Congress
Legislation Seeks to Improve Energy Efficiency for Government-Assisted Housing
U.S. Senators Rob Portman (R-OH) and Jeanne Shaheen (D-NH) introduced a bill to encourage energy efficiency in housing that is subsidized by the federal government. The Energy Savings and Industrial Competitiveness Act of 2015 (S. 720) authorizes the U.S. Department of Housing and Urban Development’s pay-for-success (PFS) demonstration to improve the energy efficiency of government-supported multifamily properties.
Senate Introduces Legislation for Permanent NMTC
U.S. Senator Roy Blunt (R-MO) introduced legislation to make the New Markets Tax Credit (NMTC) program permanent, provide an annual allocation of credits indexed to inflation, and exempt NMTC investments from the Alternative Minimum Tax.
Legislation Proposed in House to Fix LIHTC Rates
U.S. Representatives Pat Tiberi (R-OH) and Richard Neal (D-MA) introduced legislation to make permanent the temporary minimum credit rate for the low-income housing tax credit program (LIHTC). The bill proposes to set the minimum LITHC rate for new construction at 9% and set it at 4% for existing properties.
Leaders of Affordable Housing Convene at NH&RA Annual Meeting
Representatives from more than 100 of the nation’s top affordable housing organizations gathered at the Ocean Reef Club in Key Largo, FL, last week for the 2015 NH&RA Annual Meeting. The event’s panel sessions created dialogues on what’s challenging – and exciting – affordable housing developers, illuminated the products and people who will shape the tax credit transactions in upcoming year, offered options to properties approaching year 15, and surveyed key changes to tax credit programs and legislation.
House Representatives Introduce Bill to Permanently Extend NMTC
Representatives Pat Tiberi (R-OH), Richard Neal (D-MA) and Tom Reed (R-NY) introduced a bill to permanently extend the New Markets Tax Credit (NMTC) program.
Senate Finance Committee Announces Tax Reform Working Groups
Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) recently announced the launch of five separate bipartisan Finance Committee Tax Working Groups to spur congressional comprehensive tax reform efforts in the 114th Congress.
NH&RA Joins Call to Support Affordable Housing Funding
NH&RA signed-on to support the National Low Income Housing Coalition’s campaign to urge lawmakers to to act quickly to stop budget caps and sequestration from taking effect in the upcoming fiscal year.
“Cromnibus” Funding Measure Approved by President, FY 15 HUD Budget Included
U.S. House of Representatives on Tuesday, December 9 introduced the so-called “Cromnibus” spending legislation, a $1 trillion bill that will fund most of the government through September 30, 2015. The measure combines a three-month continuing resolution (CR) for the Department of Homeland Security and 11 full spending bills for the remaining government agencies through the end of fiscal year (FY) 2015.
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.
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…
Energy Advocacy: Groups Seek to Expand Funding for Efficiency Improvements in Affordable Housing Properties
Retrofitting affordable multifamily rental housing properties to make them more energy efficient is critically important for building owners and managers. Energy consumption is the largest or second-largest category of operating expenses in these kinds of properties. However, investing in energy efficiency improvements requires capital, which can be difficult to secure in the current era of […]
New House Bill Would Create Appeal Process for Designation of QCTs and DDAs
Representative Pete Gallego (D-TX) recently introduced H.R. 5198 to amend Section 42(d)(5) of the Internal Revenue Code of 1986 to provide an appeal process for designation as qualified census tracts (QCTs) and difficult development areas (DDAs) under the Low-Income Housing Tax Credit (LIHTC) program. This legislation would allow any State or local government agency to […]