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Notes from Novogradac
A testament to the essential role housing plays in the nation’s public infrastructure, the Moving Forward Act (H.R. 2), a $1.5 trillion infrastructure plan passed in the House in July, includes among its numerous housing-related provisions proposals to expand and strengthen the low-income housing tax credit (LIHTC).
As the 20th anniversary of the creation of the new markets tax credit (NMTC) by the Community Renewal Tax Relief Act of 2000 nears, the incentive is even more important and vital for targeting investments in low-income communities than ever before.
On Tuesday, Sept. 1 the Centers for Disease Control and Prevention (CDC) announced an Agency Order to temporarily halt evictions to prevent further spread of COVID-19.
Investment in qualified opportunity funds (QOFs) continue to grow, providing a positive economic metric and further optimism for a community development tool to help the nation recover from the economic fallout of the COVID-19 pandemic.
The U.S. Department of Housing and Urban Development (HUD) issued fair market rents (FMRs) for HUD fiscal year (FY) 2021on August 14. This release is more than two weeks earlier than last year and earlier than the required release date of September 1.
In late summer and early fall, many low-income housing tax credit (LIHTC) allocating agencies complete their review of applications. Soon after celebrating successful outcomes, developers must focus on the various post-award expectations. This time period is arguably the most fraught with potential pitfalls.
Claude Debussy, among the most influential composers of the late 19th and early 20th centuries, famously said that music is the silence between notes.
The same can be said for low-income housing tax credit (LIHTC) analysis. While the first of the significant pandemic-related factors have resonated throughout the sector, we await the next round of indications for further clarity.
Four months into the COVID-19 pandemic and notes of data show a stabilizing tax credit equity market.
Positive rental survey findings may hide the true level of hardship being faced by renters as a result of the coronavirus pandemic. While surveys show renters have been able to make housing payments, the additional $600 in unemployment insurance payments provided by the CARES Act, money many have argued has made it possible for unemployed renters to make monthly rent payments, is set to expire July 31.
The national median income for 2021 will be less than originally forecast.
The House Appropriations Transportation, Housing and Urban Development (THUD) Subcommittee approved its $75.9 billion fiscal year (FY) 2021 spending bill yesterday. According the committee release, the proposed funding level for the full bill represents $1.7 billion (2.2 percent) more than FY 2020 and $16.8 billion (28.4 percent) more than the FY 2021 request by the Trump administration.
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