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The Treasury Department recently released a report that analyzed the first year of the Low-Income Communities Bonus Credit Program. The program is part of the Biden-Harris Administration's "Investing in America" agenda and represents an unprecedented incentive to increase solar and wind installation in low-income communities.
HUD recently proposed guidance impacting Low-Income Housing Tax Credit (LIHTC) projects involved in Federal Housing Administration (FHA) Multifamily Rental and Risk Share programs. The proposed guidance is meant to close the qualified contract loophole in the LIHTC program.
The Federal Housing Finance Agency (FHFA) recently announced that tenant protections will be included in new multifamily loan agreements beginning in February 2025. The tenant protections will be required for all multifamily properties financed by the federal enterprises known as Fannie Mae and Freddie Mac (the GSEs). The announcement marks a new era of tenant protections in federally backed multifamily housing.
One level deeper: Covered housing providers will be required to provide tenants with the following:
The National Oceanic and Atmospheric Administration (NOAA) recently released its 2024 Atlantic Hurricane Season Outlook, and it is predicting an above-normal hurricane season.
NOAA’s outlook is for overall seasonal activity and is not a landfall forecast. Hurricane season began on June 1 and will continue through Nov. 30.
Last year, Senator Bob Casey (D-PA), Chairman of the U.S. Senate Special Committee on Aging, introduced the Visitable Inclusive Tax Credits for Accessible Living (VITAL) Act to address the housing affordability and accessibility crisis for people with disabilities. Senator Casey recently introduced the Boosting Tax Credits for Accessible Housing Act in the U.S. Senate. The bill is a stand-alone provision taken from the VITAL Act.
Fair housing testers working with Fair Housing Initiatives Program (FHIP) grantees and Fair Housing Assistance Program (FHAP) agencies are used to identify systemic biases in the housing industry. These testers mimic real-world housing transactions to uncover racial, gender, and other forms of discrimination.
The National Low Income Housing Coalition (NLIHC) recently released the latest version of its annual report, “The Gap: A Shortage of Affordable Homes.” Each year, the NLIHC measures the availability of rental housing affordable to extremely low-income households and other income groups.
The House of Representatives recently passed a $78 billion tax bill, Tax Relief for American Families and Workers Act (H.R. 7024), with wide bipartisan support. The bill is the result of a deal struck by House Ways and Means Committee Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) after months of negotiation.
House Ways and Means Committee Chairman Jason Smith and Senate Finance Committee Chairman Ron Wyden recently announced a bipartisan and bicameral tax package deal to be introduced as The Tax Relief for American Families and Workers Act of 2024. If passed, it would revive three business tax credits, expand the child tax credit, and give a boost to low-income housing.
The deal includes two LIHTC provisions from the Affordable Housing Credit Improvement Act (AHCIA). The AHCIA was last introduced in 2023, and it contained long-sought changes to the LIHTC program.
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