News

Tuesday, May 14, 2019

Puerto Rico Gov. Ricardo Rosselló today signed legislation creating additional territory-wide incentives for investments in opportunity zones (OZ). S.B.

Friday, May 10, 2019

California Gov. Gavin Newsom released a revised 2019-2020 budget request Thursday that includes the $200 million annual expansion of the state Low-Income Housing Tax Credit program included in his original proposal, which would increase the annual statewide cap by $500 million for new construction.

Friday, May 10, 2019

California Gov. Gavin Newsom’s updated 2019-2020 budget request Thursday includes a provision to partially conform state tax laws to the federal tax code for the opportunity zones (OZ) incentive. Newsom’s budget request would make OZ investments in green technology and affordable housing match federal benefits for capital gains reduction and deferral.

Friday, May 10, 2019

The Federal Housing Administration (FHA) today announced a series of incentives to encourage affordable multifamily property owners to invest in opportunity zones (OZs). FHA will reduce application fees for certain affordable housing programs in OZs and will designate a team of underwriters to speed up the processing of those applications.

Thursday, May 9, 2019

The U.S. Department of Housing and Urban Development will publish in Friday’s Federal Register a proposed rule that would prohibit financial assistance for public housing and other assisted housing programs to non-citizen residents, except those in certain categories. The proposed rule would require the verification of eligible immigration status for all recipients of assistance. Comments are due by July 9.

Thursday, May 9, 2019

The Big City Mayors organization in California–made up of the leaders of the state’s 13 largest cities–sent a letter this week to the governor and leaders of each house of the state Legislature, calling them to adopt strategies to encourage development in opportunity zones (OZs).

Wednesday, May 8, 2019

Four U.S. senators introduced legislation this week to require the collection of information on investments in opportunity zones (OZs). According to a draft version of S.

Wednesday, May 8, 2019

A report from Freddie Mac Multifamily finds that the government sponsored entity’s business in opportunity zones (OZ) has grown more than 75 percent faster than in other areas and that affordable rental housing is twice more frequent in OZs than in other areas. The report also highlights that rural rental housing is prevalent in OZs and that multifamily rental properties in OZs tend to have fewer units.

Wednesday, May 8, 2019

Legislation to create a Hawaii state historic tax credit (HTC) passed both houses of the Legislature and is on the desk of Gov. David Ige. S.B. 1394 would create a credit worth 30 percent of qualified rehabilitation expenses. The credit would have an annual $1 million statewide cap and would begin July 1 and end Dec. 31, 2024. Ige has 45 days to sign or veto the bill. If he does neither, it becomes law.

Wednesday, May 8, 2019

Legislation in Maine would create a state low-income housing tax credit (LIHTC). L.D. 1645 would allow a 4 percent LIHTC for workforce housing developments that are adaptive reuse of a building not used for residential purposes and have a minimum of 60 percent of units restricted to households with incomes at or below 50 percent of the area median income. The credit would be also available for rural developments and senior housing.