Members of the LIHTC Working Group, in a May 8, 2013 letter to House Ways and Means Committee Chairman Dave Camp, highlighted the key benefits of the Low-Income Housing Tax Credit (LIHTC) program and the possible effects of corporate tax reform on equity raised from the LIHTC, as detailed in the recent report, “Affordable Rental Housing After Tax Reform: Calculating Corporate Tax Reform’s Possible Effects on Equity Raised from Low-Income Housing Tax Credits.” MORE: http://www.prweb.com/releases/2013/5/prweb10766845.htm

States allocated $978 million in low-income housing tax credits (LIHTCs)—$749.7 million from their annual state ceiling and $228.3 million to bond-financed properties—in 2011, according to a new analysis by the National Council of State Housing Agencies (NCSHA). Overall, these housing credits will help produce 87,918 affordable rental homes around the country. MORE: http://www.housingfinance.com/affordable-housing/lihtcs-finance-nearly-88000-units-in-2011.aspx

Can apartments be too small? Developers are testing the boundaries, experimenting with layout and design to determine just how tiny and inexpensive a space they can easily lease. MORE: http://www.cpexecutive.com/property-types/multi-family/uli-special-report-micro-size-it/

Landlord–tenant law was not all that riveting 10 years ago when Matthew I. Paletz first started practicing law. But in the past few years, as states have adopted medical marijuana statutes, more cases have come to the forefront of the dockets. “It’s a hot topic, without a doubt,” Paletz says. “And it doesn’t seem like it’s going away, either.” MORE: http://www.multifamilyexecutive.com/property-management/marijuana-laws-trouble-owners-operators.aspx?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=MFEBU_052313&day=2013-05-23

The rallying cry for tax reform goes something like this: We need a simple, straightforward tax code—no more expensive tax software, no more tax accountants, no more hours of complicated calculations—and a code that helps to lower taxes on the average person and business. But on the other side of this appealing vision is a threat to programs built into the tax code that have major impacts on people and the communities in which they live—and those programs could disappear overnight. The low-income housing tax credit (LIHTC) has enjoyed bipartisan support over its 26-year history, but determination to eliminate credits and deductions and bring down corporate rates could put even successful, popular credits like this one at risk. MORE: http://www.housingfinance.com/legislation/with-tax-reform-in-sight-threat-to-housing-credit-looms-large.aspx?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=AHFBU_052213&day=2013-05-22

“My testimony today will describe the conclusions and recommendations made by the Council in its third annual report.  The report represents extensive collaboration among staff of Council members and member agencies to provide Congress and the public with the Council’s assessment of significant financial market and regulatory developments, potential emerging threats to financial stability, and recommendations to strengthen the financial system.  The annual report is a key way that the Council can share its collective perspective and provide information on its activities to Congress and the public.” MORE: http://www.loansafe.org/testimony-of-secretary-jacob-j-lew-on-financial-system-and-housing-market-recovery

On Saturday, May 18th, Armed Forces Day, retired U.S. Army Staff Sergeant Moises Solorio, a decorated, disabled Veteran, received the keys to his new home in Hutchins, Texas. A member of the Dallas community, he served two tours of duty in the Iraq War and is raising two young children on his own. This is his first home. SEE MORE HERE >> Retired Military Veteran and Single Father

Homesales probably rose in April to the highest level in more than three years, extending gains in residential real estate that are giving the U.S. expansion a lift, economists said before reports this week. Combined purchases of new and existing residences climbed to a 5.41 million annualized rate last month, the highest since November 2009, according to the median forecast of economists surveyed by Bloomberg ahead of figures from the National Association of Realtors and the Commerce Department. Other data may show orders to manufacturers improved after slumping in March by the most in seven months. MORE: http://www.bloomberg.com/news/2013-05-19/home-sales-probably-rose-toward-2009-high-u-s-economy-preview.html

Just a year since the U.S. housing market hit bottom after the biggest plunge in eight decades, signs of excess are re-emerging. A home in the Brentwood neighborhood of Los Angeles that received 11 offers. An open house for a five-bedroom brownstone in Brooklyn, New York, priced at $949,000 drew 300 visitors and brought in 50 offers. Three thousand miles away in Menlo Park, California, a one-story home listed for $2 million got six offers last month, including four from builders planning to tear it down to construct a bigger house. In south Florida, ground zero for the last building boom and bust, 3,300 new condominium units are under way, the most since 2007. MORE: http://www.bloomberg.com/news/2013-05-16/brooklyn-to-california-bubble-threat-grows-in-housing.html

Texas lawmakers would have a huge say in whether developers receive an award of low-income housing tax credits (LIHTCs) under a bill passed by the state House of Representatives. Letters of support or opposition from legislators would be highly scored in the fierce competition for housing credits awarded by the Texas Department of Housing and Community Affairs (TDHCA) under the bill. When housing credit awards are often decided by just a few points, these letters can decide the fate of a development. MORE: http://www.housingfinance.com/lihtc/05172013-texas-legislature-eyes-big-changes-to-qap.aspx