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Nearly 300,000 affordable units could be lost in the next five years, according to a joint report recently released by the National Low Income Housing Coalition (NLIHC) and the Public and Affordable Housing Research Corporation (PAHRC). “2020 Picture of Preservation” says that although federally assisted affordable housing provides stability for 4.9 million low-income renter households, the need for affordable rental homes still far outweighs the supply.
Representatives Maxine Waters (D-CA) and Denny Heck (D-WA), along with 133 House cosponsors, Senator Sherrod Brown (D-OH), and 24 Senate cosponsors, recently introduced the “Emergency Rental Assistance and Rental Market Stabilization Act.” The bill would provide $100 billion in emergency rental assistance to ensure that lower-income households remain stably housed during the coronavirus pandemic.
On May 15, House Democrats passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, 208-199, which would provide more than $3 trillion for coronavirus relief in programs across government agencies, including significant funding for affordable housing.
The Office of the Comptroller of the Currency (OCC) recently released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA). The CRA was enacted in 1977 to encourage insured depository institutions to help meet the credit needs in their local communities, including low- and moderate-income neighborhoods. It was created as a reaction to the practice of redlining, where banks avoided making loans to low-income...
On April 10, the IRS issued Notice 2020-23, which postpones various deadlines between April 1 and July 15 to a new July 15, 2020, deadline. Here is a full list of April 1 – July 15 LIHTC deadlines extended by Notice 2020-23 to July 15, 2020:
On April 16, HUD updated its COVID-19 FAQs for Multifamily Housing Providers to state that the stimulus checks, and the enhanced unemployment insurance assistance, should not be counted toward income. Because the stimulus assistance is technically an advance tax credit, and because the up to $600 per week federal unemployment insurance payments issued under the CARES Act are temporary, they are not to be included in calculations of income.
The IRS recently released Revenue Procedure 2020-23, which allows the amending of Bipartisan Budget Act (BBA) partnership tax returns once Form 8609s are received for 2018 tax returns, as long as the partnership files an amended return by Sept. 30, 2020. In other words, the IRS guidance allows partnership tax returns to be amended as long as those amendments are submitted by Sept. 30.
Don’t refuse a live-in aide request just because the aide is related to the household member making the request. Relatives of disabled household members can be live-in aides if they fit the Handbook’s definition and aren’t married to the person in need of the aide’s supportive services [Handbook 4350.3, par. 3-6(E)(3)(a)(3)].
The National Council of State Housing Agencies (NCSHA) recently sent a letter to the IRS and the Treasury Department asking them to take immediate action to provide deadline extensions and other necessary accommodations for the LIHTC program due to the severe disruptions the COVID-19 pandemic is having on construction activities and the ongoing operations of existing LIHTC sites.
The following are the specific accommodations requested:
A total of 221 members of the House of Representatives have signed on to cosponsor the Affordable Housing Credit Improvement Act, H.R.3077 (AHCIA). This represents a majority of the House of Representatives. The AHCIA seeks to increase housing credit allocation by 50 percent, phased in over five years. It would also lock in the 4 percent LIHTC credit rate for financing with housing bonds and tax credits.
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