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News
The Internal Revenue Service (IRS) today issued a notice providing relief to qualified opportunity funds (QOFs) and their investors due to the COVID-19 pandemic, extending opportunity zones (OZ) relief provided by an earlier notice. Notice 2021-10 provides relief for the 180-day investment requirement, the 30-month substantial improvement period, 90% investment standard for QOFs, working capital safe harbor for OZ businesses and 12-month reinvestment period for QOFs.
The U.S. Department of the Treasury today published a frequently asked questions document concerning the Emergency Rental Assistance (ERA) program that was established by the Consolidated Appropriations Act, 2021. The FAQ addresses 14 questions, including definitions, requirements for participation and information required for recordkeeping.
The Internal Revenue Service (IRS) today issued a notice extending temporary relief for low-income housing tax credit (LIHTC) properties from COVID-19-related difficulties and providing new relief. Notice 2021-12 extends certain deadlines in previous notices from Dec. 31, 2020. Among the extensions are the 10% test for carryover allocations and the 24-month minimum rehabilitation expenditure period, both of which are extended until Sept. 30.
The Community Development Financial Institutions (CDFI) Fund announced this week that it will award $1.25 billion through the CDFI Rapid Response Program. A blog post on the CDFI Fund website said a funding notice for the program–with financing provided by year-end COVID-19 relief legislation–must be posted no later than Feb. 25 and that more details, including how to apply, will be released soon.
President-elect Joe Biden released a $1.9 trillion COVID-19 relief plan today that includes an extension of the eviction and foreclosure moratoriums and continue applications for forbearance on federally guaranteed mortgages until Sept. 30.
Iowa Gov. Kim Reynolds released a proposed fiscal year 2022-23 budget this week that includes a state low-income housing tax credit (LIHTC), doubling the state workforce housing tax credit and increasing funding for the state housing trust funds. Reynolds’ $8.1 billion proposal includes a $15 million annual allocation for a new state LIHTC incentive and a boost for the workforce housing tax credit from $25 million annually to $50 million, with a doubling of the small-cities set-aside from $10 million to $20 million.
A bill introduced in the Indiana Senate would create a state low-income housing tax credit (LIHTC) for a percentage of the federal 4% LIHTCs received by properties. S.B. 214 would make the state LIHTC transferrable and the credit could be carried forward up to nine years.
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