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The Federal Housing Administration (FHA) recently announced a package of incentives to encourage multifamily property owners to invest in thousands of neighborhoods located in Opportunity Zones across the nation.

The Board of Governors of the Federal Reserve System recently released its “Report on the Economic Well-Being of US Households in 2018.” The report describes the responses to the sixth annual “Survey of Household Economics and Decisionmaking,” and it highlights the wide range of financial challenges facing individuals and households across the nation.

Fannie Mae and research firm Penn Schoen Berland (PSB) recently released survey data on how Americans feel about housing affordability and its relation to other factors, such as childcare options and job opportunities. The survey found that one in three people have trouble finding affordable housing near their workplace, with 31 percent of Americans saying they live further from their job than they'd like because they can’t afford to live closer.

According to the Corporation for Supportive Housing (CSH), there’s an estimated 1.125 million supportive housing units needed nationwide. In a recent report entitled “Optimizing Qualified Allocation Plans for Supportive Housing 2018–2019,” CSH pointed out that each year states have the opportunity to support vulnerable individuals by prioritizing the development of supportive housing—safe, stable, affordable units with access to wraparound services—as part of their Qualified Allocation Plan (QAP), the rules that guide the allocation of their LIHTCs.

Two weeks after senators sent a letter asking IRS Commissioner Charles Rettig to issue a notice clarifying that affordable housing projects for veterans that comply with the LIHTC General Public Use criteria are also eligible for Private Activity Bonds (PABs), the IRS released Revenue Procedure 2019-17.

The Treasury Department recently issued the second quarter update to its 2018-19 Priority Guidance Plan. The plan details tax guidance the government intends to focus its efforts on in the coming months. As in prior years, the IRS updates the plan periodically to reflect additional guidance that it intends to publish. With this update, additions include plans to provide guidance for the low-income housing tax credit average-income test and guidance on private-activity bonds for affordable housing.

The Harvard Joint Center for Housing Studies (JCHS) recently released growth projections of homeowner and renter households in a report entitled, “Tenure Projections of Homeowner and Renter Households for 2018-2038.” JCHS projects that the U.S. will add between 2.1 million and 6.2 million renter households by 2028, and between 5.9 million and 10.3 million by 2038.

HUD Secretary Ben Carson recently announced a significant expansion of a Federal Housing Administration (FHA) pilot program that streamlines FHA mortgage insurance applications for affordable housing developments that have equity from the sale of Low-Income Housing Tax Credits (LIHTCs).

The Senate recently confirmed Michael Desmond to be chief counsel at the IRS. Desmond, a California tax lawyer who formerly worked at the Treasury Department and in the Tax Division of the Justice Department, was confirmed as IRS chief counsel in a bipartisan vote of 83-15.

Texas State Rep. Eric Johnson recently announced that he plans to file anti-corruption legislation that would halt the practice of soliciting letters from elected officials supporting or opposing housing developments being considered for federal tax credits. The announcement comes after state officials there have faced criminal charges for their involvement in such projects.