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Departments



IRS Releases Second Set of Opportunity Zones Guidance

May 16, 2019    

In October 2018, the IRS published the first set of proposed regulations providing much of the direction taxpayers had been seeking. And while those regulations represented a step forward in understanding how to implement an Opportunity Zone project, many questions remained. Recently, the IRS...

White House Opportunity and Revitalization Council Publishes Implementation Plan

May 16, 2019    

President Trump established the Opportunity and Revitalization Council in December 2018 to target, streamline, and coordinate federal resources to be used in Opportunity Zone (OZs) and other economically distressed communities. The interagency Council is chaired by HUD Secretary Ben Carson....

HUD Discloses Its Activities in Opportunity Zones, Requests Public Input

May 16, 2019    

HUD recently released a document that provides a snapshot of HUD’s programs and initiatives within Opportunity Zones (OZs) and requested input and recommendations on how HUD can incorporate OZs into existing policies, practices, planned actions, regulations, and guidance. According to HUD...

Senators Introduce Bipartisan Bill to Require Reporting on OZ Investments

May 16, 2019    

U.S. Senators Cory Booker (D-NJ), Tim Scott (R-SC), Maggie Hassan (D-NH), and Todd Young (R-IN) have introduced S.1344, a bipartisan bill to restore reporting requirements for Opportunity Zones. Specifically, the bill would require the Treasury Department to collect data on the number of...

LIHTC Pilot Program Expands to Sections 221(d)4, 220 Sites

April 26, 2019    

HUD launched its LIHTC pilot program in 2012 to streamline processing of Section 223(f) LIHTC transactions with repairs up to $40,000 per unit. As a result of the pilot program, 34 percent of HUD’s 912 loans insured in 2018 were LIHTC transactions. And of the 148,726 units insured last...

White House and HUD Publish Opportunity Zone Implementation Plan

April 26, 2019    

The White House Opportunity and Revitalization Council, chaired by HUD Secretary Ben Carson, recently published its Implementation Plan. It details how the council will accomplish the goals specified in Executive Order 13583 of Dec. 12, 2018. The Implementation Plan explains the various...

NHC Releases 2018 Paycheck to Paycheck Report and Database

April 26, 2019    

The National Housing Conference (NHC) recently released its 2018 Paycheck to Paycheck report and database highlighting housing affordability challenges for workers in 81 occupations living in 259 metropolitan areas in the United States. The annual report focuses on the affordability challenges...

HUD Charges Facebook with Violating Fair Housing Law

April 26, 2019    

HUD recently announced charges against Facebook for violating fair housing law by encouraging, enabling, and causing housing discrimination through the company’s advertising platform. The federal Fair Housing Act prohibits discrimination against consumers based on race, color, religion,...

Affordable Housing Shortage Persists for Extremely Low-Income Households

March 28, 2019    

The National Low Income Housing Coalition recently released its annual report, The Gap: A Shortage of Affordable Homes. Its analysis found that there are only 37 affordable and available rental homes for every 100 extremely low-income renter households nationwide. These renter households also...

Senators Ask IRS to Let Veteran Housing Get Tax-Exempt Bonds

March 28, 2019    

Six senators recently sent a letter to IRS Commissioner Charles Rettig requesting that he issue a notice clarifying that affordable housing projects for veterans that comply with the LIHTC General Public Use criteria are also eligible for Private Activity Bonds (PABs).

IRS Releases Population Figures for Calculating 2019 LIHTCs, PABs

March 28, 2019    

The IRS recently released 2019 population figures indicating that the 2019 LIHTC ceiling and tax-exempt private activity bond (PAB) cap for all states will increase. From 2018–2019, the U.S. population increased by 1,448,256 people to 327,167,434 in total, representing a 0.4 percent gain....

HUD Expands LIHTC Pilot to New Construction and Substantial Rehab Projects

February 28, 2019    

HUD’s Office of Multifamily Housing Programs recently published a Housing Notice and related Mortgagee Letter that expands the use of an LIHTC pilot program into New Construction and Substantial Rehabilitation loan products under Sections 221(d)(4) and 220.