Caitlin Jones & A. J. Johnson • 5 min read
Communities, LLC (UHC). Half of its 80 apartments are targeted to retired low-incThe Southern California desert city of Indio has seen its first new affordable housing development in more than a decade, thanks in part to the low-income housing tax credit. The new project, called Horizons at Indio, was developed by Santa Ana, CA-based United Housingome farm workers, who spent their lives picking crops or working other agricultural jobs throughout the Coachella Valley.
Caitlin Jones & A. J. Johnson • 16 min read
After major hits in September to the U.S. financial markets, low-income housing tax credit (LIHTC) program participants are nervous about the potential impact on their industry going forward. With the industry already beset by a shortage of tax credit equity and lower credit prices that have left many developers with credit awards scrambling to find equity and close funding gaps, the latest financial tsunami portends possible further challenges ahead.
Caitlin Jones & A. J. Johnson • 1 min read
The U.S. Department of Housing and Urban Development announced 9/26/08 as the deadline for submission of applications for $1.42 billion in funding available under its Continuum of Care Homeless Assistance Program.
Caitlin Jones & A. J. Johnson • 1 min read
The USDA Rural Housing Service (RHS) published a notice in the Federal Register on 8/19/08 that solicits applications by 10/20/08 for $6.4 million in new funds available under its multifamily housing preservation revolving loan fund demonstration program for FY 2008.
Caitlin Jones & A. J. Johnson • 1 min read
The federal Office of the Comptroller of the Currency (OCC) has issued an interim final rule reinstating a prior, more liberal standard for certain permitted investments by national banks.
Caitlin Jones & A. J. Johnson • 4 min read
The Internal Revenue Service has issued a new proposed regulation revising and clarifying certain rules for the federal new markets tax credit program. The proposed changes relate to the recapture of new markets tax credits.
Caitlin Jones & A. J. Johnson • 5 min read
The new Housing and Economic Recovery Act contains four amendments affecting the federal historic rehabilitation tax credit.
Caitlin Jones & A. J. Johnson • 7 min read
Individuals responsible for overseeing LIHTC compliance (e.g. owners, managers, asset managers, housing finance agency staff) need to be aware of the correct interpretations of LIHTC program requirements to avoid noncompliance. This article covers areas of common confusion and mistakes, and recommends how to best implement procedures to assure compliant documentation.
Caitlin Jones & A. J. Johnson • 4 min read
Compliance is the heart and soul of the federal low-income housing tax credit (LIHTC) program. But then you must run the property in strict compliance with the program’s many rules. Otherwise, your investors risk the possible loss of tax credits. So what are some of the most common compliance mistakes made? And what are the elements for an effective compliance system and strategy for a property?
Caitlin Jones & A. J. Johnson • 5 min read
In addition to amendments pertaining to low-income housing and historic tax credits and tax-exempt housing bonds, the newly enacted housing law contains a number of other provisions affecting affordable housing.
Caitlin Jones & A. J. Johnson • 4 min read
The new Housing and Economic Recovery Act revises federal tax law to provide extra tax-exempt housing bond authority to states, increase the attractiveness of housing bonds to investors, and make other changes that collectively should boost the volume of bond-financed apartments.
Caitlin Jones & A. J. Johnson • 5 min read
Chicago is a vibrant market for affordable housing, with limited supply and high demand. A slowing economy is likely to increase demand for Chicago’s affordable rental housing inventory, but lenders and city officials are generally optimistic that supply will keep up with demand.