News
HUD Energy and Water Savings PFS – Comments Due July 8
In 2015, HUD was authorized to establish a Pay For Success (PFS) demonstration for achieving energy and water savings in the multifamily assisted housing stock. HUD has now published the intent to collect information with comments due on July 8
2019 Mortgage Limits for Multifamily Housing Programs
HUD released the 2019 Mortgage Limits for Multifamily Housing Programs. The notice also updates the per unit limit for substantial rehabilitation from $15,000 to $15,933.
NCSHA Asks IRS to Rescind LIHTC Compliance Monitoring Regulations
The National Council of State Housing Agencies (NCSHA) sent a letter to the Internal Revenue Service urging it to rescind its recent amendments to the LIHTC compliance monitoring regulations.
Senators Introduce OZ Reporting Legislation
Senators Cory Booker (D-NJ), Maggie Hassan (D-NH), Tim Scott (R-SC) and Todd Young (R-IN) introduced S. 1344 which would require the Secretary of the Treasury to collect data and issue a report on the Opportunity Zone (OZ) tax incentives.
Katten Muchin Rosenman: Additional Proposed Regulations Issued Regarding Opportunity Zones
On April 17, the IRS and Treasury released the second set of proposed regulations relating to the Qualified Opportunity Zone (QOZ) program. The Proposed Regulations clarify several important issues within the QOZ program, summarized by Katten Muchin Rosenman LLP below. Please contact one of the members of Katten’s Opportunity Zone Working Group for further information.
Colorado Senate Passes Increase to State Affordable Housing Tax Credit
On April 27, the Colorado State Senate passed HB19-1228 to Increase Tax Credit Allocation for Affordable Housing on a 32-2-1 vote. The bill will now advance to Governor Jared Polis (D) for his signature.
Southwest Minnesota and Lexington, KY End Homelessness for Certain Groups
Southwest Minnesota celebrated the effective end of chronic homelessness and Lexington, KY celebrated the effective end of veteran homelessness! In 2017, the Southwest Minnesota Continuum of Care celebrated the end of veteran homelessness and is now one of only four communities to end both veteran and chronic homelessness.
HUD Multifamily West Region Notice on Zero Income Residents
HUD’s Office of Multifamily West Region issued a memo that nullifies the requirement to review the status of residents reporting zero or nominal (less than $100.00) income every 90 days.
Survey Concludes One-Third of Americans Have Trouble Finding Affordable Housing Near Their Workplace
Fannie Mae and research firm Penn Schoen Berland (PSB) released survey data that found most Americans are struggling to find affordable housing near their job, better schools, childcare and job opportunities.
NCSHA Urges Treasury and IRS to Provide Guidance to HUD on Income Limits for Income Averaging Developments
The National Council of State Housing Agencies sent a letter to the Department of the Treasury and IRS urging them to expedite guidance to HUD on how it should establish income limits for the 20, 30, 40, 70, and 80 percent of area median income (AMI) levels necessary for Housing Credit projects that elect to use the average income test for their minimum set-asides.
HFSC Infrastructure Hearing
On April 30 the House Financial Services Committee (HFSC) held a hearing on Housing in America: Assessing the Infrastructure Needs of America’s Housing Stock. The hearing featured discussion on Chairwoman Maxine Water’s (D-CA) draft bill, Housing Is Infrastructure Act of 2019, and testimony from:
HFSC Housing Hearings – April 30 & May 21
The full House Financial Services Committee (HFSC) will hold two upcoming housing related hearings. The April 30 hearing will focus on “Housing in America: Assessing the Infrastructure Needs of America’s Housing Stock.” The May 21 hearing will focus on “Housing in America: Oversight of the U.S. Department of Housing and Urban Development.”