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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 Treasu...
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.
U.S. Senator Ron Wyden (D-OR) recently introduced legislation to create a middle-income housing tax credit (MIHTC) intended to encourage the development of affordable housing for Americans with moderate incomes. The bill is modeled after the LIHTC program. The legislation aims to provide a comprehensive affordable housing package in tandem with the low-income housing tax credit (LIHTC), a tool Wyden has long supported that’s helped to finance construction of affor...
U.S. Senator Maria Cantwell (D-WA) recently held a roundtable discussion in a Washington state county facing a housing crisis. Cantwell has been a strong advocate for the LIHTC program. This past spring, Cantwell worked with Senator Orrin Hatch (R-UT) and others to secure a 12.5 percent increase of the 9 percent housing credit program. It’s the first increase in more than a decade and will be spread out over the next four years.
At the end of 2016, Miami developer Matthew Greer, former CEO of Carlisle Development Group, pleaded guilty to stealing $16 million from the LIHTC program and was sentenced to three years in prison. The prosecutor in the case was Assistant U.S. Attorney Michael Sherwin, who has spent a number of years investigating the LIHTC program in Florida.
U.S. Senator Maria Cantwell (D-WA), U.S. Senator Todd Young (R-IN), and a bipartisan group of their Senate colleagues recently introduced the Task Force on the Impact of the Affordable Housing Crisis Act, which seeks to better understand and respond to America’s housing crisis by creating a bipartisan affordable housing task force. The task force created by today’s legislation would:
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