Affordable Housing News & Views - February 2018

CohnReznick Insights

Capitol Connection: Battle Ready for Affordable Housing

Bob Moss delivers an update in his latest Capitol Connection, discussing the passage of the sweeping and contentious budget deal on February 9 and several tax provisions known as extenders, which retroactively extended about 30 tax breaks that expired at the end of 2016. Bob also helps explain the massive $1.3 trillion omnibus spending bill proposed by Congress, which will lay out detailed spending levels for government programs for the rest of the fiscal year, and possibly include the Cantwell/Hatch Affordable Housing Credit Improvement Act.

Accountant’s Perspective: Impact of Tax Reform on Affordable Housing

Discussing the impact of tax reform on affordable housing deals, Beth Mullen shares her perspectives in the February issue of Tax Credit Advisor. Significant grass roots advocacy helped avoid the possible elimination of numerous advantageous provisions for affordable housing deals, but there is impact from H.R. 1, the Tax Cuts and Jobs Act. Interest limitation, historic credits, and syndicated funds are covered in Beth’s overview. Access the Tax Credit Advisor. 

Revenue Recognition and Contractors

The long-anticipated changes stemming from revenue recognition are upon us. As it relates to contractors, implementation is starting to occur that will better tell a construction firm’s financial picture. Jack Callahan, CohnReznick’s Construction Industry Practice Leader, weighs in on these changes for contractors in a recent article by ENR.com. In the piece, Jack discusses the recording and documenting of change orders, wasted materials or labor, job disclosures, and other dynamics. Access the ENR.com article.

Around the Community 

We will be attending and/or speaking at these events. We hope to see you!

Virginia Housing Alliance’s Meet & Greet with Your Legislators – February 14

Maryland Affordable Housing Coalition’s 2018 Housing Day – February 15

National Housing & Rehabilitation Association’s Annual Meeting -- February 21-25

Illinois Housing Council and the Illinois Housing Development Authority’s Illinois Governor’s Conference on Affordable Housing – February 21-22

Pennsylvania Association of Housing & Redevelopment Agencies’ PAHRA Capitol Conference – February 25-28

National Affordable Housing Management Association’s Federal Affairs Issues Meeting 2018 – March 4-6

National Council of State Housing Agencies’ 2018 Legislative Conference – March 5-7

Eastern Lenders Association’s Annual Conference – March 5-7

Georgia Affordable Housing Coalition’s Annual Conference – March 19-21

National Low Income Housing Coalition’s 2018 Housing Policy Forum – March 19-21

Pennsylvania Association of Housing & Redevelopment Agencies’ Pennsylvania CD&H Practitioner’s Annual Conference – March 26-27

National Housing & Rehabilitation Association’s Summit on Affordable Housing Market Trends & Innovations – March 26-27

In Case You Missed It

News stories and headlines from the previous month

National News

HUD May Push New Work Requirements for Public Housing Residents (CityLab)

There’s a $27 Trillion Pot of Money to Tap for Affordable Housing (Next City)

David Dworkin Named Head of NHC (Affordable Housing Finance)

HUD Secretary Ben Carson swears in four new department leaders (Housing Wire)

Industry Reacts to State of the Union Address (Affordable Housing Finance)

New Tax Law Toxic to Affordable Housing (Real Estate Weekly)

Michigan Announces Over $13 Million in LIHTC Awards (Affordable Housing Finance)

Economists Give High Marks to Housing Market (Houston Chronicle)

WNC Chief Operating Officer Michael Gaber Begins Term as 2018 - 2019 President of Affordable Housing Tax Credit Coalition (Markets Insider)

_{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.}