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The U.S. Department of Housing and Urban Development (HUD) will publish in an upcoming edition of the Federal Register a notice of proposed rulemaking to update regulations for the HOME Investment Partnership Program (HOME).

Alabama Gov. Kay Ivey signed legislation Thursday creating a state low-income housing tax credit (LIHTC) for properties that receive federal 4% LIHTCs.

Legislation introduced in the Rhode Island Senate would provide a tax credit for improvements to certain properties financed by low-income housing tax credits (LIHTCs).

The U.S. Department of Housing and Urban Development (HUD) published a final rule in today’s Federal Register implementing changes made through the Housing Opportunity Through Modernization Act (HOTMA) of 2016. The final rule makes amendments to the housing choice voucher (HCV) and project-based voucher (PBV) programs and establishes a definition of public housing agency (PHA)-owned housing.

Sen. Bob Casey, D-Pennsylvania, introduced legislation to provide a 50% basis boost for affordable housing properties financed by low-income housing tax credit (LIHTC) equity if they meet certain standards to serve residents with disabilities. The Boosting Tax Credits for Accessible Housing Act (S. 3925) would require LIHTC-financed properties to meet design standards as defined in the Uniform Federal Accessibility Standards to receive the basis boost.

Oklahoma Gov. Kevin Stitt signed legislation Tuesday clarifying against which year’s cap reallocated state low-income housing tax credits (LIHTCs) are counted. H.B. 4018 states that reallocated and rolled-over state LIHTCs count against the original allocation year, rather than the year in which they are ultimately allocated. Oklahoma has a state LIHTC worth up to the amount of the federal credit, with a $4 million annual statewide cap.

Fannie Mae and Freddie Mac invested more than $1.7 billion in low-income housing tax credit (LIHTC) equity in 2023, according to the Federal Housing Finance Agency’s annual Housing Mission Report released today. More than 90% of Fannie and Freddie’s LIHTC activity included transactions that support housing in Duty-to-Serve-designated rural areas, preserve affordable housing, support mixed-income housing, provide supportive housing or meet other affordable housing objectives, according to the report.

Legislation introduced in the New York Legislature would allow the bifurcation, transfer and pass-through of state historic tax credits (HTCs). S.B. 9071 would apply to all state HTCs and would be effective for taxable years beginning on or after Jan. 1, 2025. New York has HTCs for commercial buildings, historic barns and historic homes.

Legislation introduced last year to increase the annual cap for the state low-income housing tax credit in Wisconsin failed to advance in this year’s legislative session. S.B. 40 would have increased the cap to $100 million, created a set-aside of 35% of the total allocation for rural areas when possible and allowed the state credit to go to properties that receive the 9% federal credit. Wisconsin’s LIHTC has a $40 million annual cap and is available only to properties that receive 4% federal LIHTCs.

The Internal Revenue Service (IRS) will publish in Tuesday’s Federal Register a notice and request for comments on its Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. No changes are being made. The review is to extend the use of the current Form 8823. Written comments on the form are due by June 10.

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