At the heart of a debate about the future of American race, housing, and urban policy are two important lawsuits recently filed in state courts in New Jersey and Connecticut. Plaintiffs challenge the authority of their respective state housing finance agencies to fund subsidized units, with US Treasury issued tax credits, in neighborhoods of racial and social isolation. These cases seek clarification of the Fair Housing Act of 1968, parallel state fair housing provisions, the equal protection clauses of state and federal constitutions, and the meaning of the two most important state fair housing cases ever decided. Community development forces argue that the building and rebuilding of low-income housing in poor segregated neighborhoods must continue and is the only way, within the exist...
Forget mortgage-backed securities, corporate bonds and Treasury bills; take a look at the federal Low-Income-Housing Tax Credit (LIHTC) program. This program offers a real opportunity for new investors, in particular community banks, because of the market downturn and heavy losses sustained by the biggest TARP-recipient banks. The LIHTC was established by the 1986 tax act, and through 2007, it helped create nearly 1.7 million affordable-housing units. The current after-tax yield for LIHTC investments can exceed 10% to 12%. Investing in LIHTCs may also give your community bank the opportunity to build long-term relationships with new or existing clients; diversify into new markets, products and services; and strengthen relationships with political and community leaders. Finally, LIHTC do...
Over the past year, the low-income housing tax credit program has undergone a notable transformation. State agencies have been laboring to interpret the new provisions, and have been issuing policy memos to respond to the changes. On the compliance side, some of the Housing and Economic Recovery Act of 2008 (HEAR) provisions can present difficulties or confusion for site managers and staff who do not know about or do not fully understand just what all of these changes entail. Currently, projects placed in service during 2006, 2007, or 2008, and which are located in a non-metropolitan area within the Gulf Opportunity Zone are able to use the greater of the median gross income standard or the national non-metropolitan gross income standard. For 9 percent LIHTC sites located in certain ru...
NEW YORK, June 24 /PRNewswire/ -- A new study of New York low- income housing released yesterday proves affordable housing development fuels economic gains in distressed neighborhoods. The study, commissioned by Local Initiatives Support Corporation (LISC) and Enterprise Community Partners (Enterprise) shows affordable housing development is a proven economic stimulus that can expand neighborhood spending power, raise surrounding property values and help low-income families stabilize their economic outlook. Enterprise and LISC released this report based on data analysis done by the Furman Center for Real Estate and Urban Policy at New York University and independent consultants. The LISC and Enterprise study considered the impact that new and rehabbed low-income housing has on residents...
A common scenario in tax credit site management is the household that becomes uncommunicative at recertification time. Failure to recertify is one of the most common reasons for not renewing a tax credit household's lease. The nonrenewal procedure is a necessary step to ensure that the unit stays in compliance, but it can be a sensitive issue for all concerned. The best safeguard against objections to lease nonrenewal can be found in the lease itself. Tax credit leases include language or an addendum that specifically states the grounds to terminate the tenancy, including tax credit-specific ground. State that approximately 120 days prior to the expiration of the lease term, the owner will ask the resident to report his household income and provide information regarding the household an...
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