News

Monday, November 19, 2018

The Internal Revenue Service today published Revenue Procedure 2018-55, announcing the amounts of unused low-income housing tax credit (LIHTC) carryovers allocated to qualified states for calendar year 2018. The $2.69 million of unused LIHTC carryovers was placed in a national pool and reallocated to 32 qualified states and Puerto Rico.

Friday, November 16, 2018

A group of seven U.S. senators introduced a bill Thursday to provide tax relief for victims of Hurricane Florence, Hurricane Michael and certain California wildfires.  Hurricanes Florence and Michael and California Wildfire Tax Relief Act (S. 3648) would amend the tax code to treat any applicable disaster zone as an opportunity zone. Bill sponsors include Sens.

Thursday, November 15, 2018

The Internal Revenue Service today announced the 2019 inflation-adjusted amounts for low-income housing tax credit (LIHTC) and private activity bond (PAB) caps. Revenue Procedure 2018-57 sets the state LIHTC ceiling at the greater of $2.75625 multiplied by the state population or $3,166,875.

Wednesday, November 14, 2018

The U.S. Department of Housing and Urban Development (HUD) announced federal relief Tuesday for those affected by California wildfires. President Trump issued a major disaster declaration for Butte, Los Angeles and Ventura counties, so HUD will now share information with the Federal Emergency Management Agency and the state about housing providers that may have available units for affected residents.

Friday, November 9, 2018

The Treasury Department on Thursday released the 2018-2019 Priority Guidance Plan, which includes plans to provide guidance for the low-income housing tax credit (LIHTC), new markets tax credit (NMTC) and historic tax credit (HTC). The Priority Guidance Plan covers the period from July 1, 2018, through June 30, 2019.

Wednesday, November 7, 2018

Results from Tuesday’s elections–with Democrats taking control of the House of Representatives and Republicans maintaining control of the Senate–and their effect on the affordable housing, community development and renewable energy communities are the subject of a Notes from Novogradac blog post and a

Tuesday, November 6, 2018

The Community Development Financial Institutions (CDFI) Fund opened the fiscal year 2019 application period for the CDFI Bond Guarantee Program. The CDFI Bond Guarantee Program provides long-term, low-cost capital for economic growth in low-income communities. As much as $500 million in bond guarantee is available to eligible CDFIs in 2019, pending Congressional authorization.

Tuesday, November 6, 2018

The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac each have $35 billion multifamily lending caps for 2019. Those figures are unchanged from 2018 and are based on FHFA’s projections of the size of the 2019 multifamily originations market. The FHFA will review its estimates of the multifamily loan origination market each quarter and will adjust caps if necessary, although it will not reduce the caps.

Thursday, November 1, 2018

The Community Development Financial Institutions (CDFI) Fund today announced that it resumed accepting CDFI certification applications through the Awards Management Information System (AMIS). The CDFI Fund halted the application submission process through AMIS Aug. 1 to make critical system changes.

Thursday, November 1, 2018

The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act (CRA) performance evaluations that became public in October. Of the 37 evaluations, 30 were rated satisfactory and seven were outstanding. The list includes only national banks, federal savings associations and insured federal branches of foreign banks.