The Internal Revenue Services submitted regulatory guidance for the Qualified Opportunity Zone Program to the Office of Information and Regulatory Affairs, a division of the White House Office Management of the Budget (OMB) on Wednesday September 12. This proposed rule is expected to clarify several issues relating to the incentive. The specifics of the proposed regulatory language is not yet public and will likely take at least ten days, if not longer for review and potential approval by OMB. NH&RA will provide a summary of the analysis when it becomes available.
NH&RA congratulates the US Department of Housing & Urban Development and on achieving an important milestone — the conversion and preservation of 100,000 public housing units through the Rental Assistance Demonstration (RAD) Program! HUD Secretary Ben Carson, Assistant Secretary for Housing Brian Montgomery, and Multifamily Office of Recapitalization Director Tom Davis were joined by the Housing Authority of the City of Austin and additional officials in Austin, Texas, to celebrate this momentous occasion.Read More
On September 18, the U.S. Government Accountability Office (GAO) published a new report “LOW-INCOME HOUSING TAX CREDIT: Improved Data and Oversight Would Strengthen Cost Assessment and Fraud Risk Management.”Read More
The Housing Assistance Council (HAC) has published a new report entitled, “RENTAL HOUSING FOR A 21ST CENTURY RURAL AMERICA USDA’s Rural Rental Housing Portfolio: A Platform for Preservation.”Read More
Amazon.com founder Jeff Bezos announced on Twitter (@JeffBezos) that he and his wife, MacKenzie, would commit $2 billion to “exisiting non-profits that help homeless families, and creating a network of new, nonprofit, tier-one preschools in low-income communities.”Read More
The Council of Development Finance Agencies has issued a new report titled, “CDFA Opportunity Zones Report: State of the States.” Recognizing that Opportunity Zones have the potential to be a transformative economic development tool in distressed areas around the country, CDFA members are actively developing Opportunity Zones strategies to attract investment, identify additional development finance tools to work alongside Opportunity Fund investments, and to align local economic development priorities with their financing capacity. It is essential that state and local agencies recognize that not every Opportunity Zone will receive investment without their leadership. Every state, district, and territory should be engaging their local stakeholders to provide consistent information and clear education about Opportunity Zones. This report details a survey of 41 states completed in July 2018 as partC of a coordinated technical assistance webinar provided to state agencies from CDFA and the Economic Innovation Group. It also includes several examples of state Opportunity Zones strategies actively in development. Click here to download the report.