Capitol Connection: The 116th Congress & Support for Housing

Because expectations are high within the Affordable Housing industry, we will see a real push for increased resources in the 116th Congress. And, that momentum we continue to build will serve a real purpose for 2020 when, dare we mention, the next election cycle begins in earnest. Regarding the 116th and the numerous new faces (and viewpoints) now in session, where do these new committee leaders stand regarding affordable housing? Check our scorecard by clicking below.

Historic Tax Credits: A New Wave of Opportunity, Mid-Century on The Rise

Post-war America saw an unprecedented building boom that helped define both suburbs and center cities. From suburban office parks to center city development, large motels to destination hotels, malls to glass curtain-wall high-rise office buildings, these are just a few examples of the thousands of increasingly popular buildings in American culture. They are in demand by the development community and potentially eligible for historic designation. Marshall Phillips, managing director of CohnReznick’s Project Finance and Consulting Group, and other experts discuss deal structuring strategies, getting approvals, tax and legal issues, insights on Opportunity Zones and twinning with NMTC and LIHTC credits at the March 13 conference, Historic Tax Credits for Rehabilitation. Find out more by clicking below.

HUD Update: Reserve for Replacements Releases 

Including Pending Reserve for Replacements Releases as Cash on the Computation of Surplus Cash (Account No. S1300-030 on the Computation Schedule): HUD’s policy is to allow owners to count reserve releases that were approved prior to the end of the fiscal year as cash on the computation of surplus cash. Due to the government shutdown this year, many of these year-end requests did not get approved in time to meet this requirement. To address this situation, HUD will allow owners to count 2018 reserve release requests as cash for the fiscal year ending 12/31/18 if the following conditions were met: (1) The request was received in the local field office on or before 12/31/18, and (2) The request received subsequent approval from HUD. Any amounts disallowed by HUD cannot be included. As always, please reach out to your CohnReznick professional to find out more.