Notes from Novogradac
On January 14, the House Financial Services Committee held a hearing called “On the Brink of Homelessness: How the Affordable Housing Crisis and the Gentrification of America is Leaving Families Vulnerable” that examined causes of the nation’s affordable housing crisis and ways to prevent homelessness. Among the solutions discussed was expanding and enhancing the low-income housing tax credit (LIHTC).
The release of opportunity zones (OZ) final regulations Dec. 17, 2019, brought some notable surprises to the OZ community: some pleasant, some not so pleasant and some extremely disappointing. Treasury’s final regulations confirmed some commonly held interpretations and overturned some others.
Investment in qualified opportunity funds (QOFs) continues to grow–and the pace appears to be picking up.
The withdrawal of Julian Castro, former secretary of the U.S. Department of Housing and Urban Development (HUD) and mayor of San Antonio, from the Democratic presidential race Jan. 2 means Democrats lost the candidate who was arguably the biggest champion for affordable housing issues.
The good news is that Castro wasn’t a lone voice on the issue.
More than two decades after the last major update–and following months of waiting–two of the three agencies that determine whether financial institutions meet Community Reinvestment Act (CRA) requirements issued proposed guidance Dec 12.
The National Park Service recently released its Annual Report on the Economic Impact of the Federal Historic Tax Credit for FY 2018. In partnership with Rutgers University, the report analyzes where federal historic tax credit (HTC) investments are located, who benefits from them, and what tangible economic impacts those investments have on communities.
Treasury released today final (and proposed) opportunity zones (OZ) regulations. The final rule merges the first two tranches of regulations into one and provides greater clarity on many issues, as well as some outright changes.
On Nov. 5, Rep. Yvette Clarke, D-N.Y., introduced the Affordable Housing and Area Median Income Fairness Act that, if enacted, could potentially have a wide sweeping impact on how area median income (AMI) is determined for tax-exempt bond and low-income housing tax credit (LIHTC) properties. The bill contains a few provisions but this post will focus on the removal of the high housing cost adjustment.
On Dec. 17, the House passed H.R. 1865 and H.R. 1158, the two comprehensive fiscal year (FY) 2020 spending bills covering $1.3 trillion in funding for all federal agencies, including Treasury and the U.S. Department of Housing and Urban Development (HUD), averting a potential federal government shutdown that would have begun after the temporary stop-gap funding bill, the continuing resolution (CR) was scheduled to expire on Dec.
- 1 of 56
- next ›