What's trending in Affordable Housing

March 14, 2016

Author(s): Anthony D. Ruvolo, Andrew H. Tripp

ACTION Campaign urges Congress to expand LIHTC program, changes to the housing credit monitoring regulations, revisions to HFA Risk-Sharing regulations. Here’s what’s trending in affordable housing and community development.

Low-Income Housing Tax Credit

ACTION Campaign urges Congress to expand LIHTC program

The A Call To Invest In Our Neighborhoods (ACTION) Campaign, a broad coalition of affordable housing industry participants at the national, state and local levels, has drafted an open letter to Congress seeking a 50% increase in LIHTC authority, and authority for states to convert their private activity bond volume cap allocation to LIHTC authority.—Andrew Tripp

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What are the changes to the housing credit monitoring regs?

On February 25, 2016, the IRS released revisions to the Section 42 compliance monitoring regulations contained in C.F.R. § 1.42-5 together with Rev. Proc. 2016-15, which change and clarify how credit agencies conduct physical inspections of units and reviews of low-income tenant certifications.—Andrew Tripp

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HUD proposes revisions to HFA Risk-Sharing regulations

HUD allows for abbreviated 30-day comment period.—Anthony D. Ruvolo

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Upcoming Events

IPED Learn the Basics: Housing Tax Credits 101

Location: Revere Hotel | Boston, MA

Date: March 17–18, 2016

Speakers: Nathan Bernard, Tom Giblin, Joe Lynch, John Marti, Forrest Milder, Jeff Sacks, Monica Sussman, Andrew Tripp, Deborah VanAmerongen

Topics include: Basic rules governing the LIHTC, understanding the financial aspects of LIHTC properties, using tax-exempt bonds to qualify for LIHTCs, assessing the state of the debt and equity markets in 2016 and more.

New York Affordable Housing & Community Development Update

Location: Nixon Peabody LLP | Rochester, NY

Date: April 6, 2016

Speakers: To be announced!

Topics include: Policy developments on Capitol Hill and at HUD, current issues on the LIHTC landscape, NY State affordable housing issues.

The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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