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Novogradac & Company LLP provides online resource centers that present the most comprehensive and up-to-date information for the affordable housing and community development industries.

News

Legislation to require annual property-specific reporting by housing finance agencies to the U.S. Department of Housing and Urban Development (HUD) on properties financed by low-income housing tax credits (LIHTCs) was introduced this week in the House of Representatives. According to a press release from co-sponsors Reps. Steven Horsford, D-Nevada, and Emanuel Cleaver, D-Missouri, the Housing Market Transparency Act (H.R. 8500) would require HFAs to report such data as developmental costs, habitability standards and ownership details.

The U.S. Department of the Treasury, Internal Revenue Service (IRS) and Department of Energy (DOE) announced Wednesday that the Qualified Advanced Energy Project Program Applicant portal is open for a new round of allocations. The portal is for the Internal Revenue Code (IRC) Section 48C applicants, including small-, medium- and large-sized manufacturers who must submit their concept papers by 5 p.m. ET June 21. A concept paper must be submitted using the portal to be eligible to submit the full application. This round will include up to $60 billion, with approximately $2.5 billion going to projects in designated 48C energy communities.

Legislation in Mississippi that would have created a state new markets tax credit (NMTC) to replace the existing state incentive that expires in July died in conference.

Legislation to expand the list of taxes against which Connecticut’s historic residential rehabilitation tax credit (HTC) applies has been enacted into law. H.B. 5190 makes the historic homes HTC refundable against individual income tax and allows it to be carried forward for four additional years against other taxes

The Internal Revenue Service (IRS) issued Announcement 2024-25 today, which will be included in the June 17 Internal Revenue Bulletin, to announce that 324.785 megawatts (MW) of unallocated environmental justice solar and wind capacity limitation from the 2023 Low-Income Communities Bonus Credit Program has been carried over to 2024.

The Internal Revenue Service (IRS) issued today a notice that expanded the safe harbor for two types of renewable energy facilities for the domestic content bonus for renewable energy tax credits (RETCs) along with a new safe harbor for classifying and calculating amounts of the domestic content bonus.

The U.S. Department of Housing and Urban Development (HUD) will publish in an upcoming edition of the Federal Register a notice of proposed rulemaking to update regulations for the HOME Investment Partnership Program (HOME).

Understand the Basics

The Introduction to Low-Income Housing Tax Credits booklet is an introduction to the basics of the LIHTC incentive and provides a brief, substantive look into the background and structure of the tax credit.

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Comprehensive NMTC Insights and Information

From application and financing to development and compliance, the Novogradac New Markets Tax Credit Handbook is your definitive guide to the new markets tax credit (NMTC).

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Essential Historic Rehabilitation Resource

The Novogradac Historic Rehabilitation Handbook contains the most current guidance on rehabilitating historic properties with the historic tax credit.

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