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
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
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
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
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
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
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
The 2024 Federal Fiscal Year (FFY2024) begins on October 1, 2023, and as of the writing of this Alert, Congress has not passed and the President has not signed a bill to provide funding for FFY2024. As a result, federal...more
On September 5, the San Francisco Board of Supervisors finally passed on second reading two pieces of legislation, together referred to as the “Housing Fee Reform Plan.” The Plan, previously discussed on July 7, July 21, and...more
Last year’s Inflation Reduction Act created the Low-Income Communities Bonus Credit Program. This program provides additional energy tax credits on top of the existing 30% investment tax credit. According to Section 48(e) of...more
Background - On March 29, 2023, Governor Ron DeSantis signed Senate Bill 102, otherwise known as the Live Local Act (“LLA” or “Act”), into law, representing a large investment for housing efforts, one of the largest in...more
On July 6, 2023, Los Angeles Mayor Karen Bass signed into law a provision to exempt certain affordable housing projects from the city’s Site Plan Review Process. The exemption was made as an amendment to Site Plan Review...more
The low-income communities bonus credit (the LIC Bonus), which was introduced by the Inflation Reduction Act of 2022 (the IRA), provides an enhanced tax credit for certain wind and solar facilities located in designated...more
Last month, leaders from various backgrounds in affordable housing—financiers, developers, architects, lawyers and designers—convened in Los Angeles for Bisnow’s Affordable Housing Summit to share insights and unique...more
The U.S. Department of the Treasury and IRS on May 31, 2023, released a Notice of Proposed Rulemaking (NPRM) regarding the low-income community bonus credit under Section 48 of the Internal Revenue Code. The NPRM requests...more
A recent decision by the Appeals Court of Massachusetts* about the entitlement of two nonprofit corporations which rent apartments at below- market rates to low-income elderly individuals and individuals with disabilities...more
The availability of “affordable housing” has become a major issue in many cities, counties and states across the United States, and South Carolina is no exception. To help address the affordable housing shortage, in 2020,...more
The moniker “affordable” and “workforce” housing can mean different things to different stakeholders. Most will agree that localities and states have recognized a need to provide reasonably priced homes for our workforce and...more
The Live Local Act (S.B. 102) incorporated relief from sales tax for building materials used in eligible residential units that have a recorded FHFC agreement. What Residential Units Qualify: An eligible residential unit...more
On March 29, 2023, Governor Ron DeSantis signed into law Senate Bill 102 (Live Local Act) that becomes effective July 1, 2023. The Live Local Act, among other things, seeks to provide available and affordable housing to the...more
More Density, More Height and Less Bureaucracy - The Live Local Act (“Live Local” or the “Act”) makes unprecedented changes to zoning law that impact and limit local government power....more
On March 29, 2023, Governor Ron DeSantis signed Senate Bill 102, otherwise known as the Live Local Act, into law, representing the largest investment for housing efforts in Florida history. For your convenience we have...more
Governor Ron DeSantis signed into law Senate Bill 102 (“Live Local Act” or the “Act”) on March 28, 2023. The majority of the Live Local Act will go into effect on July 1, 2023, with certain provisions pertaining to tax...more