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CARH to Attend White House Meeting on Harmonizing Federal Rental Housing Programs
CARH’S BROADCAST E-MAIL-
REGULATORY ALERT

July 6, 2010

As was discussed at several of CARH’s committee meetings during CARH’s Annual Meeting and Legislative Conference last month, the White House Domestic Policy Council and the Departments of Agriculture, Housing and Urban Development and Treasury have formed a special task force. This task force has been charged with reviewing the various requirements of federal affordable rental housing programs and then, where applicable, identifying points of inconsistency that could be remedied through administrative changes. “Harmonizing” these programs could result in greater program effectiveness.

There have been a series of phone calls among agency personnel, the Domestic Policy office and industry representatives, including CARH, in an effort to identify issues. Late last month, it was decided that a meeting will be held in Washington, DC on Wednesday, July 7. Several invitations to attend this meeting have been sent to a myriad of affordable housing practitioners to begin analyzing programs, identifying issues and recommending approaches for harmonization. The meeting will begin at 1:00 p.m. and end at approximately 6:00 p.m. There will be breakout sessions dealing with underwriting, tenant rules, project serving and operations compliance.

In sending the invitation, the Domestic Policy office wrote the following: “the fact that housing and community organizations must often overlay multiple sources of financing and rental assistance which are in turn administered by a number of different federal agencies sometimes makes the development and operation of affordable homes needlessly complex, expensive and time consuming. We welcome your specific input on ways we might reduce redundancies, standardize practices, and eliminate inefficiencies in our affordable rental housing programs."

Invitations for this meeting were sent from the joint agencies and Domestic Policy office of the White House. CARH’s Executive Director, Colleen M. Fisher, will be attending, as will other CARH members. As asked in the invitation, CARH would like to receive input from CARH members on recommendations that the federal government might employ to reduce redundancies, standardize practices and eliminate inefficiencies in affordable housing programs. Please e-mail these recommendations to CARH’s national office at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it no later than 9:00 a.m. (EST) tomorrow, July 7, 2010.

 
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Tax Credit Percentages

For May 2013:
9%: 7.41 4%: 3.18

   

  • Previous Month's Credits

    The IRS publishes monthly credit percentages that apply to low-income housing tax credit buildings placed in service that month.  There are two rates:  the 70% present value credit (PVC) and the 30% present value credit.  The maximum 70% rate is available for low-income new construction and substantial rehabilitation expendiretures that are not federally subsidized.  The maximum 30% rate applies to acquisition expenditures and to federally subsidized low-income new construction or substantial rehabilitation expenditures.

    *Note: The Housing and Economic Recovery Act of 2008 provides for a flat minimum percentage of 9% for the 70% present value housing credit for projects placed in service after July 30, 2008.

 

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Next CARH Meeting

The 2013 Annual Meeting & Legislative Conference will be held June 9-11, 2013, at the Ritz Carlton Pentagon City in Arlington, Virginia.