Legislation introduced in Maryland would create a state low-income housing tax credit (LIHTC) worth up to the federal LIHTC award for properties that require the state benefit. S.B. 715 would provide credits to developers of LIHTC properties who enroll in the state program for fiscal years 2021, 2022 and 2023. Credits would be issued to properties that require the funding to make the development economically feasible.
The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act (CRA) performance evaluations made public in January. Of 28 evaluations, 21 were satisfactory and seven were outstanding. The list includes national banks, federal savings associations and insured federal branches of foreign banks.
A group of 19 California state legislators introduced a bill yesterday to create a $500 million affordable housing preservation tax credit. A.B. 2058 would create a tax credit with a cap of $1 million for owners of affordable housing to keep units income restricted, instead of converting them into market-rate housing when current subsidies or deed restrictions expire. The credit would begin Jan.
A bill introduced this week in the Kentucky legislature would create a state low-income housing tax credit (LIHTC) equal to the federal LIHTC. H.B. 371 would introduce the state LIHTC for five years and would first be available to properties placed in service on or after Jan. 1, 2021. The credit could be taken against the state income and insurance taxes.
The Internal Revenue Service released final versions of two forms related to the opportunity zones incentive. The final version of Form 8996–Qualified Opportunity Fund and its instructions include three clarifications of instructions.
An Alabama circuit court ruled against the state department of revenue concerning its policy of disregarding low-income housing tax credit (LIHTC) extended-use restrictions when determining assessment of value for property taxes.
Rep. Earl Blumenauer, D-Ore., today released a report, “Locked Out: Reversing Federal Housing Failures and Unlocking Opportunity,” that is described as a framework that declares housing a fundamental human right and includes an increase for the low-income housing tax credit (LIHTC) and public housing capital needs funding.
The Puerto Rico Department of Economic Development and Commerce announced the release of draft opportunity zone (OZ) regulations Thursday that establish the rules, requirements and criteria that will be used for the request and issuance of decrees.
Connecticut Governor Ned Lamont Thursday announced a legislative proposal to create a performance-based incentive program for businesses to expand or relocate to Connecticut, with an expanded incentive for opportunity zones (OZ) businesses.
The U.S. Department of Housing and Urban Development published guidance Tuesday on assessing a person’s request to have assistance animal as a reasonable accommodation under the Fair Housing Act (FHA). Under the FHA, residents with disabilities may request a reasonable accommodation for service animals or other assistance animals, including support animals.