News

The Tidwell Group welcomed Justin Heberling as its newest partner in the firm’s Birmingham, AL office. The Tidwell Group also announced Joel T. McDowell, CPA as the Firm’s Birmingham Office Managing Partner. 

HUD now expects to release the RAD revised notice (RADRev4) with modest changes to the public housing component and thorough instructions for the new RAD-for-PRAC authority in early to mid-June 2019. While waiting for RADRev4 there is plenty PHAs and their partners can do now to take advantage of recent flexibilities with RAD and other HUD preservation-redevelopment tools. 

In 2015, HUD was authorized to establish a Pay For Success (PFS) demonstration for achieving energy and water savings in the multifamily assisted housing stock. HUD has now published the intent to collect information with comments due on July 8

HUD released the 2019 Mortgage Limits for Multifamily Housing Programs. The notice also updates the per unit limit for substantial rehabilitation from $15,000 to $15,933.

The National Council of State Housing Agencies (NCSHA) sent a letter to the Internal Revenue Service urging it to rescind its recent amendments to the LIHTC compliance monitoring regulations.

Senators Cory Booker (D-NJ), Maggie Hassan (D-NH), Tim Scott (R-SC) and Todd Young (R-IN) introduced S. 1344 which would require the Secretary of the Treasury to collect data and issue a report on the Opportunity Zone (OZ) tax incentives.

On April 17, the IRS and Treasury released the second set of proposed regulations relating to the Qualified Opportunity Zone (QOZ) program. The Proposed Regulations clarify several important issues within the QOZ program, summarized by Katten Muchin Rosenman LLP below. Please contact one of the members of Katten’s Opportunity Zone Working Group for further information.

On April 27, the Colorado State Senate passed HB19-1228 to Increase Tax Credit Allocation for Affordable Housing on a 32-2-1 vote. The bill will now advance to Governor Jared Polis (D) for his signature.

Southwest Minnesota celebrated the effective end of chronic homelessness and Lexington, KY celebrated the effective end of veteran homelessness! In 2017, the Southwest Minnesota Continuum of Care celebrated the end of veteran homelessness and is now one of only four communities to end both veteran and chronic homelessness.

HUD’s Office of Multifamily West Region issued a memo that nullifies the requirement to review the status of residents reporting zero or nominal (less than $100.00) income every 90 days.

Fannie Mae and research firm Penn Schoen Berland (PSB) released survey data that found most Americans are struggling to find affordable housing near their job, better schools, childcare and job opportunities.

The National Council of State Housing Agencies sent a letter to the Department of the Treasury and IRS urging them to expedite guidance to HUD on how it should establish income limits for the 20, 30, 40, 70, and 80 percent of area median income (AMI) levels necessary for Housing Credit projects that elect to use the average income test for their minimum set-asides.