Wednesday, April 25, 2018

In a list of answers to frequently asked questions about the opportunity zone incentive the Internal Revenue Service (IRS) today clarified that a taxpayer self-certifies to become a certified qualified opportunity fund for purposes of qualifying for the opportunity zone incentive. In the FAQs, the IRS says it will release a self-certification form in summer 2018 that taxpayers can attach to their federal income tax returns.

Wednesday, April 25, 2018

U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today released the Making Affordable Housing Work Act of 2018, legislative text proposing rent reforms that include rent increases for certain households and would allow public housing agencies (PHAs) and owners to impose work requirements on families and individuals receiving housing assistance.

Monday, April 23, 2018

Gov. Scott Walker signed Senate Bill 668 last week to raise the cap for the Wisconsin state historic tax credit (HTC) from $500,000 to $3.5 million for all projects undertaken on the same parcel, effective July 1. Wisconsin’s state credit had no cap until last fall, when state budget legislation proposed a $5 million project cap. Walker used a line-item veto to reduce the cap to $500,000.

Friday, April 20, 2018

The Novogradac Rent & Income Limit Calculator© has been updated in beta version to include the fiscal year 2018 rent and income limit data released March 30. The Novogradac Rent & Income Limit Calculator© will calculate IRC Section 42(i)(3)(A) low-income housing tax credit rent and income limits for every county and for every metropolitan statistical area in the United States.

Thursday, April 19, 2018

The Treasury Department yesterday designated qualified opportunity zones (OZs) in Alabama, Delaware, Missouri, Ohio, Texas and the Northern Marianas Islands. Investors in qualified opportunity funds that make investments in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026.

Friday, April 13, 2018

The Internal Revenue Service (IRS) will publish Rev. Proc. 2018-22 April 30 to reflect an increase in the state low-income housing tax credit (LIHTC) ceiling enacted through the Consolidated Appropriations Act of 2018. The amended state LIHTC ceiling is the greater of $2.70 multiplied by the state population or $3.105 million. The modifications are in effect for taxable years beginning in 2018.

Friday, April 13, 2018

The U.S. Department of Housing and Urban Development (HUD) and the Justice Department yesterday announced an initiative to increase awareness and reporting of sexual harassment in housing. The three-pronged approach includes an outreach toolkit, a public awareness campaign and an interagency task force between HUD and the Justice Department.

Friday, April 13, 2018

Longtime Community Development Financial Institutions (CDFI) Fund program manager Bob Ibanez will join Novogradac as a senior manager, effective April 16. Ibanez, previously the CDFI Fund’s New Markets Tax Credit (NMTC) program manager and Bank Enterprise Awards program manager, will work with Novogradac’s public policy group in Washington, D.C.

Tuesday, April 10, 2018

The U.S. Department of Housing and Urban Development today awarded $28 billion in long-term disaster recovery aid to nine states, Puerto Rico and the U.S. Virgin Islands through the Community Development Block Grant Disaster Recovery (CDBG-DR) program. The CDBG-DR grants will address housing, business and infrastructure damage from the series of 2017 major hurricanes–Harvey, Irma and Maria–and other major disasters since 2015. 

Monday, April 9, 2018

Legislators from New Hampshire introduced bills in the House and Senate to extend rental assistance through the United States Department of Agriculture’s (USDA’s) Rural Development (RD) program. Sen. Jeanne Shaheen, D-N.H., and Rep.