NCSHA Comments on IRS’s 2018-19 Priority Guidance Plan

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In response to IRS’ request for comments, NCSHA recommended various Housing Credit and bond related issues be included in the Services’ 2018-2019 Priority Guidance Plan. The IRS’s Priority Guidance Plan identifies projects IRS intends to work on in the next year. The 2018-2019 plan describes the items the Service plans to work on during the […]

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Treasury Completes the Designation of Opportunity Zones in All 50 States and 5 Territories

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In May 2018, Treasury designated qualified opportunity zones (OZs) in all states & territories but Florida, Nevada, Pennsylvania and Utah. On June 14, 2018, these final 4 states had their opportunity zones designated which means all 50 states, the District of Columbia and the 5 U.S. territories (American Samoa, Guam, Northern Mariana Islands, Puerto Rico and […]

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NCSHA Income Averaging Letter to IRS and Treasury

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On June 13, 2018, the NCSHA submitted a letter to the Treasury Department and the IRS in regards to the new income averaging minimum set-aside option in the hopes to ensure its successful implementation. State Agency Implementation In the letter, NCSHA indicates that some State Allocation Agencies are already working to establish procedures so owners […]

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IRS Releases Updated IRS Form 8609

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On May 31, 2018, the IRS published a newly revised 8609 form providing the option to choose the new income averaging minimum set aside under the Housing Credit program. The instructions for the form are still not updated nor has the IRS Form 8823.

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NCSHA Develops Income Averaging Q & A

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To assist our industry in understanding and implementing the new Income Averaging election, NCSHA has developed an Income Averaging Q&A with answers to frequently asked questions. 

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2 Important Changes Made to the LIHC Program

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The Consolidated Appropriations Act of 2018 created 2 important changes to the Housing Credit Program… Increases in Available Credit and Income Averaging… both of which are explained here. 

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USDA Debuts New RHS Program Eligibility Maps

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The USDA announced proposed changes to the maps it uses under the Rural Housing Service. The proposed maps will go into effect on June 4, 2018.

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2018 Income Limits Released

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As promised, HUD released the 2018 income limits on March 30, 2018 with an effective date of April 1, 2018. 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.

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Omnibus Spending Bill Signed Into Law

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On March 23, 2018, President Trump signed a $1.3 trillion FY 2018 omnibus spending bill to keep the government opened through September 30, 2018. This law includes… 12.5% allocation increase for the next 4 years for 9% Housing Credit deals, An Income averaging option for Housing Credit properties, A $4.7 billion annual budget increase for […]

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Interim Final Rule on Streamlining Administrative Regulations Under the FAST Act Effective

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On March 8, 2016, HUD published a final rule streamlining regulatory requirements pertaining to certain elements of various multifamily housing programs including, but not limited to, the Housing Choice Voucher (HCV) and Public Housing (PH).

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HUD to Release FY 2018 Income Limits March 30

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In 2011, HUD set a December 1 income limit target release date. However, in 2015, Congress changed how the extremely low-income limit was determined tying it to the release of the Health & Human Services poverty guidelines which are not released until mid- to late-January making it impossible for HUD to meet this target date.

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IRS Releases Adjusted 2018 Caps for LIHTCs, PABs

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On March 2, the IRS issued Revenue Procedure 2018-18 , which includes updated LIHTC and private activity bond state cap numbers based on a chained CPI. 

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IRS Issues Guidance On Designating Census Tracts as Qualified Opportunity Zones

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On February 8, 2018, the IRS issued Revenue Procedure 2018-16 providing guidance to state and territorial governors and the mayor of the DC on the necessary procedure for designating census tracts as Qualified Opportunity Zones (QOZ) in order to take advantage of the new Opportunity Zones program established in the recently enacted tax reform bill.

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Housing Credit Disaster Relief Expanded for Puerto Rico

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On February 9, the IRS issued Notice 2018-17 expanding the general disaster relief contained in Revenue Procedures 2014-49 and 2014-50 specifically providing  guidance on Housing Credit disaster relief for Puerto Rico.

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President Trump Signs Bipartisan Budget Act

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On February 9, President Trump ended the government shutdown by signing the Bipartisan Budget Act of 2018. This Act is a 2-year, $300 billion increase to the defense and nondefense spending caps for fiscal years 2018 and 2019.

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2018 Poverty Guidelines Published

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On January 18, the Department of Health & Human Services published the 2018 poverty guidelines in the Federal Register (83 FR 2642) for the 48 contiguous states, the District of Columbia, Alaska and Hawaii.

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NCSHA Updates Its Recommended Practices

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NCSHA’s has updated and expanded its Recommended Practices in Housing Credit Administration. Due to numerous changes & challenges facing our industry, it was time for a thorough update. The resulting report strengthens the existing practices and includes 13 new practices. These practices are important as they will inevitable be implemented at the state level which means […]

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President Trump Signs Tax Reform Legislation

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President Trump signed The Tax Cuts & Jobs Act (H.R. 1), on December 22 preserving the Housing Credit, private activity Housing Bonds, the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds, a revised historic tax credit (HTC) and existing phase-downs for the renewable energy investment tax credit (ITC) and production tax credit […]

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VAWA Resources Available

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HUD has created a web page containing important resources in regards to VAWA implementation including a summary of industry questions & answers, HUD VAWA Forms and survivor resources.

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Medicare Part B Premiums Announced for 2018

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The Medicare Part B premium will increase $25 or from $109 to $134.

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Senate Introduces Its Version of Tax Reform Legislation

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On November 10, the Senate Finance Committee introduced its version of tax reform retaining the 4% and 9% Tax Credits and tax-exempt multifamily private activity bonds. It also preserves the 2018-2019 authorized NMTC allocation rounds. Other things the Senate bill includes: Repeal of the 10% non-historic rehabilitation tax credit (HTC) Reduction of the 20% HTC to 10%. […]

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House Introduces Tax Reform Bill

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Earlier this month, the House introduced the Tax Cuts and Jobs Act. The bill proposes to reduce the future supply of affordable rental housing by nearly 1 million units and features a set of changes that would negatively affect the number of Tax Credit units built or rehabbed as it includes the elimination of private activity […]

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Elizabeth Announces Her Retirement

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Now that the 2017 NCP Conference has come and gone, I wanted to take a moment to fill you in on an announcement I made at this year’s event. I am retiring in 2020. But don’t worry. I will be working hard these next 3 years and will be making announcements as we progress towards […]

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Congress Adopts 2018 Budget Resolution

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On October 26, the House approved the FY 2018 Budget Resolution, as passed by the Senate on October 19. By adopting the Senate’s Budget Resolution, the House avoided the need for a conference committee to work out differences between the two versions of the Budget Resolution.

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