The Department of Treasury and Internal Revenue Service recently released IRS Notice 2023-17, which details a new bonus tax credit for certain low-income multifamily projects, including Low-Income House Tax Credit (LIHTC) projects, that include eligible solar or wind energy technologies.
HUD is in the process of transitioning to a new housing inspection program. HUD recently published a notice announcing that beginning April 1, HUD-assisted sites enrolled in HUD’s NSPIRE demonstration program will switch from receiving “advisory” housing safety inspections to receiving “inspections of record.”
Representative Jamaal Bowman (D-NY) of the U.S. House of Representatives and Senator Elizabeth Warren (D-MA) of the U.S. Senate recently sent a letter to the White House urging President Biden to take executive action to address rising rents and ensure renters and people experiencing homelessness are stably housed this winter.
The White House is leading an initiative on resident-centered property management solutions and is soliciting best practices. In addition, President Biden, in the past, has expressed support to expand protections for renters through a “Bill of Rights.”
HUD normally publishes income limits on April 1. However, HUD recently announced that it intends to release the FY23 median family income and income limits on or about May 15, 2023, which is approximately six weeks later than normal.
HUD, the U.S. Department of Veterans Affairs (VA), and the U.S. Interagency Council on Homelessness (USICH) recently announced preliminary results of the 2022 Point-in-Time (PIT) Count showing an 11 percent decline in veteran homelessness since early 2020, the last time a full count was conducted. This is the biggest drop in veteran homelessness in more than five years.
Washington, D.C., Attorney General Karl Racine recently announced a settlement requiring three real estate firms and its executives to pay a landmark $10 million in penalties for illegally discriminating against renters in the District who use Section 8 housing vouchers and other forms of housing assistance. This is the largest civil penalty in a housing discrimination case in U.S. history.
The National Low Income Housing Coalition and the Public and Affordable Housing Research Corporation recently released a joint report highlighting the need to improve both the quality of property-level LIHTC data for preservation and public access to these data.
HUD recently announced the awarding of more than 19,000 new Housing Choice Vouchers to almost 2,000 Public Housing Agencies (PHAs) across the country. This will be the most expansive allocation of flexible new rental assistance in 20 years.
The U.S. Office of Management and Budget’s Office of Information and Regulatory Affairs (OIRA) recently received for review from the U.S. Treasury Department final regulations concerning the “average income test” under Section 42(g) for purposes of the low-income housing credit.
