Representative Mark Meadows (R-NC) introduced two bills that would expand the Opportunity Zone (OZ) tax incentive. H.R. 1851 would allow states and territories to designate new OZs, with the Treasury Department’s approval, every 10 years. The current legislation allows only an initial 10-year designation of OZs. H.R. 1852 would permit federally declared disaster areas to be added as OZs; Meadows […]
Read More… from Meadows Introduces Two Bills to Expand Opportunity Zones
On April 3, the Internal Revenue Service (IRS) issued Revenue Procedure 2019-17, which provides guidance regarding the general public use requirements for qualified residential rental projects financed with multifamily tax-exempt housing bonds. Specifically, the Rev. Proc. coordinates these requirements with the provisions in § 42(g)(9). Under § 42(g)(9), a project does not violate the general public […]
The letter below, from Senators Jeff Merkley (D-OR) and Robert Menendez (D-NJ), requests support from the Senate Subcommittee on Transportation, Housing, and Urban Development and Related Agencies to provide $12.8 billion for Project-Based Rental Assistance in FY 2020, in order to fund the renewal of existing contracts for a full 12-month term. Staff can contact […]
Read More… from Fiscal Year 2020 Project-Based Section 8 Rental Assistance Support Letter
The letter below, from Representative Marcia Fudge, requests support from the House Subcommittee on Transportation, Housing and Urban Development, and Related Agencies to restore the HOME Investment Partnerships Program (HOME) with at least $1.5 billion for fiscal year (FY) 2020. View Letter […]
Read More… from Dear Colleague Letter for HOME FY 2020 Budget
The HOME Dear Colleague Letter from Senators Christopher Coons (D-DE) and Dianne Feinstein (D-CA) expresses support for the HOME Investment Partnerships program in which its funding is eliminated in President Trump’s Fiscal Year (FY) 2020 budget proposal. The letter is addressed to the leadership of the Committee on Appropriations Subcommittee on Transportation, Housing and Urban […]
Read More… from Senate HOME Dear Colleague Letter for FY 2020 Budget
On March 15, Senators Dianne Feinstein (D-CA), John Cornyn (R-TX), Catherine Cortez Masto (D-NV), Jacky Rosen (D-NV), Kamala Harris (D-CA), and Mazie Hirono (D-HI) sent a letter to Internal Revenue Service (IRS) Commissioner Charles Retting pressing IRS to issue guidance clarifying that multifamily bond-financed affordable rental housing developments do not violate the general public use requirements […]
Below is NCSHA’s preliminary analysis of President Trump’s Fiscal Year (FY) 2020 budget proposal titled, “A Budget for a Better America; Promises Kept. Taxpayers First.” The Administration released the budget request earlier this week in two parts: the budget overview last week and then this week the budget appendix and related documents detailing program level […]
Read More… from NCSHA’s Preliminary Analysis of the Administration’s FY 2020 Budget Request
In its March 12 report, “Improving America’s Housing 2019,” Harvard University’s Joint Center for Housing Studies (JCHS) found that, with new construction recovering slowly from historic lows, almost 80 percent of the nation’s 137 million homes are now at least 20 years old and 40 percent are at least 50 years old. The aging housing […]
The National Low Income Housing Coalition (NLIHC) reports a shortage of seven million available and affordable rental homes for America’s extremely low-income (ELI) renters in its annual report, “The Gap: A Shortage of Affordable Homes 2019,” released on March 14. This shortage leaves only 37 available and affordable homes for every 100 ELI renter households. NLIHC […]
