Federal / Agency News

The Internal Revenue Service (IRS) issued updated guidance for completing Form 8823, the form used by State and Local LIHTC agencies to notify the IRS in the event of noncompliance or building disposition.

Last week, the House of Representatives voted overwhelmingly (357-70) to pass The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024).

The Internal Revenue Service (IRS) published Revenue Ruling 2024-5, which provides guidance on the treatment of returned disaster Housing Credits for the 11 states and Puerto Rico that received disaster credit authority in the Taxpayer Certainty and Disaster Tax Relief Act of 2020.

Stewards of Affordable Housing for the Future (SAHF) updated its Multifamily Portfolio Carbon Emissions Roadmap, which allows portfolio owners to create action plans to reduce their annual greenhouse gas (GHG) emissions in CO2 equivalent.  

The U.S. Department of Energy (DOE) recently announced that the first group of states (California, Hawaii, New Mexico and New York) applied to its Home Energy Rebates program.

HUD has awarded just over $295 million during the first four of the 12 GRRP funding rounds.

Speaker Mike Johnson (R-LA) is considering putting H.R. 7024, Tax Relief for American Families and Workers Act of 2024 on the House floor for a vote this week under suspension of the rules.

HUD Recap is hosting a listening session on January 24 at 12:00 p.m. ET. The facilitated listening session is part of the Closing and Post-Closing team’s ongoing process evaluation efforts.

Last week, Congress avoided a shutdown by continuing FY 2024 appropriations to March 1 and 8.

Last week, the House Ways and Means Committee approved the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) with a 40 – 3 vote.

Last week, the House Financial Services Committee held an Oversight Hearing with HUD Secretary Marcia Fudge. The meeting centered around the rise of housing supply, unaffordability, homelessness and the conditions of public housing.  

A new HUD notice sets an absolute annual cap of ten percent on income limit increases for housing financed by LIHTCs, private-activity bonds (PABs) and for various HUD programs, including Section 8.