News

Friday, September 20, 2019

Two state departments in Michigan–the Michigan State Housing Development Authority and the Michigan Economic Development Corporation–launched a website dedicated to providing information and resources on the state’s opportunity zones (OZs). The site, www.miopportunityzones.com, is designed for investors, entrepreneurs, community leaders, developers, builders and others involved with OZs and related tax incentives.

Friday, September 20, 2019

The Washington Housing Finance Commission published a report on what it describes as an emerging threat of investors who seek to disrupt the transfer of low-income housing tax credit properties to nonprofit sponsors at the end of the 15-year compliance period.

Friday, September 20, 2019

The U.S. Department of Housing and Urban Development (HUD) published this week in the Federal Register a proposed rule for the Housing Opportunity Through Modernization Act (HOTMA) of 2016. The proposed rule affects the United States Housing Act of 1937, including changes to income reviews for public housing and HUD’s Section 8 program, as well as maximum limits on assets allowed for families in public housing and in Section 8-assisted housing.

Thursday, September 19, 2019

The U.S. Department of Housing and Urban Development (HUD) today awarded more than $5 million to four communities through the Choice Neighborhoods program. The cities of Huntsville, Ala.; Omaha, Neb.; Rome, Ga.; and Trenton, N.J.; in partnership with their city housing authorities, received the grants. The grants will help local leaders draft comprehensive homegrown plans to revitalize and transform neighborhoods.

Wednesday, September 18, 2019

A bill to create a California state historic tax credit (HTC) passed the Assembly and the Senate and now is on Gov. Gavin Newsom’s desk. S.B. 451 would create a state HTC for 20 percent or 25 percent of qualified rehabilitation expenses (QREs) that meet specific criteria and would be in effect from 2021 through 2026.

Wednesday, September 18, 2019

The Internal Revenue Service Tuesday issued Notice 2019-52, expanding the emergency housing and compliance monitoring relief for low-income housing tax credit properties in areas hit by last year’s California wildfires. Revenue Procedures (Rev.

Friday, September 13, 2019

The Treasury Department will publish in the Federal Register final regulations on additional first-year depreciation deduction under Internal Revenue Code Section 168(k). The final regulations clarify that only the tax-exempt entity’s proportionate share of the property is described in Section 168(g)(1)(B) and is not eligible for the additional first-year depreciation deduction.

Friday, September 13, 2019

Reps. James Langevin, D-R.I., and Peter Welch, D-Vt., yesterday introduced the Building Efficiently Act of 2019 (H.R. 4317) to extend through 2020 and expand the Section 45L new energy-efficient home credit and to create a new tax credit worth up to 3.3 percent of the total construction cost for residential rental properties that reduce energy use by 40 percent or more.

Friday, September 13, 2019

The Federal Housing Finance Agency (FHFA) announced new multifamily loan purchase caps of $100 million each for Fannie Mae and Freddie Mac from the fourth quarter of 2019 to the fourth quarter of 2020. The new caps apply to all multifamily business with no exclusions. The FHFA also directs at least 37.5 percent of Fannie Mae and Freddie Mac multifamily business to mission-driven affordable housing.

Thursday, September 12, 2019

The California state legislature tomorrow will adjourn for the year without considering opportunity zones (OZ) state conformity legislation. The deadline to introduce legislation for consideration in the 2019 legislature was Sept. 10. The next chance for the California state legislature to address OZ conformity will be when it reconvenes in January 2020.