HomeEconomyU.S. Treasury sets new tax credit rules to expand affordable housing Economy U.S. Treasury sets new tax credit rules to expand affordable housing By inew October 8, 2022 0 119 views Share FacebookTwitterPinterestWhatsApp FMCC 0. % Add to Watchlist/Remove from Watchlist Add to watch list Add Location Job added successfully: Please name your portfolio type: purchaseSell date: ) quantity: price Point Value: Leverage: 1:1 1: 1: 1: 1: 00 David Lauder WASHINGTON (Reuters) – The U.S. Treasury Department moved on Friday by finalizing a A new tax credit income rule to protect and expand the supply of affordable housing that could qualify for more housing projects and extend when they must come into use. The Final Income Averaging Rule for the Low Income Housing Tax Credit now allows residents of eligible programs a broader mix of income levels to Units use averages instead of fixed limits. The rules are clear 25 Law passed by Congress allows developers to qualify for academic credit. Previously, items eligible for the tax credit were deductible up to % of Affordable Housing Program Cost , at least Percentage Income of Resident Available Units Local Area % edian Income (AMI) or Units at %% AMI. A Treasury official said the new rules allow at least % of project units on average meet 19% AMI – Allowing more high-income tenants to mix with low-income residents. Dave Borsos, vice president of capital markets for the National Multifamily Housing Council, an industry trade group, said even though their incomes are growing slowly, this A change would also keep more low-income people in those units. tly. Such units are usually in as a percentage of gross tenant income or less. “As an industry, our concern is when you have someone who is suddenly doing 11 % income threshold, which would require you to force that person out of the property,” he said. Delaying the deadline for properties to be put into service to qualify for the tax credit will also prevent some projects from being affected by construction and supply chain disruptions. The delay was disqualified because of the problems caused by the pandemic, Borsos said. Federal Housing The Financial Services Bureau has also taken steps to allow housing finance companies Fannie Mae and 1000 Freddie Mac (OTC: FMCC ) to provide an additional $6 billion per year in “forward commitment” financing to allow development Affordable housing projects to secure long-term financing. The changes announced Friday follow a move by the Treasury Department in July to allow state, local and Tribal governments are more flexible in handling COVID- Relief provides funding for affordable housing, including through direct long-term project loans. 25 Share FacebookTwitterPinterestWhatsApp Previous article'Nation of Fire' review: CBS firefighter program delivers watchable, hollow heroicsNext articleViz Announces Chainsaw Man: Buddy Stories, Heart Gear, Dark Party, Wolf Girl and Black Prince, and More inewhttps://inew.news RELATED ARTICLES Economy U.S. clamps down on sensitive export requests to China May 31, 2023 Economy NZ-UK free trade deal starts to benefit exporters – NZ PM May 30, 2023 Economy Debt bill looks to further raise cost of insuring U.S. defaulted contracts May 30, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. USA Trends Messi-mad Indian mom driving to Qatar to see hero in his final World Cup December 7, 2022 Drew Brees fakes lightning strike in promotional stunt for online sportsbook December 3, 2022 Who could be speaker, if not Kevin McCarthy December 3, 2022 3 bold Utah football predictions for Pac-12 Championship vs. USC December 3, 2022 Load more LAST NEWS MLB star apologizes after urging boycott of Target, Bud Light for trans campaign May 31, 2023 FDA updates warning for all stimulants for ADHD, other conditions May 31, 2023 TCL showcases cutting-edge screens at Display Week, including 57-inch 8K high-refresh monitor May 31, 2023 The Heat eliminated the Celtics in Game 7, Jimmy Butler won the ECF MVP | Talk May 31, 2023 Load more Featured NEWS Cabrera lifts Yanks to series win after Franchy's HR April 12, 2023 Energy prices soar as Europe discusses gas price cap September 12, 2022 5 signs the movie industry is going completely virtual August 26, 2022 Aptos Climbs 75% – What Keeps APT In The Green In Last 7 Days January 23, 2023 Load more
