Month: March 2020

In an effort to assist meeting the coronavirus challenges on our properties, I have put together a special course discussing the COVID-19 pandemic and strategies for protecting our affordable housing portfolios and am making it available for only $29. The course is entitled — Housing Credits 535: Coronavirus & Affordable Housing — and contains…

Despite concerns that the 2020 Income Limits might be delayed due to the coronavirus pandemic, HUD published them today with an April 1, 2020 effective date. As per Revenue Ruling 94-57, Housing Credit income limits must be implemented on the effective date OR 45 days from the publication date, whichever is LATER. This means this […]

On March 27, 2020, President Trump signed a $2 trillion bill known as the CARES, Act or the Coronavirus Aid, Relief and Economic Security Act.

This is an unprecedented time with lots of unknowns, fears and challenges. As you may be aware, we are beginning to get affordable housing-related notices from HUD, the IRS and many state HFAs.

On March 13, HUD sent a notification to all REAC inspectors stating that currently scheduled inspections were to be canceled for an undetermined period of time due to the coronavirus pandemic.

On March 12, HUD released a Q&A document to help affordable housing professionals address the COVID-19 pandemic and will continue to update this document, contained at their website, as new information comes available. CLICK HERE to access this document.

On March 2, the IRS published Notice 2020-10 providing the population figures used in calculating each states’ 2020 calendar-year volume limits for the Housing Credit and private activity bond (PAB) programs. The Housing Credit figure for each state is the greater of the population multiplied by $2.8125 or $3,217,500. The PAB cap is the greater of […]