Notes from Novogradac

Published by Michael Novogradac on October 19, 2018

Investors, fund managers, real estate developers, operating businesses and others involved in the nascent opportunity zones (OZ) community received news they were waiting for Friday when the U.S. Treasury Department issued its first tranche of guidance for the new community development incentive.

Published by Peter Lawrence on October 12, 2018

The Internal Revenue Service (IRS) has moved one step closer to releasing long-awaited guidance on the Opportunity Zones (OZ) incentive. On Sept. 12, the IRS sent proposed OZ regulations to the Office of Information and Regulatory Affairs (OIRA), a division of the White House Office of Management and Budget (OMB).

Published by Bob Ibanez on October 10, 2018

Now that the opportunity zone (OZ) nomination and designation process has been completed and the Internal Revenue Service (IRS) has published an initial list of 15 frequently asked questions, community and economic development practitioners and policy makers are now focusing on soon to be released proposed regulations from the IRS.

Published by Peter Lawrence on October 4, 2018

Some believe the affordable housing crisis is an urban or even inner-city problem, but new research from the Housing Assistance Council (HAC) highlights the fact that there is a crisis in rural America as much as there is for urban American. Furthermore, HAC’s research shows that not only has the low-income housing tax credit (LIHTC) proven instrumental in creating affordable housing but it has also created this housing in rural parts of the country where the need for such housing is greater than many imagine.  

Published by Bob Ibanez on September 26, 2018

The Internal Revenue Service (IRS) is currently working on guidance on how the qualified opportunity zone (OZ) benefit under Internal Revenue Code (IRC) 1400Z-2 will be administered. Thus far, the IRS has posted a list of Frequently Asked Questions about OZs with additional guidance in the form of interim regulations anticipated in the very near future.

Published by Thomas Stagg on September 14, 2018

On Sept. 13, the U.S. Census Bureau the released the 2017 American Community Survey (ACS) data.  With the release of the 2017 ACS data, Novogradac & Company is able to estimate the national median income, state median incomes as well as low-income housing tax credit (LIHTC) income limits for many areas through 2020.

About the Calculations

The (ACS) is an integral part of HUD’s calculation of area median income. The 2018 ACS data will be used by HUD to calculate the 2020 income limits for LIHTC and Section 8 properties.

Published by Thomas Stagg on September 6, 2018

On Aug. 31, the U.S. Department of Housing and Urban Development (HUD) released the fair market rents (FMR) for fiscal year (FY) 2019.


Published by Peter Lawrence on August 31, 2018

The Office of the Comptroller of the Currency (OCC) released August 28 an advanced notice of proposed rulemaking (ANPR) soliciting public comment on reform of Community Reinvestment Act (CRA) regulations.

Published by Peter Lawrence on August 29, 2018

The Urban Institute’s companion reports on the low-income housing tax credit (LIHTC), “Past Achievements, Future Challenges,” “How It Works and Who It Serves,” and one with

Published by Bob Ibanez on August 27, 2018

Under H.R. 6627, legislation introduced by two members of the House Ways and Means Committee, Reps. Jason Smith, R-Miss., and Terri Sewell, D-Ala., an additional $1 billion in new markets tax credit (NMTC) allocation authority would become available to community development entities (CDEs) that commit to investing in rural jobs zones. The legislation defines a rural jobs zone as any area outside a city or town with a population of 50,000 or more and its immediate adjacent urbanized area, using the definition of areas eligible for assistance under the U.S.