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Affordable Housing News and Views - November 2016


Viewpoints for Not-for-Profit Developers (courtesy of StrengthMatters)

Recently our own Quinn Gormley, Director, Real Estate Consulting, spent some time with StrengthMatters discussing trends in the affordable housing industry and the challenges developers face in raising capital. Quinn provides his views on topics including reporting requirements, importance of new capital sources, barriers to new investors, importance in highlighting the benefits of nonprofits, and the future of preservation. 

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New Guidance Issued on Not-for-Profit Financial Reporting  

The Financial Accounting Standards Board (FASB) issued a new not-for-profit financial reporting standard, ASU No. 2016-14, which affects all not-for-profit entities as well as donors, grantors, creditors, and others that use their financial statements. The standard is intended to simplify and improve how not-for-profit organizations report net asset classes, expenses and liquidity in their financial statements. All not-for-profits should plan to join us for a 1-hour tuition free webinar on November as we discuss what you need to know. CPE: 1 credit

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Housing Tax Credit Monitor 

Read our latest housing credit pricing update by National or State & Regional Multi-Investor fund, IRR, and movement in the market. 

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Recent IRS Revenue Procedures

Rev. Proc. 2016–55 published on October 25 provides inflation adjustments for many federal tax provisions including the Low-Income Housing Tax Credit and Private Activity Bonds. For calendar year 2017, the state Housing Credit ceiling will be the greater of $2.35 multiplied by the state’s population or $2,710,000 this is an increase from its 2016 level of $2,690,000. The state private activity bond cap for 2017 will be the greater of $100 multiplied by the state population or $305,315,000 which is an increase from the 2016 level of $301,515,000.

Rev. Proc. 2016–52 published on October 17 provides the amount of unused housing credit carryovers allocated to qualified states for calendar year 2016. This revenue procedure is effective for allocations of housing credit dollar amounts attributable to the National Pool component of a qualified state’s housing credit ceiling for calendar year 2016. 

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

CohnReznick Featured Events

Post-Election Affordable Housing City Forums: Coming to a City Near You! 
Our national and local leaders invite you to join us in one of our select cities for a relevant and timely discussion on post-election results and the issues impacting affordable housing development in our country and your market. 

November 10: Atlanta, GA 
December 6: Boston, MA
December 13: Los Angeles, CA
January 10: Bethesda, MD
January 19: Hartford, CT
 
NH&RA Fall Forum – November 1-2
Vision Award Recipient: Fred Copeman Speaking/Presenting: Marshall Phillips and Nick Ratti
 
 
CohnReznick Speaker: Ahamadou Bocar
 
 
Ohio Housing Conference – November 8-10
 
 
 
 
 
 
 
 
CohnReznick Speaker: Bob Moss
 
Vermont Housing Conference – November 14-15
 
CohnReznick Speaker: Ed Ryan, Bob Moss, Beth Mullen
Visit us at Booth #52!
 
 
Enterprise New York Gala – November 16 
 
 
Housing Partnership Network Fall Meeting
November 30 - December 2
 
 
CohnReznick Speaker: Winell Belfonte
 
A special holiday reception hosted by CohnReznick follows
 
 
 
 
TDHCA Board Meeting – December 15
 
News stories and headlines from the previous month

 

When Kenneth Davis moved into the Abbey Apartments in Los Angeles, it was the first place he had on his own. “When I got my own place, it gave me serenity,” Davis says. That’s when I decided, ‘Now, I need to see what to do next.’ “The first thing I needed was a place called home.”
 
While cities around the world face many challenges, they also play a role in providing economic opportunity and bringing people of different backgrounds together. That was the primary topic of a panel discussion among past recipients of ULI’s prestigious J.C. Nichols Prize for Visionaries in Urban Development in Kansas City, Missouri, for the J.C. Nichols Forum.
 
One advocate suggests that even the term ‘affordable housing’ has negative connotations for many people. "The frame of affordable housing really makes people think of something other than what most of us are talking about and what most people want," Berger said. 
 
In unusually personal prepared remarks, David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) told members that he has "been battling an aggressive, but treatable, cancer." He went on to equate the necessity to work with others to accomplish that treatment to the task MBA has to work together to reset the housing agenda.  A home is more than the American Dream, he said.  It is at the heart of every community and housing comprises about 18 percent of the gross domestic product, a steady source of hundreds of thousands of jobs, and it critical to the economic success of every single American. 
 
Nearly two thirds of Americans (62 per cent) live in cities, while an impressive 52 per cent of total GDP is generated in the country’s 20 top metropolitan areas. Those cities continue to face considerable challenges, in areas as diverse as transport, housing, poverty, public investment and economic growth.  And yet, urban policy has largely been ignored during the 2016 election campaign. 
 
In a sign that market solutions for the United States’ growing housing affordability crisis are beginning to earn bipartisan support, the White House this week unveiled its “Housing Development Toolkit,” which encourages state and local policymakers to undertake a number of long-overdue reforms. 
 
Read More Headlines within CohnReznick's Affordable Housing News and Views Newsletter October 2016

© 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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