All News

Wednesday, April 8, 2020

The Internal Revenue Service today released Rev. Proc. 2020-23, which allows partnerships to amend 2018 and 2019 tax returns, in some circumstances, in order to take advantage of bonus depreciation changes in the Coronavirus Aid, Relief and Economic Security (CARES) Act as well as any other tax attributes to which the partnership is entitled by law.

Wednesday, April 8, 2020

The California Tax Credit Allocation Authority announced several scheduling and deadline changes for low-income housing tax credit (LIHTC) developments in the state due to the COVID-19 pandemic.

Tuesday, April 7, 2020

Legislation signed into law in Utah allows state and federal low-income housing tax credits to be transferred and provide a one-time extra allocation to the Olene Walker Housing Fund. Under S.B.

Tuesday, April 7, 2020

The National Low Income Housing Coalition (NLIHC) today released an analysis showing that Congress must invest up to $100 billion over the next year to keep lowest-income households stably housed in the wake of the COVID-19 pandemic.

Tuesday, March 31, 2020

The U.S. Department of Housing and Urban Development (HUD) today posted income limits to determine eligibility for HUD-assisted programs in fiscal year 2020. The limits are effective April 1 (Wednesday) and cover public housing, Section 8, Section 202 and Section 811. HUD simultaneously released Multifamily Tax Subsidy Program income limits for 2020, which are used to determine eligibility for low-income housing tax credit and tax-exempt bond properties.

Monday, March 30, 2020

Tenants in low-income housing tax credit (LIHTC) properties at the end of 2017 earned virtually the same annual income as tenants in 2015 and paid almost the same percentage of income toward rent, according to a report issued today by the U.S. Department of Housing and Urban Development (HUD).

Friday, March 27, 2020

President Donald Trump today signed the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), a $2 trillion bill that includes financial aid to individuals, businesses, nonprofits and state and local governments.

Friday, March 27, 2020

The House of Representatives today passed the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), by a voice vote, sending the bill to President Donald Trump, who has said he would immediately sign the legislation. The $2 trillion bill includes financial aid to individuals, businesses, nonprofits and state and local governments.

Thursday, March 26, 2020

The House of Representatives will take up discussion of the Coronavirus Aid, Relief and Economic Security (CARES) Act (Senate Amendment to H.R. 748), after the Senate passed the COVID-19 relief legislation by a 96-0 vote last night. The House is expected to vote by Friday and President Donald Trump has said he would sign the legislation.

Wednesday, March 25, 2020

U.S. Department of Agriculture Rural Development today took several actions related to the COVID-19 pandemic, including changes for multifamily housing.

Wednesday, March 25, 2020

Novogradac’s Michael J. Novogradac, CPA, and Peter Lawrence detail in a blog post provisions of the nearly $2 trillion COVID-19 legislation that the U.S. Senate is considering. The post explains provisions in the so-called Phase 3 COVID-19 legislation concerning individuals and businesses, and provides an overview of supplemental appropriations in the legislation.

Tuesday, March 24, 2020

The U.S. Department of Housing and Urban Development (HUD) income limits for fiscal year 2020 won’t be affected by the COVID-19 pandemic, according to Novogradac partner Thomas Stagg, CPA, who says HUD hasn’t indicated that income limits will be delayed beyond the target released date of April 1.

Tuesday, March 24, 2020

In a letter to the leaders of Congress, the National Association of Bond Lawyers (NABL) asked for adjustments concerning bond regulations, including the elimination of volume cap restrictions for single-family and multifamily housing properties for 2020, 2021 and 2022.

Monday, March 23, 2020

Operators of qualified residential rental projects financed by tax-exempt facility bonds under Internal Revenue Code Section 142(d) are reminded that Form 8703 (Annual Certification of a Residential Rental Project) is due annually by March 31 for the prior calendar year.

Thursday, March 19, 2020

The Internal Revenue Service will publish a notice in Friday’s Federal Register inviting comments concerning carryover allocations and other rules relating to the low-income housing credit (LIHTC) and the IRC Section 42 utility allowance regulations.

Thursday, March 19, 2020

President Donald Trump signed legislation late Wednesday that includes free testing for COVID-19, paid leave benefits for many workers and a boost in unemployment and food assistance. The Families First Coronavirus Response Act (H.R. 6201) was passed by both chambers of Congress and signed into law in seven days.

Thursday, March 19, 2020

The California Tax Credit Allocation Committee (CTCAC) announced Wednesday that the readiness to proceed deadline for 2019 second-round low-income housing tax credit (LIHTC) awardees with a 180-day deadline of March 23 has been extended to a 194-day deadline of April 6.

Wednesday, March 18, 2020

The U.S. Senate today passed legislation that includes free testing for COVID-19 and paid leave benefits for many Americans affected by the pandemic, sending the legislation to President Donald Trump’s desk.

Wednesday, March 18, 2020

The Internal Revenue Service today issued Notice 2020-17, extending the April 15 tax payment deadline to July 15, up to specific thresholds. Tax returns are still due April 15, but individual taxpayers can postpone up to $1 million in federal income tax payments while corporate taxpayers can postpone up to $10 million in federal income tax payments.

Wednesday, March 18, 2020

President Donald Trump today said he has directed the U.S. Department of Housing and Urban Development (HUD) to suspend evictions and foreclosures through April due to the COVID-19 pandemic. Trump made the announcement at a White House press briefing.