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Affordable Housing News and Views - October 2016

Just Released! The Low-Income Housing Tax Credit Program at Year 30: An Operating Expense Analysis

Coinciding with the 30th anniversary of the Low-Income Housing Tax Credit (LIHTC) program, CohnReznick has issued an examination of the operating expenses for properties financed with LIHTCs. This latest report was designed to offer one of the most comprehensive studies undertaken on the subject summarizing data from 15,000 tax credit properties, offering a per unit per annum (PUPA) analysis of gross annual operating expenses in seven categories for every state in the country, Puerto Rico, and the U.S. Virgin Islands.

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Audit Readiness Best Practices: Preparation and Communication Are the Keys

For affordable housing investors, a property’s audited financial statements are an essential document. Based on an annual audit of the financial statements, investors receive independent assurance that the financial statements fairly present, in all material respects, the property’s financial position, results of operations, and cash flows. But that’s just part of the story.

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New Report: Not-for-Profit Survey Reveals Declining Confidence in Governance Policies

Leaders and board members at 616 not-for-profit organizations across the country were surveyed on a wide variety of topics including governance practices and policies, board structures, and the presence of audit and other committees. In the survey, we found one-third (35%) of not-for-profit boards have conducted a self-assessment this year, down by almost 10% from 2015. Nearly half of the organizations surveyed have not completed a cyber-risk assessment in the past year and, overall, risk assessments continue to be a low priority with 40% of those surveyed reporting they have never conducted one. Read the full report to see how your organization’s policies and procedures compare to those of your peers.

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

CohnReznick Featured Events

Save the Date: Post-Election Affordable Housing City Forums  
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. Details to follow!

Atlanta – November 10
Boston – December 6
Los Angeles – December 13
Austin – December 15

Housing Washington 23rd Annual Affordable Housing Conference – October 4-6
CohnReznick Speaker: Katy Breazeale
Housing Colorado NOW! Annual Conference – October 5-7
CohnReznick Speaker: Cindy Fang, Marshall Phillips, Beth Mullen
Georgia Affordable Housing Coalition’s Annual Conference & Tradeshow – October 5-7
CohnReznick Speakers: Ken Baggett, William Delsa, Bob Moss
2016 Georgia Community Development Block Grant Recipients’ Workshop – October 6-7
Arlington Partnership for Affordable Housing Annual Fundraiser Celebration – October 6

North Carolina Developers Council Fall Meeting and Dinner - October 11
TAAHP Executive Management Series – October 12
Tennessee Governor’s Housing Conference – October 12-13
North Carolina Affordable Housing Conference - Housing Works! – October 12-13
CohnReznick Speaker: Marshall Phillips
Coalition for Nonprofit Housing & Economic Development Annual Fundraiser - A Community of Leaders: Cultivating Equitable Communities – October 13
San Diego Housing Federation Annual Conference – October 13
Supportive Housing Network of New York Awards Gala – October 13
NAHRO National Conference – October 14-16
Kentucky Affordable Housing Conference – October 18-19
Maryland Affordable Housing Coalition Annual Meeting – October 19
CohnReznick Keynote Speaker: Bob Moss

AHICA Fall Industry Meeting - October 19-21
Institutional Property Advisors Multifamily Forum New England – October 20
Opportunity Finance Network Conference – October 24-27
ULI Fall Meeting – October 24-27
CohnReznick Speaker: Bob Moss

NLHA Fall Seminar – October 25
B’Nai B’Brith Housing Distinguished Achievement Award Dinner – October 25
The Doe Fund Gala – October 27

Coalition of Affordable Housing Providers Meeting – October 27
Breaking Ground Gala – October 27
NH&RA Fall Forum – November 1-2
Citizens' Housing and Planning Association (CHAPA)'s 49th Annual Dinner – November 1
Cal-ALHFA Annual Conference – November 3
New York State Association for Affordable Housing (NYSAFAH) Annual Awards – November 3
Ohio Housing Conference – November 8-10
California Council for Affordable Housing (CCAH) Fall Conference – November 9-11
ULI: Housing & Economic Development Council Meeting – November 9
Sacramento Regional Affordable Housing Summit – November 10
Texas Department of Housing and Community Affairs Board Meeting – November 10
National CORE: An Evening of Hope Gala – November 10
Housing Alliance of Pennsylvania Homes Within Reach Conference – November 14-16
CohnReznick Speaker: Bob Moss
Vermont Housing Conference – November 14-15
AHF Live: The Affordable Housing Developers Summit – November 15-17
CohnReznick Speaker: Bob Moss, Ed Ryan
Caritas Communities 31st Annual Dinner – November 16
Enterprise New York Gala – November 16
FamilyAid Boston’s 100th Anniversary Celebration – November 17
Housing Partnership Network Fall Meeting – November 30 - December 2

News stories and headlines from the previous month

Ron Wyden Unveils Proposal for Middle-Income Housing Tax Credit (The Hill)
Sen. Ron Wyden (D-Ore.) unveiled a proposal to create a new tax credit to incentivize the development of rental housing for middle-income people.  The draft bill would create a middle-income housing tax credit (MIHTC) that would work with the existing low-income housing tax credit used to finance construction of rental housing for low-income people. 
New ULI Boston Report: Lack of Options for Middle-Income Households Jeopardizes Growth (ULI)
The Boston metropolitan area is experiencing a shortage of housing that is affordable to middle-income households—a deficit that threatens the region’s ability to attract and retain a sufficient workforce and continue on a path of robust economic growth. Those are the major findings of Building for the Middle: Housing Greater Boston’s Workforce, a report recently published by the ULI Boston/New England Housing and Economic Council.
H.R. 6166 Would Increase Housing Credits for Displaced Taxpayers
Emergency East Chicago Housing Relief Act of 2016, introduced by House Ways and Means Committee member Todd C. Young, R-Ind., would increase the dollar amount of low-income housing credits to aid taxpayers who must relocate after the condemnation of the West Calumet Housing Complex due to lead contamination.
White House Calls for Zoning Changes to Increase Affordable Housing (Affordable Housing Finance)
The White House is calling for cities to update their archaic zoning rules to increase the development of affordable housing.  The move comes in a newly released Housing Development Toolkit. 
New Affordable Housing Development under Threat as Construction Costs Rise (National Real Estate Investor)
Multifamily developers build tens of thousands of new apartments every year reserved for people with low incomes. But developers are producing fewer affordable apartments as the cost to produce each unit has been going up. High costs of construction and rising labor costs have made development more expensive.
Opportunities for Promoting Credit for Affordable Housing in Rural America (Center for American Progress)
Rural communities share some common challenges with distressed urban areas, and they also have certain unique challenges given their smaller populations and low population densities. Rural communities face declines in population, high poverty rates, high rates of child poverty, and a slow recovery from the recent recession. A staggering one in four children in rural communities lived in poverty in 2014.


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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