News

Tuesday, June 25, 2019

President Donald Trump today signed an executive order to establish a White House Council on eliminating Barriers to Affordable Housing Development. The group will consist of members from eight federal agencies and the chairman will be Ben Carson, secretary of the U.S. Department of Housing and Urban Development.

Tuesday, June 25, 2019

The Internal Revenue Service posted Notice 2019-42, which adds two census tracts in Puerto Rico to the list of federal opportunity zones. Both tracts were eligible under 2012-2016 American Community Survey data after not being eligible under 2011-2015 data. The notice will be published in the Internal Revenue Bulletin 2019-29 on July 15.

Tuesday, June 25, 2019

Four U.S. Senators today introduced legislation that would repeal the qualified contract option for the federal low-income housing tax credit (LIHTC). The Save Affordable Housing Act of 2019, introduced by Sens. Ron Wyden, D-Ore., Todd Young, R-Ind., Ben Cardin, D-Md., and Sherrod Brown, D-Ohio, includes a provision to eliminate the qualified contract option for future LIHTC allocations.

Tuesday, June 25, 2019

The West Virginia Senate unanimously approved legislation to allow individuals and partnerships or limited liability companies to exempt from state tax liability certain income from an opportunity zone (OZ) business. H.B. 113 would cover net income derived directly from an OZ and would be in effect for taxable years beginning Jan. 1, 2019 through those beginning Jan. 1, 2024. The bill now goes to Gov.

Tuesday, June 25, 2019

The Community Development Financial Institutions (CDFI) Fund today opened the fiscal year 2019 funding round for the Capital Magnet Fund (CMF). Through the CMF, the CDFI Fund makes awards to CDFIs and qualified nonprofit housing organizations to finance affordable housing activities, related economic development activities and community service facilities.

Monday, June 24, 2019

The Internal Revenue Service updated its Opportunity Zones Frequently Asked Questions page to affirm that a taxpayer who invests an Internal Revenue Code (IRC) Section 1231 gain into a qualified opportunity fund before the last day the 2018 tax year, but during the 180-day period beginning with the realization of an IRC Section 1231 gain, can make a valid deferral election based on that investment because the tax year ended before May 1, 2019.

Friday, June 21, 2019

Legislation that would allow individuals and partnerships or members of limited liability companies to exempt from state tax liability their net income directly derived from a qualified opportunity zone (OZ) businesses in West Virginia passed the House this week. If enacted, H.B. 113 would go into effect for taxable years beginning Jan. 1, 2019, and will terminate for taxable years beginning Jan. 1, 2024.

Wednesday, June 19, 2019

Legislation to increase the amount of qualified equity investments (QEI) allowed by Nevada’s New Markets Jobs Act was signed by Gov. Steve Sisolak and is now law. A.B. 446 adds $200 million in QEIs after July 2–while the previously authorized $200 million is available before that date. The bill stipulates that any QEI made after July 1, 2019, can’t be used for a credit until July 1, 2021. A.B.

Wednesday, June 19, 2019

A Texas bill that would have prohibited educational quality to be part of the scoring system for the state’s low-income housing tax credit (LIHTC) qualified allocation plan was vetoed by Gov. Greg Abbott. H.B. 1215 would have allowed education quality to be a part of the threshold criteria for eligibility for the LIHTC, but not as part of the scoring.

Tuesday, June 18, 2019

The National Low-Income Housing Coalition (NLIHC) released its 2019 Out of Reach Report today, concluding that in 99 percent of American counties, a full-time, minimum-wage worker can’t afford a one-bedroom rental home at fair market rent.