Federal / Agency News
Rural Broadband Access Loans and Loan Guarantees Program
The U.S. Department of the Agriculture though the Rural Utilities Service is accepting applications for the Rural Broadband Access Loans and Loan Guarantees Program. Loans will be made available for the construction, improvement, and acquisition of facilities and equipment that will provide service at the Broadband Lending Speed in eligible rural areas with loans ranging from $100,000 to $25 million.
HUD published 2019 Utility Allowance Factors (UAFs)
HUD published the Utility Allowance Adjustment Factors (UAFs) for 2019 which will be effective on Feb. 11, 2019. Compared to 2018 UAFs, oil increased by 3.35 percent, natural gas increased by 12.62 percent, electric increased by 3.61 percent and water, trash and sewer increased by 0.09 percent nationwide.
Bipartisan Group of Senators Introduces Bill to Expand Opportunity Zones
On November 15, Sens. Richard Burr (R-NC), Dianne Feinstein (D-CA), Lindsay Graham (R-SC), Kamala Harris (D-CA), Bill Nelson (D-FL), Marco Rubio (R-FL), and Thom Tillis (R-NC) introduced the “Hurricanes Florence and Michael and California Wildfire Tax Relief Act” (S. 3648). The bill, in addition to providing tax relief for victims of the natural disasters like an employment credit and tax-favored withdrawals from retirement plans, would designate all of the applicable disaster zones as an Opportunity Zones.
IRS Publishes 2019 Revenue Procedure for LIHTC, PAB
The Internal Revenue Service (IRS) published the 2019 state caps for the Low Income Housing Tax Credit (LIHTC) and Private Activity Bonds (PAB) in Revenue Procedure 2018-57. The LIHTC is the greater of $2.75625 times the state population or a minimum of $3,166,875. The PAB volume cap is the greater of $105 times the state […]
Treasury Releases Priority Guidance Plan
The U.S. Department of the Treasury released its 2018-2019 Priority Guidance Plan. Part one covers implementation of the Tax Cuts and Jobs Act of 2017. Notably, the first item in this section is issuing regulations for LIHTC income averaging. The plan also includes issuing regulations for utility allowances under the LIHTC, clarification and revision of […]
Shutdown Countdown
Funding for the federal government was scheduled to run out on Friday, Dec. 7. On Thursday, Dec. 6 Congress passed a short term continuing resolution that funds the remaining seven appropriations subcommittee bills through Dec. 21. President Trump signed the bill on Friday, Dec. 7.
Lame Duck Session Update: Tax Bill and Appropriations
Congress returns this week after its Thanksgiving break with a full agenda. Priorities include extending funding for most federal agencies for FY 2019, which expires on Dec. 7, and a potential tax package. Chairman of the House Ways and Means Committee Kevin Brady (R-TX) released a tax bill that Congressional Republicans hope to pass during the lame-duck. The bill makes corrections to the Tax Cuts and Jobs Act of 2017, extends several expiring tax measures, includes disaster tax relief and makes changes to retirement and savings tax provisions.
HUD releases 2019 OCAFs
On November 23, 2018 HUD released the 2019 operating cost adjustment factors (OCAFs) for project-based rental assistance with an anniversary date on or after February 11, 2019. The nationwide OCAF increased by 2.9 percent, ranging from 0.9 percent in Vermont to 3.5 percent in Alaska. OCAFs are annual factors used to adjust Section 8 rents […]
FHFA releases final rule on AHP; Schedules Webinar
The Federal Housing Finance Agency (FHFA) published a final rule amending the Federal Home Loan Banks’ (FHLBanks) Affordable Housing Program (AHP) regulations. FHLBanks are required to allocate 10 percent of prior year’s income to fund the AHP, which helps subsidize the purchase, construction and rehabilitation of affordable rental and owner-occupied housing for moderate-, low- and […]
UPDATE: Mid-Term Elections & Its Impact on Affordable Housing
Like many of you, I was up late watching the returns from yesterday’s mid-term elections. As I write this we are still waiting for final results on several races, but a few things are becoming clear. The following are some of my first impressions on what the elections could mean for affordable housing and tax credit […]
GAO Issues Report on HUD Enforcement Efforts
The United States Government Accountability Office (GAO) has issued a new report titled, “Department of Housing and Urban Development: Better Guidance and Performance Measures Would Help Strengthen Enforcement Efforts.” The GAO found that the three program offices of the Department of Housing and Urban Development (HUD) that GAO examined have a process in place for […]
NHLP to Host Webinar on Proposed Public Charge Rule’s Affordable Housing Implications
On October 10th, the Department of Homeland Security (DHS) published a proposed rule that would make it more likely for certain immigrants to be denied admission to the U.S. or denied green cards because they receive or would receive lifeline benefits, including Public Housing, Housing Choice Vouchers, and Project-Based Section 8 housing subsidies. The National […]