Affordable Housing News & Views - May 2019
After a long and highly anticipated wait, Treasury has finally lifted the veil on a new set of proposed regulations that attempts to bring additional clarity to tax breaks on investments in economically disadvantaged communities that are designated as qualified opportunity zones (QOZs). The proposed regulations, some 169 pages in length, were released on April 17, and supply additional guidance under Section 1400Z-2 of the Internal Revenue Code.
Listen in as Beth Mullen, CohnReznick’s national affordable housing practice leader, checks in with Will Eckstein, vice president of development, from Greystone, a leading investment, lending and advisory firm. Beth and Will discuss the latest trends, contract services for developers of all stripes including not-for-profits, and what they are seeing in the housing industry so far this year.
With mid-century buildings representing a vast opportunity and market advantage for well-informed practitioners, the conference covered a series of presentations and panel discussions focused on deal-structuring, approvals, tax and legal issues, including other tax credits such as NMTC and LIHTC and the latest on Opportunity Zones. Marshall Phillips, Charles Fisher and Bill MacRostie discuss a spring Mid-Century Historic conference, the latest with HTCs and other aspects to help maximize investing in community development.
AROUND THE COMMUNITY
Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. 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.
InsightTax credit investment market booms, but more can be done to solve housing crisisThanks to an unprecedented demand for affordable housing – and strict banking regulations – the investment market for Low-Income Housing Tax Credits is booming like never before.
InsightAffordable Housing: Accounting standards update on restricted cashBeginning with audits of financial statements for calendar year 2019, the statement of cash flows will be presented differently in your annual financial statements. This results from implementation of Accounting Standards Update (ASU) 2016-18, which modifies the treatment of restricted cash and restricted cash equivalents.
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