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Affordable Housing News and Views - First Quarter 2015


First Quarter 2015


Legislative Update

The new Congress has convened and all indications are that the tax-writing committees will hit the ground running. In this legislative update, Bob Moss discusses several recent key meetings on the Hill with friends from the Housing Advisory Group. As is always the case with a new Congress, there are numerous changes in staff, which is why every new Congress is a clean slate and opportunity to educate Members and staff once again about the many benefits of the LIHTC and affordable housing programs. We were very encouraged by the warm welcome CohnReznick received in every office, and for the support for the LIHTC.

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Affordable Assisted Living: A Formula for Success

Affordable, supportive living facilities (SLF) provide a level of care equivalent to a fully-licensed, assisted living community. SLFs help low-income seniors who would otherwise have to move into nursing homes. This article discusses how, in Illinois, that adds up to a huge savings for the already-stressed Medicaid budget, which would have to pay for these nursing homes. Affordable supportive living has also created an opportunity for developers to partner with experienced seniors housing operators to create these communities. On a national level, high demand for such facilities from the population, coupled with the potential monetary savings and favorable investment opportunities are making SLFs a prototype to be replicated.

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Final Tangible Property Regulations: Understanding Key Concepts Applicable to the Affordable Housing Industry

The final tangible property regulations (TPR), also commonly referred to as the final repair regulations, were published on September 19, 2013. Effective for tax years beginning on or after January 1, 2014, the final repair regulations will have widespread application as the rules apply to nearly all costs a taxpayer incurs in connection with tangible property. Specifically, they apply to acquisitions, dispositions, as well as repair costs. The final tangible property regulations provide a comprehensive set of rules that must be applied throughout a property’s life cycle. In making a determination on how to apply the final regulations, a basic understanding of the final regulations and familiarity with certain terminology is necessary. This article examines the terms and capitalization concepts relevant to the affordable housing industry.

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CohnReznick Report Confirms Continued Success of Low-Income Housing Tax Credit

In an effort to measure the economic performance of housing tax credit properties, CohnReznick conducted a study and in the last quarter of 2014, published its findings in a detailed report titled The Low-Income Housing Tax Credit Program: A Performance Update Analysis. The study – the third in a series of reports published by CohnReznick over the past four years – is a culmination of survey data from 32 housing tax credit syndicators and three of the nation’s largest affordable housing investors. Findings from the report confirm that the low-income housing tax credit has enjoyed a universal improvement in property performance. The report findings also indicate that the national inventory of housing credit properties continues to perform well across every type of project, large or small, urban, rural or exurban.

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This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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