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Friday, October 11, 2019

Beto O’Rourke, a Democratic candidate for president, today released a housing plan that requires permanent affordability for homes funded by the 9 percent low-income housing tax credit. O’Rourke, a former U.S. congressman from Texas, also proposes a $400 billion investment in the National Housing Trust Fund and a $60 billion investment in the Capital Magnet Fund over a decade.

Thursday, October 10, 2019

Democratic presidential candidate Michael Bennet today posted a housing plan on his website that includes a call for a 50 percent increase in allocation of 9 percent low-income housing tax credits (LIHTCs), as well as other proposals that are part of the Affordable Housing Credit Improvement Act. Bennet, a U.S.

Wednesday, October 9, 2019

The Internal Revenue Service (IRS) this week released the 2019-2020 priority guidance plan, which established guidance priorities for the Department of the Treasury and IRS for the period from July 1, 2019, through June 30, 2020.

Tuesday, October 8, 2019

The Federal Housing Financing Agency today released 2018 Low-Income Housing and Community Development Activities of the Federal Home Loan Banks. The report says that the 11 Federal Home Loan Banks provided more than $450 million in Affordable Housing Program (AHP) funds in 2018, an increase of about 15 percent over 2017.

Monday, October 7, 2019

Two U.S. Senators introduced legislation to expand the U.S. Department of Agriculture (USDA) Rural Development (RD) rental assistance programs and further expand and align other rural affordable housing programs. The Rural Housing Preservation Act of 2019 (S.

Monday, October 7, 2019

The California Tax Credit Allocation Committee (TCAC) released final proposed regulations for the state low-income housing tax credit (LIHTC) incentive. TCAC announced changes in initial proposed changes as well as those areas in which the initial proposed changes were retained or withdrawn. TCAC also made eight emergency proposed regulation change proposals.

Friday, October 4, 2019

The National Council of State Housing Agencies (NCSHA) today released revamped model forms for low-income housing tax credit (LIHTC) compliance monitoring. The model forms, developed in collaboration with NCSHA’s members and stakeholders, include the owner’s certification of continuing program compliance, tenant income certification, employment verification and more.

Thursday, October 3, 2019

Sens. Maggie Hassan, D-N.H., and Susan Collins, R-Maine, introduced legislation that includes a provision to reinstate and increase the Internal Revenue Code Section 45L credit for energy efficient new homes. Similar legislation was introduced in the House of Representatives. The New Home Energy Efficiency Act would reinstate and extend the Section 45L credit, which expired at the end of 2017, through 2022.

Monday, September 30, 2019

The Treasury Department and the Federal Housing Finance Agency today announced that Fannie Mae and Freddie Mac will be allowed to retain earnings of up to $25 billion and $20 billion, respectively. The government sponsored enterprises (GSEs) previously could retain only $3 billion in capital reserves.

Tuesday, September 24, 2019

The Internal Revenue Service today published a revenue procedure clarifying that mixed-use property can be treated as a single real estate enterprise under the passthrough deduction added to the Internal Revenue Code during 2017 tax reform legislation. Revenue Procedure 2019-38 clarifies when rental real estate rises to the level of a trade or business, which is required for the passthrough deduction.

Monday, September 23, 2019

The Georgia state Supreme Court issued a ruling today reversing a lower-court decision and ruling that low-income housing tax credits (LIHTCs) are not “actual income” while valuing properties for property taxes. In Heron Lake II Apartments, LP et al. v.

Friday, September 20, 2019

The Washington Housing Finance Commission published a report on what it describes as an emerging threat of investors who seek to disrupt the transfer of low-income housing tax credit properties to nonprofit sponsors at the end of the 15-year compliance period.

Friday, September 20, 2019

The U.S. Department of Housing and Urban Development (HUD) published this week in the Federal Register a proposed rule for the Housing Opportunity Through Modernization Act (HOTMA) of 2016. The proposed rule affects the United States Housing Act of 1937, including changes to income reviews for public housing and HUD’s Section 8 program, as well as maximum limits on assets allowed for families in public housing and in Section 8-assisted housing.

Wednesday, September 18, 2019

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.

Friday, September 13, 2019

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.

Friday, September 13, 2019

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.

Wednesday, September 11, 2019

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.

Tuesday, September 10, 2019

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.

Monday, September 9, 2019

Novogradac lowered its estimate of the increase in the national median income for 2020 from 4.37 percent to 3.97 percent, based on the Congressional Budget Office’s (CBO’s) updated 10-year budget and economic outlook released Aug. 21. The U.S. Department of Housing and Urban Development uses CBO’s estimate of the consumer price index in calculating income.

Thursday, September 5, 2019

The U.S. Treasury Department and the U.S. Department of Housing and Urban Development (HUD) today released plans with recommendations for legislative and administrative reforms concerning housing finance reform, including continuing to proceed to end the conservatorship for government-sponsored entities (GSEs) Fannie Mae and Freddie Mac. The plans address the Federal Housing Administration (FHA) and Fannie Mae and Freddie Mac.