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The Safe Housing for Families Act of 2019 (H.R. 1690) was passed by the House Financial Servcies Committee and will likely move to a full vote soon. The bill provides $300 million over 3 years to fund the installation and maintenance of carbon monoxide detectors in HUD assisted … [Read more...] about Carbon Monoxide Detectors Required in Assisted Housing

On July 1, the IRS issued a memo discussing the proper treatment of common area noncompliance indicating the eligible basis should be reduced for the taxable year in which it occurred rather than the applicable fraction. … [Read more...] about IRS Memo Released Discussing Proper Treatment of Common Area Noncompliance

The Save Affordable Housing Act of 2019 was introduced on June 25, 2019. The legislation was introduced by Sens. Ron Wyden (D-OR), Todd Young (R-IN), Ben Cardin (D-MD) and Sherrod Brown (D-OH) and includes a provision to eliminate the qualified contract option for future credit … [Read more...] about Legislation Introduced to Repeal Qualified Contract Option

On June 5, HUD released the 2019 income limits for the HOME, CDBG, HOPWA, HTF and NSP programs. They are effective June 28, 2019. … [Read more...] about HOME and HTF Income Limits Published

On June 4, Senators Maria Cantwell (D-WA), Johnny Isakson (R-GA), Ron Wyden (D-OR) and Todd Young (R-IN) reintroduced the Affordable Housing Credit Improvement Act of 2019 (AHCIA). See article in the June 24, 2019 issue of The Compliance Monitor for a complete explanation of … [Read more...] about Affordable Housing Credit Improvement Act Reintroduced