The Internal Revenue Service (IRS) recently issued Revenue Ruling 2018-12, 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 May 2018. As provided in the ruling, Table 4 contains LIHTCAppropriate Percentages Under Section 42(b)(1) for May 2018: Appropriate percentage for the 70% present value low-income housing credit: 7.65%; Appropriate percentage for the 30% present value low-income housing credit: 3.28%. 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%. To view the attached revenue ruling from the IRS, please click here.
The Arizona Department of Housing (ADOH) is re-announcing a Noticing of Funding Availability (NOFA) for approximately $1,400,000 in project-based rental assistance for up to thirty-five units funded through Section 811 Project Rental Assistance Program (811 PRA). Applications will be received until all units of 811 PRA assistance are awarded. Please download the Information Bulletinfor additional information.