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NIFA’s 2006 Affordable Housing Deal Maker’s Marketplace

NIFA’s 2006 Affordable Housing Deal Maker’s Marketplace. It’s the Law: Legislative Update January 24, 2006. Federal Legislation. NCSHA’s Housing Credit and Bond Improvements Allow states to award higher Credit amounts Eliminate 4 percent Credit, except in Bond-financed deals

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NIFA’s 2006 Affordable Housing Deal Maker’s Marketplace

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  1. NIFA’s 2006 Affordable Housing Deal Maker’s Marketplace It’s the Law: Legislative Update January 24, 2006

  2. Federal Legislation • NCSHA’s Housing Credit and Bond Improvements • Allow states to award higher Credit amounts • Eliminate 4 percent Credit, except in Bond-financed deals • Increase states’ basis boost authority • All HOME-funded properties would qualify for basis boost

  3. Federal Legislation • NCSHA’s Housing Credit and Bond Improvements (cont.) • Exempt Credit and Bond investments from the AMT • Revise scattered site rule • Change Credit program name to “Affordable Housing Tax Credit” • Eliminate Mod-Rehab prohibition • Reform recapture bond requirement

  4. Federal Legislation • NCSHA’s Housing Credit and Bond Improvements (cont.) • Rep. Jim Ramstad (R-MN) • Sen. Orrin Hatch (R-UT) • Sen. Gordon Smith (R-OR)

  5. Federal Legislation • Gulf Opportunity Zone Act of 2005, HR 4440 • Increased Housing Credit authority • Increased PAB authority • Increased states’ basis boost authority • Housing Credits and Bonds are central to Gulf Region’s rebuilding effort

  6. Federal Legislation • Exit Tax Relief • H.R. 3715 (Ramstad-Cardin) • Encourage preservation • Allows owner to exclude gain if • Sale to buyer that agrees to 30-year affordable use restriction; • 51 percent of units affordable to those at or below 60 percent AMGI; and • State housing agency approves buyer’s plan. • No Senate bill

  7. Federal Legislation • Tax Reform • President’s Advisory Panel’s 2005 Report • Eliminate the Housing Credit • Remove incentive for corporations to buy tax-exempt Housing Bonds • Eliminate “double taxation” of corporate earnings • Unlikely in 2006

  8. Federal Regulation • IRS • Guidance Projects • Year 15 qualified contract exception • Utility allowance calculation • RP 2005-69 (Hurricane Katrina) • Waiver authority expires Sep. 2006 • Template for future disaster relief

  9. Federal Regulation • HUD’s Dec. 16, 2005 Notice • Metropolitan area definitions for FY 2006 • Estimates of median family income • Proposed change in “hold-harmless” policy • Could impact Credit properties • Comments due February 14, 2006

  10. Contact Info John Hughes NCSHA 202-624-7710 jhughes@ncsha.org

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