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The low-income housing tax credit (LIHTC) equity market continues to hum along with rising yields on new multi-investor funds and softening credit prices in some areas. Current national multi-investor LIHTC funds generally have projected after-tax yields to investors ranging from 7.0% to 7.5% – with many clustered around 7.25%.

Pennsylvania has made and Maryland is proposing major changes to their federal low-income housing tax credit programs this year, officials told a Washington, D.C. conference held by the National Council of Housing Market Analysts and National Housing & Rehabilitation Association.

Huntington Bank has developed quite an appetite for low-income housing tax credits. The Columbus, Ohio-based regional bank has committed to invest another $150 million in LIHTC properties in Ohio through the Ohio Capital Corporation for Housing (OCCH). The new pledge, expected to finance the construction or preservation of about 2,000 affordable rental housing units, follows a previous $100 million investment commitment by Huntington Bank that was completed in 2012.

The historic tax credit industry has been roiled by a sharp curtailment in closings of historic tax credit transactions and the availability of new equity commitments from major investors for new projects, as investors, tax attorneys, accountants, and others mull the tax structures of deals for possible modifications before resuming business as usual.

The mortgages were the first closed under the U.S. Department of Housing and Urban Development’s pilot program, which is designed to drastically reduce the time it takes HUD to process applications for FHA insurance for new Section 223(f) mortgages for projects utilizing federal low-income housing tax credits.

The Obama Administration’s Fiscal Year 2014 budget proposes tax law changes relating to federal low-income housing, new markets, and energy tax credits. One is to make the new markets tax credit permanent.

The Financial Accounting Standards Board Emerging Issues Task Force has issued for public comment an exposure draft outlining proposed changes to accounting rules that would expand the ability of public companies to utilize the effective yield method of accounting for low-income housing tax credit investments.

Death should always be mourned, the more so when that death is of a loved and valued one which happened slowly, through inattention. So it is with as-of-right zoning, an aspect of development that over roughly three decades has softly and suddenly vanished away, taking with it our control over affordable housing costs and our ability to execute a national housing policy – and raising preservation from afterthought to national imperative.

While I often talk about public policy, one of my primary tasks as Executive Director of NH&RA is to identify new business opportunities for our members. Sometimes these opportunities manifest themselves in new programs enacted by Congress, innovative financing structures, or inefficiencies in the capital markets.

The Mayo 420 Building, a new mixed-used development in downtown Tulsa, Okla., is truly a place where people can live, work, eat – and exercise. The $34.5 million project, funded in part by federal new markets tax credits, contains 67 market-rate apartments, offices, a YMCA, and a restaurant in an historic 10-story building. Wiggin Properties, LLC completed construction in 2010 and achieved full lease-up by August 2011, says company President Chuck Wiggin.

For developer Pioneer Group, Inc., a set of 38 leased historic buildings on the medical campus of the U.S. Department of Veterans Affairs (VA) in Leavenworth, Kansas is the gift that keeps on giving. The company is currently developing its third real estate project from the structures.

U.S. Department of Interior Secretary Ken Salazar has asked the National Park Service to conduct an internal review of the 20% federal historic rehabilitation tax credit program and report its findings to him by March 1, a step that has sparked positive reactions from some program participants.