Caitlin Jones & A. J. Johnson • 8 min read
A metropolitan area that focuses on quality of life, Portland, OR, is atypical of the rest of the country. While recession is gradually creeping into the local economy, the impact is far more manageable than other comparable urban areas in the U.S.
Caitlin Jones & A. J. Johnson • 4 min read
Two organizations are pressing Congress to approve additional legislative changes to the low-income housing tax credit program (LIHTC) as part of any new economic stimulus package, in order to assist a tax credit market now struggling from a shortage of equity from investors. Congress is expected to put together an economic stimulus measure in early 2009 at the latest.
Caitlin Jones & A. J. Johnson • 5 min read
Responses to a recent survey of state housing credit agencies by the Tax Credit Advisor finds that in general states haven’t had many low-income housing tax credit awards returned so far. In addition, states to date have only committed a small fraction of their available 2009 housing credit authority.
Caitlin Jones & A. J. Johnson • 3 min read
U.S. Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee, said on 10/28/08 that legislation to preserve existing federally assisted and subsidized affordable rental housing units will a top priority for his panel in the next, 111th Congress.
Caitlin Jones & A. J. Johnson • 6 min read
A massive mixed-use development with two big retailers, two apartment buildings, and commercial tenants is taking shape in the Uptown neighborhood in Chicago’s North Side. The $150 million Wilson Yard project, scheduled to open in 2010, will contain two low-income housing tax credit buildings, a Target discount store financed in part with federal new markets tax credits, a supermarket, and other commercial tenants.
Caitlin Jones & A. J. Johnson • 7 min read
Section 42(g)(2)(A) of the Internal Revenue Code states that a unit in a low-income housing tax credit project is considered rent restricted only if the gross rent does not exceed 30% of the imputed income limitation applicable under the elected minimum set-aside test. Under this test, at least 20% of the project’s units must be rented to households at or below 50% of the area median income (AMI); at least 40% rented to households at or below 60% of AMI; or (for deep rent-skewed projects) at least 25% rented to households at or below 60% of AMI.
Caitlin Jones & A. J. Johnson • 8 min read
Housing industry observers generally are optimistic about the future for affordable housing under the incoming Obama Administration. They take heart from the community-organizer background and big city orientation of President-elect Barrack Obama, and from some of the top people around him. But they also concede his White House will begin on January 20 with other, more pressing priorities on its plate, and will probably be constrained financially from being able to press any major new housing funding or initiatives.
Caitlin Jones & A. J. Johnson • 11 min read
A former brewery converted to affordable housing, a retreat and meeting center created from former military buildings, and a new community and media center built from the transformation of a former power substation are just a few of the historic rehabilitation projects named finalists in the 2008 J. Timothy (“TimmyÓ) Awards for Excellence in Historic Preservation.
Caitlin Jones & A. J. Johnson • 1 min read
President Bush on 10/3/08 received a bill (H.R. 2786) passed by Congress to reauthorize and amend the Native American Housing Assistance and Self-Determination Act (NAHASDA) and the Native American housing and economic development programs that fall under it.
Caitlin Jones & A. J. Johnson • 1 min read
President Bush signed on 10/1/08 signed a continuing resolution (H.R. 2638) passed by Congress to temporarily fund all federal departments and agencies through 3/6/09 at FY 2008 funding levels.
Caitlin Jones & A. J. Johnson • 1 min read
New IRS Revenue Procedure 2008-66 specifies the inflation-adjusted volume caps for each state for calendar 2009 for low-income housing tax credits and for tax-exempt private activity bonds.
Caitlin Jones & A. J. Johnson • 1 min read
New IRS Revenue Procedure 2008-57 specifies awards of an additional $4.16 million in low-income housing tax credit authority to 28 states from the 2008 “national pool.”