Federal / Agency News

House Ways and Means Chairman Jason Smith (R-MO) released The American Families and Jobs Act, an opening salvo for a year-end tax package. The package focuses primarily on extensions of expired business-related tax credits from the Tax Cuts and Jobs Act of 2017.

Last week, Representatives Mike Kelly (R-PA) and Brian Higgins (D-NY) reintroduced the Neighborhood Homes Investment Act (H.R. 3940).

The National Low Income Housing Coalition (NLIHC) published the 2023 edition of its annual Out of Reach Report, which compares the wages people earn and the costs of modest rental housing in every state, metropolitan area and county in the U.S.

HUD announced that on June 15, 2023, the Community Planning and Development (CPD) Income Eligibility Calculator will update to incorporate the FY 2023 Income Limits for all programs.

The U.S. Department of the Treasury CDFI Fund announced that the June New Markets Tax Credit Program Qualified Equity Investment (QEI) report has been updated and is available.

On the heels of the newly reintroduced Affordable Housing Credit Improvement Act (S. 1557 / H.R. 3238), The ACTION Campaign sent a letter to Congress calling for cosponsors and seeking action on any future tax legislation.

The Internal Revenue Service (IRS) and the Department of Energy (DOE) released a proposed rule on Additional Guidance on Low-Income Communities Bonus Credit Program and Notice 2023-44 – Additional Guidance for the Qualifying Advanced Energy Project Credit Allocation Program.

The Multifamily Impact Council (MIC) released the Multifamily Impact Framework 1.0, which establishes a baseline of common principles, definitions and reporting guidelines for multifamily impact investments to help property owners and investors attract more impact-motivated capital.

HUD announced a new report available related to the new quarterly closeout status indicator for the Neighborhood Stabilization Program (NSP).

The Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) on tenant protections at multifamily properties with mortgages backed by Fannie Mae and Freddie Mac.

President Joseph Biden (D) and House Speaker Kevin McCarthy (R-CA) released legislative text for a deal that would suspend the debt limit through Jan. 1, 2025, and place caps on federal spending for fiscal years 2024 and 2025.

Last week, HUD released Fiscal Year (FY) 2023 Income Limits, which were effective on May 15, 2023. HUD once again instituted a cap, this year at 5.92 percent.