News

Friday, October 26, 2018

The National Council of State Housing Agencies (NCSHA) submitted a letter to the Internal Revenue Service asking for guidance clarifying that residential real estate property qualifies as opportunity zones (OZs) property and addressing five other OZ issues.

Thursday, October 25, 2018

The federal banking agency members of the Federal Financial Institutions Examination Council that have Community Reinvestment Act (CRA) responsibilities today announced the availability of a fact sheet and data tables for specific lending 2017 data pursuant to the CRA.

Thursday, October 25, 2018

Freddie Mac published two white papers that highlight how the low-income housing tax credit (LIHTC) is used to bring affordable rental housing to underserved markets. “LIHTC in Rural Middle Appalachia” reports that rental housing is rarer in rural Middle Appalachia than the rest of the nation, but a high percentage of renters live in LIHTC properties.

Wednesday, October 24, 2018

A release from the California Department of Business Oversight (DBO) says that state-chartered banks must receive approval from the state commissioner of business oversight before making a passive equity investment in a low-income housing tax credit development–or any other tax-credit investment that meets the definition of “real property investment.” The agency further clarified to Novogradac that those banks must submit a letter to DBO with the general plan for

Tuesday, October 23, 2018

Legislators in New Jersey combined two bills that would create a state historic tax credit (HTC) to reimburse taxpayers for 25 percent of their renovations over a 10-year period. The legislation was unanimously reported out of the Wagering, Tourism and Historic Preservation Committee. There would be a $25,000 project cap for homeowners and no cap for the business HTC, although there would be annual program caps of $15 million in 2019, $25 million in 2020, $40 million in 2021 and $50 million annually beginning in 2022.

Friday, October 19, 2018

In a Notes from Novogradac blog post, Michael J. Novogradac, discusses how the opportunity zones guidance issued today by Treasury provides answers to many questions and includes information that will help guide investors, fund managers and others.

Friday, October 19, 2018

The National Park Service (NPS) certified 1,035 completed historic rehabilitation projects and documented $6.5 billion in rehabilitation investment during fiscal year 2017, according to its annual report in conjunction with Rutgers University on the economic impact of the federal historic tax credit (HTC). The NPS report says the federal HTC helped create 106,900 jobs and $6.2 billion of gross domestic product in FY 2017.

Friday, October 19, 2018

The California Debt Limit Allocation Committee (CDLAC) today asked potential applicants, project sponsors or related parties for upcoming low-income housing tax credit applications to complete a demand survey. The survey is not mandatory, but will help CDLAC prepare the 2019 reservations for various tax credit pools. Completed demand surveys should be emailed to cdlac@treasurer.ca.gov by Nov.

Friday, October 19, 2018

The U.S. Department of Housing and Urban Development today released the list of difficult development areas (DDAs) and qualified census tracts (QCTs) for 2019 for the low-income housing tax credit (LIHTC). DDAs and QCTs are eligible for as much as a 30 percent basis boost while receiving the LIHTC.

Friday, October 19, 2018

The Treasury Department today released the first tranche of proposed guidance for the opportunity zones (OZ) incentive, addressing gains invested in qualified opportunity funds. Treasury also released a related revenue ruling. Treasury will accept comments for 60 days.