AFFORDABLE HOUSING FINANCE
By Christine Serlin
Although different news surrounding the low-income housing tax credit (LIHTC), which marked its 30th anniversary in October, dominated the headlines for much of 2016, the presidential election and its subsequent waves have had the industry abuzz for the past six weeks.
Affordable Housing Finance, with help from its Editorial Advisory Board members, takes a look at 10 notable events for the industry from the past year.
1. The 2016 Presidential Election
Affordable housing leaders are still assessing what a Trump administration will mean for the industry, but the odds of tax reform have shot up, heightening concerns regarding the [low-income housing tax credit (LIHTC)] program and leaving the market unsettled.
2. Ben Carson Tapped to Be HUD Secretary
Carson is an unconventional choice for the job since he has little experience in housing policy or in running a government agency and has blasted the Obama administration’s fair housing efforts ...
3. Cantwell, Hatch Introduce LIHTC Expansion Legislation
Sens. Cantwell (D-Wash.) and Hatch (R-Utah) introduced legislation in the spring and expanded it in July to make key changes to the LIHTC program.
4. The 30th Anniversary of the LIHTC Program
This year marks the 30th anniversary of the LIHTC program, which was established as part of the Tax Reform Act of 1986 under president Ronald Reagan.
5. Court Dismisses Disparate Impact Claim Against Texas Agency
Mark Shelburne, a senior manager of Novogradac & Co., wrote at the time that “one likely result may be added difficulty in making disparate impact claims against LIHTC allocating agencies and other program administrators.”
6. Sen. Wyden Proposes Middle-Income Tax Credit
Sen. Ron Wyden (D-Ore.) introduced legislation in September that would create a middle-income housing tax credit (MIHTC).
7. Affordable Housing Wins Big on Local Ballots
Voters in several cities and counties across the nation showed their support for affordable housing by passing measures in November that will increase funding as well as the number of units.
8. RAD Reaches Major Milestone
The Rental Assistance Demonstration (RAD) program has generated $2 billion in private investment to improve more than 30,000 former public housing units, reported federal officials earlier this year.
9. National Housing Trust Fund Allocates First Dollars
HUD allocated nearly $174 million to states this year, the first funds under the housing trust fund. California received the largest share ($10.1 million) followed by New York ($7 million) and Texas ($4.8 million). By law, each state receives a minimum of $3 million, and that’s about what most states received.
10. Congress Passes Major Housing Assistance Reform Bill
A bill that calls for sweeping reforms of the nation’s rental assistance programs unanimously passed the House and Senate and was signed by President Obama. The Housing Opportunity Through Modernization Act of 2016, H.R. 3700, makes several important changes to the “project-basing” of housing choice vouchers.