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HAWAII COMMUNITY REINVESTMENT CORPORATION |
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U.S. Department of Housing and Urban Development The official website of the U.S. Department of Housing and Urban Development. The site provides information on various low income housing programs such as Section 8, provides a list of housing projects, and explains the Low Income Housing Tax Credit Program. A great website for resources and information. Hawaii Housing Finance and Development Corporation is the state agency responsible for administering, among other things, the Low Income Housing Tax Credit program in Hawaii. This site contains useful information about the various housing programs to help low and moderate income families in Hawaii, as well as provide resources to developers interested in the annual credit award schedules. Housing Finance is a trade magazine providing news, resources, and ideas about affordable housing and multifamily housing finance. Novogradac & Co. is a national CPA firm specializing in Low Income Housing Tax Credits. They also sponsor seminars on affordable housing, LIHTC, NMTC, and other community development topics. Nixon Peabody is a national law firm whose specialties include affordable housing laws. They also sponsor seminars on affordable housing, tax credits, green homes and sustainability, and other community development topics.
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Resources |
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Below are resources and links to sites related to affordable housing and Low Income Housing Tax Credits.
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What’s New FY2010/2011 Consolidated Application November 2009 - Hawaii Housing Finance and Development Corporation (HHFDC) announced the availability of its 2009/2010 Consolidated Application for its Financing Programs. There are various due dates for different financing programs, but the application due date for the LIHTC and the RHTF (regular funding round) is February 1, 2010, at 4:00 PM. Click here to go to the HHFDC website and to download the application. __________
2010 QCTs/DDA Designation October 2009 - HUD announced its designation of "Qualified Census Tracts" (QCT) and "Difficult to Develop Areas" (DDA) for purposes of the Low Income Housing Tax Credit under Section 42 of the Internal Revenue Code of 1986. The Code defines QCT as any census tract or equivalent geographic area defined by the Bureau of the Census in which at least 50 percent of households have an income less than 60 percent of the AMGI, or whether the poverty rate is at least 25 percent. The Code defines DDA as any area designated by the Secretary of HUD as an area that has high construction, land, and utility costs relative to the AMGI. For 2010, the entire State of Hawaii has been designated as a DDA. For more information and for the official notice, click here. _________
Legislative Update
January 2010—The following bills related to housing are in discussion at the Legislature: SB No. 2110: Imposes a 45-day deadline for State/County ministerial permit review from date of acceptance of the permit application (introduced by Norman Sakamoto); SB No. 2111: Imposes a 60-day deadline for the dedication of affordable housing infrastructure (roadways) provided that certain requirements are met (introduced by Norman Sakamoto); SB No. 2123: Re-distribute some (yet to be determined) of the Conveyance Taxes to the Department of Education; this will negatively impact the amount currently allocated to the Rental Housing Trust Fund (introduced by Suzanne Chun Oakland); HB No. 2166: Repeals all affordable housing requirements on any never before sold housing units, whether in existence or under development, upon the effective date of the Act until 12/31/11 (introduced by Ken Ito); Administrative Bill: To allow Rental Affordable Housing Developers to exchange State (9%) LIHTCs for a loan from the State at $0.50 to $1.00. Administrative Resolution: Currently the Legislature (in a 2/3 vote) must approve all fee simple sales of State property. The Resolution is to eliminate this requirement as the State has some 16 units (condos, SFD) that were acquired in foreclosure that they would like to sell in a more timely manner Miscellaneous: Legislature is looking at eliminating GET exemptions for AH Developments and AH Rental Income. ********** Act 59 - HB1741 was passed by the 2009 Hawaii State Legislature. This bill temporary reduces the distribution portion of the Conveyance Tax transferred to the Rental Housing Trust Fund (RHTF) from 30% to 25% until June 2012. However, the same bill increase the conveyance tax rate for certain sales. RHTF continues to be a valuable source of funding for affordable housing development. HCRC hopes that the percentage decrease will be offset by the increased tax rate. |
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3465 Waialae Avenue, Suite 393, Honolulu, Hawaii 96816 PH 808.532.3110 FAX 808.524.1069 |
