Recent News
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.
The Federal Housing Finance Agency (FHFA) announced new multifamily loan purchase caps of $100 million each for Fannie Mae and Freddie Mac from the fourth quarter of 2019 to the fourth quarter of 2020. The new caps apply to all multifamily business with no exclusions. The FHFA also directs at least 37.5 percent of Fannie Mae and Freddie Mac multifamily business to mission-driven affordable housing.
The California Tax Credit Allocation Committee (CTCAC) opened a survey on the $500 million in additional state low-income housing tax credits (LIHTCs) available in calendar year 2020 for 4 percent new construction multifamily housing developments. CTCAC may accept applications for the state LIHTC as soon as November 2019 for a January 2020 credit reservation.
Rep. Adam Schiff, D-Calif., introduced the Affordable Housing Incentives Act of 2019 (H.R. 4239), a bill to allow for non-recognition of gain on property sold to public housing agencies for use as affordable housing. Provisions of the legislation would apply to sales and transfers made after the enactment date of the bill.
Recent Updates
September 18, 2019 9:54am
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