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Wells Fargo has dismissed two Charlotte, N.C.-based executives in its community lending and investment division in relation to a federal investigation into the bank’s negotiation and procurement of LIHTCs. The two executives had been previously suspended by Wells Fargo in connection with the investigation.
The 2018 omnibus spending bill passed earlier this year authorized the “income-averaging” option for minimum set-aside elections in the LIHTC program. The option replaces the 60 percent area median income (AMI) maximum eligible income for LIHTC sites with 80 percent for units where the site-wide average doesn’t exceed 60 percent.
A recent analysis by the Harvard Joint Center for Housing Studies (JCHS) compared changes in the rental supply at various rent levels with changes in the number of renter households at various income levels. The analysis found that a growing number of low-income renters are competing for a shrinking number of low-rent units. The analysis also found that the rapid growth in high-income renters over the last 10 years has outnumbered growth in high-rent units, and that similar trends are shared by nearly every metro area in the U.S.
The Internal Revenue Service has provided temporary relief from certain requirements of the Internal Revenue Code to allow owners and operators of low-income housing projects located anywhere in the United States and its territories to provide temporary emergency housing to individuals who are displaced by a major disaster from their principal residences, regardless of income.
Representative James E. Clyburn (D-SC) recently introduced the “Housing Opportunity, Mobility and Equity (HOME) Act of 2018” (H.R. 7050), the House version of the Senate legislation (S.3342) proposed by Senator Cory Booker (D-NJ).
The Treasury Department and the IRS recently issued Newswire IR-2018-206 announcing an advance version of proposed Opportunity Zone tax incentive regulations. Opportunity Zones, created by the 2017 Tax Cuts and Jobs Act, were designed to spur investment in distressed communities through tax benefits to investors. State governors, the mayor of the District of Columbia, and chief executives of five U.S. territories nominated Opportunity Zones, and the Department of Treasury designated 8,761 zones. Opportunity Zones retain their designation for 10 years.
The Social Security Administration recently announced that the Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase 2.8 percent in 2019.
The Senate recently voted 64-33 to approve Beverly Hills tax attorney Charles Rettig as Internal Revenue Service commissioner. Democrats opposed the nomination because of a new Trump administration policy allowing some groups involved in politics to hide their donors’ identities.
According to the latest Annual Volume Cap Report issued by the Council of Development Finance Agencies (CDFA), the combined tax-exempt private activity bond (PAB) issuance for multifamily and single-family housing set a record in 2017. The report presents data on how states allocate and utilize their PAB cap each year.
The U.S. Government Accountability Office (GAO) recently published a new report called “Low-Income Housing Tax Credit: Improved Data and Oversight Would Strengthen Cost Assessment and Fraud Risk Management.” This report is the last of four reports prepared at the request of Senator Charles Grassley. The senator had asked the GAO to review the cost-efficiency and effectiveness of the LIHTC program.
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