On Monday, the IRS will publish final utility allowance regulations for low-income housing tax credit (LIHTC) properties under Section 42 of the Internal Revenue Code (Code). Under section 42(g)(1) and (2) of the Code, a residential rental unit may qualify as a low income unit eligible for LIHTCs only if it is “rent-restricted.” For purposes
ICYMI — Ballard Spahr Offers Training on Opportunity Zones
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Massachusetts Court Rules on LIHTC Right of First Refusal Provisions
On June 15, 2018, the Massachusetts Supreme Judicial Court affirmed a grant of summary judgment by the Massachusetts Superior Court to a nonprofit developer allowing it to exercise its Section 42 right of first refusal (“ROFR”) to acquire an affordable housing project financed with Low Income Housing Tax Credits (“LIHTC”) despite
Last Call! RAD Year End Closing Deadline Reminder
July is right around the corner and we wanted to remind everyone of the HUD deadlines for closing RAD conversions by year end:
| Required Action | Deadline to close by November 30, 2018 |
Deadline to close by December 31, 2018 |
| Upload all required Financing Plan documents* |
June 15 | July 13 |
| Receive a HUD-executed RCC** | August 17 |
Tax Reform – Consolidated Appropriations Act Provides Added Bonus for LIHTC Projects
On March 23, the President signed the Consolidated Appropriations Act, 2018 (H.R. 1625), a $1.3 trillion dollar spending bill that funds the federal government through September 30, 2018. In addition to preventing a government shutdown, this omnibus spending bill incorporated the following key provisions that help to strengthen and expand the Low Income Housing Tax
Advocating for increased funding for affordable housing – MAHC’s 2018 Housing Day
The Maryland Affordable Housing Coalition (MAHC) held its annual Housing Day in Annapolis today. The event brings together over 200 affordable rental housing advocates to inform legislators of the value of affordable housing and funding needs to continue to develop and rehabilitate affordable housing in Maryland. Housing Day also provides the opportunity to hear from
Tax Reform Actualized and the Impact on Affordable Housing and Community Development
As we know, the President has signed what was originally titled Tax Cuts and Jobs Act, the most significant overhaul to the U.S. Tax Code since 1986. The President signed the Act into law after the first of the year in order to avoid some automatic spending cuts.
In its final form, this Tax
HUD Reminds RAD Participants of HAP Effective Date Flexibility
As we head into the fourth quarter, HUD sent out an e-mail reminder Friday afternoon about flexibility when establishing Housing Assistance Payments (HAP) contract effective dates in Rental Assistance Demonstration (RAD) transactions. The January 2017 revision to the RAD Notice at Section 1.13(B)(5) gives Project Owners the ability to establish a HAP contract effective date
HUD Releases 2018 Qualified Census Tract & Difficult Development Area Designations
On September 11, 2017, HUD published a Notice designating the 2018 Qualified Census Tracts (QCTs) and Difficult Development Areas (DDAs) for the Low Income Housing Tax Credit (LIHTC) program. Qualified Census Tracts are those areas where either (1) 50% or more of the households have incomes below 60% of the area median gross income or
HUD Secretary States: RAD – “We need to lift the cap”
At the National Housing Conference 2017 Annual Policy Symposium on June 9, 2017, HUD Secretary Ben Carson delivered the keynote address and participated in a Q&A session with Chris Estes, President and CEO of NHC. While much of the keynote address focused on homeownership issues, remarks made during the Q&A included such topics as the