Federal / Agency News

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released a Summary Report and data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2017. Nearly 70 percent of NMTC investments made through 2017 have been concentrated in single/mixed-use real estate, health care and social assistance, manufacturing, and educational services.

On November 19, the House of Representatives voted 231-192 on H.R. 3055 to approve a continuing resolution (CR) that would fund the federal government through December 20. The new CR maintains an important adjustment for the Section 202 Housing for the Elderly program that will prevent renewal delays for Project Rental Assistance Contracts set to […]

Representatives Jim Clyburn (D-SC), Alma Adams (D-NC) and Lacy Clay (D-MO) introduced the Opportunity Zone Reform Act (H.R. 5042) which would eliminate Opportunity Zones that are not low-income and allow states to replace those zones with ones that are low-income as defined by the New Markets Tax Credit. The bill also would prohibit investments in […]

The Internal Revenue Service (IRS) released Revenue Procedure 2019-44, which sets state ceilings for nine percent LIHTCs and private activity bonds (PAB). The LIHTC cap is the greater of $2.8125 multiplied by the state population or $3,217,500. The PAB cap is the greater of $105 multiplied by the state population or $321,775,000.

HUD published proposed revised forms of the Public Housing Authority Annual Contributions Contract (ACC) and Mixed Finance Amendment to the ACC (MFACC Amendment) for public review and comment. HUD also published a side-by-side comparison chart of the revisions to the ACC, and redline versions of the ACC and MFACC Amendment.

HUD’s Office of Affordable Housing Programs (OAHP) is offering a Building HOME training series in January and February of 2020. The series will provide an overview of the HOME Investment Partnerships Program (HOME), including the latest requirements codified in the HOME Final Rule.

Representative Rashida Tlaib (D-MI) sent a letter to the chairmen of the House Committee on Ways and Means, Committee on Oversight and Reform Subcommittee on Economic and Consumer Policy, and the Committee on Financial Services Subcommittee on Oversight and Investigations to request an investigative hearing on whether political contributions influenced the designation of opportunity zones in her district and across the country.

Representatives Hank Johnson (D-GA) and Bobby Rush (D-IL) introduced H.R. 4999 which would require investments that benefit from the opportunity zones (OZs) incentive to reach certain benchmarks in diversity and affordable housing. The bill would require all qualified opportunity funds (QOFs) to have advisory boards for each OZ in which they invest.

Last week the Senate voted 84-9 to pass a four-bill FY 2020 spending package that includes funding for Agriculture, Commerce-Justice-Science, Interior-Environment and Transportation-HUD. The bill includes modest increases over FY 2019 funding levels for rental assistance programs but cuts funding for Choice Neighborhoods, Housing for Persons with AIDS, Indian Housing Block Grants and Community Development Block Grants.

The Senate Committee on Banking, Housing and Urban Affairs will hold a hearing at 10:00 am ET on November 7 entitled “Examining Bipartisan Bills to Promote Affordable Housing Access and Safety.” The hearing will take place in Room 538 of the Dirksen Senate Office Building and via webcast. The witnesses are Ivory Mathews with Columbia […]

The Housing, Community Development, and Insurance Subcommittee of the House Financial Services Committee will hold a hearing on November 20 at 2:00 pm ET entitled, “Safe and Decent? Examining the Current State of Residents’ Health and Safety in HUD Housing.” The hearing will be in Room 2128 of the Rayburn House Office Building and will […]

The Department of the Treasury and the Internal Revenue Service (IRS) released a proposed Form 8996 for Qualified Opportunity Funds (QOFs) for the 2019 tax year. The form is designed to collect information on the amount of investment by opportunity funds in business property by census tract.