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Novogradac & Company LLP provides online resource centers that present the most comprehensive and up-to-date information for the affordable housing and community development industries.
News
The per-capita multiplier to set a state’s 9 percent low-income housing tax credit (LIHTC) cap for 2021 will remain the same as 2020, while the private activity bond (PAB) multiplier will increase by $5 per capita, according to Revenue Procedure 2020-45, published today by the Internal Revenue Service. Rev. Proc.
The Community Development Financial Institutions (CDFI) Fund today released updated documents related to the calendar year 2020 (CY 2020) new markets tax credit (NMTC) application, as well as an updated list of frequently asked questions.
The Pennsylvania state House and Senate unanimously passed a bill this week creating a state low-income housing tax credit (LIHTC), which now awaits either the signature of Gov. Tom Wolf or the passage of 10 days to become law. S.B. 30 creates a state credit that mirrors the federal LIHTC.
The Senate Budget Committee today released a majority staff report that labels the federal government’s approach to housing assistance “overly complex” and calls on Congress to take steps to improve the system. “Housing Programs: The Need for One Roof,” calls for programs to merge and simplify, citing public housing, housing choice vouchers and Section 8 project-based rental assistance as being duplicative.
The Mississippi Rental Assistance Grant Program began accepting applications today from eligible rental businesses and will continue to accept applications until Nov. 15 at 11:59 p.m. The program provides grants to property owners to help them recover rental income lost due to the COVID-19 pandemic between March 1 and Dec. 30. The maximum grant to an eligible rental business is $30,000.
Louisiana Gov. John Bel Edwards signed legislation to make businesses affected by Hurricane Laura eligible as qualified active low-income community businesses (QALICB) for qualified equity investment (QEI) under the state’s New Markets Job Act incentive. Under S.B. 14, the change applies to QEIs made in those businesses on or after Aug. 1, 2020.
Demonstrating that the COVID-19 pandemic has disproportionately harmed low-income communities–particularly children–a new report from the Economic Innovation Group (EIG) explains how the opportunity zones (OZ) incentive can be used to build a supportive ecosystem for children and families in OZs.
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