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The California Tax Credit Allocation Committee (TCAC) today published guidance for those using a hybrid of 9 percent and 4 percent low-income housing tax credits to develop affordable housing. The guidance covers items such as calculating developer fees, how developments will be scored, how set-asides will be determined, common-area components and more.
Two senators asked the Treasury Department to prioritize guidance on construction start dates for solar energy property eligible for the investment tax credit (ITC). Sens. Maria Cantwell, D-Wash., and Dean Heller, R-Nev., sent a letter June 7 asking Treasury to clarify what constitutes “begun construction” for property receiving the ITC.
The Treasury Department should create “guardrails” for the opportunity zones incentive, according to a June 8 letter submitted by Sen. Cory Booker, D-N.J. Booker’s letter asked Treasury to take care in its oversight of qualified opportunity funds, calling for statements of intent from prospective funds and metrics to measure each fund’s performance.
The Treasury Department today issued Notice 2018-48, which lists the population tracts that are officially designated as qualified opportunity zones (OZs). Investors in the qualified OZs can defer tax on prior gains no later than Dec. 31, 2026. The final OZs were designated last week.
The low-income housing tax credit (LIHTC) remains the largest provider of assisted rental affordable housing in America and a 12.5 percent increase in LIHTC allocations over the next four years will provide a boost, but there remains a significant gap in affordable housing, according to the State of the Nation’s Housing 2018.
The U.S. Department of Housing and Urban Development (HUD) will publish in Wednesday’s Federal Register an advanced notice of proposed rulemaking seeking comment on possible amendments to HUD’s 2013 rule implementing the Fair Housing Act (FHA) disparate impact standard. The ruling seeks comments on whether any changes are appropriate following the Supreme Court’s 2015 ruling holding that disparate impact claims are cognizable under the FHA.
The Massachusetts Supreme Judicial Court affirmed a lower court’s summary judgment supporting a nonprofit’s right of first refusal to purchase a low-income housing tax credit (LIHTC) property once a third party makes an enforceable offer to purchase the property. The court in Homeowner's Rehab Inc. v.
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