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NCSHA Washington Report | November 8, 2019
With daylight saving time in effect, we’re missing the late afternoon light on the East Coast and thinking a little more about the sun. On the West Coast, in California, most everyone...
IRS Releases 2020 Housing Credit and Private Activity Bond Volume Cap Levels
Today, the Internal Revenue Service published Rev. Proc 2019-44, which provides the per capita and small state minimum levels for the Low Income Housing Tax Credit (Housing Credit) and Private Activity Bonds (PAB). In 2020, states will receive the greater of $2.81 per capita or $3,217,500 in Housing Credit authority, slight increases over the 2019 Housing Credit authority levels of $2.76 per capita or $3,166,875. The per capita PAB volume cap will be $105 per capita, the same amount as in 2019, but the small state minimum for PAB volume cap will increase to $321,775,000 from $316,745,000.
Affordable, Senior-Friendly Apartments Open Downtown
Southhill Properties LLC, is celebrating the completion of Harper Heights on Wednesday, Nov. 13, from 10 a.m. to Noon. The affordable, senior-friendly property is in downtown West Fargo, an area targeted by the community for redevelopment. The Open House will include a ribbon cutting followed by a short program and tours of the property. “Affordable housing for seniors with limited incomes is a welcome resource,” said West Fargo Mayor Bernie Dardis.
New Financing to Build 807 Affordable Apartments in King County
The Washington State Housing Finance Commission has approved bonds and housing tax credits that will build more than 800 new affordable apartments for individuals, families, persons with disabilities, and seniors in Seattle, Auburn and Redmond. “This financing will help provide people in our communities with a safe, secure place to live,” said Karen Miller, chair of the Housing Finance Commission.
Louisiana Housing Corporation Launches New Program to Assist First-Time Homebuyers in Areas Affected by 2016 Floods
The Louisiana Housing Corporation launched a new soft second mortgage assistance initiative to assist first-time homebuyers in areas affected by 2016 floods. The Resilience Soft Second Program is designed to cover the affordability gap between the maximum amount that a homebuyer can afford and the purchase price of a home. Qualified first-time homebuyers in 51 flood-impacted parishes can get up to $60,000 toward purchasing a home, along with closing-cost assistance.
Louisiana Housing Corporation Releases $9.5 Million For the Rehabilitation or Development of Rental Properties In Areas Impacted By the 2016 Floods
Today, the Louisiana Housing Corporation released a $9.5 million Notice of Funding Availability (NOFA) to address the unmet needs of low- to moderate- income renters affected by the Great Floods of 2016, by providing affordable and quality rental housing units. Through the Neighborhood Landlord Rental Program Phase II (NLRP II), eligible property owners could receive up funds to rehabilitate existing properties or create new affordable housing units.
California Housing Finance Agency Reporting Wins Awards for Excellence
The Government Finance Officers Association of the United States and Canada has awarded its highest forms of recognition to the California Housing Finance Agency (CalHFA). For the second consecutive year, CalHFA earned a pair of Certificates of Achievement for Excellence in Financial Reporting for its 2017-2018 Comprehensive and Popular Annual Financial Reports, which lay out CalHFA’s financial status in rigorous, yet accessible detail.
Ormand Elected President of the National Conference of State Housing Boards
Columbia, SC attorney and South Carolina State Housing Finance and Development Authority (SC Housing) Commissioner Kenneth E. Ormand, Jr. has been elected President of the National Conference of State Housing Boards (NCSHB). NCSHB provides educational and training opportunities for state housing finance authority board members to help them govern their agencies most effectively.
NCSHA Recommends Improvements to IRS Housing Credit Disaster Relief Guidance (Notice 2019-52)
On October 31, NCSHA sent comments to IRS on how it can improve Low Income Housing Tax Credit (Housing Credit) disaster relief guidance provided in Revenue Procedures 2014-49 and 2014-50.
Treasury and IRS Announce Proposed New Tax Form to Collect Opportunity Zone Fund Data
Washington – The United States Department of the Treasury and the Internal Revenue Service (IRS) today released a proposed Form 8996 for Qualified Opportunity Funds (QOFs) for the 2019 tax year....
NJHMFA Financing to Continue Sandy Repairs at Hoboken Public Housing Buildings
Five Hoboken public housing complexes heavily damaged in Superstorm Sandy will receive $12.8 million in financing from the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to continue needed repairs, improve housing for residents and make the buildings more resilient against future storms. The buildings, which are vulnerable to flooding, are owned by the Hoboken Housing Authority (HHA) and provide over 1,150 affordable apartments for families and seniors.
NCSHA Washington Report | November 1, 2019
Housing industry analyst John McManus predicts that, within a few years, at least three of the top 10 home-building companies will have a business model aimed at the affordability...
