
Friday, August 1, 2008

In This Issue

Landmark Housing Bill Results in Many Changes

Reapply for Housing CA Conference Scholarships

Two Local Projects Get 9% Credits

SDHF Conference Topics Announced

HUD Western Housing Summit August 25/26

National Housing Trust Fund Conference Call August 19

Housing California Moves Offices

Landmark Housing Bill Results in Many Changes

In addition to providing foreclosure relief and creating a National Housing Trust Fund and , the Housing and Economic Recovery Act of 2008, passed by Congress and signed by the President this week, will provide changes and enhancements to many existing programs. A full summary of the legislation's nearly 700 pages is here.

There are numerous revisions to the federal Low Income Housing Tax Credit Program (LIHTC) A summary of the changes to LIHTC is available here.

The California Tax Credit Allocation Commitee (CTCAC) issued a memo yesterday providing some insight to immediate changes in their allocation process. In summary, the key points of the TCAC memo are:

Another $7.3 million of 9% credits will be available for round 2.
Eligible basis increases Outside of Federally-Designated Areas (state will not implement due to availability of state credits)
Nine percent-credit projects placed in service after July 30, 2008 shall use an applicable percentage of not less than 9%. However, TCAC will continue to underwrite the current pending applications as they were presented, using the 8.0 percent credit factor.
Annual Resident Income Recertifications: Effective July 30, 2008, 100 percent (100%) tax credit property owners no longer need to annually recertify resident household incomes. State will require first anniversary recertification.
Modified Substantial Rehabilitation Requirement (see corrected TCAC memo)
Foster youth are exempted from the "Student" Rule.

Reapply for Housing CA Scholarships

Due to technical difficulties some scholarships that were submitted within the last two weeks for Housing California's December conference may not have been received by the Housing California staff. Please re-submit your scholarship application as soon as possible. To ensure that it's received, contact dsmith@housingca.org or call 916-447-0503, ext. 103 to confirm your application has been received. Scholarship awards are based on financial need, contributions to the field, and potential to give back to the field. Apply for a scholarship.

Two SD Projects Receive 9% Credits

Two San Diego County apartment developments were granted 9% tax credit allocations at the meeting yesterday of the Tax Credit
Allocation Committee in Sacramento. Dawson Avenue Senior Apartments received $1.559,539 and El Pedregal Apartments for large families received $1,007224.

Preliminary Conference Topics On-Line

The preliminary program for the San Diego Housing Federation's 17th Annual Affordable Housing & Community Development Conference October 17 is now posted on the Federation's website. There will be six tracks under the theme of "Challenges, Changes, and Opportunities". Start planning now who should attend from your organization by checking out the conference content on the website.

HUD Western Housing Summit Aug.25/26

The 2008 HUD Western Regional Housing Summit will be held Monday, August 25 from 8 a.m. to 5 p.m. and Tuesday, August 26 from 8 a.m. to noon at the Sheraton Universal Hotel in Universal City, CA. The conference focuses around HUD's National Call to Action to reduce barriers to affordable housing and promote innovative strategies to increase production of housing for low and moderate income households. Several tracks will run simultaneously, including policy, production, preservation and reducing barriers.

Registration is free for the conference but must be completed by August 15. Hotel reservations can be made at 1-888-627-7184. For more information, contact: Ramon Mendez - rmendez@enterprisecommunity.org.

New Housing Trust Fund Topic of Call

The National Low Income Housing Coalition's Sheila Crowley will conduct a national call about the newly-enacted Housing Trust Fund on Tuesday, August 19 at 11 a.m. Pacific time. She will describe the features of the Trust Fund and the next steps in developing the regulations that will govern it nationally and in individual states. The call-in number: 1.866.878.4191 and the code is 9671875.

Housing CA Moves Offices

Effective today, the new Housing California office address will be 900 J Street, Second Floor, Sacramento, CA 95814. The phone numbers and email will remain the same.

Calendar

Sponsors Needed

SDHF 17th Annual Affordable Housing &

Community Development

CONFERENCE

October 17, 2008

Click here for form