Affordable Housing News & Views - February 2019

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.

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.

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.

January is over, and everyone is well past the casual holiday pace of December. As we all get immersed back into work, it is easy to overlook prominent and helpful information. Here are some that may be of note for your business success:

1. Lease accounting and the new standard should be a priority for 2019. Full information and resources to help with that transition are here.

2. Got questions about the recent IRS guidance on 199A? Check out our recent webinar here.

3. Missed our date announcement and opening of registration for the 2019 New Markets Tax Credit Summit? Go here!

Hear from Beth Mullen, CohnReznick's Affordable Housing Industry Leader, and Bob Moss, National Director of Governmental Affairs, along with local CohnReznick leaders on the state of the housing industry. These forums recently kicked off in Charlotte and Atlanta, and numerous other cities and dates are scheduled. Don’t miss out; register today:

•  Los Angeles – February 20, 12:00 p.m. to 2:00 p.m. PT
•  San Francisco – February 21, 12:00 p.m. to 2:00 p.m. PT

New Markets Tax Credit Summit 2019 has announced the dates for this year’s can’t-miss event. This year’s Summit is at its familiar location at the Loews Miami Beach hotel May 13-15.

News stories and headlines from the previous month

The Shutdown Failed America's Most Vulnerable - And It Cannot Happen Again (OP/Ed, The Hill)

Key To Affordable Housing In Pensacola Could Be Accessory Dwelling Units (Pensacola News Journal)

The 35-Day Government Shutdown Created Long-Term Affordable Housing Concerns (Yahoo Finance)

Brookhaven Zoning Overhaul Includes Affordable Housing Incentives (Atlanta Journal-Constitution)

San Francisco Mayor Calls For As-Of-Right Development For Affordable & Teacher Housing (HousingOnline.com)

Senate Banking Committee Chairman Crapo Releases Outline For Housing Finance Reform (HousingOnline.com)

NYCHA, HUD Reach Tentative Deal For More Federal Oversight (Curbed.com)

Kaiser Donating $1.5 Million To Build Affordable Housing At Destroyed Journey’s End Site (KSRO.com)

Bill To Gut Affordable Housing Program Clears Committee (Jackson Hole News & Guide)

These Are The Cities With The Least Affordable Housing In The World (Bisnow.com)

Events

Register Today For CohnReznick’s Los Angeles & San Francisco “Affordable Housing and Community Development Forum," February 20-21

Maryland Affordable Housing Coalition’s Housing Day, February 14

Bisnow's Greater Los Angeles Multifamily, February 19

Bisnow's Silicon Valley State Of The Market & Opportunity Zones, February 20

NeighborWorks Real Estate Developers Annual Convening, February 21

PAHRA Capitol Conference, February 24-27

2019 Illinois Governor's Conference On Affordable Housing, February 26-27

NH&RA Annual Meeting & Symposium 2019, February 27-March 2

IPED Opportunity Zones, March 5

Tennessee Housing Conference, March 6-7

NCSHA 2019 Legislative Conference, March 11-13

CDFI Coalition's 2019 Institute, March 13-14

2019 Preservation NC Annual Conference, March 20-22

Georgia Affordable Housing Annual Conference, March 27-29

NLIHC 2019 Housing Policy Forum, March 27-29