Author: joloughlin

I must inform you that as of this week, the 2019 NCP Conference is SOLD OUT. At this point in time, we are maintaining a waiting list.

On February 27, the IRS indicated it would be publishing the Housing Credit program’s final utility allowance regulations specifically addressing submetering in the Federal Register.

On February 26, the IRS issued the final Compliance Monitoring regulations for the Housing Credit program. These replace the temporary compliance regulations that have been in place since 2016 and are immediately effective.

New York Gov. Andrew M. Cuomo signed into law the Gender Expression Non-Discrimination Act (GENDA), which prohibits employers, educational institutions, landlords, creditors, and others from discriminating against individuals on the basis of gender identity or expression, and make offenses committed on the basis of gender identity or expression hate crimes under New York State law.

On February 20, HUD released PIH-2019-02/H-2019-04 reducing the number of days REAC inspectors will send out their notification before conducting physical inspections of public housing and private HUD-assisted multifamily housing.

Give back to the affordable housing industry by become a 2019 NCP Conference Sponsor! As a sponsor, you will be helping bring valuable information and networking opportunities to industry professionals from all over the country, thereby giving back to your industry in a very visible and useful way!

Kevin Brady (R-TX), Chairman of the House Ways and Means Committee released a year-end tax and oversight package that clarifies the general public use requirement for Housing Credit properties funded with tax-exempt bonds especially for veterans.

On November 15, 2018, the IRS published Revenue Procedure 2018-57 providing the 2019 per capita and small state minimum volume caps for the Housing Credit program and Private Activity Bonds (PAB).

On November 19, 2018, the IRS published Revenue Procedure 2018-55 announcing the amounts of unused credit carryover allocations to qualified states. This year there was $2.69 million of unused credits that were placed in the national pool and allocated to 32 qualified states and Puerto Rico.

We have secured the location & dates for the 2019 NCP Conference and are excited to announce we will be heading back to Naples, FL on October 16 & 17, 2019!! Registration open soon!

On October 19, HUD released the list of difficult to develop areas (DDAs) and qualified census tracts (QCTs) for 2019. These areas are important to the Housing Credit Program as properties built in these areas are eligible for as much as a 30% boost in eligible basis while receiving credits. These areas are effective January […]

On October 19, the Treasury Department released proposed guidance for opportunity zone (OZ) incentive. This is the first set of guidance expected and addresses gains invested in qualified OZ funds. At the same time, Treasury also released a related revenue ruling.

Your 2019 NCP Membership expired on December 31 unless you submitted your renewal. If you haven’t taken care of it yet, don’t worry… there is still time!

On October 11, Senate Finance Committee member Dean Heller, R-NV, introduced Seniors Affordable Housing Tax Credit Act S. 3580. This Act would establish a tax credit for owners of multifamily rental property renting to extremely low-income seniors.

On October 11, the Social Security Administration (SSA) announced a 2.8% increase in Social Security and Supplemental Security Income (SSI) for more than 67 million Americans.

In 2017, HUD introduced a new security requirement for TRACS users requiring TRACS Coordinators to certify each TRACS User annually. This certification ensures that each user can continue to send TRACS files and receive TRACS messages.

On September 26, Senate Banking Committee member, Elizabeth Warren, D-MA, introduced the American Housing and Economic Mobility Act of 2018.

On September 18, the Government Accountability Office (GAO) released its report – “Low-Income Housing Tax Credit: Improved Data and Oversight Would Strengthen Cost Assessment and Fraud Risk Management” – on the costs of developing LIHTC properties.

On September 13, the Office of Information and Regulatory Affairs, a division of the White House Office of Management of the Budget (OMB), received regulatory guidance from the IRS on the opportunity zones.

On September 10, Rep. Kevin Brady, (R-TX) highlighted the introduction of 3 bills that constitute the Tax Reform 2.0 package. This package is from Republicans on the House Ways and Means Committee. None of the bills contain provisions directly impacting affordable housing or, community development. The three bills are H.R. 6760, H.R. 6757 and H.R. 6756.

On August 28, the Office of the Comptroller of the Currency (OCC) released an advanced notice of proposed rule-making on modernizing the Community Reinvestment Act (CRA). The OCC seeks comments on ways to modernize CRA regulations.Included are questions about increasing lending and services in areas that need it the most, clarifying and expanding the types of […]

On August 22, Sen. Ron Wyden, (D-OR), introduced the Middle Income Housing Tax Credit Act of 2018, legislation that would create a 15-year tax credit for 50% of qualifying costs, or a minimum 5% per year. The credit would apply to property where at least 60% of units are occupied by residents with incomes of 100% […]

On August 13, 2018, HUD published an advanced notice of proposed rule-making, inviting public comment on amendments to HUD’s affirmatively furthering fair housing regulations. HUD is seeking comments on several areas, but specifically asked 8 questions about community involvement, data collection, reporting methods, evaluation and more. CLICK HERE to read the notice

As I write this I find myself a little sad, yet excited. You see, today, I am announcing our new and FINAL NCP Board of Advisors which means the members that have served on my Board for the past several years are stepping down. I have worked with this group of Board members for years. […]