All News

Wednesday, April 25, 2018

In a list of answers to frequently asked questions about the opportunity zone incentive the Internal Revenue Service (IRS) today clarified that a taxpayer self-certifies to become a certified qualified opportunity fund for purposes of qualifying for the opportunity zone incentive. In the FAQs, the IRS says it will release a self-certification form in summer 2018 that taxpayers can attach to their federal income tax returns.

Friday, April 20, 2018

The Novogradac Rent & Income Limit Calculator© has been updated in beta version to include the fiscal year 2018 rent and income limit data released March 30. The Novogradac Rent & Income Limit Calculator© will calculate IRC Section 42(i)(3)(A) low-income housing tax credit rent and income limits for every county and for every metropolitan statistical area in the United States.

Thursday, April 19, 2018

The Treasury Department yesterday designated qualified opportunity zones (OZs) in Alabama, Delaware, Missouri, Ohio, Texas and the Northern Marianas Islands. Investors in qualified opportunity funds that make investments in qualified OZs can defer tax on prior gains until no later than Dec. 31, 2026.

Friday, April 13, 2018

The Internal Revenue Service (IRS) will publish Rev. Proc. 2018-22 April 30 to reflect an increase in the state low-income housing tax credit (LIHTC) ceiling enacted through the Consolidated Appropriations Act of 2018. The amended state LIHTC ceiling is the greater of $2.70 multiplied by the state population or $3.105 million. The modifications are in effect for taxable years beginning in 2018.

Tuesday, April 10, 2018

The U.S. Department of Housing and Urban Development today awarded $28 billion in long-term disaster recovery aid to nine states, Puerto Rico and the U.S. Virgin Islands through the Community Development Block Grant Disaster Recovery (CDBG-DR) program. The CDBG-DR grants will address housing, business and infrastructure damage from the series of 2017 major hurricanes–Harvey, Irma and Maria–and other major disasters since 2015. 

Monday, April 9, 2018

Legislators from New Hampshire introduced bills in the House and Senate to extend rental assistance through the United States Department of Agriculture’s (USDA’s) Rural Development (RD) program. Sen. Jeanne Shaheen, D-N.H., and Rep.

Monday, April 9, 2018

The Treasury Department today designated qualified opportunity zones (OZs) in 15 states and three territories, the first such designations made after the creation of the areas by H.R. 1.

Monday, April 9, 2018

The National Council of State Housing Agencies (NCSHA) posted an updated document of frequently asked questions concerning the low-income housing tax credit (LIHTC) and income averaging.

Tuesday, April 3, 2018

A Notes from Novogradac blog post today discusses the implementation of the income averaging set-aside for low-income housing tax credit (LIHTC) properties created by the Consolidated Appropriations Act, 2018.

Friday, March 30, 2018

The U.S. Department of Housing and Urban Development today released income limits for fiscal year 2018 (FY 2018). The limits are used to determine income eligibility for HUD-assisted housing programs, including public housing, Section 8, Section 202 and Section 811, as well as what HUD calls Multifamily Tax Subsidy Program (MTSP), which includes low-income housing tax credit (LIHTC) properties. For FY 2018, the national median income increased by 5.75 percent.

Monday, March 26, 2018

Rep. Maxine Waters, D-Calif., joined her colleagues in posting four letters to Congressional colleagues asking for increases in funding for rental and homeless assistance programs. Waters and her colleagues called on appropriators to provide additional funds for U.S.

Friday, March 23, 2018

President Donald Trump today signed the $1.3 trillion fiscal year 2018 omnibus spending bill to keep the government operating through Sept. 30.

Thursday, March 22, 2018

The U.S. Department of Housing and Urban Development (HUD) should improve its metrics to measure the success of the Rental Assistance Demonstration (RAD), according to a report from the Government Accountability Office (GAO) to Congress that was released Thursday.

Thursday, March 22, 2018

A $1.3 trillion fiscal year (FY) 2018 omnibus spending bill passed by the House today would increase the U.S. Department of Housing and Urban Development (HUD) budget by $4.7 billion–nearly 10 percent. The legislation would also extend the Rental Assistance Demonstration (RAD) by four years until 2024 and raise the public housing cap from 225,000 units to 455,000 units.

Wednesday, March 21, 2018

Congressional leaders reached agreement today on a fiscal year 2018 omnibus spending bill that includes a 12.5 percent increase in low-income housing tax credit (LIHTC) allocations for four years and a provision from the Affordable Housing Credit Improvement Act of 2017.

Wednesday, March 21, 2018

The California Tax Credit Allocation Committee (CTCAC) today announced a new online application for developments seeking tax-exempt bonds and 4 percent low-income housing tax credits (LIHTCs). The application will be submitted to both CTCAC and the California Debt Limit Allocation Committee for consideration at their meetings, which will be held on the same dates. The deadlines for 2018 are May 18, Aug. 17, Sept. 14 and Oct. 12.

Tuesday, March 20, 2018

The U.S. Department of Housing and Urban Development (HUD) today published Understanding Whom the LIHTC Program Serves: Data on Tenants in LIHTC Units as of December 31, 2015. The study is HUD’s fourth annual report on the demographic and economic data for low-income housing tax credit (LIHTC) residents.

Friday, March 16, 2018

The Community Development Financial Institutions (CDFI) Fund awarded $120 million to 40 organizations today for the development of affordable housing and for activities related to economic development in low-income communities through the fiscal year (FY) 2017 round of the Capital Magnet Fund (CMF). The CDFI Fund selected awardees from a pool of 120 applicants requesting nearly $540 million for affordable housing investments.

Tuesday, March 13, 2018

The United States has a shortage of 7.2 million affordable, available rental homes for extremely low-income (ELI) renters, according to a report issued today by the National Low Income Housing Coalition.

Thursday, March 8, 2018

A group of nine Senate Democrats, including Minority Leader Chuck Schumer, D-N.Y., unveiled a $1 trillion infrastructure plan Wednesday that includes measures from the Affordable Housing Credit Improvement Act and proposes several renewable energy tax credits. The plan suggests strengthening the low-income housing tax credit (LIHTC), but doesn’t specify how to do so.