News

Thursday, November 21, 2019

The U.S. Department of Housing and Urban Development will publish in Friday’s Federal Register a notice establishing operating cost adjustment factors (OCAFs) for project-based assistance Section 8 contracts with an anniversary date of Feb. 11, 2020, or later. OCAFs are used to adjust Section 8 rents renewed under Section 515 or Section 524 of the Multifamily Assisted Housing Reform and Affordability Act of 1997.

Wednesday, November 20, 2019

The Economic Innovation Group today launched an interactive opportunity zones activity map with information on opportunity zones (OZ) investments, funds, and state and local initiatives that adapt OZs to local priorities. Data can be filtered by activity type and geography. Suggested updates to the map can be sent to [email protected]

Tuesday, November 19, 2019

The U.S. Small Business Administration announced Monday that it published in the Federal Register a direct final rule that authorizes the inclusion of “governor-designated covered areas” under the HUBZone program.

Monday, November 18, 2019

Seven members of the House of Representatives introduced legislation that would bar jurisdictions from using a high-housing-cost adjustment to calculate area median income for low-income housing tax credit properties without approval from the U.S. Department of Housing and Urban Development. The Affordable Housing and Area Median Income Fairness Act of 2019 (H.R.

Monday, November 18, 2019

Sens. Tammy Duckworth, D-Ill., and Dick Durbin, D-Ill.,  last week announced $60,000 in funding to two organizations to address environmental justice issues as part of a $1.5 million grant program–in which half the 50 funded projects are in or impact opportunity zones (OZs).

Monday, November 18, 2019

The Wisconsin Housing and Economic Development Authority (WHEDA) issued modifications to its qualified allocation plan for 2019 and 2020 to include the average-income option for the rural set-aside for 9 percent low-income housing tax credits (LIHTCs).

Friday, November 15, 2019

Joseph Otting, the Comptroller of the Currency, this week sent a letter to Sen. Sherrod Brown, D-Ohio, on Brown’s previous letter concerning Community Reinvestment Act (CRA) modernization. Otting’s letter focused on the process of revisiting CRA rules, but also agreed with Brown’s concern about using a ratio of CRA financing to a bank’s size to determine CRA ratings. Otting also indicated that a notice of proposed rulemaking will come soon.

Friday, November 15, 2019

The Arkansas Department of Finance and Administration issued a revenue legal counsel opinion last month, clarifying that a decreased minimum investment threshold to qualify for the state historic tax credit applies only to rehabilitation developments begun on or after Jan. 1, 2019. A taxpayer asked for guidance on a multi-phase rehabilitation of property over several years.

Thursday, November 14, 2019

Organizations face a Friday deadline to sign on to a letter calling for Congress to extend the new markets tax credit (NMTC) incentive. The New Markets Tax Credit Coalition letter calls for a permanent extension and expansion of the NMTC along the lines of the New Markets Tax Credit Extension Act.