Federal / Agency News
Legislation and Report Target Tax Reform
On Dec 11, 2014, House Ways and Means Committee chairman Rep. Dave Camp H.R. 1, released the Tax Reform Act of 2014 and U.S. Senate Senate Finance Committee Republican staff released the report “Comprehensive Tax Reform for 2015 and Beyond.” Both the legislation and the report have implications for the future of housing tax credits.
Housing Trust and Capital Magnet Funds Will Be Funded
Federal Housing Finance Agency (FHFA) Director Melvin L. Watt instructed Fannie Mae and Freddie Mac to begin setting aside and allocating funds for the Housing Trust Fund and the Capital Magnet Fund. The funds have sat empty since they were created six years ago due to a temporary suspension.
U.S. Treasury Department Announces New Director of the Community Development Financial Institutions Fund
The U.S. Treasury Department announced that Annie Donovan will be the new Director of the Community Development Financial Institutions Fund (CDFI Fund).
Mid-Term Elections Wrap Up: Affordable Housing and LIHTC Implications
The 2014 mid-term elections are almost over and by any measure they were a victory for Republicans in both the House and Senate. Republicans will gain control of the Senate with no less than 52 seats in the chamber and the potential to hold as many as 55 depending on the final results in Virginia, Louisiana, and Alaska. David Gasson explores what this means for affordable housing…
State News Week of September 29: California Governor Jerry Brown Vetoes NMTC and HTC Legislation
On September 29, California Governor Jerry Brown vetoed A.B. 1399, a bill to create a state new markets tax credit (NMTC), and A.B. 1999, to create a state historic rehabilitation tax credit (HTC).
Grace Robertson Announces Retirement from IRS
Grace Robertson, a longtime analyst with the Internal Revenue Service (IRS) recently announced her retirement from the agency.
IRS Releases Updated LIHTC Audit Technique Guide
The Internal Revenue Service (IRS) today released its updated audit technique guide (ATG) for the Low-Income Housing Tax Credit (LIHTC) program. This guide was prepared to assist IRS examiners in auditing owners of LIHTC properties.
IRS Clarifies Effect of Sequestration on Section 1603 Recipients
The Internal Revenue Service (IRS) recently released Notice 2014-39 clarifying questions related to Section 1603 renewable energy cash grant recipients. The Notice provides that the Section 1603 Payment resulting from sequestration during the affected time period does not affect the amount of the Section 1603 Award or the basis of the specified energy property taken into account for purposes of determining the award.
Recent IRS Ruling To Have Significant Implications on Historic Tax Credit Structures; Expected to Attract Increased Investor Activity
On December 31 the Internal Revenue Service (IRS) released safe harbor guidance (Revenue Procedure 2014-12) for structuring federal historic tax credits transactions, which is expected to attract more investment activity.
2014 NH&RA Annual Meeting & Senior Housing Symposium: Conference Materials
All conference materials, PowerPoint presentations, relevant articles, reports, memos, etc. from the 2014 NH&RA Annual Meeting are available below under the relevant session titles. Click below to learn more about the topics that were covered at the meeting! Conference Recordings of each session will be available in NH&RA’s Online Store following the conference.
Rep. Neal Introduces Bill to Permanently Extend NMTC
A recently introduced bill (H. R. 3939) in the U.S. House of Representatives would amend certain provisions of the Internal Revenue Code, including a permanent extension of the New Markets Tax Credit (NMTC) program, in order to stimulate economic investment and create jobs…
NH&RA 2013 Fall Developers Forum: Conference Materials Available!
All conference materials, PowerPoint presentations, relevant articles, reports, memos, etc. from the 2013 Fall Forum are available below under the relevant session titles. Click below to learn more about the topics that were covered at the meeting!