News

Tuesday, January 8, 2019

The California Tax Credit Allocation Committee (CTCAC) has scheduled application-training workshops for those interested in submitting applications for 2019 low-income housing tax credits. The workshops are Jan. 17 in Sacramento, Jan. 18 in Oakland, Jan. 22 in San Diego, Jan. 23 in Los Angeles and Jan. 24 in Pasadena. Participants can ask questions and discuss issues with CTCAC staff.

Monday, January 7, 2019

The Internal Revenue Service (IRS) today announced the cancellation due to the ongoing government shutdown of a public hearing on proposed regulations for opportunity zones. The public hearing was originally scheduled for Thursday, but will be rescheduled for at least two weeks after appropriations for the Department of the Treasury are restored. The IRS notice will be published in the Federal Register.

Monday, January 7, 2019

Rep. Dwight Evans, D-Pa., introduced a bill to allow rehabilitation expenses on older public school buildings to qualify for the federal historic tax credit (HTC). H.R. 158 would remove the prior-use restriction from the HTC that makes it impossible for local governments to collaborate with private developers on school renovations.  Similar legislation was proposed in 2012.

Friday, January 4, 2019

Maryland Gov. Larry Hogan announced a series of initiatives this week to expand the opportunity zones (OZ) incentive in his state. Maryland will make $20 million available for building or renovating affordable housing, $8 million for small business lending and $3.5 million for site acquisition and demolition of derelict buildings and redevelopment in OZs. The state’s EARN workforce development grant program will invest $3 million in a job training program for businesses in the state’s 139 OZs and the state will issue other grants for businesses to provide workforce training programs.

Friday, January 4, 2019

The Novogradac Opportunity Zones (OZ) Working Group sent a letter to the Department of Treasury and the Internal Revenue Service (IRS), commenting on issues raised by Treasury regulations for OZs, providing recommended solutions and responding to specific requests by the agencies. Treasury issued its initial tranche of proposed Treasury regulations in October 2018 and further guidance is expected soon.

Thursday, January 3, 2019

The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act performance evaluations that became public in December. Of 31 evaluations made public, 28 were satisfactory and three were outstanding. The list contains national banks, federal savings associations and insured federal branches of foreign banks. The possible ratings are outstanding, satisfactory, needs to improve and substantial noncompliance.

Wednesday, December 26, 2018

The Internal Revenue Service Friday issued Revenue Procedure 2019-08, providing an optional depreciation table for residential rental property that is depreciated under the alternative depreciation system (ADS) under Internal Revenue Code (IRC) Section 168. Tax reform legislation passed late last year changed the recovery period under the ADS from 40 years to 30 years for residential rental property placed in service after 2017. Rev. Proc.

Wednesday, December 26, 2018

The Community Development Financial Institutions (CDFI) Fund staff and services will be unavailable for the duration of the partial federal government shutdown, the CDFI Fund announced today. Access to the CDFI Fund help desks, CDFI Fund Awards Management Information System and updates to the CDFI Fund website are also suspended until the federal government resumes full operations.

Friday, December 21, 2018

President Donald Trump today named Comptroller of the Currency (OCC) Joseph M. Otting as acting director of the Federal Housing Finance Agency (FHFA) when current FHFA Director Mel Watt’s term ends Jan. 6. Otting would serve as acting FHFA director until a permanent director is confirmed and would concurrently carry out his duties as Comptroller of the Currency.

Thursday, December 20, 2018

The three federal bank regulatory agencies today announced the annual adjustment to the asset thresholds to define small bank, small savings association, intermediate small bank and intermediate mall savings association under the Community Reinvestment Act regulations.