Capital Briefs

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Tax Credi Advisor, October 2009:

House Passes FHA Multifamily Loan Bill

The U.S. House of Representatives has approved a bill (H.R 3527) that would authorize the U.S. Department of Housing and Urban Development (HUD) to increase FHA multifamily loan limits for elevator buildings by up to 50% of the limits for non-elevator buildings, and to increase limits for extremely high-cost areas. The bill now moves to the Senate.

HUD Again Delays Effective Date of Final Rule

HUD has delayed once more, until 1/31/10, the effective date of a final rule that would revise its public and assisted housing program regulations to implement the upfront income verification process for program participants and to require use of HUD’s Enterprise Income Verification system by public housing agencies and project owners and management agents. Some of the rule’s provisions would also affect low-income housing tax credit projects.
      (http://edocket.access.gpo.gov/2009/E9-20879.htm)

HUD Solicits Comments on Hold Harmless Policy

HUD is soliciting comments by 10/14/09 on whether it should continue its “hold harmless” policy to preserve an area’s annual Section 8 income limits at its previous level where HUD’s estimate would otherwise call for a decrease. The proposal is whether to continue this policy for programs other than the low-income housing tax credit and tax-exempt multifamily bond programs, which are already protected.
      (http://edocket.access.gpo.gov/2009/pdf/E9-22077.pdf)

Senate Approves HUD Appropriation Bill

The U.S. Senate on 9/17/09 approved its version of the FY 2010 Transportation/HUD appropriations bill (H.R. 3288). House-Senate conferees will try to craft a compromise bill for final congressional passage. Congress, though, is faced by a strong need to pass a short-term continuous resolution to fund many federal agencies beginning October 1.

Virginia Congressman Announces LIHTC Measure

U.S. Rep. Glenn Nye (D-Va.) has announced legislation that would allow enlisted personnel stationed at all U.S. military installations to exclude their base allowance for housing (BAH) from annual income when applying to rent a low-income housing tax credit unit. A 2008 statutory change permits only this exception for personnel at nine specific installations.
      (Release: http://nye.house.gov/index.cfm?sectionid=24&sectiontree=23,24&itemid=255)