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IRS Announces 2024 Carry Forward of Unallocated Capacity Limitation for Low-Income Communities Bonus Credit Program

Friday, May 17, 2024

The Internal Revenue Service (IRS) issued Announcement 2024-25 today, which will be included in the June 17 Internal Revenue Bulletin, to announce that 324.785 megawatts (MW) of unallocated environmental justice solar and wind capacity limitation from the 2023 Low-Income Communities Bonus Credit Program has been carried over to 2024.

IRS Notice Expands Safe Harbors for Domestic Content Bonus

Thursday, May 16, 2024

The Internal Revenue Service (IRS) issued today a notice that expanded the safe harbor for two types of renewable energy facilities for the domestic content bonus for renewable energy tax credits (RETCs) along with a new safe harbor for classifying and calculating amounts of the domestic content bonus.

HUD to Propose Changes to Regulations for HOME Program

Wednesday, May 15, 2024

The U.S. Department of Housing and Urban Development (HUD) will publish in an upcoming edition of the Federal Register a notice of proposed rulemaking to update regulations for the HOME Investment Partnership Program (HOME).

IRS Announces Opening Date for Low-Income Communities ITC Bonus Program Applications

Monday, May 13, 2024

The U.S. Department of the Treasury and Internal Revenue Service (IRS) announced today that applications will open at 9 a.m. ET May 28 for the 2024 program year of the low-income communities bonus program for the Internal Revenue Code (IRC) Section 48(e) investment tax credit (ITC). All applications submitted in the first 30 days will be treated as being submitted on the same date at the same time.

Alabama Governor Signs Bill Creating State LIHTC With $5 Million Annual Cap

Friday, May 10, 2024

Alabama Gov. Kay Ivey signed legislation Thursday creating a state low-income housing tax credit (LIHTC) for properties that receive federal 4% LIHTCs.

HUD to Publish Notice Establishing RFIFs for PHAs for FY 2024

Thursday, May 9, 2024

The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Friday’s Federal Register establishing renewal funding inflation factors (RFIFs) and the methodology to calculate them to adjust fiscal year 2024 renewal funding for the housing choice voucher program for public housing agencies (PHAs).

Rhode Island Legislation Would Create Tax Credit for Improvements to Certain LIHTC Properties

Wednesday, May 8, 2024

Legislation introduced in the Rhode Island Senate would provide a tax credit for improvements to certain properties financed by low-income housing tax credits (LIHTCs).

HUD Publishes Final Rule Implementing Portions of HOTMA

Tuesday, May 7, 2024

The U.S. Department of Housing and Urban Development (HUD) published a final rule in today’s Federal Register implementing changes made through the Housing Opportunity Through Modernization Act (HOTMA) of 2016. The final rule makes amendments to the housing choice voucher (HCV) and project-based voucher (PBV) programs and establishes a definition of public housing agency (PHA)-owned housing.

HUD Provides $5.5 Billion in Funding Through Annual Formula Grants

Tuesday, May 7, 2024

The White House announced today that the U.S. Department of Housing and Urban Development (HUD) will provide $5.5 billion in funding through more than 2,400 grants, including Community Development Block Grants (CDBG) and Home Investment Partnerships Program (HOME).

OCC Releases List of 13 CRA Evaluations Made Public in April

Monday, May 6, 2024

The Office of the Comptroller of the Currency (OCC) last week released a list of 13 Community Reinvestment Act (CRA) evaluations made public in April. Of the 13 evaluations, one was “outstanding,” 11 were “satisfactory” and one was “needs to improve.” The evaluations are of national banks, federal savings association and insured federal branches of foreign banks.

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