Online Alerts

Online Alerts

House Infrastructure Bill Includes LIHTC Expansion

June 24, 2020    

House Democrats recently unveiled the “Moving Forward Act,” a $1.5 trillion infrastructure package.

Mayors Ask Congress for LIHTC Enhancements in Next COVID Relief Law

June 10, 2020    

On June 1, 67 mayors representing communities across 28 states and the District of Columbia sent a letter to House and Senate leaders, urging Congress to establish a minimum 4 percent rate for bond-financed properties and lower the “50 percent test” financed-by threshold that bond-...

Report Highlights Preservation Risks Facing Affordable Housing

June 10, 2020    

Nearly 300,000 affordable units could be lost in the next five years, according to a joint report recently released by the National Low Income Housing Coalition (NLIHC) and the Public and Affordable Housing Research Corporation (PAHRC). “2020 Picture of Preservation” says that...

Bill Would Provide $100B in Emergency Rental Assistance

May 20, 2020    

Representatives Maxine Waters (D-CA) and Denny Heck (D-WA), along with 133 House cosponsors, Senator Sherrod Brown (D-OH), and 24 Senate cosponsors, recently introduced the “Emergency Rental Assistance and Rental Market Stabilization Act.” The bill would provide $100 billion in...

House Democrats Pass $3 Trillion Coronavirus Relief Bill

May 20, 2020    

On May 15, House Democrats passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, 208-199, which would provide more than $3 trillion for coronavirus relief in programs across government agencies, including significant funding for affordable housing.

OCC Finalizes Rule to Strengthen and Modernize CRA Regs

May 20, 2020    

The Office of the Comptroller of the Currency (OCC) recently released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA). The CRA was enacted in 1977 to encourage insured depository institutions to help meet the credit needs in...

IRS Provides Short-Term Relief for Certain Deadlines

April 29, 2020    

On April 10, the IRS issued Notice 2020-23, which postpones various deadlines between April 1 and July 15 to a new July 15, 2020, deadline. Here is a full list of April 1 – July 15 LIHTC deadlines extended by Notice 2020-23 to July 15, 2020:

HUD Clarifies Handling of Stimulus Checks for Income Calculations

April 29, 2020    

On April 16, HUD updated its COVID-19 FAQs for Multifamily Housing Providers to state that the stimulus checks, and the enhanced unemployment insurance assistance, should not be counted toward income. Because the stimulus assistance is technically an advance tax credit, and because the up to $...

IRS Allows LIHTC Partnerships to Amend Tax Returns

April 15, 2020    

The IRS recently released Revenue Procedure 2020-23, which allows the amending of Bipartisan Budget Act (BBA) partnership tax returns once Form 8609s are received for 2018 tax returns, as long as the partnership files an amended return by Sept. 30, 2020. In other words, the IRS guidance allows...

Don’t Restrict Live-In Aides to Nonrelatives

April 15, 2020    

Don’t refuse a live-in aide request just because the aide is related to the household member making the request. Relatives of disabled household members can be live-in aides if they fit the Handbook’s definition and aren’t married to the person in need of the aide’s...

IRS, Treasury Urged to Take Emergency LIHTC Program Measures

March 25, 2020    

The National Council of State Housing Agencies (NCSHA) recently sent a letter to the IRS and the Treasury Department asking them to take immediate action to provide deadline extensions and other necessary accommodations for the LIHTC program due to the severe disruptions the COVID-19 pandemic is...

Milestone Reached in Number of AHCIA Cosponsors

March 25, 2020    

A total of 221 members of the House of Representatives have signed on to cosponsor the Affordable Housing Credit Improvement Act, H.R.3077 (AHCIA). This represents a majority of the House of Representatives. The AHCIA seeks to increase housing credit allocation by 50 percent, phased in over five...