News

LOUIS, MO – With three recently closed transactions to support community development projects in Florida, New Jersey, and North Carolina, Smith NMTC Associates, LLC has surpassed $500M in tax credit investments. Additional projects in development for 2020 include the Delmar DivINe initiative in St. Louis and proposals in Georgia, Maryland, New Jersey, Texas, and Virginia.

WASHINGTON, D.C. (Feb. 25, 2020) – On Tuesday, the U.S. Senate Committee on Finance shared updated Internal Revenue Service data showing the continuing cost of abusive conservation easement tax shelters. The following statement can be attributed to Andrew Bowman, president and CEO of the Land Trust Alliance:

HUD is seeking 4,500 participants for its National Standards for the Physical Inspection of Real Estate (NSPIRE) demonstration, which updates the Real Estate Assessment Center’s (REAC) physical housing inspection process. HUD is also seeking comments to ensure clarity, accuracy and overall usability on early versions of NSPIRE standards for HUD-assisted housing.

HUD published Fiscal Year (FY) 2019 average income minimum set asides for LIHTC properties, in ten percent increments from 20 to 80 percent of the area median income in each state and metropolitan fair market rent/income limits area, based on the fiscal year 2019 Multifamily Tax Subsidy Project income limits.

On February 7, the White House Opportunity and Revitalization Council, chaired by HUD Secretary Ben Carson, released its one-year report on Opportunity Zones to President Trump. The report makes 43 legislative and regulatory recommendations relating to Opportunity Zones, including a call for the collection of data to assess the incentive’s value to distressed communities.

The Joint Center for Housing Studies of Harvard University (JCHS) will host an event with Whitney Airgood-Obrycki, lead author of the new America’s Rental Housing report, to discuss key findings, including how low vacancy rates, limited new construction and a growing number of higher-income renters are driving the rental affordability crisis.

The Affordable Housing Tax Credit Coalition (AHTCC) is accepting entries for the 2020 Charles L. Edson Tax Credit Excellence Awards through March 11.

HUD is accepting entries for the 2020 Secretary’s Awards for Healthy Homes through March 10. The competition highlights affordable housing projects that have improved the quality of life for their low- and moderate-income tenants.

Maine Governor Janet Mills (D) signed H.P. 1180 to create a State LIHTC that is equal to the Federal LIHTC, beginning January 1, 2021. The Maine LIHTC will have a $10 million annual statewide cap, but unallocated funds can be carried forward to create a maximum $15 million per year.

The Metropolitan Council of Nashville and Davidson County (Metro Council) amended the original fast track legislation to include inspections and certificates of occupancy by the Department of Codes and Building Safety for qualifying affordable housing developments.

President Trump’s Administration released the Fiscal Year (FY) 2021 budget request, “A Budget for America’s Future.” HUD is allocated $47.9 billion in funding, a 15.2 percent decrease over FY 2020 enacted levels with notable zeroing out of the HOME program, Community Development Block Grants (CDBG), Public Housing Capital Fund, Choice Neighborhoods and HOPE VI.

HUD published Housing Notice 20-02 for Delegated Processing for Certain Capital Advance Projects, which aligns with HUD’s most recent Section 202 and 811 Capital Advance Notices of Funding Availability (NOFA). The notice updates Housing Notice 2013-12 by streamlining the firm commitment process by mandating a timely issuance within 12 months