Council of State Housing Agencies (NCSHA) for their 2019 annual report, which showcases the positive chain reactions affordable housing creates throughout the state of Iowa. “Housing is a leading driver in Iowa’s economic vitality, community and workforce development and health and educational outcomes,” said Iowa Finance Authority and IEDA Executive Director Debi Durham. “Communicating these success stories is essential, especially as we work to significantly increase housing options for Iowans as we grow our state.”
NCSHA Honors State Housing Finance Agencies for Affordable Housing Innovation
WASHINGTON, DC — On October 27, the National Council of State Housing Agencies (NCSHA) recognized 16 state Housing Finance Agencies (HFAs) for initiatives that effectively address affordable...
