San Diego Houisng Federation Weekly Brief

 Friday, October 16, 2009

In This Issue
Write Congress for Tax Credit Reform
Apply Now for Green Grants
Tax Credit Guidelines Posted
Market Environment for Tax Credits Surveyed

Write Congress for Tax Credit Reform

 
Please contact your Members of Congress and the U.S. Senate (a list of the SD members is here) to urge them to support the consensus proposals for upcoming tax legislation. These proposals would stimulate and maintain Housing Credit investment while ensuring that desperately needed affordable housing continues to be built in the short term. Congress will soon take action to consider extending the expiring first-time homebuyer credit and other expiring tax provisions.  The impact of the LIHTC program on California is an estimtated $1.14 billion in additional equity through 2011 if these provisions are adopted. 
 

Apply Now for Green Grants

 
Enterprise Green Communities has announced their Fall 2009 Green Communities Grant application round.  Grant awards of up to $75,000 per project will be available to support the planning and construction of green affordable housing. Affordable housing developers are invited to submit a Letter of Inquiry (LOI) by Friday, October 23. Approximately 30 applicants will be selected from the LOI and invited to complete a full online application for funding. Final grant awards will be announced in December 2009. Further details about the grant round as well as instructions on how to submit a Letter of Inquiry are available here.
 

Final Tax Credit Guidelines Posted

 
The California Tax Credit Allocation Committee (TCAC) has posted  final guidelines for tax credit applicants. They can be found here.
 
Revised sections would
-- add provisions to the proposed bonus scoring for 100 percent (100%) project-based rental assistance developments. Additional provisions would scale the 25 bonus points down for projects with fewer than 100% project-based voucher units;
-- delete a proposed change allowing retention a portion of four percent (4%) credits where TCAC has awarded cash-in-lieu of those credits;
-- clarify that tax credit allocation fees and other appropriate fees must be paid by all ARRA funding recipients.

 

Market Environment for Credits Surveyed

 
A new survey, undertaken by Ernst & Young on behalf of Enterprise Community Partners, Inc. and Local Initiatives Support Corporation, explains the current market environment for low-income housing tax credit investments, investor motivations, and investor responses to potential legislative enhancements to rules that govern these transactions. The report surveyed current, former and potential institutional investors, as well as syndicators and brokers active in the housing credit industry. It was jointly undertaken by Ernst & Young's Tax Credit Investment Advisory Services group and its Quantitative Economics and Statistics group. It's available here.

 
Affordable Housing
Roundtable 
Thursday, November 5
 
7:30 - 9:30 a.m.
 
"Report Card on San Diego's Mental Health Services Act Housing Program" 
 
NTC Command Center
2640 Historic Decatur Rd.
San Diego 92106 
 
 
Information and Registration here
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