Capital Briefs

By
2 min read

Tax Credit Advisor, December 2009:

Legislators Introduce Bills to Extend GO Zone Deadline, Enhanced Incentives

U.S. Sen. Mary Landrieu (D-La.) recently introduced a bill (S. 1761) to extend by one year, through 2011, the placed-in-service deadline for projects in the GO Zone, Rita GO Zone, and Wilma GO Zone receiving special disaster area low-income housing tax credits under the Gulf Opportunity (GO) Zone Act of 2005. A bill (H.R. 3929) by Rep. Charlie Melancon (D-La.) would extend the deadline through 2012. Another bill (S. 1861) by Sen. Landrieu would extend by two years, through 2011, the enhanced 26% tax credit for historic rehabilitation expenditures. Another new bill (S. 2761) by Sen. Roger Wicker (R-Miss) would extend by two years through 2011 the 50% bonus depreciation tax incentive for qualifying GO Zone property.

(http://thomas.loc.gov)

HUD Solicits Applications for HOPE VI Main Street Funds

The U.S. Department of Housing and Urban Development (HUD) is soliciting applications by 1/20/10 for about $4 million available under HOPE VI Main Street program. The program provides grants to small communities to assist in the rejuvenation of an historic or traditional central business district or “Main Street” area by replacing unused commercial space in buildings with affordable housing units.

(http://www.hud.gov/offices/adm/grants/nofa09/hopevimainstsec.pdf)

HUD Issues Operating Cost Adjustment Factors for 2010

HUD has published the operating cost adjustment factors (OCAF) for 2010 for the 50 states, District of Columbia, Puerto Rico, and U.S. Virgin Islands. They become effective 2/11/10.ÊOCAFs are percentage factors used to make annual adjustments to Section 8 rents for covered projects.

(http://edocket.access.gpo.gov/2009/pdf/E9-27340.pdf)

HUD Issues EIV Access Reminder to Multifamily Owners, Agents

HUD has issued a reminder that HUD-assisted multifamily housing owners and management agents must seek access to the Department’s Enterprise Income Verification (EIV) system if they don’t already have access, in order to avoid non-compliance penalties imposed by a final rule that makes use of the system mandatory as of 1/31/10. The deadline for requesting system access is 12/15/09. Details are at http://www.hud.gov/offices/hsg/mfh/rhiip/eiv/ applyforeivaccess.pdf.