U.S. Senate Finance Committee member Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) recently introduced the bipartisan Affordable Housing Credit Improvement Act of 2016. This legislation continues the effort to expand the Affordable Housing Tax Credit by 50...
Representative Jim McDermott (D-WA) recently introduced the “Housing for Homeless Students Act” (H.R. 5290), which would allow full-time students who are or recently have been homeless to qualify for housing at tax credit sites. H.R. 5290 would exempt individuals from the student...
The House Tax Reform Task Force, led by House Ways and Means Chairman Kevin Brady (R-TX), recently released a tax reform blueprint, “A Pro-Growth Tax Code for All Americans,” as part of House Speaker Paul Ryan’s (R-WI) “A Better Way” agenda. According to the plan,...
Harvard University’s Joint Center for Housing Studies (JCHS) recently released The State of the Nation’s Housing 2016, its latest annual report on U.S. housing trends. While the report finds that the housing market continues to recover post-crisis, it highlights serious challenges,...
The Government Accountability Office (GAO) recently issued the second of three reports on the Low-Income Housing Tax Credit program entitled, “Low Income Housing Tax Credit: Some Agencies’ Practices Raise Concerns and IRS Could Improve Noncompliance Reporting and Data Collection....
A recent ruling by Massachusetts’ highest state court relied on an analysis of the June 2015 U.S. Supreme Court decision in Texas Department of Housing & Community Affairs v. The Inclusive Communities Project, Inc. (ICP). In that case, the U.S. Supreme Court held that a state...
On May 19, Senator Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) introduced legislation entitled The Affordable Housing Credit Improvement Act of 2016. The proposed bill would expand the LIHTC program to help create or preserve approximately 1.3 million...
On May 18, 2016, President Obama and Labor Secretary Perez announced that the Department of Labor’s final rule will automatically extend overtime pay eligibility to 4.2 million workers. The rule will entitle most salaried white collar workers earning less than $913 a week ($47,476 a year)...
On March 25, HUD released the second annual report on residents of units financed by the low-income housing tax credit (LIHTC). Congress mandated the collection and publication of this data when it passed the Housing and Economic Recovery Act (HERA) of 2008. The report provides information about...
Senator Charles Schumer (D-NY) recently joined Senator Maria Cantwell (D-WA) at a rally calling for an expansion of the Low-Income Housing Tax Credit to address our nation’s shortage of affordable housing. The event followed Senator Cantwell’s announcement last month of her intention...
The National Low Income Housing Coalition (NLIHC) recently released its 2016 report focusing on the gap between the number of extremely low-income (ELI) households and the number of affordable housing units available to them. ELI households are those with incomes at 30 percent of area median...
The IRS recently invited public comment on recommendations for items that should be included in the 2016-2017 Priority Guidance Plan. 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...
