Affordable Housing Finance

THE BUZZ

Buzz Briefs

AFFORDABLE HOUSING FINANCE • January/February 2012

LIHTC CEILING INCREASE ANNOUNCED

The state low-income housing tax credit ceiling will be the greater of $2.20 multiplied by the state population, or $2,525,000, in 2012, announced the Internal Revenue Service.

That’s an increase from $2.15 multiplied by the state population, or $2,465,000, in 2011.

The amounts used to calculate the state ceiling for the volume cap for private-activity bonds will be the greater of $95 multiplied by the state population, or $284,560,000, in 2012.

This is a change only to the small-state minimum, which was $277,820,000 in 2011.

WHEDA AWARDS SPECIAL ROUND OF LIHTCS

A special award of low-income housing tax credits is going to NEWCAP, Inc., to build workforce housing in Marinette, Wis.

The Wisconsin Housing and Economic Development Authority created a unique funding round to specifically address the growing housing needs in the city, where the Marinette Marine Corp.

received a big contract to build up to 10 Navy combat ships. The contract is expected to bring more than 1,000 jobs in the community.

With roughly $700,000 in tax credits, NEWCAP plans to build a 49-unit development in town.