Federal / Agency News

On July 21st, the IRS released guidance regarding Internal Revenue Code 50(d)(5). The long-awaited guidance affects market rate transactions involving Historic Tax Credits.

If signed into law, the bill would strengthen the project based rental assistance program, reduce the burden of public housing and PBRA unit inspections, and change the way tenant incomes are calculated, reviewed, and addressed.

On Thursday, July 14, Senate Finance Committee member Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) introduced legislation (S.3237) to improve the Low Income Housing Tax Credit.

Historic Tax Credit Advocacy During Summer Recess Urgently Needed The Historic Tax Credit (HTC) is the most significant federal financial commitment to historic preservation. Over the last 36 years, the credit has created 2.3 million jobs, leveraged $117 billion in investment, and rehabilitated more than 41,250  buildings — all while generating enough in federal taxes […]

In late March, HUD’s Office of Recapitalization hosted a listening session to receive feedback on how they can facilitate more efficient closings of RAD transactions. The session has resulted in changes regarding the HAP effective date and information regarding initial year funding.

The policy blueprint, which is entitled “A Pro-Growth Tax Code for All Americans,” contains no legislative language and outlines how the House plans to continue working on tax reform into 2017.

HUD has proposed using Small Area Fair Market Rents (FMRs) for the Housing Choice Voucher program, including project-based vouchers, in metropolitan areas where voucher use tends to be concentrated to specific neighborhoods or areas. Comments on the proposed rule are due by August 15.

The plan makes brief mention of “harnessing the abilities of non-profits and other cost-effective service providers,” but largely focuses on public housing, rental assistance, and work requirements for residents.

The Obama Administration named the final nine Promise Zones across the country. The initiative names increasing access to affordable housing as one of its key goals.

The report provides a comprehensive accounting of the number and amounts received by each state from 2008 to 2013, but does not make any recommendations.

Senator Maria Cantwell (D-WA) introduced legislation calling for a 50 percent increase in Housing Credit authority and other changes to strengthen the Credit program. She has also released an accompanying report on the Housing Credit’s impact.

While it is far from perfect in the eyes of affordable housing advocates, it would expand several key programs and is seen as a tepid victory in the current spending climate.