On February 26, Novogradac updated its Terms of Use and Terms of Sale. You should review these updated Terms before continuing to use our site. By continuing to use our site, you agree to these Terms.
Sign Up Today!
Notes from Novogradac
The U.S. Department of Housing and Urban Development (HUD) announced April 6 the allocation of nearly $700 million through the national Housing Trust Fund (HTF). This compares to $326.5 million in 2020 HTF funding, for a year-over-year increase of $367 million. This historic allocation through HTF for affordable housing will help states produce more affordable homes for extremely low-income (ELI) households.
Today Reps. Earl Blumenauer, D-Oregon, Darrin LaHood, R-Illinois, Brian Higgins D-New York, and Terri Sewell, D-Alabama introduced the Historic Tax Credit Growth (HTC-GO) Act of 2021. The 2021 bill builds on past support for the HTC and is intended to enhance the incentive while also responding to the current reality of development during a pandemic; the Senate companion bill is forthcoming.
Today the Biden administration released a fact sheet on the proposed American Jobs Plan, its $2.25 trillion infrastructure proposal. Among the many “traditional” transportation, energy and communications infrastructure provisions, the plan proposes major investment in housing, community development and climate change/green energy.
Congress recently passed the $1.9 trillion American Rescue Plan Act, which provides an additional $21.55 billion for the Emergency Rental Assistance (ERA) Program.
Today, the House passed H.R. 1319, the American Rescue Plan Act, as amended by the Senate on March 6, the final version of the COVID-19 reconciliation bill. President Joe Biden is expected to sign the bill into law soon.
The bill is similar to initial $50 billion authorized in provisions of the COVID-19 reconciliation bill released by House committees in February and summarized by Novogradac. See below for a summary of the key changes from that initial House version.
Twenty-five years ago, Novogradac launched the website www.novoco.com. At the time, the Internet was vastly different than what it has become today and, similarly, the novoco.com website was just a hint of what it would grow into over the years.
Across the country more and more states are creating their own low-income housing tax credit (LIHTC) programs. Doing so can generate many positive outcomes, as demonstrated by Colorado’s 2020 annual report.
Recent releases from the U.S. Census Bureau have piqued the interest of opportunity zones (OZs) stakeholders and raised a number of questions. Changing census tract boundaries, as a result of the 2020 Census, lies at the heart of the questions being posed. As of this writing, the Internal Revenue Service (IRS) and the Treasury Department (Treasury) have yet to clearly address the extent to which adjustments of census tract boundaries will affect the location-based OZ incentive.
The U.S. Department of the Treasury recently announced that the funding round for its Community Development Financial Institution (CDFI) Fund Rapid Response Program (CDFI RRP) is now open. The goal of the RRP is to deliver $1.25 billion to CDFIs to help their communities better respond to the escalating economic crises fueled by the COVID-19 pandemic. Of this $1.25 billion allocation, at least $25 million will be rewarded to certified CDFIs that serve Native American Communities as defined under the notice of funds availability (NOFA).
The omnibus spending and COVID-19 relief bills enacted on Dec. 27 included $25 billion in emergency rental assistance (ERA). The funds are part of the federal response to effects of the pandemic, along with the prohibition against evictions for nonpayment.
In its last days, the previous administration issued ERA guidance in the form of frequently asked questions (FAQs). Several statements in the answers prompted concern from various organizations. In response to advocacy, on Feb. 22 the U.S. Department of Treasury issued revised FAQs with many substantial changes.
This post summarizes the new FAQs, but is not a substitute for reading them.
- 1 of 66
- next ›
Events Calendar
| S | M | T | W | T | F | S |
|---|---|---|---|---|---|---|
|
|
|
|
|
1 |
2 |
3 |
|
4 |
5 |
6 |
7 |
8
|
9 |
10 |
|
11 |
12 |
13
|
14
|
15 |
16 |
17 |
|
18 |
19 |
20 |
21 |
22
|
23
|
24 |
|
25 |
26 |
27 |
28 |
29
|
30
|
|