IRS/Tax Issues


SAVE THE DATES! Affordable Housing Underwriting Forum & NCAHMA Annual Meeting

We are pleased to announce that we will be returning to Chicago for this years Affordable Housing Underwriting Forum & NCAHMA Annual Meeting. We will be convening November 9-10 at the Doubletree Hotel Chicago Magnificent Mile. If you are a market analyst, appraiser, debt or equity underwriter or developer, join your colleagues to discuss critical underwriting and market study developments in affordable housing.


IRS Provides Guidance on Stimulus Act Workout Provision

The Law Firm Ballard Spahr recently issued an alert on a interesting provision from the American Recovery & Reinvestment Act that allows tax payers to defer cancellation of indebtedness income.


’09 Summer Institute Videos & Audio Files Now Available

If you missed the 2009 Summer Institute in Woodstock, VT you can still purchase conference materials and video and/or audio recordings of select sessions.


Registration Is Now Open For NH&RA Boston Developers Forum

NH&RA pleased to announce we will be returning to the Taj Hotel (formerly the Ritz-Carlton) for our Annual Boston Fall Developers Forum November 2-3, 2009. This is a can’t miss event for developers and affordable housing professionals looking to get the latest updates on state-of-the-art transactions and breaking news from the Congress, HUD and HFAs.
Online registration is now open and the hotel is taking reservations at our group rate. Click here to register online.


IRS Solicits Comments on Form 8586, Low-Income Housing Tax Credit

The Internal Revenue Service (IRS) recently released a notice inviting public comments on Form 8586, Low-Income Housing Tax Credit.


Summer Institute Recap

Thanks to everyone that made the 2009 Summer Institute a great success! We were blown away by all of the compliments about the quality of the program and networking. I especially want to thank all the great speakers! Its not every day that so many industry leaders and innovators can come together to share ideas and innovations. In such a tough business environment it was inspirational to see how our members are creating new opportunities to close transactions. If you didn’t make out to Vermont here are a few things that you missed…


Video Feed: Delivering The Stimulus, TCAP & Exchange Credit Funds

NH&RA has uploaded new video excerpts from the 2009 Spring Developers Forum, May 11-12 in Los Angeles, California. If you missed these great sessions you can view video excerpts from the meeting on HousingOnline’s You Tube Channel. The session explored new funding sources made available by the American Recovery & Reinvestment Act including the Tax Credit Exchange and TCAP Programs and in particular issues pertaining to the recent guidance provided by HUD, the Department of Treasury and the IRS on the implementation of these programs. Featured speakers include Peter Bell (NH&RA), Ronne Thielen (Centerline Capital), Joel Rubenzahl (Community Economics Group), Tom Capp (Gorman & Company) and Jeanne Peterson (Reznick Group).


IRS Issues Notice on Utility Allowances and Sub-Metering

The Internal Revenue Service has issued a new notice that allows for the use of a utility allowance for rent-restricted units in a low-income housing tax credit project where utility sub-metering is used, and lays out the conditions that must be met for this treatment to apply. The new guidance, in Notice 2009-44, clarifies and is retroactive to the effective date of the final utility allowance regulation published on July 29, 2008.


IRS Releases Guidance on Renewable Energy Investment Tax Credit

The Internal Revenue Service (IRS) recently issued Notice 2009-52, which describes the procedures taxpayers must follow in order to make the election to receive the energy investment tax credit (IRC Section 48) instead of the production tax credit (IRC Section 45).


IRS Solicits Comments on LIHTC Recapture Form

The Internal Revenue Service is soliciting comments on Form 8611, the form required for Recapture of Low-Income Housing Tax Credits (LIHTC). Under the LIHTC program, if a project is discarded or fails to meet ongoing program requirements during the 15-year compliance period, the owner must use Form 8611 in order to recapture part of the credits taken in prior years.


Presentations from 2009 Spring Developers Forum Now Available

The National Housing & Rehabilitation Association has made available the PowerPoint presentations displayed during the recent 2009 Spring Developers Forum: A Time of Opportunity, held May 11-12, 2009 at the Hyatt Regency Century Plaza in Los Angeles, California.


Treasury, IRS Solicits Suggestions for Future Tax Guidance Projects

The U.S. Treasury Department and Internal Revenue Service are soliciting suggestions on federal tax guidance projects that should be included on the 2009-2010 Guidance Priority List.

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