Legislative Update-Summer/Fall 2017
Congressional Tax Reform Efforts and the Low Income Housing Tax Credit (LIHTC)
Senate Finance Committee Hearing
The low-income housing tax credit (LIHTC), an essential tool in addressing the nation’s housing crisis, must be considered as Congress begins its tax reform efforts, stressed a key lawmaker. Visit Affordable Housing Finance to read more
The Senate Finance Committee held a hearing on "America’s Affordable Housing Crisis: Challenges and Solutions." In a bipartisan show of support for affordable housing, members of the Committee from both sides of the aisle acknowledged the need for more affordable housing and the role of the Low-Income Housing Tax Credit (Housing Credit) as our nation’s primary tool for increasing the supply of affordable rental housing. Read More on Affordable Housing Hearing
CohnReznick “LIHTC Properties Show Their Strength”
Low-income housing tax credit properties are operating better than in any period in the program’s 31-year history, according to a new report from CohnReznick. Read More on about "LIHTC Properties Show Their Strength"
Legislative Changes Implemented at ADOH
On August 9, 2017 all statutory changes made during the 53rd Legislatures, 1st Regular Session went into effect. The changes of interest to the Department of Housing (ADOH) include:
HB 2072 – Allows licensed real estate brokers to act as an agent for a licensed manufactured housing dealer.
HB 2076 – Increases the maximum Mobile Home Relocation Fund payout to $7,500 for single section, and $12,500 for multi-section mobile homes.
HB 2290 – Authorizes licensing authorities (ADOH) to issue a regular or provisional license to a qualified applicant who has been convicted of an offense.
HB 2372 – Requires ADOH to waive any fee charged for an initial license for any individual, first time applicant whose family income does not exceed 200 percent of the federal poverty guidelines.
SB 1072 – Requires the courts to award fees and other expenses in a successful action challenging an agency decision if certain criteria are met.
SB 1161 – Improvement districts may be formed for the sole purpose of the operation, maintenance, repair and improvements of retention and detention basins.
SB 1196 – Continuing the Department of Housing for 8 years, through June 30, 2025.
SB 1218 – Conforms Manufactured Housing statutes to existing Housing statutes.
SB 1454 – Allows County Improvement Districts to be financed from proceeds received from the sale of district bonds, county monies and any other monies available to the district by law.
The Department of Housing does not plan to propose statutory changes during the Second Regular Session, which will commence with the Governor’s State of the State on Monday, January 8th, 2018. Most Capitol observers are not expecting this session to be a long one, as all members of the legislature and the Governor gear up for the 2018 Election Cycle.
