Year-End Bill Includes FY 2021 Omnibus Spending, Permanent 4% Floor, Disaster LIHTC allocation, Five-Year NMTC Extension, RETC Extensions; COVID-19 Relief Legislation Includes $25 Billion in Emergency Rental Assistance, Extension of Eviction Moratorium
Furthermore, Congress included a $1.2 billion allocation of disaster LIHTC authority for the 11 states and Puerto Rico that experienced non-COVID-19 major disasters in 2020 that qualified for Federal Emergency Management Agency (FEMA) individual and individual and public assistance (i.e., disaster zones) with an overall cap of no more than 65% of the respective state LIHTC ceiling. Congress granted LIHTC properties in disaster zones an additional 12 months to satisfy the 10% test and placed-in-service deadline, as well as giving allocating agencies more flexibility to allocate disaster aut...
Source: novoco.com