News

Thursday, July 2, 2020

Seven U.S. Senators authored a letter to Treasury Secretary Steven Mnuchin, asking Treasury to extend the continuity safe harbor provision further for offshore wind. The letter thanks Mnuchin for earlier guidance, but asks for an additional three years beyond the standard four-year safe harbor for offshore wind projects that began construction between 2016 and 2020.

Wednesday, July 1, 2020

The New Markets Tax Credit Coalition today released the 2020 New Markets Tax Credit (NMTC) Progress Report, a survey of 65 community development entities (CDEs). The CDEs reported using $2.7 billion in NMTC allocation in 2019 to finance 288 investments that amounted to $4.5 billion in project investment to low-income communities and 1.7 million people served. The financing resulted in 57,414 jobs, 35,440 of them permanent.

Wednesday, July 1, 2020

The House of Representatives today approved a sweeping infrastructure bill, voting to send the $1.5 trillion legislation to the Senate. The Moving Forward Act (H.R.

Wednesday, July 1, 2020

The Internal Revenue Service today released an advance copy of proposed regulations concerning low-income housing tax credit (LIHTC) compliance issues, returning to a previous standard of required inspection of the lesser of the applicable Real Estate Assessment Center (REAC) number of 20 percent of the low-income units in the development.

Tuesday, June 30, 2020

California Gov. Gavin Newsom today signed a state budget bill that includes an extra $500 million in funding for state low-income housing tax credits (LIHTCs) and exempts the LIHTC from the state’s $5 million annual cap in claiming business tax credits. California’s previous budget bill approved the extra $500 million in annual LIHTCs, subject to the state Legislature appropriating the funds.

Monday, June 29, 2020

A bipartisan group of 48 members of the House of Representatives submitted a letter requesting that House leadership delay the phasedown of the renewable energy investment tax credit (ITC) and the Section 25D residential energy-efficient tax credit, due to the effects of the COVID-19 pandemic. The letter cites the fact that the clean energy industry has lost jobs since the start of the phasedown and requests a delay in the phasedown of the credits.

Monday, June 29, 2020

The Rhode Island budget bill signed last week by Gov. Gina Raimondo includes a provision to fund the state historic tax credit (HTC), thereby extending the HTC sunset date until June 30, 2021. H. 7170 calls for a transfer of $5 million in appropriations for the Rebuild Rhode Island Tax Credit program.

Monday, June 29, 2020

Five members of the House of Representatives last week introduced a bill to create a tax credit for providing services to individuals with serious and long-term disabilities who live in low-income housing tax credit (LIHTC)-financed properties.

Friday, June 26, 2020

A report from the Government Accountability Office (GAO) concluded that rental affordability declined from 2001 to 2017 as the number of renters increased from 34 percent of the population to 36 percent.

Friday, June 26, 2020

A biennial report from the U.S. Department of Housing and Urban Development (HUD) says that worst-case housing needs have increased over the long term and that housing developers and property managers are finding it difficult to provide decent rental housing at rates affordable to working families and vulnerable households. The Worst Case Housing Needs 2019 Report to Congress includes data from the 2017 American Housing Survey.