- Congress has finally passed the much awaited Tax extender’s legislation, H.R 2029 The Consolidated Appropriations Act, included is a win for affordable housing advocates – the nine percent minimum Low Income Housing Tax Credit was made permanent.
- The Federal Housing Finance Agency (FHFA) has proposed a Duty to Serve Underserved Markets Rule, required by the Housing and Economic Recovery Act of 2008, which requires Fannie Mae and Freddie Mac (GSEs) to serve three underserved markets: Manufactured Housing, Affordable Housing Preservation and Rural Housing. The GSEs would be required to establish and implement plans to serve each market and would receive duty to serve credits for success. The proposal is open for comment until March 17, 2016.
Tag Archives: tax extenders legislation
Tuesday’s Regulatory & Legislative Round-Up
- The Department of Housing and Urban Development has released a notice to the Federal Register to announce the Designated Difficult Development Areas and Qualified Census Tracks for purposes of the Low Income Housing Tax Credit, which become effective July 1st 2016. This is the firs time that the Department has used Small Area Market Rents (SAMRs) as opposed to Metropolitan Area Market Rents for designation of Difficult Development Areas. The use of SMARs will allow a more granular assessment of rent differences within Metropolitan areas.
- Representatives Blum and Aguilar sent a letter, signed by 34 members of the U.S. House of Representatives urging Congress to act quickly to extend the 2014 Tax Extenders Legislation. Enterprise Community Partners Blog details how this extension would affect the Low Income Housing Tax Credit and the New Market Tax Credit, which have been utilized successfully by developers of affordable housing.
Tuesday’s Regulatory & Legislative Round-Up
- New York City Mayor Bill De Blasio recently unveiled an Inclusionary Housing Program which allows developers to build beyond existing restrictions if they create permanent affordable units, this is one of the most aggressive programs in the country – as many as one in four new apartments will include permanently affordable and low income units (available as rental or ownership programs).
- While the U.S. Congress is in recess advocacy groups are encouraging members to get in touch with their representatives who will be considering tax extenders and other affordable housing legislation when they return.
Tuesday’s Regulatory & Legislative Round-Up
- Today, July 21st The U.S. Senate Finance Committee is holding a mark up of several expired tax provisions. This Tax Extenders Legislation would, among other provisions, extend the popular New Market Tax Credit and the Low Income Housing Tax Credit which help developers finance affordable housing construction.
