All News

Thursday, April 2, 2020

The U.S. Department of Housing and Urban Development (HUD) this week published a notice to implement fiscal year 2020 funding for the housing choice voucher program.

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.

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.

Monday, March 23, 2020

Rep. Maxine Waters, D-Calif., today introduced legislation that would suspend tenant contributions toward rent for renters in assisted housing during the COVID-19 pandemic, ban evictions and foreclosures and provide monthly direct payments of up to $2,000 per eligible adult.

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.

Wednesday, March 18, 2020

The U.S. Department of Housing and Urban Development (HUD) today restarted routine processing and approval of Section 202 Project Rental Assistance Contract (PRAC) rent adjustments to increase reserve for replacement deposits, after issuing a memorandum from the Office of Multifamily Housing Programs.

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

The U.S. Department of Housing and Urban Development (HUD) has posted two draft chapters of the Multifamily Accelerated Processing (MAP) Guide for public comment. Chapter 3, Appendix 3, Chapter 6 and Appendix 6 are available for review and feedback.

Wednesday, March 18, 2020

The U.S. Department of Housing and Urban Development (HUD) published a notice in today’s Federal Register announcing Tenant Protection Voucher funding awards for fiscal year 2019.

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.

Monday, March 16, 2020

Novogradac has a new web page with legislation, guidance and other information on how federal and state responses to the COVID-19 pandemic affect affordable housing, community development and renewable energy communities. There are sections dedicated to the low-income housing tax credit, the U.S.

Saturday, March 14, 2020

The House of Representatives today passed sweeping coronavirus relief legislation, which was endorsed by President Donald Trump and goes to the Senate on Monday. H.R. 6201 would expand testing for COVID-19, include paid sick leave for employees at companies with 500 or fewer employees, provide a tax credit against self-employment tax and provide approximately $1 billion for food security programs. The bill passed by a 363-40 vote.