On June 11, 2025, Senator Catherine Cortez Masto (D-NV) introduced S.2022, titled the Tribal Tax and Investment Reform Act of 2025 (the Bill). The bipartisan Bill, co-sponsored by Senator Lisa Murkowski (R-AK), aims to...more
For developers looking to build affordable housing in Massachusetts, tax credits can be a powerful tool to reduce costs and secure financing. Two primary tax credit programs are available: the Low-Income Housing Tax Credit...more
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
A major affordable housing development underway in Fairfax County, Virginia, is setting a new precedent for large-scale, multi-phase transactions in high-cost suburban markets. Located adjacent to the County’s Government...more
President Trump signed into law The One Big Beautiful Bill (the Bill) on July 4th, 2025, making a multitude of historic tax changes, amongst other things. Specifically, the Bill creates and expands certain tax credit programs...more
Over its nearly 40-year history, the federal low income housing tax credit (LIHTC) program has been both a success story and a target for various forms of fraud. The LIHTC program has been credited with facilitating the...more
President Trump’s budget permanently extends numerous provisions of the Internal Revenue Code from the Tax Cuts and Jobs Act (TCJA) of 2017 scheduled to expire at the end of 2025 and includes several changes that will have...more
On July 3, 2025, the United States House of Representatives passed the final version of the One Big Beautiful Bill Act (the “Act”), which was subsequently signed into law by the President on July 4, 2025. ...more
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was passed into law and introduced many changes to the tax code and federal spending priorities. The OBBBA has wide-ranging implications for the real estate market. Here...more
The business tax provisions of the One Big Beautiful Bill Act (OBBBA), as signed by the president on July 4, reflect sweeping changes aimed at incentivizing small businesses, domestic investment, and manufacturing. Outlined...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
The increased interest in installing solar at affordable housing projects is not surprising given that the IRC Section 48 energy investment tax credit (ITC) could subsidize as much as 70 percent of the cost and the Inflation...more
On January 19, 2024, the House Ways and Means Committee approved the bipartisan tax legislation, “The Tax Relief For American Families and Workers Act of 2024”. Two proposed changes to Section 42 of the Internal Revenue Code...more
As a follow-up to our recent alert, here are some updates on regional and national legislative activity impacting real estate...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
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
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
On October 7, 2022, Treasury issued final and temporary regulations on the income averaging rules for the low-income housing tax credit (“LIHTC”) under Section 42 of the U.S. Internal Revenue Code of 1986, as amended (the...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
In existence since 2000, the federal New Markets Tax Credit (NMTC) incentive has provided gap financing and infusions of cash in economically distressed communities for more than two decades. However, the amount of NMTC funds...more
On March 28, 2022, President Biden released his FY2023 budget (the “FY2023 Budget”), and the U.S. Treasury released the so-called “Green Book,” which provides details related to the revenue provisions in the FY2023 Budget....more
On March 1, 2021, the Virginia General Assembly approved legislation creating the Virginia Opportunity Tax Credit Program (Program), a new state low-income housing tax credit (LIHTC) that contributes an amount to a qualified...more
ELIMINATION OF TERMINATION EXEMPTION FOR DISTRICT OF COLUMBIA UNINCORPORATED BUSINESS FRANCHISE TAX - Under District of Columbia Code, resident or nonresident limited liability companies and general and limited...more