Search Results for: Income Averaging
Request for Information on Data Collection and Tracking for Qualified Opportunity Zones
On April 16, 2019, the Department of the Treasury (Treasury) published this Notice and Request for Information to seek public input on the development of public information collection and tracking related to investment in Qualified Opportunity Funds (QOFs).
IRS Second Set of Proposed Regulations: Investing In Qualified Opportunity Funds, April 2019
April 17, 2019, the Treasury Department released its second set of proposed regulations providing guidance on the Opportunity Zone (OZ) provisions of the Internal Revenue Service Code section 1400Z-2. The second set of proposed regulations address gains that may be deferred as a result of a taxpayer’s investment in a qualified opportunity fund (QOF), as well as special rules for an investment in a QOF helf by a taxpayer for at least 10 years.
Senators Rubio and Scott Introduce Legislation to Create Special Disaster Opportunity Zones
On April 3, Senators Marco Rubio (R-FL) and Rick Scott (R-FL) introduced the Disaster Opportunity Zone Act, which would allow governors to nominate areas affected by 2018 hurricanes and California wildfires as opportunity zones (OZs). The legislation would allow California, Florida, Georgia, North Carolina, and South Carolina governors to select the greater of 25 or [...]
National Low Income Housing Coalition Report: “The Gap: A Shortage of Affordable Homes March 2019”
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.
IRS Publishes Resident Population Figures to Calculate 2019 Low Income Housing Tax Credit and Private Activity Bonds
On March 18, the Internal Revenue Service (IRS) released Notice 2019-19, which provides the population figures to use for calculating states' 2019 calendar-year volume limits for the Low-Income Housing Tax Credit (Housing Credit) and Private Activity Bonds (PABs). The Housing Credit figure for each state is the greater of the population multiplied by $2.75625 or $3,166,875. The PAB cap is the greater of the population multiplied by $105 or $316,745,000.
IRS Publishes Amendments to the Low Income Housing Credit Compliance Monitoring Regulations
The Internal Revenue Service published in the Federal Register final regulations that amend the compliance monitoring regulations for the Low Income Housing Credit under section 42 of the Internal Revenue Code.
HUD Office of Multifamily Housing Programs Mortgagee Letter
HUD’s Office of Multifamily Housing Programs published a Housing Notice and related Mortgagee Letter today that expand the use of the Low-Income Housing Tax Credit (LIHTC) pilot program into New Construction and Substantial Rehabilitation loan products under Sections 221(d)(4) and 220.
HUD Office of Multifamily Housing Programs Housing Notice
HUD’s Office of Multifamily Housing Programs published a Housing Notice and related Mortgagee Letter today that expand the use of the Low-Income Housing Tax Credit (LIHTC) pilot program into New Construction and Substantial Rehabilitation loan products under Sections 221(d)(4) and 220.
