On July 12, 2024, a bipartisan bill was introduced in the U.S. House of Representatives titled the “Revitalizing Downtowns and Main Streets Act” (H.R. 9002) (the “Bill”), which, if enacted, will provide an investment tax...more
8/6/2024
/ Bipartisan Budget ,
Construction Project ,
Housing Developers ,
Housing Market ,
Investment Tax Credits ,
Proposed Legislation ,
Real Estate Development ,
Regulatory Agenda ,
Residential Property Owners ,
State and Local Government ,
Tax Credits ,
Urban Planning & Development
Last week, Treasury Secretary Yellen announced new efforts by the Treasury Department to increase the nation’s housing supply. Some of the initiatives Secretary Yellen discussed included...more
On May 17, 2024, the District of Columbia Office of Tax and Revenue (OTR) published a notice summarizing the District of Columbia’s current policy regarding the recordation and transfer tax treatment of an assignment of a...more
The District of Columbia’s office market, particularly Class B and C properties, is facing a calamity of epic proportions with occupancy, revenues, and valuations plummeting. Like other municipalities facing similar office...more
Seyfarth Synopsis: With the cooperation of federal agencies such as the Department of Housing and Urban Development (HUD) and the Department of Transportation (DOT), the White House has established plans to use grants and...more
12/12/2023
/ Affordable Housing ,
Community Development Block Grants ,
Consumer Financial Products ,
Department of Transportation (DOT) ,
Financing ,
HUD ,
Loans ,
Office Space ,
Real Estate Development ,
Redevelopment ,
Statutory Requirements ,
TIFIA ,
Urban Planning & Development
Seyfarth Synopsis: Montgomery County has enacted a comprehensive rent stabilization law that will limit annual rent increases for rental housing in the County to three percent plus CPI, with a maximum limit of 6%. The law...more
Seyfarth Synopsis: Montgomery and Anne Arundel Counties in Maryland are increasing their recordation and transfer taxes, while 2019 increases to recordation and transfer taxes in the District of Columbia are set to expire....more
Foot traffic in the downtown DC area has not yet recovered to February 2020 levels. According to data from the Downtown Business Improvement District Corporation, released in March 2022, most office workers are still working...more
Seyfarth Synopsis: Pursuant to the Mayor’s Order 2021-148 (the “Order”), beginning on January 15, 2022, the District of Columbia has required certain businesses to verify that all patrons aged 12 and over have received at...more
This week saw a plethora of activity to support federally related loan programs affecting commercial real estate. Below is a summary of the applicable guidance, announcements and proposed laws....more
3/27/2020
/ CARES Act ,
Compliance ,
Coronavirus/COVID-19 ,
Eviction ,
Fannie Mae ,
Financial Reporting ,
Financial Statements ,
Forbearance Agreements ,
Foreclosure ,
Freddie Mac ,
Lenders ,
Liquidity ,
Loan Servicing ,
Moratorium ,
Mortgages ,
Proposed Rules ,
Relief Measures ,
State and Local Government ,
Student Loans ,
Tenants
On March 24, 2020, in response to the growing anticipation that renters in multifamily properties are being negatively impacted by the implications of the Coronavirus Disease 2019 (“COVID-19”), the Federal Housing Finance...more
3/25/2020
/ Coronavirus/COVID-19 ,
Fannie Mae ,
FHFA ,
Financial Institutions ,
Foreclosure ,
Freddie Mac ,
HUD ,
Moratorium ,
Mortgage Lenders ,
Mortgages ,
Relief Measures ,
Statute of Limitations ,
Tolling
As has been announced, the cost of real estate transactions involving commercial property located in the District of Columbia will increase significantly as of October 1, 2019, but not necessarily for multifamily properties....more
Seyfarth Synopsis: The Supreme Court of Virginia issued a unanimous opinion recently holding a 15-year commercial lease unenforceable since it was not executed with the formalities of a deed as required under Virginia law. ...more
New regulations proposed by the District of Columbia affect the recordation tax exemptions for purchase money deeds of trust not recorded simultaneously with the deed, deeds of trust recorded to refinance construction loans...more