Legislative Updates

AHMA-PSW’s Affordable Housing News 05/21/20

– The U.S. Department of Housing and Urban Development Multifamily West Region (HUD) has recently updated the tenant brochure. Property owners are encouraged to post the two text pages, plus the appropriate PBCA contact information, in their buildings to help tenants understand how to adjust their rent in the event of lost income and to reduce the risk of rent loss for owners. Please click here to view the updated brochure.

– The Internal Revenue Service (IRS) recently issued Revenue Ruling 2020-12, which provides various prescribed rates for federal income tax purposes, including applicable federal interest rates, adjusted applicable federal interest rates, and adjusted long-term and tax-exempt rates for June 2020. Please click here to view the Revenue Ruling.

As provided in the ruling, Table 4 contains LIHTC Appropriate Percentages Under Section 42(b)(1) for June 2020:
  • Appropriate percentage for the 70% present value low-income housing credit: 7.16%
  • Appropriate percentage for the 30% present value low-income housing credit: 3.07%
Note: Under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July 30, 2008, shall not be less than 9%.