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FY2011 Budget: Housing Cuts

This year the Federal government almost shutdown for the first time in fifteen years.  At the last moment, a deal was struck to keep the government going.  In the initial days following the budget deal, it was not readily available what exactly was cut, but we knew over $38 Billion was cut from ... read more...

Support for the Gulf Opportunity Zone (Go Zone) Low-Income Housing Tax Credit (LIHTC)

Senator Mary L. Landrieu (D-La) secured a letter of support co-signed by Secretary of the U.S. Department of Treasury, Tim Geithner, and Housing and Urban Development (HUD) Secretary Shaun Donovan for extending the Gulf Opportunity Zone (GO Zone) Low-Income Housing Tax Credit (LIHTC) ... read more...

New York Governor Signs FY 2011-2012 Budget

On March 31, 2011, New York Governor Andrew Cuomo passed the 2011-2012 state budget  that eliminates a $10 billion deficit.  The $132 billion spending plan increases the aggregate dollar amount of New York State Low Income Housing Tax Credits (modeled after the federal Low Income Housing Tax ... read more...

The U.S. Department of Housing and Urban Development (HUD) Announces Blanket Extension for Filing Audited Financial Statements

The U.S. Department of Housing and Urban Development (HUD) announced that the Real Estate Assessment Center (REAC) has been authorized to provide a blanket 30-day extension for the Financial Assessment Subsystem Multifamily Housing (FASS-MF) submissions of audited financial statements for ... read more...

Department of Housing and Urban Development (HUD) Taking Control of the Housing Authority of the City of Lafayette (HACL)

The U.S. Department of Housing and Urban Development (HUD) has taken control of the Housing Authority of the City of Lafayette (HACL). In its letter to the Housing Authority of the City of Lafayette (HACL), The Department of Housing and Urban Development (HUD) stated that the agency was in ... read more...

Updated IRS Guide for Form 8823: Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition

Today The Internal Revenue Service (IRS) updated its Guide for Completing Form 8823: Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. State and local housing agencies are required to monitor Low Income Housing Tax Credit (LIHTC) projects during the compliance ... read more...

House Votes to Eliminate the Neighborhood Stabilization Program (NSP)

On March 16, the House passed H.R. 861, Neighborhood Stabilization Program (NSP) Termination Act, introduced by Rep. Gary Miller (R-CA) which would terminate funding for the Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP).  The Neighborhood ... read more...

House Democrats Introduce Bill to Extend the Low Income Housing Tax Credit (LIHTC) Exchange Program

On March 10, 2011,  House Ways and Means Committee Democrats introduced  H.R. 992, called the Building American Jobs Act of 2011, to create jobs through increased investment in infrastructure.  Building American Jobs Act of 2011 includes a Low-Income Housing Tax Credit (LIHTC) exchange program ... read more...

HUD Issues Notice of Funding Availability (NOFA) for FY2010 Section 202 Supportive Housing for the Elderly Program

The Department of Housing and Urban Development (HUD) provided details on accessing approximately $371 million of funding for Section 202 Supportive Housing for the Elderly Program, which is authorized by section 202 of the Housing Act of 1959. Section 202 Supportive Housing for the Elderly ... read more...

Department of Housing and Urban Development (HUD) Taking Control of the Philadelphia Housing Authority (PHA)

Due to mismanagement and corruption, the Philadelphia Housing Authority’s (PHA) five member board temporarily surrendered control to the Department of Housing and Urban Development (HUD) on  Friday, March 4, 2011. Former city official and currently the Chief Operating Officer of the Department ... read more...