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Notes from Novogradac
The Biden administration May 28 released its $6 trillion fiscal year (FY) 2022 budget request, following up on the initial FY 2022 budget blueprint released April 9. The FY 2022 budget request incorporates not only annual discretionary spending and estimates of current law mandatory spending, but also the American Jobs Plan and American Families Plan, the administration’s key components of its infrastructure priorities, some of which are new mandatory housing and community development-related spending proposals.
The Biden Administration May 28 released a summary, fact sheet and Treasury’s Greenbook of tax proposals on President Joe Biden’s proposed $6 trillion budget for fiscal year (FY) 2022. The FY 2022 budget request incorporates not only annual discretionary spending and estimates of mandatory spending, but also the American Jobs Plan and American Families Plan, the administration’s key components of its infrastructure priorities.
Addressing the country’s infrastructure failings is again in the headlines. Recent Congressional hearings included housing, community development and renewable energy tax credits among the mechanisms that can be utilized to meet the Biden administration’s infrastructure investment goals. On May 18 the Senate Finance Committee hosted a hearing entitled, “Funding and Financing Options to Bolster American Infrastructure,” and the next day the House Ways and Means Committee hosted a hearing entitled, “Leveraging the Tax Code for Infrastructure Investment.”
As the new markets tax credit (NMTC) community awaits the announcement of the calendar year 2020 NMTC allocation awards and the opening of the 2021 application cycle, many community development entities (CDEs) and qualified businesses are quantifying the impact of previous investments and estimating the community outcomes of proposed investments.
Community outcomes are one of the many factors the Community Development Financial Institutions (CDFI) Fund considers when awarding NMTC allocation awards and measuring the success of previous allocations.
The White House today released a fact sheet that provides details on the $318 billion in housing and community development-related provisions in the American Jobs Plan, including $213 billion of direct spending and $105 billion of proposals for new and expanded tax credits. The American Jobs Plan is President Biden’s multi-t
The Affordable Housing Credit Improvement Act of 2021 (AHCIA) proposes an unprecedented expansion and modification of the low-income housing tax credit (LIHTC). Several of the bill’s provisions would affect LIHTC allocating agencies’ program administration rules contained in qualified allocation plans (QAPs) or equivalent documents.
Investment in opportunity zones (OZs) by qualified opportunity funds (QOFs) tracked by Novogradac continues to grow, with an increase of more than $1 billion in reported investment since the end of 2020.
Qualified opportunity funds (QOFs) tracked by Novogradac show a reported equity raise of $16.34 billion as of April 12. That is $1.18 billion more than the $15.16 billion reported raised at the end of 2020. This increase is a continuation of the activity that has grown from $790 million in May 2019.
When the 2017 low-income housing tax credit (LIHTC) tenant data report was released March 2020, the country was bracing itself for the unknown of the COVID-19 pandemic. The release of the 2018 LIHTC tenant data in April 2021 comes amid the backdrop of more than a year of the global pandemic, which has exacerbated the preexisting affordable housing crisis. Even worse, the most vulnerable populations that LIHTC serves across a diversity of income demographics have also been disproportionately impacted by COVID-19.
Today Sens. Maria Cantwell, D-Washington; Todd Young, R-Indiana; Ron Wyden, D-Oregon; and Rob Portman, R-Ohio, introduced the Affordable Housing Credit Improvement Act (AHCIA) of 2021. As detailed below, Novogradac estimates the primary affordable rental home financing provisions of this bill would finance as much as 2 million additional affordable rental homes over 10 years. Reps. Suzan DelBene, D- Washington; Jackie Walorski, R-Indiana; Don Beyer, D-Virginia; and Brad Wenstrup, R-Ohio, introduced the House companion bill.
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.
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