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News
A group of more than 140 organizations submitted a letter to the Internal Revenue Service (IRS), requesting deadline extensions and other accommodations for the low-income housing tax credit (LIHTC) due to the COVID-19 pandemic.
The Internal Revenue Service published in Monday’s Federal Register a notice and request for comment on IRS Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. The IRS is recommending no changes to the form. Comments are due Jan. 22, 2021.
A provision in Virginia’s 2020-2022 biennium budget extends the sunset date for the state’s land preservation tax credit to 2023. The provision retains the $20,000 annual cap on the credit that had expired Jan. 1, 2020. The extension went into effect Nov. 18.
The Texas historic preservation tax credit (HTC) has resulted in 243 properties being completed and an investment of more than $2.6 billion in historic buildings since 2015, according to a report from the Texas Historical Commission. The report estimates that the state HTC has supported more than 54,000 jobs in the state with more than $3.2 billion in wages and income during that time.
The ongoing affordable housing crisis, COVID-19 pandemic, social unrest and effects of climate change combine to require a “comprehensive re-envisioning of national housing policy,” according to the “The State of the Nation’s Housing 2020,” an annual report released today by the Joint Center for Housing Studies of Harvard University.
The Federal Housing Finance Agency (FHFA) announced today a combined $140 billion multifamily loan purchase cap for Fannie Mae and Freddie Mac–$70 billion for each government-sponsored enterprise (GSE). At least 50 percent of the GSE multifamily loans are required to be used for affordable housing, up from a 37.5 percent requirement in 2020.
A private letter ruling (PLR) from the Internal Revenue Service (IRS) states that a company is not a public utility company, since it provides a percentage of renewable energy generated through long-term solar energy service agreements for solar photovoltaic systems on the customer’s premises that are owned by the company.
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