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News
Two state departments in Michigan–the Michigan State Housing Development Authority and the Michigan Economic Development Corporation–launched a website dedicated to providing information and resources on the state’s opportunity zones (OZs). The site, www.miopportunityzones.com, is designed for investors, entrepreneurs, community leaders, developers, builders and others involved with OZs and related tax incentives.
The Washington Housing Finance Commission published a report on what it describes as an emerging threat of investors who seek to disrupt the transfer of low-income housing tax credit properties to nonprofit sponsors at the end of the 15-year compliance period.
The U.S. Department of Housing and Urban Development (HUD) published this week in the Federal Register a proposed rule for the Housing Opportunity Through Modernization Act (HOTMA) of 2016. The proposed rule affects the United States Housing Act of 1937, including changes to income reviews for public housing and HUD’s Section 8 program, as well as maximum limits on assets allowed for families in public housing and in Section 8-assisted housing.
The U.S. Department of Housing and Urban Development (HUD) today awarded more than $5 million to four communities through the Choice Neighborhoods program. The cities of Huntsville, Ala.; Omaha, Neb.; Rome, Ga.; and Trenton, N.J.; in partnership with their city housing authorities, received the grants. The grants will help local leaders draft comprehensive homegrown plans to revitalize and transform neighborhoods.
A bill to create a California state historic tax credit (HTC) passed the Assembly and the Senate and now is on Gov. Gavin Newsom’s desk. S.B. 451 would create a state HTC for 20 percent or 25 percent of qualified rehabilitation expenses (QREs) that meet specific criteria and would be in effect from 2021 through 2026.
The Internal Revenue Service Tuesday issued Notice 2019-52, expanding the emergency housing and compliance monitoring relief for low-income housing tax credit properties in areas hit by last year’s California wildfires. Revenue Procedures (Rev.
The Treasury Department will publish in the Federal Register final regulations on additional first-year depreciation deduction under Internal Revenue Code Section 168(k). The final regulations clarify that only the tax-exempt entity’s proportionate share of the property is described in Section 168(g)(1)(B) and is not eligible for the additional first-year depreciation deduction.
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