Federal / Agency News
Secretary Carson Pivots to Opportunity Zones in Budget Hearing
Opportunity Zones will provide a resource similar to the gap funding from the HOME program but “on steroids”, explains Carson.
Omnibus Has Potential to Reach Floor Thursday, Cantwell-Hatch Hangs in the Balance
Congressional leadership is anticipating a release of the omnibus language later today with potential for a House vote on Thursday.
HUD: MAP Guide Allows GP Interest to Secure Equity Bridge Loan
The MAP Guide enumerates securities for an equity bridge loan as a pledge of tax credits and/or limited partners’ or investors members’ interests in the project’s ownership entity. Questions subsequently arose as to whether a pledge of the general partner’s interest could also secure an equity bridge loan.
Historic Tax Credit Creates 106,846 Jobs, $9.1 Billion in Investment in 2017
The National Park Service report includes a summary of state-by-state activity in 2017 as well as a breakdown of project sizes.
HUD Implements CNA e-Tool Improvements
HUD recently rolled out System Release 2.2 and a revised assessment tool. These changes were based on user feedback and include missing flag notes.
HUD Revises Fair Market Rents for Housing Choice Voucher and Mod Rehab SRO for Fiscal Year 2018
Eight areas were revised due to new survey data.
IRS Reduces Small State Minimums for LIHTCs and PABs
The adjustment leaves per-capita amounts unchanged for LIHTCs and PABs. However, the LIHTC small state minimum was reduced by $5,000 while the small state minimum for PABs was reduced by $665,000.
NMTC Coalition Launches Cosponsorship Drive
NH&RA urges members and other interested parties to support legislation to make the New Markets Tax Credit permanent as well as increase annual allocation authority. The NMTC Coalition has provided information and resources for how you can help.
HUD Announces Awardees for Choice Neighborhood Planning Grants
Six communities across the country have been awarded a total of almost $5 million from HUD’s Choice Neighborhoods Initiative. The grants allow local leaders flexibility in executing their own comprehensive plans for community revitalization. Developer partners involved with the awards include NH&RA Members Telesis (Cleveland) and Pennrose (Philadelphia).
Treasury Expands Opportunity Zone Eligibility in Revision
Data in the Opportunity Zones Information Resource has been updated from information provided in a February 8, 2018, release to include all census tracts that meet the New Markets Tax Credit Program (NMTC) Low-Income Community definition and additional contiguous census tracts eligible for designation as a QOZ.
HUD’s Office of Recapitalization Opens “Office Hours” for RAD Questions
Owners will be able to sign up for individual 30-minute sessions with HUD staff during designated times each week on Tuesdays and Thursdays from 2:00 – 4:00 PM EST.
CDFI Fund Awards $3.5 Billion in New Markets Tax Credits
The Fund received 230 applicants this year requesting a total of $16.2 billion in NMTCs.