California Gov. Gavin Newsom today approved legislation to streamline oversight of affordable housing compliance in the state by requiring three state administrative agencies to enter a memorandum of understanding (MOU) to coordinate their compliance monitoring. A.B. 2006 requires the Department of Housing and Community Development, California Housing and Finance Agency and the California Tax Credit Allocation Committee to coordinate efforts and ensure that only one state agency conducts physical inspections for a particular property. The MOU must be signed by July 1, 2024.
Novogradac has resources available for private companies and nonprofits affected by Accounting Standards Codification (ASC) 842, which changed lease accounting standards. The change–which took effect Jan. 1 for fiscal years beginning after Dec. 15, 2021–affects the way certain contracts are accounted for under generally accepted accounting principles, particularly entities that are lessees. Rather than disclosing operating leases in notes to financial statements, but not on balance sheets, the new guidance requires lessees to record a right-of-use asset for the leased asset and a corresponding lease liability equal to the financial obligation over the lease term, as well as new disclosure requirements.
Affordable housing developments have seen unexpected cost increases averaging 30% in recent years, and state housing finance agencies have taken extraordinary actions to help them, according to a report released today by the National Council of State Housing Agencies (NCSHA). Filling Funding Gaps: How State Agencies are Moving to Meet a Growing Threat to Affordable Housing, produced by Abt Associates for NCSHA, analyzed trends in 11 states and conducted interviews with officials and developers in other states. The report concluded that nearly all properties awarded low-income housing tax credits (LIHTCs) from 2019 to the present have faced “significant, unexpected cost increases after being awarded credits.” NCSHA calls for Congress to increase funding for HOME housing block grants and to expand the LIHTC incentive before this session ends in December.
The U.S. Department of Housing and Urban Development (HUD) published Thursday its fair market rents (FMRs) for fiscal year 2023 (FY23) for the Housing Choice Voucher program, Moderate Rehabilitation Single Room Occupancy program and other HUD programs.
President Joe Biden today signed into law the Inflation Reduction Act (IRA), a $750 billion budget reconciliation bill that includes $369 billion in clean and renewable energy provisions that feature extensions of the renewable energy production tax credit (PTC) and investment tax credit (ITC).
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