Federal / Agency News

U.S. Representative Earl Blumenauer (D-OR) recently introduced the Renewable Energy Expansion Act (H.R. 4599), a bill that would allow taxpayers to receive a tax credit that functions as a direct payment for investing in or producing renewable energy.

HUD has issued a notice announcing its intention to offer funding through a competition made available as a Notice of Funding Availability (NOFA) under its Sustainable Communities Planning Grant Program (Program). HUD is also seeking comments on the Program through this Advance Notice. The goal of the Program is to support multi-jurisdictional regional planning efforts that integrate housing, economic development, and transportation decision-making in a manner that empowers jurisdictions to consider the interdependent challenges of economic growth, social equity and environmental impact simultaneously.

Snowed in? Washington, DC got over two feet of snow last weekend and we are looking at as much as another 10 inches of snow tomorrow – so much for living in the South! But just because we can’t dig our cars out doesn’t mean you can’t plan your trip for an upcoming NH&RA event in a much WARMER climate!

In a recent alert, the accounting firm Novogradac & Company has summarized two important IRS Private Letter Rulings impacting the New Markets Tax Credit Ruling.

NH&RA’s Council for Energy Friendly Affordable Housing is pleased to report that a new Senate bill (S. 2897) has been introduced by Senator Michael Bennet (D-CO) that would create significant financial incentives for owners of federally-assisted housing projects to improve their properties’ energy efficiencies and reduce energy costs.

The U.S. Department of Housing and Urban Development has extended the application deadline for $4 million available under the HOPE VI Main Street Grants program until March 3, as well as provides statutory and regulatory requirements, threshold requirements, and rating factors applicable to funding of grant applications.

The House of Representatives has passed tax extenders legislation (HR 4213) on a vote of 241-181. The measure now awaits consideration in the U.S. Senate. Key provisions include…

The Hurricane Damaged Historic Bastrop High project in Bastrop, Louisiana will completely renovate the old Bastrop High School building as part of a HOPE VI Main Street Grant.

A recent tax court ruling finds that state historic tax credit investors are partners and that transactions between investors and the partnership are not disguised sales.

While tax credit equity remains the biggest industry concern, debt financing is also elusive for many developers. 2010 promises to be a challenging year–originations are down, underwriting standards are only becoming stricter and, with then end of the TCAP program and declining state budgets, gap financing will become even more difficult to obtain. NH&RA can help!

Leaders of the Senate Finance Committee, Max Baucus (D-MT) and Chuck Grassley (R-IA) yesterday sent a letter to Senate Majority Leader Harry Reid (D-NV) and Minority Leader Mitch McConnell (R-KY) with regards to expiring tax assistance provisions not included in the House-passed extenders legislation.

U.S. Senator Dianne Feinstein (D-CA) recently introduced a measure to help stimulate and resume development of renewable energy facilities, such as wind farms and solar panel factories.