In January, the IRS issued Notice 2021-12 granting relief for various LIHTC requirements. Among the relief provided, the notice extended the deadline for a LIHTC site to meet its first-year occupancy obligations from Dec. 31, 2020, to June 31, 2021, for sites operating on a calendar-year basis....
On March 11, 2021, President Joe Biden signed the American Rescue Plan Act of 2021 into law. The $1.9 trillion COVID-19 relief bill, which passed in the U.S. Senate by a narrow 50-49 vote on March 6 and in the U.S. House of Representatives by a 220-211 vote on March 10, signifies the Biden...
On Feb. 22, the Department of the Treasury released an updated FAQ to help states and communities quickly distribute more than $25 billion in emergency rental assistance to renters financially affected by the COVID-19 pandemic. The $25 billion for the Emergency Rental Assistance (ERA) program...
The recent winter storm that battered Texas left many of the state’s residents in dire situations. In the aftermath of the storm, a mass power outage left more than 4 million Texas residents in the dark and cold for days. And as power and heat was restored, the thawing ice exposed broken...
On Jan. 15, the IRS issued Notice 2021-12, which extends the temporary relief for qualified LIHTC sites from COVID-related difficulties. The notice also extends certain deadlines that were established in prior notices.
We explain how renters and owners can access the $25 billion assistance to cover past-due rents.
On Dec. 27, 2020, the Consolidated Appropriations Act, the year-end omnibus legislation that includes appropriations for all federal departments and agencies, tax provisions,...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act established the Paycheck Protection Program (PPP) to help businesses keep their workforce employed during the pandemic. PPP loans were intended to cover payroll expenses, as well as...
Although the vaccine rollouts have begun with health care workers and residents of long-term care facilities, normal operations for LIHTC sites are still a ways away. The current level of vaccine distribution won’t be...
Congressional negotiators recently struck a deal on a bipartisan year-end legislative package, which includes a change that has been advocated by LIHTC proponents for a long time. In the proposed $900 billion federal relief package, lawmakers proposed a floor rate of 4 percent, separating the...
Here are four questions that test your knowledge—and that of your staff—on calculating annual income and applying correct income limits to applicant households. The answers, along with explanations, follow the quiz. Special thanks to tax credit consultant Karen Graham of Karen A...
The National Council of State Housing Agencies (NCSHA) recently sent the IRS and the Treasury Department a letter urging them to extend the temporary Housing Credit relief provided by IRS Notice 2020-53 and to make other necessary program accommodations in light of the continuing disruption of...
