Federal / Agency News
Treasury, IRS Release Final OZ 8996, 8997 Forms
The Department of the Treasury and the Internal Revenue Service (IRS) released the final versions of Form 8996 – Qualified Opportunity Funds, 8996 instructions and Form 8997 – Initial and Annual Statement of Qualified Opportunity Fund Investments.
Democrats $760 Billion Infrastructure Package Calls for Increased LIHTC, HTC, NMTC, PAB and Broadband
Last week House Democrats released a $760 billion infrastructure framework, which calls for strengthening existing infrastructure financing tools, like LIHTC, the New Markets Tax Credit (NMTC) and the Historic Tax Credit (HTC). Specifically, the Moving America and the Environment Framework calls for expanding the three tax credits, as well as expanding the national volume cap for private activity bonds (PAB). The framework also includes $86 billion over five years to pay for the deployment of high-speed broadband in unserved and underserved communities, low-interest financing for broadband deployment and digital equity activities.
IRS Guidance to HUD on Average Income AMI Calculations
The Internal Revenue Service (IRS) released Revenue Ruling 2020-04, which clarifies the manner to properly compute the 70 and 80 percent income limits applicable to the LIHTC under Section 42 of the Internal Revenue Code. The 70 percent limit is 140 percent or less of the income limit for a very low-income family of the same size and the 80 percent limited is 160 percent or less of the income limit for a very low-income family of the same size.
FHA Posts 2020 MAP Guide Appendix 16 For Review
The Federal Housing Administration (FHA) posted a draft of Appendix 16 on Organizational Chart for Lease Structure of its 2020 Multifamily Accelerated Processing (MAP) Guide. To provide feedback, respondents must use the 2019 Draft MAP Guide Response Worksheet and e-mail the response worksheet to [email protected] by February 12.
President Trump Mentions Opportunity Zones During SOTU
During the 2020 State of the Union (SOTU) address to a joint session of Congress President Donald J. Trump said the following on Opportunity Zones, “Jobs and investments are pouring into 9,000 previously neglected neighborhoods thanks to Opportunity Zones, a plan spearheaded by Senator Tim Scott (R-SC) as part of our great Republican tax cuts.”
HUD Extends Deadline to Submit Comments on Regulatory Barriers to Affordable Housing
In November, HUD and the White House Council on Eliminating Regulatory Barriers to Affordable Housing issued a Request for Information seeking public comment on Federal, State, local and Tribal laws, regulations, land use requirements and administrative practices that artificially raise the costs of affordable housing development and contribute to shortages in America’s housing supply. Comments […]
HUD Proposes New Rule Recognizing Additional Building Codes and Standards to Encourage More Housing Development
HUD released a proposed rule that would amend its Fair Housing Act design and construction regulations by incorporating by reference the 2009 edition of International Code Council (ICC) Accessible and Usable Building and Facilities (ICC A117.1-2009) standard, as a safe harbor.
HUD Offers Lead Safe Housing Rule Trainings and Resources
HUD’s Office of Lead Hazard Control and Healthy Homes launched new training and web pages to help users review federal lead regulations and the Lead Safe Housing Rule Amendment for pre-1978 housing. The goal of these pages is to help Public Housing Agencies, grantees and owners respond to cases of elevated blood lead levels in […]
HUD Publishes Puerto Rico’s CDBG-MIT Notice
HUD recently published a Community Development Block Grant Mitigation (CDBG-MIT) notice for the Commonwealth of Puerto Rico, which allocates $8.285 billion. The notice lists out guidelines for the CDBG-MIT program specific to Puerto Rico, which will enable them to develop and submit for approval their plans and ultimately receive their allocated mitigation funds.
Annual Assessment Shows Three Percent Increase in Homelessness Nationwide
HUD released its 2019 Annual Homeless Assessment Report to Congress, which found that 567,715 persons experienced homelessness on a single night in 2019, a three percent increase over 2018. Homelessness among veterans and families with children continued to fall, declining 2.1 percent and 4.8 percent, respectively, in 2019.
Treasury OIG Launches Opportunity Zone Investigation
The Inspector General of the U.S. Department of the Treasury launched an internal investigation on abuse in the Opportunity Zone program. Rich Delmar, the department’s acting inspector general, said in a statement he expects “to complete our work and respond to the congressional requesters in early spring.”
FHA Reiterates Green Building Standards Program
In 2016, the Federal Housing Administration’s (FHA) Office of Multifamily Housing Programs introduced a voluntary green building standards program that allowed for a reduced annual mortgage insurance premium (MIP) at the rate of 0.25 percent for properties that are committed to green building practices. The reduced MIP for industry-recognized green housing encouraged owners to adopt higher standards for construction, rehabilitation, repairs, maintenance and property operations.