May 2006 Table of Contents

Fight we must

Following the lead of other major U.S. cities that recognize the growing need for affordable housing, Los Angeles Mayor Antonio Villaraigosa announced last fall that he would seek to put a $1 billion bond measure before voters to help finance the creation Read more

California voters to pick governor candidates in June

Two men familiar to affordable housing developers and advocates in California are among those vying to become the state’s next governor. Read more

What to do when fair market rents for Sec. 8 are lower than LIHTC rents

In this issue: When Sec. 8 rents are less than LIHTC rents; mixing and matching utility allowances; delivering on the promises made. Read more

Another battle over CDBG emerges

The popular Community Development Block Grant (CDBG) program is fighting to survive. Read more

HUD underfunding, energy costs break bank for housing authorities

New York City — The rising price of energy is strangling the operating budget of the New York City Housing Authority (NYCHA) Read more

Housing authorities brace for new accountingrules

Local housing authorities will have to keep individual budgets for each of their public housing properties starting in the 2007 fiscal year, as a result of new accounting rules imposed by the Department of Housing and Urban Development (HUD). Read more

PHAs test ways to deliver aid

A sign of how public housing authorities (PHAs) will operate in the future may be found in a demonstration program called Moving To Work (MTW). Read more

Seniors to help students at new affordablehousing

Chula Vista, Calif. — MAAC Project, a nonprofit affordable housing developer, is building a home on an elementary school campus for seniors interested in mentoring students. Read more

Troubled complex renewed as quality workforce housing

Portland, Ore. — A formerly run-down, crime-plagued apartment complex in northeast Portland got a new lease on life a decade ago – but its second lease only came after the recession slammed this Pacific Northwest city, causing years of financial losses fo Read more

Housing message hits Chicago streets

Buses traveling the streets of Chicago are delivering a pointed message: We need the people who need affordable housing. Read more

CTCAC refines tiebreakers

Sacramento — The California Tax Credit Allocation Committee (CTCAC) clarified a couple of points that could make or break a low-income housing tax credit application in its 2006 qualified allocation plan. Read more

L.A.’s Mercedes Marquez discusses the year ahead

Mercedes Marquez has led a reorganization of the Los Angeles Housing Department (LAHD) since taking over as general manager in 2004. Read more

Policy proposal strives for improved program efficiency

San Francisco – Increased flexibility in how state housing agencies use tax credits and bonds, fair treatment of tax credit projects under state property tax systems and encouraging mixed-income housing are the three main themes of a policy proposal being Read more

Freddie stretches to make Gulf Coast deals work

Freddie Mac and its lender partners are working closely with their Gulf Coast borrowers to make sure multifamily owners have the help they need to rebuild properties in communities devastated by Hurricane Katrina in August 2005. Read more

OCCH passes $1 billion mark in equity raised

Columbus, Ohio — The Ohio Capital Corporation for Housing (OCCH) said that it has raised more than $1 billion in equity for affordable housing developments in the state of Ohio, a goal it reached after closing the $157 million Ohio Equity Fund for Housing Read more

Construction loan tips

Loan negotiation is a critical component that, properly carried out, protects the borrower and the lender as well as helps ensure a good relationship. Read more

Formerly homeless find a place to call home

San Francisco — Many formerly homeless men and women are getting a new start at the recently completed Plaza Apartments. Read more

Urban village grows in L.A. neighborhood

Los Angeles — In the shadow of downtown Los Angeles, Skyline Village is making a dent in the massive demand for affordable housing because its developer didn’t give up when its first financing plan fell through. Read more

Auditing issues worry LIHTC industry

Work continues on solving one of the big issues facing the low-income housing tax credit (LIHTC) market this year: the possibility of more expensive accounting requirements. Read more


Bensenville, Ill. — Lifelink, a nonprofit organization related to the United Church of Christ, completed a $70 million Sec. 202 refinancing of 12 of its Department of Housing and Urban Development affordable seniors housing properties in Cook and D Read more

AMCAL transforms industrial site into housing

Los Angeles — In a neighborhood that has seen little new construction during the last 20 years, one affordable housing developer has boldly taken on four key projects at once. Read more

How to use bonds in LIHTC deals

The information presented here is intended solely for informational purposes and should not be construed as accounting advice from the author or Reznick Group. Reznick Responds is published every other month, so be sure to send accounting questions that y Read more

Major grant offerings announced

Housing grant announcement season peaked in March with the Super Notice of Funding Availability (SuperNOFA), covering many major grant programs of the Department of Housing and Urban Development (HUD) Read more

NCSHA celebrates 20 years of the housing tax credit

Washington, D.C. — The National Council of State Housing Agencies (NCSHA) threw a birthday party for the low-income housing tax credit here March 7. Read more

Historic rehabilitation still hot

Developers are using more federal historic rehabilitation tax credits than ever before, even though many historic buildings in prime locations have already been restored, according to a joint study of the program by Rutgers University and the National Tru Read more

Tell us your community relations success stories

Affordable Housing Finance is conducting research to identify community relations success stories in the affordable housing development business. Read more

Rural housing tenants threatened byprepayments

Housing advocates can now make out the outlines of the government’s plans for its portfolio of aging Sec. 515 projects – and they are very worried. Read more

Legislation introduced to improve tax credit and bond programs

Rep. Jim Ramstad (R-Minn.), a senior member of the House Ways and Means Committee, has introduced legislation (H.R. 4873) to encourage investment in affordable housing by making improvements to the low-income housing tax credit and tax-exempt housing bond Read more

Close X