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To amend the Internal Revenue Code of 1986 to provide an additional year for the extension of the placed in service date for the low-income housing credit rules applicable to the GO Zone.
Legislative Progress
Introduced
February 8, 2011
Latest Action
February 8, 2011
Primary Sponsor
Cedric L. RichmondDemocratic(LA)
Momentum (last 30 days)
0
score
0 actions · 0 new cosponsors · 0 votes
Speed vs cohort
0pct
0d open
vs 6,662 other HR bills in the 112th — cohort avg 39d
No CRS summary is available for this bill yet. The source title, actions, sponsors, and text versions below come from Congress.gov.
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Filing registrants (3)
2011 · first_quarter · Taxation/Internal Revenue Code
H.R. 4 To repeal the expansion of information reporting requirements for payments of $600 or more made to corporations and to payments for property and other gross proceeds. H.R. 705 To repeal the expansion of information reporting requirements for payments of $600 or more made to corporations and to payments for property and other gross proceeds. H.R. 559 To amend the Internal Revenue Code of 1986 to provide an additional year for the extension of the placed in service date for the low-income housing credit rules applicable to the Gulf Opportunity (GO) Zone. H.R. 1147 To provide a 50 percent tax deduction for certain payments made to reduce debt on commercial real property, including multifamily housing. To amend IRC of 1986, Sect. 179D, Commercial building tax provision Low-Income Housing Tax Credit: Did not ask for action on any specific bill but requested that Congress maintain support for the Low-Income Housing Tax Credit program and enhance the program by: (1) allowing the Low-Income Housing Tax Credit to be carried back for 5 years instead of 1 year; and (2) renewing the Tax Credit Exchange Program that allows Treasury to provide cash grants to state housing agencies in lieu of tax credit authority. Carried Interest: Did not ask for action on any specific bill but requested that members leave in place current-law tax rules applicable to carried interest that tax carried interest at capital gains tax rates as opposed to ordinary income tax rates. 2001 and 2003 Tax Cuts and Tax Reform: Did not ask for action on any specific bill but asked that Congress establish long-term certainty with respect to the nations tax laws. Also, should Congress move forward with tax reform, NMHC asked members to maintain a 15 percent capital gains rates and to avoid enacting provisions that would disadvantage owners and renters of multifamily housing relative to other real estate and other asset classes. Permanent Estate Tax Reform: Did not ask for action on any specific bill but urged members to make permanent estate tax rules that retain a stepped-up basis regime along with a $5 million exemption and a 35 percent top tax rate. Like-Kind Exchanges: Did not ask for action on any specific bill but urged members to retain present-law like-kind exchange rules that allow owners of commercial real estate to exchange properties without triggering a taxable event. Depreciation Recapture Tax Relief: Did not ask for action on any specific bill but urged members to support legislation that reduce depreciation recapture taxes that are triggered when multifamily properties are sold. NMHC asked that such taxes be reduced when owners agree to sell their property to new owners who agree to invest new capital in the property and to preserve the property as affordable housing
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Sources: Congress.gov
Client expense: $484,000 · Firm income: Not reported
Government targets: Energy, Dept of, Environmental Protection Agency (EPA), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), Natl Labor Relations Board (NLRB), Office of the Comptroller of the Currency (OCC), SENATE, Small Business Administration (SBA), Treasury, Dept of, White House Office
2011 · fourth_quarter · Taxation/Internal Revenue Code
Better Buildings Initiative Energy Efficient Building Tax Incentives (Sec. 179D & Sec. 45L) and ARRA Sec. 1630 Carried Interest: We opposed any change to the current law tax treatment of carried interest. Tax Reform: No specific bill but asked that Congress take a comprehensive approach to tax reform and not enact reform for C corporations at the expense of partnerships, including S corporations and LLCs. We also asked policymakers not to tax partnerships with revenues over certain thresholds as C corporations or to pass legislation that would disadvantage real estate relative to other industries. We also asked that Congress maintain the deductibility of business interest and the Low-Income Housing Tax Credit. Low-Income Housing Tax Credit: H.R. 3661 and S. 1989. To make permanent the 9 percent tax credit for the Low-Income Housing Tax Credit (LIHTC) and to extend the same policy to 4 percent LIHTCs for acquisition. All provisions. H.R. 559 and S. 30. To provide an additional year for the extension of the placed in service date for the Low-Income Housing Tax Credit rules applicable to the GOZone. All provisions. Additionally, we urged Congress to preserve the Low-Income Housing Tax Credit as part of any tax reform effort. Finally, although no bill is pending, we urged Congress to support making the Low-Income Housing Tax Credit more flexible by allowing developments to qualify if 40 percent of units go to families with income that average no more than 60 percent of area median income. No specific bill, but analyzed proposals to provide 100 percent expensing for the purchase of foreclosed single family homes to be put on the rental market. H.R. 2989 and S. 1616. To exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property interests. All provisions. Energy Efficient Commercial Buildings Deduction Section 179D. We asked Congress to turn this deduction into a tax credit. Estate Tax Reform: No specific bill but urged Congress to enact permanent estate tax reform with a $5 million exemption, 35 percent top rate, and a retention of stepped-up basis rules. H.R. 3630, Middle Class Tax Relief and Job Creation Act of 2011: Section 1201: Extension of allowance for bonus depreciation for certain business assets. Section 2001: Extension of temporary employee payroll tax reduction through 2012. Also, S. Amdt. 1465 to H.R. 3630: Section 101 Extension of Payroll Tax Holiday. h.R. 3765 - Temporary Payroll Tax Continuation Act of 2011: Section 101: Extension of Payroll Tax Holiday Tax Extenders: No specific bill but asked that Congress extend the following expiring tax incentives: New Markets Tax Credit (IRC Section 45D); Energy Efficient New Homes Tax Credit (IRC Section 45L); Grants for specified energy property in lieu of tax credits (IRC Section 48(d)); Increased AMT exemption amount (IRC Section 55(d)); Additional 100 Bonus Depreciation (IRC Section 168(k)); and Expensing of Brownfield Remediation Costs (IRC Section 198).
Client expense: $514,000 · Firm income: Not reported
Government targets: Bureau of Citizenship & Immigration Services (BCIS), Consumer Product Safety Commission (CPSC), Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Federal Communications Commission (FCC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), Natl Labor Relations Board (NLRB), Office of the Comptroller of the Currency (OCC), SENATE, Small Business Administration (SBA), Treasury, Dept of, White House Office
2011 · third_quarter · Taxation/Internal Revenue Code
-S.30, H.R.559, "To amend the Internal Revenue code of 1986 to provide an additional year for the extension of the placed in service date for the low-income housing credit rules applicable to the GO Zone." -H.R.2655, S.996, "New Markets Tax Credit Extension Act of 2011" -S.1456, H.R. 2718, "Disaster Tax Act of 2011"
Client expense: $84,500 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2011 · third_quarter · Taxation/Internal Revenue Code
Better Buildings Initiative Green Building Tax Incentives (179D & 45L) H.R. 2989 / S. 1616 to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property Carried Interest. We opposed any change to the current law tax treatment of carried, including as part of any legislation to raise the debt ceiling (i.e., the Budget Control Act of 2011 (S. 365)) and as part of any proposal that may be offered by the Joint Select Committee on Deficit Reduction. Low-Income Housing Tax Credit: Although legislation has not yet been introduced, we supported proposals to make the flat 9 percent Low-Income Housing Tax Credit permanent and to allow the 4 percent Low-Income Housing Tax Credit to be used for acquisitions. We also encouraged policymakers to avoid reducing or eliminating the Low-Income Housing Tax Credit as part of any tax reform proposal. Additionally, although no bill is currently pending, we urged Congress to support making the tax credit program more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income. Finally, we also urged support for legislation to provide an additional year for the extension of the placed in service date for the low-income housing credit rules applicable to the GO Zone (HR 559 / S 30) Tax reform: No specific bill but asked that Congress take a comprehensive approach to tax reform and not enact reform for C corporations at the expense of partnerships, including S corporations and LLCs. We also asked policymakers not to tax partnerships with revenues over certain thresholds as C corporations or to pass legislation that would disadvantage real estate relative to other industries. We also asked that Congress maintain the deductibility of business interest. S. 365 and S. 627 (Budget Control Act of 2011), Section IV -- Joint Select Committee on Deficit Reduction. Also, Title III of S. Amdt. 589 to S. 627 dealing with the Joint Select Committee on Deficit Reduction Affordable Housing Preservation Tax Relief Act to provide a depreciation tax incentive to preserve affordable housing in multifamily housing units that are sold or exchanged. This bill has not yet been reintroduced this Congress. S. 1549, American Jobs Act. Section 101 Temporary payroll tax cut for employers, employees, and self employed. Section 102 Temporary tax credit for increased payroll. Section 103 Extension of 100% bonus depreciation. Sections 411/412 increases tax applicable to income from carried interest.
Client expense: $420,000 · Firm income: Not reported
Government targets: Bureau of Citizenship & Immigration Services (BCIS), Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), Natl Labor Relations Board (NLRB), Office of the Comptroller of the Currency (OCC), SENATE, Small Business Administration (SBA), Treasury, Dept of, White House Office
2011 · third_quarter · Housing
Budget of the United States Government, Fiscal Year 2012; all provisions relating to the U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Agriculture-Rural Housing Service (RHS) funding and administration of affordable multifamily housing and rental assistance programs and Treasury-Internal Revenue Service proposals related to the Low Income Housing Tax Credit and bond-financed multifamily housing programs. (continued) HR 2608:Continuing Appropriations Act, 2012. A bill making continuing appropriations for fiscal year 2012 through November 18; All provisions in Sec. 101, 103 & 106 related to spending levels & funding periods for affordable multifamily housing programs, with particular emphasis on full funding of 12 month terms of tenant-based Section 8, project-based Section 8 contracts, Section 202 and 811 project rental assistance contracts, and rural rental assistance contracts. Requested amendment [to HR 2608] extending HUD's Mark-to-Market mortgage restructuring program through October 1, 2015 [not included]. S. 365: Budget Control Act of 2011. A bill to control the budget; All provisions in Title I Section 101 Enforcing Discretionary Spending Limits, & Title III Section 302 Enforcement of budget goal and Title IV Joint Select Committee on Deficit Reduction related to discretionary spending levels as part of deficit reduction requirements (which could reduce funding for important HUD and RHS affordable multifamily housing programs, and in Title IV, affect continuation of the low-income housing tax credit program). H. Con. Res. 34: Establishing the budget for the United States Government for fiscal year 2012 and setting forth appropriate budgetary levels for fiscal years 2013 through 2021 (FY 2012 Budget Resolution). The resolution contains the budgetary reduction strategy set forth in House Budget Committee Chairman Paul Ryans (R-WI) Path to Prosperity FY 2012 budget proposal; all provisions which affect affordable multifamily housing programs in Title I Section 101 Recommended Levels and Amounts, Section 102 Major Functional Catagories (13) Income Security (600), and Title IV Section 401 Discretionary Spending Limits and Section 402 Limitation on Advanced Appropriations with particular emphasis on full funding of 12 month terms of tenant-based & project-based Section 8 contracts, Section 202 & 811 project rental assistance contracts, and rural rental assistance contracts in the Income Security and discretionary spending limits budget authority catagories. HR 2112: Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2012. A bill providing USDA, FDA and other agencies with appropriations for FY 2012; Title III Rural Development programs, all funding and administrative provisions related to affordable rural multifamily housing programs. Requested Amendment [to HR 2112] allowing fees to be charged to offset the costs of Section 538 guaranteed loans [included in Senate version of HR 2112, but not House version of HR 2112]. Draft FY 2012 Transportation-HUD Appropriations Act for the House. A bill making appropriations for the Departments of Transportation, HUD and Related Agencies for the fiscal year ending September 30, 2012, and for other purposes; Title II Housing and Urban Development, all funding & administrative provisions related to affordable multifamily housing programs. Requested amendment [to draft bill, Title II] extending to Mark-to-Market program through October 1, 2015 [not included]. S. 1596: FY 2012 Transportation-HUD Appropriations Act-A bill making appropriations for the Departments of Transportation, HUD and Related Agencies for the fiscal year ending September 30, 2012, and for other purposes; Title II Housing and Urban Development, all funding & administrative provisions related to affordable multifamily housing programs. HR 201: Removing Reward for Section 8 Fraud Act of 2011. The legislation would amend Section 12 of the United States Housing Act of 1937 to close a loophole that allows Project-Based Section 8 properties to lower rents for families who are repaying the government when welfare fraud has been detected; all provisions. HR 762: Public Housing Reinvestment and Tenant Protection Act of 2011. A bill to transform neighborhoods of extreme poverty by revitalizing distressed housing, to reform public housing demolition and disposition rules to require one for one replacement and tenant protections, to provide public housing agencies with additional resources and flexibility to preserve public housing units, and to create a pilot program to train public housing residents to provide home-based health services; all provisions of Title I, Choice Neighborhoods Initiative. S. 624: Choice Neighborhoods Initiative Act of 2011. To authorize the Department of Housing and Urban Development to transform neighborhoods of extreme poverty into sustainable, mixed-income neighborhoods with access to economic opportunities by revitalizing severely distressed housing and investing and leveraging investments in well-functioning services, educational opportunities, public assets, public transportation, and improved access to jobs; all provisions. HR 2441: Abolishing the Affordable Housing Trust Fund. A bill to eliminate the National Housing Trust Fund; all provisions. HR 1226: GSE Mission Improvement Act of 2011. The bill would repeal the affordable housing goals for Fannie Mae and Freddie Mac; all provisions. S. 693: GSE Bailout Elimination and Taxpayer Protection Act. The legislation would terminate the conservatorships of Fannie Mae and Freddie Mac within 2 years of enactment of the legislation; all provisions of Section 4 Limitations on Enterprise Authority related to mandatory housing activities and the National Housing Trust Fund. HR 1209: The Section 8 Voucher Reform Act of 2011. A bill to reform the housing choice voucher program under section 8 of the United States Housing Act of 1937; all provisions. Requested amendment [to HR 1209] to allow HUD to Better Serve Persons with Limited Proficiency in the English Language by Providing Technical Assistance to Recipients of Federal Funds (owners of HUD-subsidized properties are recipents of federal funds) [not included]. U.S. Department of Housing and Urban Development [Docket No. FR4878N02], Final Guidance to Federal Financial Assistance Recipients Regarding Title VI Prohibition Against National Origin Discrimination Affecting Limited English Proficient Persons, Jan. 22, 2007; all provisions. (Owners of HUD-subsidized properties are recipents of federal funds.) U.S. Department of Housing and Urban Development [Docket No. FR5480N49], Notice of Submission of Proposed Information Collection to OMB; Emergency Comment Request; Notice of Funding Availability (NOFA) for Fiscal Year 2010 Limited English Proficiency Initiative (LEPI) Program; Notice of Proposed Information Collection for Public Comment, June 14, 2011; all provisions. U.S. Department of Housing and Urban Development [Docket No. FR-5415-N-41], Notice of Funding Availability (NOFA) for Fiscal Year 2010 Limited English Proficiency Initiative (LEPI) Program, July 11, 2011; all provisions. Discussion Draft Legislation from Rep. Judy Biggert: Section 8 Savings Act Act of 2011. A bill to reform the housing choice voucher program under section 8 of the United States Housing Act of 1937, and for other purposes; all provisions [not introduced during reporting period]. HR 1977: FHA Reform Act of 2011. The legislation enhances FHAs authority to crack down on lenders engaged in fraud or misrepresentation or failing to comply with FHA guidelines for originating or underwriting loans; all provisions of Section 13 increasing the maximum mortgage limits for multifamily housing. Discussion Draft Legislation from Rep. Judy Biggert: FHA and Rural Regulatory Improvement Act. The bill would increase the FHA mortgage capital ratios and down payments and move RHS to HUD; Sections 2, 3, 5, 13, and 14 with particular emphasis on all provisions related to multifamily mortgage programs and rural housing programs [not introduced during reporting period]. Draft Legislation from Rep. Barney Frank to preserve properties by allowing owners with units occupied by tenants eligible for or receiving enhanced Section 8 vouchers to convert the enhaced vouchers to project-based assistance or to select project based assistance in lieu of enhanced vouchers; all provisions [not introduced during reporting period]. S. 317: Affordable Housing Preservation and Revitalization Act of 2011. A bill to allow for use of existing Section 8 housing funds, so as to preserve and revitalize affordable housing options for low-income individuals; all provisions. Draft legislation from HUD: Rental Assistance Demonstration Program. A bill allowing HUD to create a demonstration program to convert public housing and moderate rehabilitation properties to long-term project-based Section 8 contracts under section 524 of the Multifamily Assisted Housing Reform and Affordability of 1997. The bill would also give HUD the authority to convert RAP and Rent Supp properties to long-term project-based Section 8 contracts under section 524 of the Multifamily Assisted Housing Reform and Affordability of 1997; all provisions [not introduced during reporting period]. HR 559: A bill to amend the Internal Revenue Code of 1986 to provide an additional year for the extension of the placed in service date for the low-income housing credit rules applicable to the GO Zone; all provisions. S. 30: A bill to amend the Internal Revenue code of 1986 to provide an additional year for the extension of the placed in service date for the low-income housing credit rules applicable to the GO Zone; all provisions. Draft legislation providing a flat-credit rate for the 9 percent low-income housing tax credit and 4 percent low-income housing bonds; all provisions [not introduced during reporting period]. National Commission on Fiscal Responsibility and Reform, "The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform," December 2010; all provisions related to tax reform / expenditures which would affect the Low Income Housing Tax Credit & all provisions which would affect discretionary spending for federal affordable housing programs. U.S. Department of Treasury and Department of Housing and Urban Development's "Reforming America's Housing Finance System A Report to Congress," February 2011; all provisions related to financing for affordable multifamily housing. All policies, funding and administrative issues related to managment and preservation of affordable multifamily housing subject to HUD, USDA-RHS and Treasury-IRS regulations. The White House Domestic Policy Councils "Rental Policy Working Group Federal Rental Alignment Opportunities -Conceptual Proposals, July 2011; all provisions. Advocated for Congress to pass and the Department of Treasury to support a single student rule for the Department of Treasury and the Department of Housing and Urban Development's affordable housing programs to reduce conflicts between the programs in mixed-subsidy properties. Policies related to the HUD Office of Affordable Housing Preservation's Surplus Cash Analyses on Mark-to-Market properties regarding the proper use of the reserve for replacement account & criteria to earn the incentive performance fee. U.S. Department of Housing and Urban Development, "Performance-Based Annual Contributions Contract, Project-Based Section 8 Contract Administration," June 22, 2011; all provisions. U.S. Department of Housing and Urban Development "Final PBCA [performance-based contract administration]Working Group Transition Handbook," July 2011; all provisions. U.S. Department of Housing and Urban Development "Applicant Notification Letter;" August 11, 2011; all provisions which described HUD's procedures for proceeding with project-based Section 8 performance-based contract administration [PBCA] transition in states with uncontested PBCA contract awards, described HUD's plans to rebid contracts in states which had contested contract awards, and described HUD's plans to ensure continuity of operations on project-based Section 8 properties in states with contested PBCA awards. U.S. Department of Housing and Urban Development, "Annual Contributions Contract Project-Based Section 8 Contract Administration, Amendment of Term, Incentive Based Performance Standards Tasks and Fees," August 19, 2011; all provisions. U.S. Department of Housing and Urban Development [Docket No. FR5484N22], Notice of Proposed Information Collection: Comment Request; Form HUD9834 Management Review for Multifamily Housing Projects, OMB Control Number 25020178, June 10, 2011; all provisions. U.S. Department of Housing and Urban Development [Docket No. FR-5506-N-01], Reducing Regulatory Burden: Retrospective Review Under E.O. 13563, March 2, 2011; all provisions. U.S. Department of Housing and Urban Development Notice H 2011-20 Guidelines on Bed Bug Control and Prevention in HUD Insured and Assisted Multifamily Housing," August 16, 2011. U.S. Department of Housing and Urban Development "Draft Changes to the Section 8 Renewal Guide," July 2010; all provisions. U.S. Department of Housing and Urban Development [Docket No. FR5413N01], Section 8 Housing Choice Voucher Program-Demonstration Project of Small Area Fair Market Rents in Certain Metropolitan Areas for Fiscal Year 2011, May 18, 2010; all provisions. U.S. Department of Housing and Urban Development [Docket No. FR5466N01], Request for Comments on Trend Factor Methodology Used in the Calculation of Fair Market Rents, March 9, 2011; all provisions. U.S. Department of Housing and Urban Development [Docket No. FR5413N02], Section 8 Housing Choice Voucher ProgramDemonstration Project of Small Area Fair Market Rents in Certain Metropolitan Areas, Discussion of Comments, and Request for Participation, April 20, 2011; all provisions. U.S. Department of Housing and Urban Development [Docket No. FR5567N01], Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program Fiscal Year 2012 Notice and Request for Comments, August 19, 2011; all provisions. U.S. Department of Housing and Urban Development [Docket No. FR5298N02] "Low-Income Housing Tax Credit (LIHTC) Tenant Data Collection: Responses To Advance Solicitation of Comment on Data Collection Methodology," March 3, 2010; all provisions. HUD LIHTC Tenant Data Collection Form Revised May 2010 - OMB Approval No. 2528-0165; all provisions. Advocated for a repeal of HUD's policy prohibiting owners of HUD-assisted mixed subsidy properties from using project expenses to pay for Low Income Housing Tax Credit compliance fees mandated by state agencies. HUD Multifamily Housing Memorandum "Tax Credit Compliance Fees and Annual Budget-Based Section 8 Rent Increase Requests" (May 31, 2011) All policies related the Department of Housing and Urban Development's Real Estate Assesment Center scoring and procedures for HUD-assisted and/or FHA insured properties. All policies related the Department of Housing and Urban Development 2530 previous participation certification policies and submission procedures. All policies related the Department of Housing and Urban Development's Management and Occupancy Review for owners and management agents. Advocated for HUD to revise its policies and handbooks regarding the use of residual receipts. U.S. Department of Housing and Urban Development draft notice clarifying tenants' rights to organize in Section 8 properties [not published in the reporting period]. Advocated for policies to promote long-term sustainablity and financial solvency of Low Income Housing Tax Credit Properties, especially related to the need for utility and operating cost relief. Requested clarification from U.S. Department of the Treasury (Treasury) and IRS officials regarding application of income and rent limits for properties financed with low-income housing tax credits (LIHTCs) or tax-exempt bonds (TEBs), pursuant to the "hold harmless" provisions within the Housing and Economic Recovery Act of 2008. U.S. Department of Agriculture Federal Register Notice "Reducing Regulatory Burden; Retrospective Review Under Executive Order 13563," April 20, 2011; all provisions. Advocated for policies to address ongoing occupancy issues, including prolonged vacancies, in properties that participate in USDA Rural Multifamily Housing programs.
Client expense: $102,750 · Firm income: Not reported
Government targets: Agriculture, Dept of (USDA), Executive Office of the President (EOP), Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), SENATE, Treasury, Dept of, White House Office
2011 · second_quarter · Taxation/Internal Revenue Code
-S.30, H.R.559, "To amend the Internal Revenue code of 1986 to provide an additional year for the extension of the placed in service date for the low-income housing credit rules applicable to the GO Zone"
Client expense: $84,500 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2011 · second_quarter · Housing
Budget of the United States Government, Fiscal Year 2011; all provisions relating to the U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Agriculture-Rural Housing Service (RHS) funding and administration of affordable multifamily housing and rental assistance programs and Treasury-Internal Revenue Service proposals related to the Low Income Housing Tax Credit and bond-financed multifamily housing programs. (continued) H. J. Res. 48: Additional Continuing Appropriations Amendments, 2011. A resolution making further continuing appropriations for FY 2011 (through April 8, 2011), and for other purposes. All provisions related to spending levels & funding periods for affordable housing programs, with particular emphasis on full funding of 12 month terms of tenant-based Section 8, project-based Section 8 contracts, Section 202 and 811 project rental assistance contracts, and rural rental assistance contracts. H.R.1363: Further Additional Continuing Appropriations Amendments, 2011. A resolution making further continuing appropriations for FY 2011 (through April 15, 2011), and for other purposes; Section 303 and all provisions related to spending levels & funding periods for affordable housing programs, with particular emphasis on full funding of 12 month terms of tenant-based Section 8, project-based Section 8 contracts, Section 202 and 811 project rental assistance contracts, and rural rental assistance contracts. H.R. 1473: Department of Defense and Full-Year Continuing Appropriations Act, 2011. A bill making appropriations for the Department of Defense and the other departments and agencies of the Government for the fiscal year ending September 30, 2011, and for other purposes; All provisions in Division B Title I Sections 1101, 1102, 1103, 1104, 1105, 1106, 1107, 1118 and 1119 which fund all government programs (including affordable multifamily housing programs) at FY 2010 levels with a recision across the board of 0.2 percent, unless otherwise specified, and in the manner established for 2010; All provisions in Division B Title II Agriculture and Rural Development programs-all funding and administrative provisions related to affordable rural housing programs in Sections 1241, 1243, 1244, 1247, and 1248 with particular emphasis on full funding of rural rental assistance contracts; and Division B Title XII Transportation and Housing and Urban Development-all funding & administrative provisions related to affordable multifamily housing programs in Sections 2235, 2240, 2242, 2244, 2246, 2247, 2249, 2250, 2252, 2256 & 2257 with particular emphasis on full funding of 12 month terms of tenant-based Section 8, project-based Section 8, Section 202 and 811 project rental assistance, and rural rental assistance contracts. Budget of the United States Government, Fiscal Year 2012; all provisions relating to the U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Agriculture-Rural Housing Service (RHS) funding and administration of affordable multifamily housing and rental assistance programs and Treasury-Internal Revenue Service proposals related to the Low Income Housing Tax Credit and bond-financed multifamily housing programs. H. Con. Res. 34: Establishing the budget for the United States Government for fiscal year 2012 and setting forth appropriate budgetary levels for fiscal years 2013 through 2021 (FY 2012 Budget Resolution). The resolution contains the budgetary reduction strategy set forth in House Budget Committee Chairman Paul Ryans (R-WI) Path to Prosperity FY 2012 budget proposal; all provisions which affect affordable multifamily housing programs in Title I Section 101 Recommended Levels and Amounts, Section 102 Major Functional Catagories (13) Income Security (600), and Title IV Section 401 Discretionary Spending Limits and Section 402 Limitation on Advanced Appropriations with particular emphasis on full funding of 12 month terms of tenant-based & project-based Section 8 contracts, Section 202 & 811 project rental assistance contracts, and rural rental assistance contracts in the Income Security and discretionary spending limits budget authority catagories. H.R. 2112: Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2012. A bill providing USDA, FDA and other agencies with appropriations for FY 2012; Title III Rural Development programs, all funding and administrative provisions related to affordable rural housing programs. H.R. 201: Removing Reward for Section 8 Fraud Act of 2011. The legislation would amend Section 12 of the United States Housing Act of 1937 to close a loophole that allows Project-Based Section 8 properties to lower rents for families who are repaying the government when welfare fraud has been detected; all provisions. H.R. 762: Public Housing Reinvestment and Tenant Protection Act of 2011. A bill to transform neighborhoods of extreme poverty by revitalizing distressed housing, to reform public housing demolition and disposition rules to require one for one replacement and tenant protections, to provide public housing agencies with additional resources and flexibility to preserve public housing units, and to create a pilot program to train public housing residents to provide home-based health services; all provisions of Title I, Choice Neighborhoods Initiative. S. 624: Choice Neighborhoods Initiative Act of 2011. To authorize the Department of Housing and Urban Development to transform neighborhoods of extreme poverty into sustainable, mixed-income neighborhoods with access to economic opportunities by revitalizing severely distressed housing and investing and leveraging investments in well-functioning services, educational opportunities, public assets, public transportation, and improved access to jobs; all provisions. H.R. 1226: GSE Mission Improvement Act of 2011. The bill would repeal the affordable housing goals for Fannie Mae and Freddie Mac; all provisions. Discussion draft legislation from Rep. Ed Royce that would eliminate the National Housing Trust Fund; all provisions [not introduced during reporting period]. S. 693: GSE Bailout Elimination and Taxpayer Protection Act. The legislation would terminate the conservatorships of Fannie Mae and Freddie Mac within 2 years of enactment of the legislation; all provisions of Section 4 Limitations on Enterprise Authority related to mandatory housing activities and the National Housing Trust Fund. H.R. 1209: The Section 8 Voucher Reform Act of 2011: A bill to reform the housing choice voucher program under section 8 of the United States Housing Act of 1937; all provisions. Requested amendment [to HR 1209] to allow HUD to Better Serve Persons with Limited Proficiency in the English Language by Providing Technical Assistance to Recipients of Federal Funds (owners of HUD-subsidized properties are recipents of federal funds) [not included]. U.S. Department of Housing and Urban Development [Docket No. FR4878N02], Final Guidance to Federal Financial Assistance Recipients Regarding Title VI Prohibition Against National Origin Discrimination Affecting Limited English Proficient Persons, Jan. 22, 2007; all provisions. (Owners of HUD-subsidized properties are recipents of federal funds.) U.S. Department of Housing and Urban Development [Docket No. FR5480N49], Notice of Submission of Proposed Information Collection to OMB; Emergency Comment Request; Notice of Funding Availability (NOFA) for Fiscal Year 2010 Limited English Proficiency Initiative (LEPI) Program; Notice of Proposed Information Collection for Public Comment, June 14, 2011; all provisions. Discussion Draft Legislation from Rep. Judy Biggert -Section 8 Savings Act Act of 2011: A bill to reform the housing choice voucher program under section 8 of the United States Housing Act of 1937, and for other purposes; all provisions [not introduced during reporting period.] H.R. 1977: FHA Reform Act of 2011. The legislation enhances FHAs authority to crack down on lenders engaged in fraud or misrepresentation or failing to comply with FHA guidelines for originating or underwriting loans; all provisions of Section 13 increasing the maximum mortgage limits for multifamily housing. Discussion Draft Legislation from Rep. Judy Biggert -FHA and Rural Regulatory Improvement Act. The bill would increase the FHA mortgage capital ratios and down payments and move RHS to HUD; Sections 2, 3, 5, 13, and 14 with particular emphasis on all provisions related to multifamily mortgage programs and rural housing programs. Draft Legislation from Rep. Barney Frank to Authorize Ginnie Mae to Securitize FHA Risk-Sharing Program Mortgages; all provisions [not introduced during reporting period]. Draft Legislation from Rep. Barney Frank to preserve properties by allowing owners with units occupied by tenants eligible for or receiving enhanced Section 8 vouchers to convert the enhaced vouchers to project-based assistance or to select project based assistance in lieu of enhanced vouchers; all provisions [not introduced during reporting period]. Draft Legislation from Rep. Barney Frank to allow enhanced vouchers for assisted multifamily projects at mortgage maturity [not introduced during reporting period]. Draft Legislation from HUD- Section 202 Reform Act of 2010: A bill to transform the Section 202 elderly housing program; all provisions [not introduced during the reporting period]. Draft Legislation from HUD-Section 811 Reform Act of 2010:A bill to transform the Section 811 housing program for the disabled; all provisions [not introduced during the reporting period]. S. 317: Affordable Housing Preservation and Revitalization Act of 2011. A bill to allow for use of existing Section 8 housing funds, so as to preserve and revitalize affordable housing options for low-income individuals.; all provisions. H.R. 559: A bill to amend the Internal Revenue Code of 1986 to provide an additional year for the extension of the placed in service date for the low-income housing credit rules applicable to the GO Zone; all provisions. S. 30: A bill to amend the Internal Revenue code of 1986 to provide an additional year for the extension of the placed in service date for the low-income housing credit rules applicable to the GO Zone; all provisions. Advocated for Congress to continue funding & support for the Department of Housing & Urban Development's HOME program. National Commission on Fiscal Responsibility and Reform, "The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform," December 2010; all provisions related to tax reform / expenditures which would affect the Low Income Housing Tax Credit & all provisions which would affect discretionary spending for federal affordable housing programs. All policies, funding and administrative issues related to managment and preservation of affordable multifamily housing subject to HUD, USDA-RHS and Treasury-IRS regulations. Advocated for Congress to pass and the Department of Treasury to support a single student rule for the Department of Treasury and the Department of Housing and Urban Development's affordable housing programs to reduce conflicts between the programs in mixed-subsidy properties. Policies related to the HUD Office of Affordable Housing Preservation's Surplus Cash Analyses on Mark-to-Market properties regarding the proper use of the reserve for replacement account & criteria to earn the incentive performance fee. U.S. Department of Housing and Urban Development "Annual Contributions Contracts, Project-based Section 8 Contract Administration," February 25, 2011; all provisions. U.S. Department of Housing and Urban Development "PBCA Working Group Transition Handbook-Draft," January 2011; all provisions. U.S. Department of Treasury and Department of Housing and Urban Development's "Reforming America's Housing Finance System A Report to Congress," February 2011; all provisions related to financing for affordable multifamily housing. U.S. Department of Housing and Urban Development Notice H 11-01 "Notice Requiring Owners with Project-Based Section 8 Rental Assistance Contracts or Section 202 or 811 Project Rental Assistance Contracts to Obtain Dun and Bradstreet Numbering System (DUNS) Numbers and to register in the Central Contractor Registration (CCR)," January 5, 2011. U.S. Department of Housing and Urban Development "Draft Changes to the Section 8 Renewal Guide," July 2010; all provisions. Advocated for a repeal of HUD's policy prohibiting owners of HUD-assisted mixed subsidy properties from using project expenses to pay for Low Income Housing Tax Credit compliance fees mandated by state agencies. HUD Multifamily Housing Memorandum "Tax Credit Compliance Fees and Annual Budget-Based Section 8 Rent Increase Requests" (May 31, 2011) U.S. Department of Housing and Urban Development [Docket No. FR-5506-N-01], Reducing Regulatory Burden: Retrospective Review Under E.O. 13563, March 2, 2011; all provisions. U.S. Department of Housing and Urban Development [Docket No. FR5413N01], Section 8 Housing Choice Voucher Program-Demonstration Project of Small Area Fair Market Rents in Certain Metropolitan Areas for Fiscal Year 2011, May 18, 2010; all provisions. U.S. Department of Housing and Urban Development [Docket No. FR5466N01], Request for Comments on Trend Factor Methodology Used in the Calculation of Fair Market Rents, March 9, 2011; all provisions. U.S. Department of Housing and Urban Development [Docket No. FR5413N02], Section 8 Housing Choice Voucher ProgramDemonstration Project of Small Area Fair Market Rents in Certain Metropolitan Areas, Discussion of Comments, and Request for Participation, April 20, 2011; all provisions. All policies related the Department of Housing and Urban Development's Real Estate Assesment Center scoring and procedures for HUD-assisted and/or FHA insured properties. All policies related the Department of Housing and Urban Development 2530 previous participation certification policies and submission procedures. All policies related the Department of Housing and Urban Development's Management and Occupancy Review for owners and management agents. Advocated for HUD to revise its policies and handbooks regarding the use of residual receipts. U.S. Department of Housing and Urban Development draft notice updating Department policies and best practices on bed bugs [not published in the reporting period]. U.S. Department of Housing and Urban Development draft notice clarifying tenants' rights to organize in Section 8 properties [not published in the reporting period]. U.S. Department of Housing and Urban Development [Docket No. FR5298N02] "Low-Income Housing Tax Credit (LIHTC) Tenant Data Collection: Responses To Advance Solicitation of Comment on Data Collection Methodology," March 3, 2010; all provisions. HUD LIHTC Tenant Data Collection Form Revised May 2010 - OMB Approval No. 2528-0165; all provisions. Advocated for policies to promote long-term sustainablity and financial solvency of Low Income Housing Tax Credit Properties, especially related to the need for utility and operating cost relief. Requested clarification from U.S. Department of the Treasury (Treasury) and IRS officials regarding application of income and rent limits for properties financed with low-income housing tax credits (LIHTCs) or tax-exempt bonds (TEBs), pursuant to the "hold harmless" provisions within the Housing and Economic Recovery Act of 2008. U.S. Department of Agriculture Federal Register Notice "Reducing Regulatory Burden; Retrospective Review Under Executive Order 13563," April 20, 2011; all provisions. Advocated for policies to address ongoing occupancy issues, including prolonged vacancies, in properties that participate in USDA Rural Multifamily Housing programs.
2011 · first_quarter · Taxation/Internal Revenue Code
H.R. 4 To repeal the expansion of information reporting requirements for payments of $600 or more made to corporations and to payments for property and other gross proceeds. H.R. 705 To repeal the expansion of information reporting requirements for payments of $600 or more made to corporations and to payments for property and other gross proceeds. H.R. 559 To amend the Internal Revenue Code of 1986 to provide an additional year for the extension of the placed in service date for the low-income housing credit rules applicable to the Gulf Opportunity (GO) Zone. H.R. 1147 To provide a 50 percent tax deduction for certain payments made to reduce debt on commercial real property, including multifamily housing. To amend IRC of 1986, Sect. 179D, Commercial building tax provision Low-Income Housing Tax Credit: Did not ask for action on any specific bill but requested that Congress maintain support for the Low-Income Housing Tax Credit program and enhance the program by: (1) allowing the Low-Income Housing Tax Credit to be carried back for 5 years instead of 1 year; and (2) renewing the Tax Credit Exchange Program that allows Treasury to provide cash grants to state housing agencies in lieu of tax credit authority. Carried Interest: Did not ask for action on any specific bill but requested that members leave in place current-law tax rules applicable to carried interest that tax carried interest at capital gains tax rates as opposed to ordinary income tax rates. 2001 and 2003 Tax Cuts and Tax Reform: Did not ask for action on any specific bill but asked that Congress establish long-term certainty with respect to the nations tax laws. Also, should Congress move forward with tax reform, NMHC asked members to maintain a 15 percent capital gains rates and to avoid enacting provisions that would disadvantage owners and renters of multifamily housing relative to other real estate and other asset classes. Permanent Estate Tax Reform: Did not ask for action on any specific bill but urged members to make permanent estate tax rules that retain a stepped-up basis regime along with a $5 million exemption and a 35 percent top tax rate. Like-Kind Exchanges: Did not ask for action on any specific bill but urged members to retain present-law like-kind exchange rules that allow owners of commercial real estate to exchange properties without triggering a taxable event. Depreciation Recapture Tax Relief: Did not ask for action on any specific bill but urged members to support legislation that reduce depreciation recapture taxes that are triggered when multifamily properties are sold. NMHC asked that such taxes be reduced when owners agree to sell their property to new owners who agree to invest new capital in the property and to preserve the property as affordable housing
2011 · first_quarter · Taxation/Internal Revenue Code
H.R. 4 To repeal the expansion of information reporting requirements for payments of $600 or more made to corporations and to payments for property and other gross proceeds. H.R. 705 To repeal the expansion of information reporting requirements for payments of $600 or more made to corporations and to payments for property and other gross proceeds. H.R. 559 To amend the Internal Revenue Code of 1986 to provide an additional year for the extension of the placed in service date for the low-income housing credit rules applicable to the Gulf Opportunity (GO) Zone. H.R. 1147 To provide a 50 percent tax deduction for certain payments made to reduce debt on commercial real property, including multifamily housing. To amend IRC of 1986, Sect. 179D, Commercial building tax provision Low-Income Housing Tax Credit: Did not ask for action on any specific bill but requested that Congress maintain support for the Low-Income Housing Tax Credit program and enhance the program by: (1) allowing the Low-Income Housing Tax Credit to be carried back for 5 years instead of 1 year; and (2) renewing the Tax Credit Exchange Program that allows Treasury to provide cash grants to state housing agencies in lieu of tax credit authority. Carried Interest: Did not ask for action on any specific bill but requested that members leave in place current-law tax rules applicable to carried interest that tax carried interest at capital gains tax rates as opposed to ordinary income tax rates. 2001 and 2003 Tax Cuts and Tax Reform: Did not ask for action on any specific bill but asked that Congress establish long-term certainty with respect to the nations tax laws. Also, should Congress move forward with tax reform, NMHC asked members to maintain a 15 percent capital gains rates and to avoid enacting provisions that would disadvantage owners and renters of multifamily housing relative to other real estate and other asset classes. Permanent Estate Tax Reform: Did not ask for action on any specific bill but urged members to make permanent estate tax rules that retain a stepped-up basis regime along with a $5 million exemption and a 35 percent top tax rate. Like-Kind Exchanges: Did not ask for action on any specific bill but urged members to retain present-law like-kind exchange rules that allow owners of commercial real estate to exchange properties without triggering a taxable event. Depreciation Recapture Tax Relief: Did not ask for action on any specific bill but urged members to support legislation that reduce depreciation recapture taxes that are triggered when multifamily properties are sold. NMHC asked that such taxes be reduced when owners agree to sell their property to new owners who agree to invest new capital in the property and to preserve the property as affordable housing
2011 · first_quarter · Taxation/Internal Revenue Code
-S.30, H.R.559, "To amend the Internal Revenue code of 1986 to provide an additional year for the extension of the placed in service date for the low-income housing credit rules applicable to the GO Zone"
Client expense: $84,500 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2011 · first_quarter · Taxation/Internal Revenue Code
H.R. 4 To repeal the expansion of information reporting requirements for payments of $600 or more made to corporations and to payments for property and other gross proceeds. H.R. 705 To repeal the expansion of information reporting requirements for payments of $600 or more made to corporations and to payments for property and other gross proceeds. H.R. 559 To amend the Internal Revenue Code of 1986 to provide an additional year for the extension of the placed in service date for the low-income housing credit rules applicable to the Gulf Opportunity (GO) Zone. H.R. 1147 To provide a 50 percent tax deduction for certain payments made to reduce debt on commercial real property, including multifamily housing. To amend IRC of 1986, Sect. 179D, Commercial building tax provision Low-Income Housing Tax Credit: Did not ask for action on any specific bill but requested that Congress maintain support for the Low-Income Housing Tax Credit program and enhance the program by: (1) allowing the Low-Income Housing Tax Credit to be carried back for 5 years instead of 1 year; and (2) renewing the Tax Credit Exchange Program that allows Treasury to provide cash grants to state housing agencies in lieu of tax credit authority. Carried Interest: Did not ask for action on any specific bill but requested that members leave in place current-law tax rules applicable to carried interest that tax carried interest at capital gains tax rates as opposed to ordinary income tax rates. 2001 and 2003 Tax Cuts and Tax Reform: Did not ask for action on any specific bill but asked that Congress establish long-term certainty with respect to the nations tax laws. Also, should Congress move forward with tax reform, NMHC asked members to maintain a 15 percent capital gains rates and to avoid enacting provisions that would disadvantage owners and renters of multifamily housing relative to other real estate and other asset classes. Permanent Estate Tax Reform: Did not ask for action on any specific bill but urged members to make permanent estate tax rules that retain a stepped-up basis regime along with a $5 million exemption and a 35 percent top tax rate. Like-Kind Exchanges: Did not ask for action on any specific bill but urged members to retain present-law like-kind exchange rules that allow owners of commercial real estate to exchange properties without triggering a taxable event. Depreciation Recapture Tax Relief: Did not ask for action on any specific bill but urged members to support legislation that reduce depreciation recapture taxes that are triggered when multifamily properties are sold. NMHC asked that such taxes be reduced when owners agree to sell their property to new owners who agree to invest new capital in the property and to preserve the property as affordable housing
Client expense: $120,200 · Firm income: Not reported
Government targets: Agriculture, Dept of (USDA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Office of Management & Budget (OMB), SENATE, Treasury, Dept of
Client expense: $484,000 · Firm income: Not reported
Government targets: Energy, Dept of, Environmental Protection Agency (EPA), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), Natl Labor Relations Board (NLRB), Office of the Comptroller of the Currency (OCC), SENATE, Small Business Administration (SBA), Treasury, Dept of, White House Office
Client expense: $484,000 · Firm income: Not reported
Government targets: Energy, Dept of, Environmental Protection Agency (EPA), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), Natl Labor Relations Board (NLRB), Office of the Comptroller of the Currency (OCC), SENATE, Small Business Administration (SBA), Treasury, Dept of, White House Office
Client expense: $484,000 · Firm income: Not reported
Government targets: Energy, Dept of, Environmental Protection Agency (EPA), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), Natl Labor Relations Board (NLRB), Office of the Comptroller of the Currency (OCC), SENATE, Small Business Administration (SBA), Treasury, Dept of, White House Office