Recent News
California Gov. Gavin Newsom last week published his proposed 2019-2020 budget summary, which includes expanding the state low-income housing tax credit (LIHTC) to $500 million beginning in 2019, with $300 million of authority allocated to the existing state LIHTC program and the remaining $200 million earmarked for a new program to house households earning between 60-80 percent of the area median income.
The California Tax Credit Allocation Committee (CTCAC) has scheduled application-training workshops for those interested in submitting applications for 2019 low-income housing tax credits. The workshops are Jan. 17 in Sacramento, Jan. 18 in Oakland, Jan. 22 in San Diego, Jan. 23 in Los Angeles and Jan. 24 in Pasadena. Participants can ask questions and discuss issues with CTCAC staff.
The Internal Revenue Service Friday issued Revenue Procedure 2019-08, providing an optional depreciation table for residential rental property that is depreciated under the alternative depreciation system (ADS) under Internal Revenue Code (IRC) Section 168. Tax reform legislation passed late last year changed the recovery period under the ADS from 40 years to 30 years for residential rental property placed in service after 2017. Rev. Proc.
President Donald Trump today named Comptroller of the Currency (OCC) Joseph M. Otting as acting director of the Federal Housing Finance Agency (FHFA) when current FHFA Director Mel Watt’s term ends Jan. 6. Otting would serve as acting FHFA director until a permanent director is confirmed and would concurrently carry out his duties as Comptroller of the Currency.
The Federal Housing Finance Agency today published updated Duty to Serve plans for Fannie Mae and Freddie Mac as required by the Housing and Economic Recovery Act (HERA) of 2008.
Recent Updates
