Notes from Novogradac

Published by Peter Lawrence on January 28, 2020

With the presidential caucuses and primaries approaching, it is important for advocates to highlight the importance and influence of the main community development tax incentives have had on each of the early nomination contest states as a way to raise awareness and support for those incentives. These financing tools have made real, positive differences in the lives of low-income people and communities in every state.

Published by Peter Lawrence on January 21, 2020

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).

Published by John Sciarretti, Michael Novogradac on January 15, 2020

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.

Published by Michael Novogradac on January 8, 2020

Investment in qualified opportunity funds (QOFs) continues to grow–and the pace appears to be picking up.

Published by Michael Novogradac on January 6, 2020

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.

Published by Mark Shelburne on January 3, 2020

On Dec. 30, 2019 the Fifth Circuit Court of Appeals dismissed a lawsuit involving the low-income housing tax credit (LIHTC) that began in 2014 when the Inclusive Communities Project (ICP), a Dallas-based nonprofit, sued the U.S.

Published by Michael Novogradac, Peter Lawrence on December 30, 2019

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.

Published by Peter Lawrence on December 27, 2019

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.

Published by John Sciarretti, Michael Novogradac on December 19, 2019

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.

Published by Thomas Stagg on December 18, 2019

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.