Online Alerts

Online Alerts

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...

HUD Publishes FY 2019 MTSP Income Averaging Limits

February 20, 2020    

HUD has published average income minimum set-asides for low-income housing tax credit properties. Income limits are provided for every 10 percent increment from 20 percent to 80 percent of the area median income in each state and metropolitan fair market rent/income limits area, based on the...

Alabama Must Consider LIHTC Restrictions in Property Tax Assessment

February 20, 2020    

In Alabama, a court recently ruled against the state’s Department of Revenue (DOR) concerning its policy of disregarding LIHTC extended-use restrictions when determining assessment of value for property taxes. The Alabama Affordable Housing Association (AAHA) had filed a lawsuit arguing...

Maine Enacts Affordable Housing Tax Credit

February 20, 2020    

In January, Maine Governor Janet Mills signed a bill establishing a Maine affordable housing tax credit (AHTC). The Maine State Housing Authority will be tasked with administering and allocating $80 million of credits to affordable rental housing developers between 2021 and 2028, with up to $10...

Treasury OIG Launches Opportunity Zone Investigation

January 22, 2020    

The Inspector General of the U.S. Department of the Treasury recently launched an internal investigation on abuse in the Opportunity Zone program. Treasury Inspector Richard Delmar announced the investigation a few months after Sen. Cory Booker (D-N.J.), Rep. Emanuel Cleaver (D-Mo.), and Rep....

Freddie Mac Reaches $1 Billion in LIHTC Equity Investments

January 22, 2020    

Freddie Mac recently announced it has topped the $1 billion mark in LIHTC equity investments after reentering the market in 2018. Freddie Mac has created an interactive map that details each of its LIHTC equity investments,...

HUD Releases 2019 Annual Homeless Assessment Report

January 22, 2020    

HUD recently released its 2019 Annual Homeless Assessment Report to Congress. HUD’s national estimate is based upon data reported by approximately 3,000 cities and counties across the nation. Every year on a single night in January, planning agencies called “Continuums of Care...