The U.S. Senate on March 14 passed legislation, the “Economic Growth, Regulatory Relief, and Consumer Protection Act” (S. 2155), that amends federal banking law and financial regulations.
The Louisiana Housing Corporation Board of Directors approved the issuance of $28.3 million in Multifamily Housing Revenue Bonds.
The Internal Revenue Service (IRS) on March 5 published Revenue Procedure 2018-18 (contained within Internal Revenue Bulletin 2018-10), modifying 2018 cost-of-living adjustments for various programs, including the Low Income Housing Tax Credit (Housing Credit) and private activity bonds (PAB).
What is the Mortgage Credit Certificate (MCC) Program?
The MCC program is a home buyer assistance program designed to help lower‐income families afford home ownership. The program allows home buyers to claim a dollar‐for‐dollar tax credit for a portion of mortgage interest paid per year, up to $2,000. The remaining mortgage interest paid may still be calculated as an itemized deduction.
The Trump Administration yesterday released the framework of the President’s long-awaited infrastructure plan. One of the key planks of the proposal would strengthen and allow for the increased use of private activity bonds (PABs), though it is unclear how many of the provisions would impact Housing Bonds.