Qualified Opportunity Zone Fund Investments
In July 2024, Governor Greg Abbott announced that the Texas Department of Housing and Community Affairs (TDHCA) awarded over $95 million in housing tax credits to help finance the development and rehabilitation of more than...more
As affordable housing has continued to be a topic of concern across the United States, states are evaluating ways to spur and support affordable housing development. In response to affordable housing needs, Alabama became the...more
Legislation was recently introduced to the U.S. Senate and House of Representatives proposing the creation of the first-ever Workforce Housing Tax Credit (WHTC) for middle-income housing developments....more
The U.S. House of Representatives overwhelmingly passed legislation this week that is predicted to finance hundreds of thousands of affordable housing units, helping New York City and state housing agencies struggling to meet...more
In mid-January, the House introduced the Tax Relief for American Families and Workers Act (Act). The Joint Committee of Taxation has released its explanation of the Act, and the House Ways and means Committee has released a...more
A potential bipartisan deal could bring the “Low-Income Housing Tax Credit (LIHTC) Fix” back to life and, with it, the possibility of a new wave of affordable housing deals....more
In response to a shortage of affordable middle-income housing in the United States, legislators recently introduced the Workforce Housing Tax Credit Act, which includes significant financial incentives for developers, to help...more
Texas Governor Greg Abbott (R) recently signed Texas House Bill (H.B.) 1058, making Texas at least the 28th state, plus the District of Columbia, to offer state low-income housing tax credits to bridge the growing affordable...more
What You Need to Know- •The New Jersey Aspire Program has been amended to incentivize developers seeking to close project financing gap costs associated with commercial, mixed use, and residential real estate development...more
In a sweeping effort to expand affordable housing and combat homelessness, Representative Maxine Waters of California introduced a package of three bills on June 21 aimed at narrowing the country’s racial wealth gap....more
Rhode Island joins 26 other states in offering state low-income housing tax credits to bridge the growing affordable housing gap in the United States. Rhode Island Governor Daniel McKee recently signed the FY24 RI Ready...more
On June 16, 2023, Governor McKee signed the Rhode Island fiscal year 2024 budget that was passed by the General Assembly. The budget includes a new statewide Low-Income Housing Tax Credit (“LIHTC”) program to foster the...more
The availability of “affordable housing” has become a major issue in many cities, counties and states across the United States, and South Carolina is no exception. To help address the affordable housing shortage, in 2020,...more
For most people, a primary residence is the largest investment they will make over their lifetime. Therefore, it’s no surprise that people will be curious, critical, or even opposed to any type of real estate development in...more
The low-income communities bonus credit (the LIC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides an enhanced tax credit for renewable energy projects located in designated low-income...more
State Supreme Court decision could complicate CEQA review of certain housing projects - San Francisco Chronicle – July 14 - The state Supreme Court has left intact a ruling by the First District Court of Appeal that rejected...more
The federal low income housing tax credit (LIHTC) program, 26 U.S.C. § 42, is the largest driver of affordable housing in the country. In an effort to keep LIHTC projects affordable as long as possible, Congress created a...more
Legislation signed into law on December 27, 2020, fixed the rate for the 30% present value low-income housing tax credit (LIHTC), which had dropped to a historic low of 3.07 in 2020, at 4% (the 4% Floor). Congress hopes that...more
The Consolidated Appropriations Act, 2021 (the CCA) became law this past Sunday. The CCA has several features of interest to the low-income housing community. 4% Deal Floor: The 4% low-income housing tax credit is worthy of...more
In 2017, the Tax Cuts and Jobs Act (the “Act”) added a third minimum set-aside option to qualify a project as a qualified low-income project pursuant to Code Section 42(g)(1)(C) - the Average Income Set-Aside. The Average...more
South Carolina enacted a state low income housing tax credit on May 14, 2020... The South Carolina State Housing Finance and Development Authority (SC Housing) is required to issue an eligibility statement in order for a...more
The South Carolina General Assembly passed the Workforce and Senior Affordable Housing Act on May 12, 2020, and the Act was signed into law by the Governor on May 14, 2020. The Act is effective for qualified projects placed...more
"There are a few ways to obtain low-income housing tax credits. Each program has stress points in making it work, so there isn’t always a clear choice. Timing is often a decisive factor."...more
Trump’s Omnibus Spending Plan adopts two key provisions from the proposed Affordable Housing Credit Improvement Act that will strengthen and expand low-income housing credit. 2018 spending plan increases housing credit...more