Kaitlyn Snyder Author Archives

IRS

IRS issues final rule on public approval of tax-exempt PABs

The Internal Revenue Service (IRS) issued a final rule that updates requirements for public approval of tax-exempt private activity bonds (PABs). All PABs are required to hold a hearing of public approval. The rule changes the reasonable public notice period from 14 to 7 days prior to the hearing and allows for the posting of the hearing on a website without other notice.

congress-capitol

Congress prepares CR through Feb. 8

Congress is readying a short-term continuing resolution that would fund the government through Feb. 8 and avert a partial government shutdown on Friday, Dec. 21. Seven appropriations subcommittee bills, including Transportation-HUD, still have yet to receive funding for all of Fiscal Year (FY) 2019. Five of the twelve appropriations subcommittee bills are funded for all of FY 2019 and won’t need a CR to continue operating.

Treasury

CDFI Fund Director Donovan Steps Down; New Director Named

Annie Donovan announced that she will step down as the director of the Community Development Financial Institutions (CDFI) Fund at the U.S. Department of the Treasury. Donovan will be replaced by Jodie Harris in January.

USDA Rural Development

USDA Rural Housing Services Staffing Changes

The U.S. Department of Agriculture Secretary Sonny Purdue sent a letter to House Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Chairman Robert Aderhold (R-AL) to explain staffing changes within the Rural Housing Service (RHS) Section 538 rental guarantee program and Section 515 rental loan program.

California

California Updates List of Jurisdictions Subject to Streamlined Ministerial Approval Process

The California Department of Housing and Community Development released an updated list of California cities and counties subject to streamlined ministerial approval process. Under SB 35, which was signed into law in 2017, cities and counties that are not meeting their housing needs must expedite approvals for certain new housing projects in jurisdictions.

congress-capitol

Another Week, Another Tax Bill

House Ways and Means Chairman Kevin Brady (R-Texas) released a third iteration of a year-end tax package. The new version includes the same provision in his original and second bill that clarifies that veterans are a specified group for preferences within the Low Income Housing Tax Credit (LIHTC) program and extends the LIHTC public use provisions from nine percent allocations to also include four percent bond allocations.

USDA Rural Development

RHS proposes eliminating Sec. 538 NOFA

The Rural Housing Service (RHS) within the U.S. Department of Agriculture issued a proposed rule that would eliminate the notice of funding availability (NOFA) for the Section 538 Guaranteed Rural Rental Housing Program.

Minnesota

Minneapolis City Council Approves Comprehensive Plan

The Minneapolis City Council voted 12-1 to endorse Minneapolis 2040 – The City’s Comprehensive Plan, with 22 policy recommendations, each with action steps, that are specific to housing.

Florida

Florida Housing’s Board of Directors Approved Preservation Action Plan

At the Dec. 13 meeting, the Board of Directors of the Florida Housing Finance Corporation (Florida Housing) approved a portfolio preservation action plan.

HUD

HUD Announces New RAD Rent Levels for 2019, Online Application

The 2019 Rental Assistance Demonstration (RAD) rents are now available, which will be used any new awards issued starting in 2019.

HUD

Best Practices for Guest Suites in Multifamily Housing

HUD recently issued Notice 2018-10 that details best practices to help ensure guest suite use is consistent with National Housing Act prohibitions against transient or hotel use of multifamily properties. HUD acknowledges guest suites as an amenity may contribute to the marketability of certain multifamily projects.

congress-capitol

HFSC hearing on Housing Finance Reform

The House Financial Services Committee (HFSC) will hold a hearing on “A Legislative Proposal to Provide for a Sustainable Housing Finance System: The Bipartisan Housing Finance Reform Act of 2018” on Friday, Dec. 21 at 9 a.m. EST in Rayburn House Office Building, room 2128.

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