Capital Briefs
By Caitlin Jones
2 min read
Tax Credit Advisors, January 2010:
Treasury Announces New Priority Guidance Plan
The U.S. Treasury Department has released its new priority guidance plan, identifying 315 specific rulemaking projects that the Internal Revenue Service plans to initiate or complete by 6/30/10. The list includes several sets of regulations for the low-income housing tax credit program (regarding qualified contracts, utility allowances for sub-metered buildings), and several for the new markets tax credit program (final rules on targeted populations and on recapture). Other items include guidance for the LIHTC TCAP and 1602 credit exchange programs, Build America Bonds, and Section 1603 energy grants.
(http://www.irs.gov/pub/irsutl/2009_-_2010_priority_guidance_plan.pdf)
HUD Issues Several Housing Notices
The U.S. Department of Housing and Urban Development (HUD) has issued two significant notices recently. One (H 09-20) provides updated instructions to owners and management agents of assisted multifamily housing projects on how to use HUD’s Enterprise Income Verification (EIV) system, which becomes mandatory on 1/31/10. The second notice (PIH 2009Ã50) describes how HUD will address and implement various statutory amendments to its Native American housing and community development programs. One 2008 amendment clarifies the treatment regarding federal Native American housing block grant dollars to fund developer fees for low-income housing tax credit projects.
(Notices: http://www.hud.gov/offices/adm/hudclips/whatsnew)
HUD Issues Proposed Rule for Housing Trust Fund
HUD is soliciting comments by 2/2/10 on a proposed rule that specifies the formula to be used to distribute federal dollars from the national Housing Trust Fund, which was established in 2008 but hasn’t yet been capitalized.
The purpose of the Fund is to provide grants to states to increase and preserve the supply of rental housing for extremely low- and very low-income families, including the homeless, and to increase homeownership among extremely low- and very low-income families.
