On Aug. 8, President Trump issued an executive order to address COVID-19-related challenges for renters. The order directs a number of federal agencies, including the Treasury Department and HUD, to consider actions to prevent eviction and foreclosure. It requires the secretaries of Treasury and...
As Congress begins work on its next coronavirus relief package, various groups are urging lawmakers to include provisions in the legislation that will provide relief to LIHTC owners and developers. The National Association of Home Builders (NAHB) recently sent a letter to House and Senate...
Within the Moving Forward Act, the recent infrastructure bill passed in the House of Representatives, is legislation that would provide a tax credit for supportive services in LIHTC buildings. The Opportunity Starts at Home Act would provide permanent, supportive services for people at risk of...
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-...
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...
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...
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.
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...
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:
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 $...
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...
