Yesterday, HUD announced that it intends to amend its 2015 regulations on affirmatively furthering fair housing, or AFFH. HUD is giving the public 60 days from publication of its advance notice of proposed rulemaking to provide comments on the current
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Massachusetts Court Rules on LIHTC Right of First Refusal Provisions
On June 15, 2018, the Massachusetts Supreme Judicial Court affirmed a grant of summary judgment by the Massachusetts Superior Court to a nonprofit developer allowing it to exercise its Section 42 right of first refusal (“ROFR”) to acquire an affordable…
RAD for Mod Rehab – A Win-Win Proposition
The Rental Assistance Demonstration (“RAD”) is well known for the option to convert public housing subsidy to a long-term Section 8 Housing Assistance Payments contract (“HAP Contract”) — but RAD also allows owners to convert their Moderate Rehabilitation (“Mod Rehab”)…
Last Call! RAD Year End Closing Deadline Reminder
July is right around the corner and we wanted to remind everyone of the HUD deadlines for closing RAD conversions by year end:
Required Action
Deadline to close by
November 30, 2018
Deadline to close by
December 31, 2018
Upload…
HUD Issues FAQ on Combination of RAD and Standard PBV Units
HUD recently issued a set of answers to frequently asked questions to provide further guidance on a new method of disposing of public housing in conjunction with a RAD conversion (the “FAQ”). Earlier this year, HUD issued Notice PIH 2018-04…
HUD Reconsiders 2013 Disparate Impact Final Rule
Today, HUD issued an advanced notice of proposed rulemaking requesting public comments to its 2013 Final Rule which implemented the Fair Housing Act’s disparate impact standard. HUD indicates this rulemaking is in light of the Supreme Court’s 2015 decision in Texas…
HUD issues new guidance regarding delayed submission of RAD draft closing packages
Please find below a memo issued last week by HUD’s Office of Recapitalization regarding the delayed submission of draft closing packages for RAD conversions. Please note that this gudiance applies to RCCs issued on or after May 1, 2018.
To:…
IRS Announces First Wave of Opportunity Zone Designations
Click here to learn more about the Qualified Opportunity Zone program and the first round of designations in a new e-alert by our Public Finance Department. For additional background, please also see previous e-alerts describing what tax incentives are available for investments in…
Tax Reform – Consolidated Appropriations Act Provides Added Bonus for LIHTC Projects
On March 23, the President signed the Consolidated Appropriations Act, 2018 (H.R. 1625), a $1.3 trillion dollar spending bill that funds the federal government through September 30, 2018. In addition to preventing a government shutdown, this omnibus spending bill incorporated…