The One Big Beautiful Bill Act (the “OBBBA”) preserves the federal tax exemption for all municipal bonds, including both governmental purpose and qualified private activity bonds, which state and local governments rely on to...more
Summary - The IRS has extended certain deadlines relating to affordable housing projects with Low Income Housing Tax Credits (LIHTC) under Section 42 of the Internal Revenue Code of 1986, as amended (the Code) or financed...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
On July 1, 2020, the IRS issued proposed regulations (REG-123027-19; RIN 1545-BP59) (Regulations) governing compliance-monitoring for low-income housing tax credit (LIHTC) projects and issued Notice 2020-53 (Notice) in...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
On Monday, the IRS will publish final utility allowance regulations for low-income housing tax credit (LIHTC) properties under Section 42 of the Internal Revenue Code (Code)....more
The Consolidated Appropriations Act of 2018, which was signed into law on March 23, 2018, included two provisions affecting the low-income housing tax credit (“LIHTC”) program. One provision temporarily increased the total...more
Last week at the annual meeting of the American Bar Association Forum on Affordable Housing and Community Development (Forum), Michael Novey, Associate Tax Legislative Counsel, Office of Tax Policy, U.S. Department of the...more
The IRS recently ruled that a private foundation’s proposed acquisition of 100% of a low-income housing project would not subject the foundation to either excess business holdings tax or unrelated business income tax. See PLR...more
In a previous post earlier this week, I described the proposed regulations under Section 752 of the Internal Revenue Code (the “Proposed Regulations”), and in particular, the proposed changes to the rules regarding the...more