The Tax Cut and Jobs Act of 2017 made significant changes to the Historic Tax Credit, turning it from a one-year credit with a five-year compliance period to a five-year credit taken ratably. Transition rules were set in place that permitted some projects currently underway to be grandfathered in under the former one-year credit. That grandfathering rule had an end date in June 2020. Now, in light of the COVID-19 pandemic, the IRS has provided an extension of the grandfathering rule, into 2021. To find out if your project is still eligible for the one-year credit, read this Nixon Peabody article.
Related Posts
Supreme Court Hears Oral Arguments on Local Bans on Homeless Encampments
On Monday, the U.S. Supreme Court heard oral arguments in City of Grants Pass, Oregon v. Johnson.
HUD Updates Multifamily Wind and Storm Insurance Policy
HUD announced an increase in deductibles for wind and named insurance coverage for multifamily properties financed with FHA-insured mortgages as a measure to address rising wind and storm insurance costs in recent years with extreme weather events expected to continue.
EPA Awards Solar for All Grants, NHT Selected
The Environmental Protection Agency (EPA) awarded grants under the $7 billion Solar for All program, which will create or expand existing low-income solar programs.
USDA Rural Development Decoupling Program Development Stakeholder Session – April 25
The decoupling of rental assistance from Section 514/515 loans under the Consolidated Appropriations Act of 2024 will now permit properties with Section 514/515 maturing mortgages to continue to receive rental assistance to further preserve affordable housing. A stakeholder engagement session is being held on April 25 at 2 p.m. ET and those interested in participating are encouraged to register.