News

Wednesday, February 7, 2018

The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Friday’s Federal Register allocating $7.39 billion in Community Development Block Grant disaster recovery (CDBG-DR) funds to areas hit by natural disasters in 2017, with a focus on housing recovery needs.

Monday, February 5, 2018

Novogradac & Company LLP today announced the launch of a resource center with information about Opportunity Zones, a community development tool created by tax reform legislation H.R. 1 for low-income communities.

Thursday, February 1, 2018

The U.S. Department of Housing and Urban Development (HUD) announced today an award of more than $1.5 billion through the Community Development Block Grant–Disaster Recovery (CDBG-DR) program to help Puerto Rico recover from Hurricanes Irma and Maria. CDBG-DR grants support disaster recovery activities, including housing redevelopment and rebuilding, and grantees are required to spend the majority of the funds in the “most-impacted areas” as identified by HUD.

Friday, January 26, 2018

The Community Development Financial Institutions (CDFI) Fund will likely announce the $3.5 billion 2017 round of new markets tax credit allocations in February, according to Christopher Allison, CDFI Fund associate program manager. In a question-and-answer session at the 2018 Novogradac New Markets Tax Credit Conference Friday, Allison said, “We’re optimistic it will happen in February, although that’s always subject to change.” The CDFI Fund’s last NMTC allocation was the 2015-2016 combined $7 billion allocation round, announced Nov. 17, 2016.

Thursday, January 25, 2018

Federal banking regulatory agencies announced today that financial institutions located anywhere in the United States may receive favorable Community Reinvestment Act consideration for bank activities that help revitalize and stabilize major disaster areas in the U.S. Virgin Islands and Puerto Rico that were affected by Hurricane Maria.

Monday, January 22, 2018

The United States will impose tariffs of 30 percent on imported solar panels after President Donald Trump issued a decision in response to a petition from American manufacturers Suniva and SolarWorld Americas Inc.

Wednesday, January 17, 2018

A client alert issued today by Novogradac & Company explains the new federal Base Erosion and Anti-abuse Tax (BEAT) and discusses its implications to tax credit communities. The alert, written by Michael Novogradac, CPA, and Nicolo Pinoli, CPA, explains who is affected, how the BEAT is calculated and how the BEAT may affect future tax credit investments.

Tuesday, January 16, 2018

The Colorado Housing Finance Authority (CHFA) set a state record in 2017 for development of affordable rental housing, the agency said today. CHFA awarded $53.2 million in state and federal low-income housing tax credits (LIHTCs) in 2017 to support the construction or preservation of 4,397 apartments of affordable housing–the largest number of rental homes supported by LIHTC in any single year since CHFA was founded in 1973.

Friday, January 12, 2018

Colorado state Sen. Jack Tate and three bipartisan co-sponsors introduced a bill this week to extend the state Low-Income Housing Tax Credit (LIHTC) program through 2024. The Colorado LIHTC was introduced in 2015 with a sunset date of Dec. 31, 2019. SB007 would also rename the program the Colorado Affordable Housing Tax Credit.

Thursday, January 11, 2018

A bill filed by Missouri state Sen. Daniel Hegeman this week would reduce the annual cap on the state historic tax credit (HTC) from $140 million to $50 million, effective July 1. SB 590 would also make the state HTC discretionary, limit the credit to the least amount required for a project to be feasible (with a maximum of 25 percent of eligible costs) and make residential structures ineligible for the credits. The legislation was referred to a committee.