Qualified Opportunity Zone Fund Investments
The American Southwest is experiencing a notable shift in its approach to addressing affordable housing shortages. California, Nevada, and Arizona are exploring and debating various zoning relief measures to incentivize...more
Governor Gavin Newsom on Tuesday signed two new bills that aim to boost housing supply and further address the state’s homelessness crisis....more
In July 2024, Governor Greg Abbott announced that the Texas Department of Housing and Community Affairs (TDHCA) awarded over $95 million in housing tax credits to help finance the development and rehabilitation of more than...more
The Assembly Select Committee on Permitting Reform held its first hearing on June 18, 2024, commencing its efforts to address California’s housing and climate crises by reforming the state’s land use permitting regime....more
The Connecticut General Assembly recently passed a bill requiring municipalities to assess properties used solely for low and moderate-income housing based on the capitalized value of their net rental income....more
In the early hours of Thursday, June 6, Philadelphia City Council advanced Mayor Cherelle Parker’s proposed $6.37 billion FY25 Budget. The budget prioritizes public safety and quality-of-life improvement without raising...more
As affordable housing has continued to be a topic of concern across the United States, states are evaluating ways to spur and support affordable housing development. In response to affordable housing needs, Alabama became the...more
The City of Denver adopted changes to its Expanding Housing Affordability (EHA) ordinances that extend the deadlines to receive final site development plan (SDP) approval in order to qualify for exemption from the EHA...more
Following the City and County of Denver’s (“City”) establishment of the Expanding Housing Affordability Ordinance (“EHA”), the City’s Department of Housing Stability (“HOST”) proposed a new policy focused on challenging...more
Officials broke ground Monday on a new high-speed rail system that will connect Southern California and Las Vegas. The Brightline West system will average speeds of about 115 miles per hour and reach a top speed of around 200...more
Two bills proposed to modify the Builder’s Remedy are currently making their way through the State Legislature. As currently proposed, AB 1893 (Wicks) would (i) reduce the required percentage of (lower income) affordable...more
Two bills proposed to modify the Builder's Remedy under the Housing Accountability Act (HAA) (Gov. Code § 65589.5(d)(5)) are currently making their way through the State Legislature. Assembly Bill (AB) 1893, proposed by...more
A roundup of news and multimedia from the Unfamiliar Terrain team: San Francisco - San Francisco’s Montgomery Street Could Signal a Downtown Revival (NY Times): Why a seven-block stretch of Montgomery Street, from the...more
A U.S. Tax Court decision entered on Feb. 20, 2024, in 23rd Chelsea Associates LLC v. Commissioner of Internal Revenue held that bond issuance and related financing costs incurred in connection with the development of a...more
In the final part of the 2024 Housing New Law Guidance series from Best Best & Krieger LLP (BBK), we cover important new housing legislation related to fire safety, elections, post-entitlement phase permits, streamlined...more
On February 28, 2024, the Florida House of Representatives passed Senate Bill 328 (“SB 328”), previously unanimously approved by the Florida Senate by a vote of 112 to 1. SB 328, regarded as the Live Local Act 2024 (“LLA...more
The Florida Legislature continues to modify the proposed changes to the Live Local Act (Act) through the latest version of Senate Bill 328 (SB 328), passed on February 7, 2024. For background on the original Act, see “Live...more
Legislation was recently introduced to the U.S. Senate and House of Representatives proposing the creation of the first-ever Workforce Housing Tax Credit (WHTC) for middle-income housing developments....more
As expected, within days of the opening day of the 2024 Legislative Session came two proposed “clarification glitch” bills containing several proposed amendments to the Live Local Act. Senate Bill 328, sponsored by Senator...more
The U.S. House of Representatives overwhelmingly passed legislation this week that is predicted to finance hundreds of thousands of affordable housing units, helping New York City and state housing agencies struggling to meet...more
In mid-January, the House introduced the Tax Relief for American Families and Workers Act (Act). The Joint Committee of Taxation has released its explanation of the Act, and the House Ways and means Committee has released a...more
A potential bipartisan deal could bring the “Low-Income Housing Tax Credit (LIHTC) Fix” back to life and, with it, the possibility of a new wave of affordable housing deals....more
In response to a shortage of affordable middle-income housing in the United States, legislators recently introduced the Workforce Housing Tax Credit Act, which includes significant financial incentives for developers, to help...more
Los Angeles Mayor Karen Bass last Wednesday announced a new executive order to reduce permitting time for housing by 25-30%, a move that could significantly expand housing production....more
The 2023 California Legislative session, like the last several, saw the enactment of a large number of significant new housing production laws. (See Holland & Knight's previous annual recaps of California Housing Laws in the...more