News

The Internal Revenue Service (IRS) recently released Notice 2014-46, further clarifying Notices 2013-29 and 2013-60, regarding (i) how to satisfy the Physical Work Test and (ii) the effect of various types of transfers with respect to a facility after construction has begun. The Notice also modifies the application of the five percent Safe Harbor. Notice 2014-46 clarifies that a fully- or partially-developed facility may be transferred without losing its qualification under the Physical Work Test or the Safe Harbor for purposes of the PTC or the ITC.

The Government Accountability Office (GAO) recently released a new report that addresses the complex financial structures of New Markets Tax Credit (NMTC) transactions. The report questions whether combining multiple federal, state, or local subsidies is unnecessarily duplicative and whether the complexity of such structures are masking higher rates of return for NMTC investors.

A recent memo released by HUD dated August 7, 2014, addresses the use of a lender ordered MAP appraisals in lieu of a separate Rent Comparability Study (RCS) for Mark-Up-To-Market transactions. The Department plans to change the current RCS guidelines upon publication of the long awaited updated Section 8 Renewal Policy Guide to allow for the use of a lender ordered MAP appraisal that will serve a dual purpose; serving as an RCS and for use in underwriting an application for HUD mortgage insurance.

The Community Development Financial Institutions (CDFI) Fund recently released the Notice of Allocation Availability (NOAA) to open the next allocation round for the New Markets Tax Credit (NMTC) program. The NOAA makes $5 billion in tax credit authority available for the calendar year (CY) 2014 round.

The National Council of Affordable Housing Market Analysts’ (NCAHMA) has adopted a series of documents,  including three cornerstone documents: the Model Content Standards for Market Studies for Rental Housing , the Market Study Index, and the Code of Ethics and Standards of Professional Practice. These fundamental and comprehensive documents are supplemented by several White Papers and […]

Representative Pete Gallego (D-TX) recently introduced H.R. 5198 to amend Section 42(d)(5) of the Internal Revenue Code of 1986 to provide an appeal process  for designation as qualified census tracts (QCTs) and difficult development areas (DDAs) under the Low-Income Housing Tax Credit (LIHTC) program. This legislation would allow any State or local government agency to […]

Representatives Dennis Ross (R-FL), Jim Himes (D-CT), John Delaney (D-MD) , Sean Duffy (R-WI), Emanuel Cleaver (D-MO) and Ann Wagner (R-MO) recently introduced “Pay-for-Success” legislation (H.R. 5104 ) to increase energy efficiency in multifamily rental housing.

Effective Friday July 18, 2014, Mark Van Kirk, the Director of Asset Management for the Office of Multifamily Housing Programs, will be departing HUD and Margaret Salazar will also be stepping down as Director of the Office of Affordable Housing Preservation (OAHP) to assume the role of Field Office Director for HUD’s Portland, OR office in August.

The Multifamily Energy Savings Program Eligibility Tool assists program staff in determining the most appropriate course for the customer’s building. The tool should be filled out to the best of the user’s abilities. Not all fields are required but each field assists program staff to determine the correct course for the customer’s building. Many fields […]

This tool identifies if your property is eligible for the Wisconsin Focus on Energy Multifamily Energy Savings Program (MESP) program. In order to be eligible you must have a multifamily building that is 4 or more units. Buildings with less than 4 units may qualify for other programs. Download

The goal of the Focus on Energy Multifamily Energy Savings Program is to educate and provide implementation assistance for energy efficiency projects to owners, management companies, and developers of multifamily buildings in Wisconsin. Apartments and condos over four units are classified as multifamily. To view all of the Focus on Energy multifamily offering details, visit […]

Last December, Wisconsin Act 62 created a 20 percent tax credit for rehabilitation of certain historic properties…