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Affordable Housing Industry Updates, Changes to HUD, LIHTC, REAC, and USDA/RD Requirements
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IRS Published Final Regulations on the Average Income Test (AIT)
On October 7, 2022, the IRS released the long-awaited final regulation (Treasury Regulation 1.42-19), the Average Income Test (AIT). It is a great relief to see that this final regulation is a substantive departure from the proposed regulation published in 2020, which included many problematic provisions. What is the Average Income Test (AIT) again? In 2018, […]
Read MoreProtect and Renew the Community Reinvestment Act
Protect and Improve the Community Reinvestment Act Financial regulators are reviewing proposed changes to the Community Reinvestment Act (CRA). The Office of the Comptroller of the Currency, FDIC, and Federal Reserve have published a joint Notice of Proposed Rulemaking (NPR). Some of the proposals are quite positive. However, we fear some proposals will lead to […]
Read MoreIRS Increases Mileage Rate for Remainder of 2022
On June 9, 2022, the Internal Revenue Service (IRS), published Announcement 2022-13, which amends optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. The announcement can be viewed by clicking here. […]
Read MoreHUD Announces $10.3 Billion in Grants for Housing and Community Development
On May 17, 2022, HUD announced more than 10 Billion in grants for housing and community development grants. This includes much needed investments in new affordable housing, tribal housing, as well as long overdue capital fund investment for public housing modernization. “This funding is an investment in our communities and provides important services to some […]
Read MoreEliminating Unnecessary Housing Barriers
On April 12, 2022, HUD published a memo titled “Eliminating Barriers That May Unnecessarily Prevent Individuals with Criminal Histories from Participating in HUD Programs.” In this Memo, HUD Secretary, Marcia L. Fudge, announced a department-wide review of HUD’s programs to identify needed changes to ensure HUD’s programs (public housing, RAD, MFH, Vouchers, etc.) are as inclusive […]
Read MoreHUD Announces New Rule for Carbon Monoxide Alarms
On January 31, 2022, HUD issued a notice (PIH Notice 2022-01), announcing that HUD will enforce the installation of carbon monoxide alarms or detectors in HUD-assisted housing by December 27, 2022. Essentially, this is the action plan of applying a law passed several years ago – The Carbon Monoxide Alarms Leading Every Resident To Safety Act […]
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