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… Continue Reading
Last week at the annual meeting of the American Bar Association Forum on Affordable Housing and Community Development (Forum), Michael Novey, Associate Tax Legislative Counsel, Office of Tax Policy, U.S. Department of the Treasury, encouraged the Tax Credit Equity and Financing Committee of the Forum to consider submitting a request to the IRS for priority… Continue Reading
After legislation to repeal the Affordable Care Act was pulled from the House floor last Friday, news headlines across the country began reporting that tax reform is next on the Trump Administration’s agenda. As noted in our prior blog post, tax reform that changes the corporate tax rate, the tax-exempt bonds program and the tax-credit… Continue Reading
We are excited that Maia Shanklin Roberts has joined Ballard Spahr LLP and our Housing Plus team. Maia’s background is in community development. She worked with the Maryland Department of Housing and Community Development and the Citywide Coordinating Committee on Youth Violence Prevention in Washington, D.C. Maia is looking forward to bringing her keen insights about community development… Continue Reading
In an announcement on January 12th, the U.S. Department of Housing and Urban Development (HUD) published a significant third revision to the Rental Assistance Demonstration (RAD) Notice (PIH 2012-32/ H 2017-03 Rev-3). According to HUD, the RAD notice was revised in order to maintain the increased pace of RAD transactions in a manner that is… Continue Reading
After several years of litigation, the U.S. District Court for the Northern District of Texas recently dismissed disparate impact claims filed against the Texas Department of Housing and Community Affairs (TDHCA) in the fair housing case, The Inclusive Communities Project, Inc. v. The Texas Department of Housing and Community Affairs. The Inclusive Communities Project (ICP)… Continue Reading
Congress recently passed a short-term extension to keep the EB-5 Regional Center Program (commonly known as the EB-5 Program or the Immigration Investor Program) from expiring. The EB-5 program adds versatility to the financing options available to affordable housing, and can be used with certain Low Income Housing Tax Credits. The extension of this program… Continue Reading
Last week, HUD’s Office of Multifamily Housing Programs announced Thomas R. Davis as the new Director of the Office of Recapitalization. Mr. Davis will oversee the Office’s efforts to further financial stability and viability for the preservation and recapitalization of affordable housing. The Office’s key programs include Mark-to-Market (M2M), Section 236 Preservation, Senior Preservation Rental… Continue Reading
On May 5, 2015, Senators Maria Cantwell (D-WA) and Pat Roberts (R-KS) introduced the “Improving the Low-Income Housing Tax Credit Rate Act” (S. 1193), which would create a permanent 9% minimum low-income housing tax credit rate for non-tax-exempt bond-financed new buildings or substantially rehabilitated buildings, and a permanent 4% minimum rate for acquisition credits. The… Continue Reading
Would private developers build affordable housing if there were no government subsidies? Rep. Mike Capuano (D-MA) and his colleagues explored that question and other topics during a House Financial Service Subcommittee hearing held last Thursday on private sector participation in affordable housing programs. The hearing covered a wide range of housing programs that help leverage… Continue Reading
Last week, HUD has announced a proposed rule to implement protections arising under the Violence Against Women Reauthorization Act of 2103 (VAWA). The reauthorization added a number of programs covered by VAWA, including: HOME Investment Partnerships program for rental housing; Section 202 supportive housing for the elderly; Section 236 Rental Program; Section 811 supportive housing for people… Continue Reading
In the last few years, we have seen an increase in the number of multifamily housing projects being sold at the completion of the 15-year low-income housing tax credit compliance period. Strong rental demand in many areas of the country and low financing rates have created a favorable market for selling these types of projects.… Continue Reading
As in prior years, the Obama administration’s FY 2016 budget includes a number of impactful, and generally positive, tax credit proposals. With respect to the Low-Income Housing Tax Credit (LIHTC), the budget retains many of last year’s proposed modifications, and adds a new proposal to remove the population cap for Qualified Census Tract designations. Specifically, the… Continue Reading
In an interview with Affordable Housing Finance, Amy M. McClain (one of our bloggers!) was among industry leaders interviewed about the impact of HUD’s Rental Assistance Demonstration (RAD) program. While the article profiled the Cambridge (MA) Housing Authority and its closing of the first tranche of a portfolio-wide conversion, the article also assessed the prospects for RAD. Amy offers insights… Continue Reading
The Senate passed the “Tax Increase Prevention Act of 2014” (H.R. 5771) on Tuesday night just before Congress adjourned for 2014. As Molly Bryson described in her December 5, 2014 post following the House’s passage of the bill, the tax extenders package provides a one-year retroactive extension of certain tax provisions that expired at the… Continue Reading
On Wednesday, December 3, 2014, the House of Representatives passed a one-year tax extender bill that will shore up two key housing and community development programs. The Tax Increase Prevention Act of 2014 (H.R. 5771) (the “Act”), passed 378 to 46, extends a favorable provision in the Low-Income Housing Tax Credit (“LIHTC”) program, by providing… Continue Reading
Yesterday Ballard Spahr held its 9th annual National Housing Symposium in Washington, D.C.. The theme of the Symposium was “Beyond the Horizon: Housing and Community Development Strategies for the Future”. Government officials, investors, developers, lenders, and other housing professionals spent the day discussing affordable housing issues. To give a flavor of what was discussed, below is a… Continue Reading
At yesterday’s Housing Authority Summit, representatives from housing authorities, HUD’s Office of Public Housing Investments and RAD teams, housing legislative advocates, key industry financial and advisory consultants and members of Ballard Spahr’s Housing Group gathered for a day of informative and engaging dialogue around key issues impacting housing authorities. Some things heard at the Summit… Continue Reading
On November 5, 2014, the Philadelphia office of Ballard Spahr LLP hosted a lively and informative discussion of Tax Credit Hot Topics. The panel, moderated by Ballard Spahr partner Monique DeLapenha, included representatives of all aspects of a tax credit transaction, providing each unique perspective on a variety of important areas in the tax credit… Continue Reading
On Monday, the United States District Court for the District of Columbia issued a scathing opinion that struck down HUD’s disparate impact rule. The disparate impact rule, also referred to as a “discriminatory effects” standard, established liability under the Fair Housing Act (FHA) for the discriminatory effect of a housing practice, even in the midst of no discriminatory intent. Although many… Continue Reading
The Denver Housing Authority has been working a long time to redevelop Lincoln Park in the La Alma neighborhood. And, the hard work is garnering some attention. With construction on several phases completed and residents bringing life to the buildings and neighborhood, the revitalized Mariposa community is at the center of the La Alma/Lincoln Park… Continue Reading
On Friday, October 3, 2014, HUD released a notice announcing new “Qualified Census Tract” (“QCT”) and “Difficult Development Area” (“DDA”) designations for purposes of the low-income housing tax credit under Section 42 of the Internal Revenue Code. Section 42(d)(5)(B) of the Code provides an eligible basis increase of 30% for buildings located in a QCT… Continue Reading
Earlier this year, President Obama included within his Administration’s budget to Congress certain tax proposals. Among those was a proposal to allow states to convert up to 8 percent of their private activity bond (PAB) volume cap into Low-Income Housing Tax Credit (LIHTC) allocations. For every $1,000 of PAB volume cap converted, a state would… Continue Reading
Last week, the IRS released a long-anticipated update to its Audit Technique Guide for the low-income housing tax credit (“LIHTC”) program. The guide is intended to assist IRS examiners charged with auditing owners of LIHTC properties, and is the first official update published since 1999. A draft of the updated guide was made available for public… Continue Reading
Earlier this year, President Obama included within his Administration’s budget to Congress certain tax proposals. Among those was a proposal to allow states to convert up to 8 percent of their private activity bond (PAB) volume cap into Low-Income Housing Tax Credit (LIHTC) allocations. For every $1,000 of PAB volume cap converted, a state would… Continue Reading