The CTCAC applications have been updated to include the 2018 rent limits. The CDLAC-CTCAC joint application Attachment 40 (Excel application) will be updated shortly. An email notice will be sent when the joint application is updated. Non-competitive applicants must use the April 9, 2018 version of the application. If a previous version of the application is substantially completed but not yet submitted, you may send an email request to insert the 2018 rent limits to Connie Harina with your application attached, subject line “2018 CTCAC Application Rent Limits.” Second round CTCAC applicants must use the April 9, 2018 version of the application. First round applicants reapplying in the second round: send an email request to insert the 2018 rent limits to Connie Harina with your application attached, subject line “2018 CTCAC Application Rent Limits.” The CDLAC-CTCAC joint application Attachment 40 (Excel application) has also been updated to include the 2018 rent limits. Applicants must use the April 9, 2018 version of Attachment 40 (Excel application). If a previous version is substantially completed but not yet submitted, you may send an email request to insert the 2018 rent limits to Connie Harina with your Excel application attached.
The San Francisco Multifamily West Regional HUD Office has issued a memo relating to late fees on Section 8 properties, to bring the Region into policy consistency with the other HUD Regions. The memo instructs to apply late fees as instructed in HUD Handbook 4350.3 and the HUD Model Lease. These documents call for a $5 late fee whichmay be applied on the sixth of the month and an additional $1 per day after the sixth, for a maximum of $30.
HUD Multifamily West Region, San Francisco Asset Management Division will host their semiannual industry meeting on Thursday, May 17, 2018 from 10am to 12pm Pacific Time. The event will be held at the San Francisco Regional office. If you plan to participate in-person, please register for the event HERE. Please note that there is a 150- person cap on attendance. If you are unable to attend the event in person, they are also recording the meeting. Please look out for the link to the recording on HUDChannel via this listserve within a few days of the event. They are no longer streaming the event live due to technical challenges.
Last week, the Treasury Department released recommendations to modernize the Community Reinvestment Act (CRA). The recommendations were issued to the Comptroller of the Currency, the Federal Reserve Board, and the FDIC. The CRA’s investment criteria incentivize banks to invest in the communities they serve, and affordable housing is a core component of community development under CRA regulations.
Community Reivestment Act: The Treasury Department’s review of the CRA began last year; the review aimed to reflect developments in the banking industry and reduce burdens on banks and regulators. Recommendations included changes to the program’s administrative framework, eligible activities, and criteria for eligibility and ratings. More information is available here.
Opportunity Zones The Treasury Department designated the first qualified Opportunity Zones in 15 states and three territories. The new Opportunity Zones program, which was enacted as part of tax reform legislation late last year, leverages private infrastructure and housing investment through tax-preferred treatment of capital gains that are reinvested in certain low-income census tracts. The states with designations so far include Arizona, California, Colorado, Georgia, Idaho, Kentucky, Michigan, Mississippi, Nebraska, New Jersey, Oklahoma, South Carolina, South Dakota, Vermont and Wisconsin, and the territories are American Samoa, Puerto Rico and the U.S. Virgin Islands. The IRS published guidance earlier this year on the process for Governors to designate the “Opportunity Zones” and plans to issue additional information on “Opportunity Funds.”
FAQs in Income-Averaging The National Council of State Housing Agencies (NCSHA) recently released a set of FAQs regarding the new Income-Averaging option, which was permanently authorized for the Housing Credit program by the Fiscal Year 2018 Appropriations Act. This third minimum set-aside election for new Housing Credit developments allows owners to elect to serve households earning up to 80% of Area Median Income (AMI), as long as the average for the property is 60% or less, providing more flexibility while offsetting a deeper level of affordability. The document will continue to be refined as updates become available. The FAQs are available online here.
HUD announces nationwide initiative to combat sexual harassment in housing-This week, HUD and the Department of Justice (DOJ) announced the nationwide rollout of an initiative aimed at increasing awareness and reporting of sexual harassment in housing. The announcement comes on the 50th anniversary of the Fair Housing Act and includes an interagency taskforce, a public awareness campaign, and outreach materials. The joint nationwide initiative builds on the Justice Department’s announcement from October, 2017 of pilot initiatives in D.C. and the Western District of Virginia, which generated an upswing in housing harassment reporting to the Department. During the pilots, the DOJ developed and tested ways to better connect with victims of sexual harassment in housing and with those organizations that victims may turn to for assistance. More information is available here.
Due to system enhancements, SAVE system and CaseCheck will be unavailable from April 20 at 9 p.m. to April 22 at 11:59 p.m. Eastern. While SAVE is unavailable, users will not be able to access their SAVE accounts. Also, while SAVE CaseCheck is unavailable, applicants will not be able to check the status of their case.
The Arizona Department of Housing (ADOH) is providing notice of three LIHTC properties seeking Qualified Contracts for acquisition from any buyer(s) who will continue to operate the properties as affordable through the extended use period in accordance with the Land Use Restriction Agreement and Section 42 of the Internal Revenue Code. Please download the Information Bulletin for additional information.