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Affordable Housing News and Views - August 2016


IRS Issues Guidance for Section 50 (d) Incomce Exclusion Rules

After much anticipation, the Internal Revenue Service issued the long awaited guidance regarding the 50(d) income inclusion rules under the Internal Revenue Code, in the form of Temporary Regulations. The Temporary Regulations provide guidance from the IRS that eliminates some of the uncertainty that has existed in the tax equity market for Historic Tax Credit and Energy Tax Credits. We provide a summary of the regulations and perspective on its impact.

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How the Economy is Shaping Affordable Housing Development and Finance

Patrick J. O'Keefe, CohnReznick's Director of Economic Research, was a featured speaker at the 2016 National Housing & Rehabilitation Association's Summer Institute. This article provides a summary of his presentation, including an economic overview and an update on housing’s performance. As for the outlook through 2017, the general economy is expected to continue to expand but at a slower rate.

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45L Energy Efficient Home Credit

The Energy Efficient Home Credit (the “45L credit”) provides eligible contractors with a $2,000 tax credit for each residential unit that meets certain requirements. The program began in 2006, and through a series of past extension has now been extended through 2016.

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News stories and headlines from the previous month
 

New ULI Report Looks at How to Best Use Zoning Policies to Spur Workforce Housing Development (ULI)
The potential and limitations associated with inclusionary zoning, a tool used by a growing number U.S. cities to encourage or require workforce housing development, are explored in a new Urban Land Institute (ULI) report, The Economics of Inclusionary Zoning.
 

Major Housing Assistance Reform Bill Passes Congress - Housing Opportunity through Modernization Act of 2016 (Affordable Housing Finance)
Both the Senate and House of Representatives have passed a bill that seeks sweeping reforms to the nation’s rental assistance programs.  The Housing Opportunity Through Modernization Act of 2016 received unanimous support in both houses. The House passed H.R. 3700 on Feb. 2, and the Senate approved the bill on July 14, sending the legislation to President Obama for his signature.
 

Cantwell, Hatch Introduce Second Round of LIHTC Legislation (Cantwell)
Sens. Maria Cantwell (D-Wash.) and Orrin Hatch (R-Utah) have introduced legislation to make several important improvements to the LIHTC program.  The new legislation builds on their earlier proposal to expand the LIHTC program by 50% or to help create or preserve approximately 1.3 million affordable homes over a 10-year period – an increase of 400,000 more units than is possible under the current program.
 

Agencies Release Final Revisions to Interagency Questions and Answers Regarding Community Reinvestment (Federal Financial Institutions Examination Council)
The "Interagency Questions and Answers Regarding Community Reinvestment" (Questions and Answers) were released by the staffs of the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency on July 15, 2016 to provide guidance to financial institutions and the public.
 

Facebook May Pour $6.3 Million into Affordable Housing in Menlo Park (California)
Facebook is teaming with nonprofit affordable housing developer MidPen Housing to explore how BMR (below-market-rate) fees can be used to accelerate the development of affordable housing.
 

New Study Tracks Subsidized Housing’s Impact on Neighborhoods (National Mortgage Professional Magazine)
Does the presence of subsidized low-income housing have a measurable presence on neighborhood mobility patterns? A new working paper released by the U.S. Census Bureau’s Center for Administrative Records Research and Applications suggests that it does not.
 

Is Affordable Housing an Issue that Would Sway Your vote? (MakeRoom USA)
MakeRoom asked voters if they would be more likely to support candidates who prioritize affordable homes.  According to the survey,  76% of Americans are more likely to support candidates who make housing affordability a focus of their campaigns and a federal priority.

 
Mark your calendar. We hope to see you at these events.

CohnReznick Featured Events

Annual Fall Affordable Housing Conference – September 20 - 21
Register Today! Early Bird Rate expires Aug 5.

CAHP August Membership Meeting & RFA Workshop - August 4

NYSAFAH Day the Races (Members Only) - August 10

NeighborWorks Sacramento Art Wine & Food Classic – August 13

Arizona Housing Alliance Annual Golf Tournament – August 24

Indiana Housing Conference - August 25-26
Cohnreznick speaker: Bob Moss

Arizona Department of Housing Forum/Conference – August 25-26
CohnReznick speaker: Fred Copeman

Bisnow Future of the Navy Yard: An In Depth Look at the Drivers of South Philly’s Hottest Development – September 7
CohnReznick speaker: Bernadette Daniel
 
Texas Association of Local Housing Finance Agencies Annual Conference – September 7-9

Bisnow NY Affordable Housing Making Deals & Developing Affordable – September 8
CohnReznick speaker: Winell Belfonte
 
Florida Housing Coalition Annual Affordable Housing Conference – September 11-14
 
National Association of State and Local Equity Funds Annual Conference – September 14-16
CohnReznick speakers: Bob Moss and Matthew Barcello
 
SC Community Economic Development Conference – September 14-16
CohnReznick speaker: Ryder Mathias
 
ULI Housing and Economic Development Council Meeting – September 14
Join the ULI HED Council as CohnReznick’s Boston office hosts its next meeting.
 
CAHP August Membership Meeting – September 15
 
IPED’s Tax Credit Property Dispositions – September 15-16
 
SCANPH Annual Housing Conference – September 15-16
 
New Jersey Governor’s Conference on Housing and Economic Development – September 19-20
CohnReznick speaker: Nick Ratti
 
IRHP 12th Annual Seminar – September 21-22
 
Virginia Housing Alliance 2016 Housing Credit Conference – September 21-22
 
Connecticut Housing Coalition 2016 Housing Conference – September 22
 
NCSHA Annual Conference & Showplace – September 24-27
CohnReznick speaker: Beth Mullen
 
NYSAFAH Upstate Conference – September 28-29
CohnReznick speaker: Bob Moss
 
POAH’s 15th Anniversary Celebration – September 28
 
Codman Square NDC 35th Anniversary Gala – September 29
 
NPH Building Opportunities Conference – September 30

© 2016 CohnReznick LLP

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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