Category: Latest News

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.

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.

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.

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. […]

On July 26, 2018, Rep James Clyburn (D-SC) introduced the Restoring Tax Credits for Affordable Housing Act which proposes to increase the 9% & 4% credit percentages, state allocations from $2.70 to $2.90, and the small state minimum from $3.1 million to $3.365 million to offset reduction in housing resources that resulted from the 21% […]

On July 18, 2018,  9 Senators introduced legislation proposing to create bipartisan group to examine & respond to the affordable housing crisis. The task force would evaluate and quantify the impact that a lack of affordable housing has on other areas of life and life outcomes for individuals; evaluate and quantify the costs incurred by […]

On July 16, 2018, Senator Kamala Harris (D-CA) introduced the Rent Relief Act of 2018 (S. 3250) proposing to create a refundable tax credit for renters paying more than 30% of their gross income on housing annually. As per the proposal, households earning $25,000 or less would receive a dollar for dollar tax credit. The […]

On July 3, HUD published 2 notices describing changes in the RAD program. The first notice increases the number of public housing units eligible for RAD conversion to 455,000 units from 225,000 units and extends the period for project applications until September 30, 2024. The second notice outlines 4 changes to the public housing conversion process… A streamlined conversion option […]

REAC has instituted some changes to how it will be testing for mold and mildew. For a period of one year starting June 18, 2018, a select number of inspections will include the use of moisture meters and infrared technology in an effort to detect issues with moisture and mold before it becomes a health […]

On June 20, 2018, HUD published an advanced notice of its proposed rule inviting comments on HUD’s 2013 Implementation of the Fair Housing Act’s Discriminatory Effects Standard final rule as it seeks to determine what changes to the rule, if any, may be needed to reflect the outcome of the 2015 Supreme Court case Texas […]

In mid-June 2018, the Trump Administration released a report — Delivering Government Solutions in the 21st Century —  calling on Congress to reorganize the federal government’s executive agencies in an effort to streamline government operations. The plans call for the transfer of various federal programs to different agencies and the merger of federal agencies, some […]