The IRS sets priority guidance plans each year and updates them on a quarterly basis. The IRS uses the priority guidance plan each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published...
Rep. Hakeem Jeffries, D-N.Y., recently introduced a bill, entitled the Low and Moderate Income Housing Act of 2014, to encourage the development of mixed-income housing. The bill would institute a 50-50-120 minimum set-aside test in lieu of the 40-60 minimum set-aside test.
The Oklahoma Affordable Housing Act (H.B. 3099) recently passed the Oklahoma State House of Representatives by a margin of 75-13, and has now moved to the Senate Finance Committee for consideration. This measure would match the amount of federal Low-Income Housing Tax Credits awarded for a...
On Feb. 26, Ways and Means Chairman Dave Camp (R-Mich.) released a draft tax reform proposal that would modify the Low-Income Housing Tax Credit (LIHTC) program. The proposal came about from a process that involved more than 30 separate Congressional hearings dedicated to tax reform, 11 separate...
On Feb. 19, the National Housing Conference’s Center for Housing Policy released its annual Housing Landscape report entitled, “The Housing Affordability Challenges of America’s Working Households.” In summarizing the affordable housing challenges of low- and moderate-...
Colorado State Representative Crisanta Duran (D-District 5) and State Senator Jessie Ulilbarri (D-District 21) recently introduced HB-1017, which proposes to renew Colorado’s State Low Income Housing Tax Credit program. Colorado previously had a State Housing Credit in 2001 and 2002. The...
HUD recently issued a notice requesting public comment on its efforts to establish a baseline assessment of the renewable energy capacity in HUD’s public housing and federally assisted multifamily housing portfolios. The assessment will support President Obama's Climate Action Plan,...
“The simple fact is we are in the midst of the worst rental affordability crisis that this country has known," HUD Secretary Donovan said at a recent housing conference.
This statement coincided with the release of a report entitled "America's Rental Housing: Evolving...
On Nov. 15, HUD published the Difficult to Develop Areas (DDAs) for 2014 and indicated that the Qualified Census Tracts (QCTs) that were published April 20, 2012, will remain in effect. HUD also announced that in 2016 it will begin to use small-area fair market rents instead of metropolitan-area...
The Housing and Insurance Subcommittee of the House Committee on Financial Services recently held a hearing on the implementation of the Biggert-Waters Flood Insurance Reform Act of 2012. The hearing’s purpose was to assess the ongoing implementation of the law.
On Nov. 13, a settlement was reached in an important fair housing lawsuit. This case involved the southern New Jersey town of Mt. Holly. In 2003, Mount Holly declared a neighborhood called the “Gardens” blighted and sought to redevelop it, claiming that was the only way to end rising...
Facts: The site owner of a newly constructed building requested an extension of time to make an election under Section 42(g)(1) of the Internal Revenue Code. The owner received Form 8609, Low-Income Housing Credit Allocation Certification, reflecting a maximum allowable housing...
