News

On July 21st, the IRS released guidance regarding Internal Revenue Code 50(d)(5). The long-awaited guidance affects market rate transactions involving Historic Tax Credits.

If signed into law, the bill would strengthen the project based rental assistance program, reduce the burden of public housing and PBRA unit inspections, and change the way tenant incomes are calculated, reviewed, and addressed.

On Thursday, July 14, Senate Finance Committee member Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) introduced legislation (S.3237) to improve the Low Income Housing Tax Credit.

Historic Tax Credit Advocacy During Summer Recess Urgently Needed The Historic Tax Credit (HTC) is the most significant federal financial commitment to historic preservation. Over the last 36 years, the credit has created 2.3 million jobs, leveraged $117 billion in investment, and rehabilitated more than 41,250  buildings — all while generating enough in federal taxes […]

In late March, HUD’s Office of Recapitalization hosted a listening session to receive feedback on how they can facilitate more efficient closings of RAD transactions. The session has resulted in changes regarding the HAP effective date and information regarding initial year funding.

The policy blueprint, which is entitled “A Pro-Growth Tax Code for All Americans,” contains no legislative language and outlines how the House plans to continue working on tax reform into 2017.

Harvard Research Center report, The State of the Nation’s Housing 2016, reveals that 11.4 million households paid more than half their incomes for housing in 2014. This is the first time the United States has seen so many residents paying such a large portion of their income on rent.

HUD has proposed using Small Area Fair Market Rents (FMRs) for the Housing Choice Voucher program, including project-based vouchers, in metropolitan areas where voucher use tends to be concentrated to specific neighborhoods or areas. Comments on the proposed rule are due by August 15.

The Government Accountability Office’s second report on LIHTC finds that the agencies that allocate state credits generally follow program requirements. However, approaches to QAP and LIHTC award criteria vary, which opens the door to problems for some agency practices.

The plan makes brief mention of “harnessing the abilities of non-profits and other cost-effective service providers,” but largely focuses on public housing, rental assistance, and work requirements for residents.

The Obama Administration named the final nine Promise Zones across the country. The initiative names increasing access to affordable housing as one of its key goals.

A nationwide public opinion poll found that more than three quarters of people (77%) support affordable housing development in their communities. 8 in 10 say their elected officials should increase efforts to support the creation of homes that are affordable to lower-wage workers.