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A. J. Johnson to Offer Average Income Live Webinar

A. J. Johnson will be conducting a webinar on January 26, 2022, on Requirements & Best Practices Relating to the Average Income Minimum Set-Aside for LIHTC properties. The Webinar will be held at 1:00 PM Eastern Time. The Average Income…

IRS Extends COVID-19 Relief for LIHTC and Tax-Exempt Bond Properties

On Friday, January 14, 2022, the IRS will release a notice (2022-05) extending widespread temporary relief from certain requirements for low-income housing tax credit (LIHTC) financed and private activity tax-exempt bond-financed properties due to the COVID-19 pandemic. Extended relief will…

Expected 2022 Minimum Wage Changes

In 2022, 20 states will have new minimum wage rates. Many of the changes will take place on January 1 but some states make the change on July 1 while other states increase rates on odd schedules, such as Connecticut,…

IRS Issues Revenue Ruling on 4 Percent Tax Credit Floor

The IRS has issued Revenue Ruling 2021-20, providing clarity on when taxpayers may claim the fixed four percent credit for properties with tax-exempt bonds. The IRS addressed three separate issues relative to the 4% credit: Does the minimum 4% applicable…

HUD Provides Fair Housing Funding to 51 Agencies

On November 3, 2021, the Department of Housing & Urban Development (HUD) awarded $13.6 million in American Rescue Plan (ARP) funding to enable 51 HUD Fair Housing Initiatives Program (FHIP) agencies to conduct a wide range of fair housing enforcement,…

A 2023 Reduction in Income Limits is Possible

The Census Bureau has announced that it will not release a one-year American Community Survey (ACS) for 2020. Without this survey, the Department of Housing & Urban Development (HUD) will almost certainly be restricted to the use of the five-year…

CDC Extends Eviction Moratorium

The Centers for Disease Control and Prevention (“CDC”) issued an order on Tuesday, August 3, 2021, that – after a short interruption – seeks to extend its prior eviction moratoriums, originally imposed in September 2020. The newest moratorium will expire…

The Sovereign Citizens Movement and Affordable Housing

A number of our clients have contacted us recently to ask how to handle the applications of individuals who claim to be “sovereign citizens,” and state that the government has no right to verify their eligibility for affordable housing, such…

Biden Housing Plan Stresses Housing as Infrastructure

On May 26, the Biden Administration released its full plans for a surge in new housing spending as part of the American Jobs Plan. The proposal would invest $318 billion, including $105 billion in newly proposed tax credits. The goal…

Key Improvements to LIHTC Program Possible for 2021

An updated Affordable Housing Credit Improvement Act (AHCIA) has been introduced in the House and Senate with bipartisan support. The House and Senate bills are identical and are a continuation of an effort that began with the initial introduction of…

Administration Announces More Funding for ERAP

On May 7, 2021, the Biden Administration announced the allocation of an additional $21.6 billion under the American Rescue Plan for Emergency Rental Assistance – including $2.5 billion targeted to the highest need areas. The original funding for the program…
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