NAHMA Update: FHFA publishes GSE affordable Housing Goals for 2018-2020; IRS publishes Opportunity Zone designation guidanceFebruary 9, 2018 Please find information below regarding affordable housing goals for the Government-sponsored Enterprises (GSEs) and Qualified Opportunity Zones.
This week, the Federal Housing Finance Agency published a final rule to establish affordable housing goals for Fannie Mae and Freddie Mac for 2018-2020. The rule makes slight changes to Multifamily Goals, such as requiring the GSEs to support development of 315,000 units annually for low-income renters (compared with 300,000 units required for years 2015-2017). The final rule and the FHFA’s 2017 Annual Report to Congress are available to read online.
This week, the IRS issued guidance to governors on the process for designating Qualified Opportunity Zones (QOZs) for the new Opportunity Zone program established by recent tax reform legislation. The Opportunity Zone program allows for tax-preferred treatment of capital gains that are reinvested in low-income census tracts. State and territorial governors and the mayor of DC have until March 21st to nominate census tracts for QOZ designation (or request a 30-day extension), which are subject to formal designation by the Treasury Secretary. The IRS guidance is available to read online here. |