Wednesday, February 21, 2018

The Wisconsin Assembly Tuesday passed a bill that would create a state low-income housing tax credit (LIHTC). If passed by the state Senate and signed by Gov. Scott Walker, the credit would be effective Jan. 1, 2018. It would largely mirror the federal LIHTC, have an annual cap of $42 million and be taken over six taxable years.

Friday, February 16, 2018

The U.S. Department of Housing and Urban Development (HUD) will publish in Tuesday’s Federal Register a notice revising fiscal year (FY) 2018 fair market rents for eight areas based on new survey data. The areas affected are urban Honolulu and Hawaii County, Hawaii; Hood River County and Wasco County, Ore.; Santa Cruz-Watsonville and Santa Maria-Santa Barbara, Calif.; Jonesboro, Ark.; and Seattle-Bellevue, Wash.

Tuesday, February 13, 2018

The Community Development Financial Institutions (CDFI) Fund today awarded $3.5 billion in allocation authority to 73 community development entities (CDEs) under the calendar year 2017 new markets tax credit (NMTC) allocation round. The CDFI Fund selected awardees from a pool of 230 applicants requesting a total $16.2 billion in allocation authority.

Monday, February 12, 2018

President Donald Trump’s proposed $4.4 trillion fiscal year 2019 (FY 2019) budget would cut by 18 percent U.S. Department of Housing and Urban Development (HUD) programs and would eliminate the HOME Investment Partnerships program, Community Development Block Grant program and Public Housing Capital Fund. Funding for HUD would be $6.8 billion less than annualized funding levels as per the continuing resolution for FY 2018 under the proposed FY 2019 budget.

Monday, February 12, 2018

The Trump administration today released a proposed infrastructure framework, the Legislative Outline for Rebuilding Infrastructure in America. The plan would provide $200 billion in federal funds the administration projects would spur at least $1.5 trillion in state, local, tribal and private investment for infrastructure improvements over a decade.

Friday, February 9, 2018

President Trump today ended a brief government shutdown by signing the Bipartisan Budget Act of 2018, a two-year, $300 billion increase to the defense and nondefense spending caps for fiscal years 2018 and 2019.

Thursday, February 8, 2018

The Internal Revenue Service (IRS) today published Revenue Procedure 2018-16, guidance to state chief executive officers on how certain population census tracts may be designated as Qualified Opportunity Zones. Rev. Proc. 2018-16 specifies which census tracts are eligible and provides applicable requirements and deadlines for designation.

Thursday, February 8, 2018

The Internal Revenue Service today issued Notice 2018-17 to expand temporary relief from certain low-income housing tax credit (LIHTC) and tax-exempt bond requirements to Puerto Rico. The relief, provided under Revenue Procedures 2014-49 and 2014-50, include temporary housing relief, compliance monitoring relief and carryover allocation relief. Read more here about Rev. Procs.

Wednesday, February 7, 2018

The Department of Treasury today released a second-quarter update to its 2017-2018 Priority Guidance Plan. Guidance for Opportunity Zones created under the new tax law was added in this update.

Wednesday, February 7, 2018

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during January. Fifteen evaluations were satisfactory and one was outstanding. The list contains only national banks, federal savings associations and insured federal branches of foreign banks.