Qualified Opportunity Zone Fund Investments
Gov. Shapiro, State Leaders Condemn Weekend Arson Attack - Governor Josh Shapiro and his family were safely evacuated after a suspected arson attack on their residence early Sunday morning, prompting state and local leaders...more
Mayor Parker Unveils “Mission 30,000” Housing Plan - Mayor Cherelle Parker outlined her “Mission 30,000” plan to build, preserve, and repair 30,000 housing units in Philadelphia during the Chamber of Commerce for Greater...more
CHICAGO — Jobs Slightly Down Since Last Year, State Data Shows - The Chicago metro area experienced a 0.2% drop in non-farm jobs between November 2023 and November 2024. While private education, health services, and...more
The American Southwest is experiencing a notable shift in its approach to addressing affordable housing shortages. California, Nevada, and Arizona are exploring and debating various zoning relief measures to incentivize...more
Governor Gavin Newsom on Tuesday signed two new bills that aim to boost housing supply and further address the state’s homelessness crisis....more
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
The Connecticut General Assembly recently passed a bill requiring municipalities to assess properties used solely for low and moderate-income housing based on the capitalized value of their net rental income....more
Following the City and County of Denver’s (“City”) establishment of the Expanding Housing Affordability Ordinance (“EHA”), the City’s Department of Housing Stability (“HOST”) proposed a new policy focused on challenging...more
Two bills proposed to modify the Builder’s Remedy are currently making their way through the State Legislature. As currently proposed, AB 1893 (Wicks) would (i) reduce the required percentage of (lower income) affordable...more
Last Tuesday, the New York Court of Appeals made a decision that could significantly change New York City’s property tax system. In a 4-3 decision, New York’s highest court allowed a lawsuit by Tax Equity New York (TENNY) to...more
On February 28, 2024, the Florida House of Representatives passed Senate Bill 328 (“SB 328”), previously unanimously approved by the Florida Senate by a vote of 112 to 1. SB 328, regarded as the Live Local Act 2024 (“LLA...more
The Florida Legislature continues to modify the proposed changes to the Live Local Act (Act) through the latest version of Senate Bill 328 (SB 328), passed on February 7, 2024. For background on the original Act, see “Live...more
Regulation of the multifamily industry appears to be continuing. Our most recent Alert discussed Maryland Governor Moore’s proposals for the Renters Rights and Housing Stabilization Act of 2024; rent control updates; our Rent...more
Summary - The Baltimore City Council has passed a new inclusionary housing law which will require most new multifamily, market-rate projects to make at least 10% of their units available to households with limited incomes,...more
As a follow-up to our recent alert, here are some updates on regional and national legislative activity impacting real estate...more
On Oct. 11, 2023, Gov. Gavin Newsom signed this year’s slate of housing bills to “incentivize and reduce barriers to housing and support the development of more affordable homes.” Among the 56 bills signed is AB 1287, the...more
During the 88th Regular Session, the Texas Legislature passed H.B. 1058 creating a state low-income housing tax credit program. The program will be administered by the Texas Department of Housing & Community Affairs (TDHCA)...more
Background - On March 29, 2023, Governor Ron DeSantis signed Senate Bill 102, otherwise known as the Live Local Act (“LLA” or “Act”), into law, representing a large investment for housing efforts, one of the largest in...more
On July 6, 2023, Los Angeles Mayor Karen Bass signed into law a provision to exempt certain affordable housing projects from the city’s Site Plan Review Process. The exemption was made as an amendment to Site Plan Review...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
The moniker “affordable” and “workforce” housing can mean different things to different stakeholders. Most will agree that localities and states have recognized a need to provide reasonably priced homes for our workforce and...more
On March 29, 2023, Governor Ron DeSantis signed into law Senate Bill 102 (Live Local Act) that becomes effective July 1, 2023. The Live Local Act, among other things, seeks to provide available and affordable housing to the...more
More Density, More Height and Less Bureaucracy - The Live Local Act (“Live Local” or the “Act”) makes unprecedented changes to zoning law that impact and limit local government power....more
Governor Ron DeSantis signed into law Senate Bill 102 (“Live Local Act” or the “Act”) on March 28, 2023. The majority of the Live Local Act will go into effect on July 1, 2023, with certain provisions pertaining to tax...more