DASH Act Introduced in Senate Would Expand LIHTC, Create MIHTC, NHTC, Renter Tax Credit
The Decent, Affordable, Safe Housing for All (DASH) Act was introduced by Senate Finance Committee Chair Sen. Ron Wyden, D-Oregon. Among the bill's provisions are: lowering the private activity bond financing threshold from 50% to 25%; an expansion of the 9% low-income housing tax credit (LIHTC); basis boost provisions targeting extremely low-income households, rural and Native American communities; and the creation of 5% and 2% middle-incoming housing tax credits (MIHTCs).
Using New Markets Tax Credits as a Tool to Build Affordable for-Sale Housing
A small consulting firm located in St. Louis, Missouri (Smith NMTC Associates, LLC) persuaded Habitat for Humanity International (HFHI) to collaborate with them on an application for NMTCs. The application, and subsequent ones, successfully garnered $108 million in NMTCs to be used exclusively for Habitat affiliates' projects throughout the U.S.—all of which develop affordable for-sale housing and sell to low-income households.
Governor Hochul Announces Start of Construction on $14.7M Affordable Housing in Niagara County, NY
Governor Kathy Hochul announced that construction has started on True Bethel Commons, a $14.7 million, 39-apartment affordable housing development in Niagara Falls with eight apartments fully adapted for people with physical disabilities. New York State Homes and Community Renewal provided $7.9 million in equity through the LIHTC Program, $2.3 million in Housing Trust Fund subsidy, $2.3 million in Federal HTC Equity, and $1.5 million in State HTC Equity.
2020 NMTC Allocation Awards Announced
The U.S. Department of the Treasury's Community Development Financial Institutions Fund awarded 100 Community Development Entities (CDEs) $5 billion in New Markets Tax Credit (NMTC) allocation authority. The allocation awards, made through the calendar year (CY) 2020 round of the NMTC Program, will help stimulate economic growth in low-income areas nationwide.
Florida Community Loan Fund Awarded $35M in NMTC Allocation
Florida Community Loan Fund, a statewide nonprofit lending institution, today announced an award of $35 million in New Markets Tax Credit allocation from the U.S. Treasury Community Development Financial Institution Fund. FCLF – Florida-based and Florida-focused – will devote 100% of this award to the underserved state of Florida.
Fannie Mae Increases Commitment to Low-Income Housing Tax Credit Market
Fannie Mae announced it has increased its capital for investment in low-income housing tax credit (LIHTC) activities as part of its ongoing effort to provide a reliable source of capital for affordable rental housing, especially in underserved markets. The Federal Housing Finance Agency (FHFA) approved the increase, up to $850 million annually from a $500 million annual cap set in 2017.
CDFI Fund Announces $5B in New Markets Tax Credits
The CDFI Fund announced $5 billion in New Markets Tax Credits that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 100 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year 2020 round of the New Markets Tax Credit Program.
Biden-Harris Administration Announces Steps to Increase Affordable Housing Supply
The Biden-Harris Administration is announcing a number of steps that will create, preserve, and sell to homeowners and non-profits nearly 100,000 additional affordable homes for homeowners and renters over the next three years, with an emphasis on the lower and middle segments of the market.
Regions Bank Closes $126M LIHTC Fund
A new $126 million tax credit equity tax fund managed by the Regions Bank Affordable Housing division has closed and will help create about 1,500 units of affordable housing at 16 properties in 10 states across the Northeast, Southeast, and Midwest. RAH Corporate Partners Fund 57 is comprised of four institutional investors with Regions Bank as a co-investor.
Ohio Capital Fund Shrinks Dependence on State Tax Credits
The state-backed fund that drew venture capital to Ohio tech startups is shrinking its reliance on tax credits to make bond payments and still aiming for a big return from its cumulative investments. Ohio Capital Fund LLC will use about $3 million in state tax credits in the next week to augment some $5 million in returns and pay the August principal and interest on its bonds.
U.S. Sen. Wyden Unveils Bill To Combat Profiteers In Low-Income Housing
U.S. Sen. Ron Wyden announced a bill he said would close a loophole that allows large investors to seek outsized profits in taxpayer-funded affordable housing. If successful, the change would apply to current and future housing deals that use the federal Low Income Housing Tax Credit for funding.