Dec. 14, 2021: What You Need to Know About the BBBA Part 1: Housing
Provisions in the Build Back Better Act (BBBA) could have a major impact on the affordable housing world. Michael Novogradac, CPA, is joined by Novogradac director of public policy and government relations Peter Lawrence and Dirk Wallace, CPA, a partner at Novogradac, to discuss the legislation and what developers and other affordable housing stakeholders should be doing to prepare for potential legislative changes. They discuss the provisions concerning the 9% and 4% low-income housing tax credit, the effect on tax credit equity pricing, how states will handle the changes and what developers should be doing to prepare. They also discuss the right of first refusal and qualified contract provisions in the BBBA, a provision to encourage solar power for affordable housing, the introduction of the neighborhood homes tax credit and a large increase in funding for the U.S. Department of Housing and Urban Development.