Workforce Housing Tax Credit Act

Tax Cuts and Job Act Permanency NMHC supports making permanent individual tax rates and the 20 percent qualified business income tax deduction that expire at the end of 2025. NMHC supports making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017 (TCJA). In TCJA, Congress, doubled the estate tax exclusion through 2025 while retaining a top tax rate of 40 percent and stepped-up basis rules. H.R. 703, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. S. 213, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. H.R. 4721 (118th Congress), Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. S. 1706 (118th Congress), Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. H.R. 1301, Death Tax Repeal Act, to amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, all provisions. S. 587, Death Tax Repeal Act of 2025, a bill to amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, and for other purposes, all provisions. H.Con.Res. 14, Establishing the congressional budget for the United States Government for fiscal year 2025 and setting forth the appropriate budgetary levels for fiscal years 2026 through 2034, provisions impacting tax policy Revenue-Raising Provisions NMHC opposes imposing the net investment income tax (NIIT) on active income while also potentially increasing the NIIT rate. NMHC opposes requiring 100-percent recapture of depreciation deductions as ordinary income for real estate. NMHC opposes restricting the deductibility of state and local taxes (e.g., income, property, and industry-related taxes) by pass-through entities and REITs. NMHC supports retaining current law with regard to like-kind exchanges. NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year.  H.R. 1091, Carried Interest Fairness Act of 2025, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions S. 445, Carried Interest Fairness Act of 2025, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Workforce Housing Tax Credit: NMHC supports the establishment of a Workforce Housing Tax Credit to spur production of multifamily housing for households earning up to 100 percent of area median income. Low-Income Housing Tax Credit: We support increasing credit authority and reducing the bond financing test. We also support increasing the private-activity bond volume cap to increase the use of 4 percent Low-Income Housing Tax Credits S. 3436 (118th Congress), Workforce Housing Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. H.R. 6686 (118th Congress), Workforce Housing Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. H.R. 3238 (118th Congress), Affordable Housing Credit Improvement Act of 2023, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions, in particular provisions relating to increased tax credit authority and tax-exempt bond financing requirements. S. 1557 (118th Congress), Affordable Housing Credit Improvement Act of 2023, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions, in particular provisions relating to increased tax credit authority and tax-exempt bond financing requirements. Adaptive Reuse H.R. 2410, Revitalizing Downtowns and Main Streets Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing, all provisions. H.R. 9002 (118th Congress), Revitalizing Downtowns and Main Streets Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing, all provisions. S. 4693 (118th Congress), Revitalizing Downtowns and Main Streets Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing, all provisions. Opportunity Zones NMHC supports: Enabling States to recertify and/or redesignate Opportunity Zones to account for current economic realities and changes since Zones were originally designated; (2) Establishing new deferral deadlines so that taxpayers are incentivized to receive both a longer deferral period and the potential for a 10 percent or 15 percent basis increase with respect to reinvested capital gains; and (3) Reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 5761 (118th Congress), Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions Housing Preservation Draft legislative proposal, Housing Opportunities and Preservation Enhancement Act of 2025, to preserve aging affordable rental housing properties by creating tax incentives for individual investors that fund rehabilitation and preservation of existing affordable rental housing, all provisions. Brownfields H.R. 815, Brownfields Redevelopment Tax Incentive Reauthorization Act of 2025, to amend the Internal Revenue Code of 1986 to extend expensing of environmental remediation costs, all provisions. Role of Partnerships Promotion of partnerships as business entity. Tax Regulations Department of the Treasury and Internal Revenue Service, 26 CFR Part 1, TD 9992, RIN 1545-BQ36, Guidance on the Definition of Domestically Controlled Investment Entities. Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, TD 10028, RIN 1545-BR07, Certain Partnership Related-Party Basis Adjustment Transactions as Transactions of Interest. Potential Congressional Review Act legislation to nullify Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, TD 10028, RIN 1545-BR07, Certain Partnership Related-Party Basis Adjustment Transactions as Transactions of Interest. Income and rent limits under Internal Revenue Code Sections 42 and 142: Considered signing letter to request that Treasury and Internal Revenue Service issue guidance clarifying that: (1) the Housing and Economic Recovery Act of 2008 (HERA) income rules related to hold harmless start no later than allocation or low-income housing tax credit determination; (2) hold harmless and HERA Special incomes do not reset upon resyndication; and (3) hold harmless treatment would apply at the national non-metro amount for rural projects.

Client expense: $1,820,000 · Firm income: Not reported

Government targets: Council of Economic Advisers (CEA), Energy, Dept of, Environmental Protection Agency (EPA), Federal Communications Commission (FCC), Federal Housing Finance Agency (FHFA), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Natl Economic Council (NEC), Office of Management & Budget (OMB), President of the U.S., SENATE, Securities & Exchange Commission (SEC), Vice President of the U.S.

Housing tax incentives, energy tax incentives (25C, 25D, 45L, 179D), the Low Income Housing Tax Credit, deductibility of private mortgage insurance premiums, estate tax, like-kind exchanges, marginal tax rates, capital gains taxes, tax exempt controlled entities, H.R. 3238 and S. 1557 The Affordable Housing Credit Improvement Act, H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. H.R. 6686 and S. 3436, Workforce Housing Tax Credit Act.

Client expense: $760,000 · Firm income: Not reported

Housing tax incentives, energy tax incentives (25C, 25D, 45L, 179D), the Low Income Housing Tax Credit, deductibility of private mortgage insurance premiums, estate tax, like-kind exchanges, marginal tax rates, capital gains taxes, tax exempt controlled entities, H.R. 3238 and S. 1557 The Affordable Housing Credit Improvement Act, H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. H.R. 6686 and S. 3436, Workforce Housing Tax Credit Act.

Client expense: $1,020,000 · Firm income: Not reported

Housing tax incentives, energy tax incentives (25C, 25D, 45L, 179D), the Low Income Housing Tax Credit, deductibility of private mortgage insurance premiums, estate tax, like-kind exchanges, marginal tax rates, capital gains taxes, tax exempt controlled entities, H.R. 3238 and S. 1557 The Affordable Housing Credit Improvement Act, H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. H.R. 6686 and S. 3436, Workforce Housing Tax Credit Act.

Client expense: $760,000 · Firm income: Not reported

Housing tax incentives, energy tax incentives (25C, 25D, 45L, 179D), the Low Income Housing Tax Credit, deductibility of private mortgage insurance premiums, estate tax, like-kind exchanges, marginal tax rates, capital gains taxes, tax exempt controlled entities, H.R. 3238 and S. 1557 The Affordable Housing Credit Improvement Act, H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. H.R. 6686 and S. 3436, Workforce Housing Tax Credit Act.

Client expense: $760,000 · Firm income: Not reported

PL 118-158: FY 2025 Continuing Resolution, through March 14, 2025 (includes disaster aid) (Appropriations); Signed into law by President Biden on Dec. 21, 2024. PL 118-83 Continuing Appropriations and Extensions Act of 2025 This bill provides continuing FY2025 appropriations for federal agencies, additional funding for the U.S. Secret Service, and extends various expiring programs and authorities. Specifically, the bill provides continuing FY2025 appropriations to federal agencies through early December 20, 2024, or the enactment of the applicable appropriations act. Signed into law by President Biden on Sept 26, 2024. H.R.9028 - Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2025. Making appropriations for the Departments of Transportation,and Housing and Urban Development, and related agencies for the fiscal year ending September 30, 2025, and for other purposes. H.R.9027/S.4690 - An original bill making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies for the fiscal year ending September 30, 2025, and for other purposes. H.R.8604/S.4460 - Reducing Regulatory Barriers to Housing Act. The legislation would empower local and state governments to address regulatory barriers to affordable housing supply by establishing new national frameworks and guidance. Introduced by Rep. Blunt-Rochester (D-DE) and Sen. Fetterman (D-PA) H.R.7024 - Tax Relief for American Families and Workers Act of 2024. This bill increases and modifies child tax credit provisions, increases depreciation allowances to promote economic innovation and growth, provides special rules for the taxation of residents of Taiwan with income from U.S. sources, increases tax relief provisions for losses due to natural disasters and wildfires, and increases the low-income housing tax credit ceiling to 12.5% for calendar years 2023-2025. It also lowers the bond-financing threshold to 30% for projects financed by bonds issued before 2026. Introduced in House on Jan. 17, 2024. Public Law No: 118-42. Consolidated Appropriations Act, 2024. This bill provides FY2024 appropriations for several federal departments and agencies. It also extends various expiring programs and authorities, including several public health programs. Specifically, the bill includes 6 of the 12 regular FY2024 appropriations bills: the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2024;the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2024; the Commerce, Justice, Science, and Related Agencies Appropriations Act, 2024;the Energy and Water Development and Related Agencies Appropriations Act, 2024;the Dept. of the Interior, Environment, and Related Agencies Appropriations Act, 2024; and the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act. Signed into Law by President Biden on March 9, 2024. Public Law No: 118-40 (03/01/2024) Extension of Continuing Appropriations and Other Matters Act, 2024, This act provides continuing FY2024 appropriations for federal agencies, modifies the requirements for determining eligibility for federal student aid, and provides additional funding for Federal Pell Grants. The CR provides funding through March 8, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts: USDA, and Related Agencies Appropriations Act, 2023; the DOE and Related Agencies Appropriations Act, 2023; the MilCon, VA and Related Agencies Appropriations Act, 2023; and the THUD, and Related Agencies Appropriations Act, 2023. For most other federal agencies and programs, the CR provides funding through March 22, 2024. (Under the current CR, the first group of agencies is funded through March 1, 2024, and the remaining agencies are funded through March 8, 2024.) Signed into Law by President Biden on March 1, 2024. Public Law No: 118-35 Further Additional Continuing Appropriations and Other Extensions Act, 2024. This act provides continuing FY2024 appropriations for federal agencies. The act also extends several expiring programs and authorities, including several public health programs. The CR provides funding through March 1, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts: USDA, and Related Agencies Appropriations Act, 2023; the DOE and Related Agencies Appropriations Act, 2023; the MilCon, VA and Related Agencies Appropriations Act, 2023; and the THUD, and Related Agencies Appropriations Act, 2023. (Under the current CR, these agencies and programs are funded through January 19, 2024.) For most other federal agencies and programs, the CR provides funding through March 8, 2024. (Under the current CR, these agencies and programs are funded through February 2, 2024.), Signed into Law by President Biden on Jan. 19, 2024. S.3436/H.R.6686: Workforce Housing Tax Credit Act - This bill would help to close this gap by establishing the first-ever middle-income housing tax credit, which is estimated to finance approximately 344,000 affordable rental homes. To qualify for the credit, at least 60% of the buildings units must be occupied by individuals with area median incomes of 100% or less where the rents are restricted to 30% of the designated income. The affordability restrictions would remain in place for up to 15 years after the compliance period (for a total 30-year affordability period). The legislation also provides flexibility so that states can maximize their resources and best meet community housing needs by allowing housing finance agencies to transfer their middle-income allocation to their Low Income Housing Tax Credit (LIHTC) allocation at any time. It also allows buildings to combine the two credits to help make more low-income housing projects financially feasible. PL 118-22: Further Continuing Appropriations and Other Extensions Act, 2024. This act provides continuing FY2024 appropriations for federal agencies. The act also extends several expiring programs and authorities, including programs authorized by the 2018 farm bill and several public health programs. The CR provides funding through January 19, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts: the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2023; the Energy and Water Development and Related Agencies Appropriations Act, 2023; the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2023; and the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2023. For most other federal agencies and programs, the CR provides funding through February 2, 2024. Signed into law by President Biden on November 16, 2023. P.L.118-15: Continuing Appropriations Act, 2024 and Other Extensions Act. This act provides continuing FY2024 appropriations to federal agencies through November 17, 2023, and provides emergency funding for disaster relief. It also extends several expiring programs and authorities, including several Federal Aviation Administration programs, the National Flood Insurance Program, Federal Drug Administration user fees for animal drug applications, and several public health programs. Signed into law by President Biden on Sept. 30, 2023. P.L. 118-5: Fiscal Responsibility Act of 2023. This act increases the federal debt limit, establishes new discretionary spending limits for FY2024 and FY2025, rescinds unobligated funds, expands work requirements for federal programs, and modifies other requirements related to the federal budget process. Signed into law by President Biden on June 3, 2023. S.1389 - Rural Housing Service Reform Act of 2023 - This bill would improve federal rural housing programs, cut red tape, and strengthen the supply of affordable housing; including, fixing a longstanding problem for properties (known as Sec. 515 properties) that were financed by the USDA decades ago and now have maturing mortgages, by making it easier for non-profits to acquire those properties and by decoupling rental assistance so that assistance does not disappear when those mortgages mature. Introduced by U.S. Senators Tina Smith (D-MN) and Mike Rounds (R-SD). S.1557 & H.R.3238 - Affordable Housing Credit Improvement Act of 2023. This bill would support the development of nearly 2 million new affordable homes over the next decade by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit). Introduced by U.S. Representatives Darin LaHood (R-IL) and Suzan DelBene (D-WA), and Senators Maria Cantwell (D-WA) and Todd Young (R-IN). S.1688 & H.R.3507 - Yes In My Backyard Act. This bill requires certain Community Development Block Grant program recipients to submit to HUD information regarding their implementation of certain land-use policies, such as policies for expanding high-density single-family and multifamily zoning. Introduced by U.S. Senators Todd Young (R-IN.) and Brian Schatz (D-HI) and U.S. Representatives Mike Flood (R-NE) and Derek Kilmer (D-WA). S.1257 & HR 3776 - Family Stability and Opportunity Vouchers Act of 2023. This bill would create 250,000 new housing mobility vouchers to allow families to move to areas with greater opportunity. The bill is aimed at improving outcomes for families with young children by increasing access to these vouchers and providing counseling services. Introduced by U.S. Senators Chris Van Hollen (D-MD) and Todd Young (R-IN) and U.S. Representatives Joe Neguse (D -CO) and Brian Fitzpatrick (R-PA). H.R.1087 - DEPOSIT Act The DEPOSIT Act would expand federal support for essential moving costs, like security deposits, for Section 8 voucher holders and other low-income renters. Introduced by Rep. Barbara Lee (D-CA). S.680 - Decent, Affordable, Safe Housing for All (DASH) Act. This bill proposes a generational investment to house all people experiencing homelessness, tackle the housing affordability crisis, and expand homeownership opportunities for young people by creating a new down payment tax credit for first-time homebuyers. Specifically, the bill would: 1. House everyone experiencing homelessness within five years, and prioritize children and families for placement, by issuing them a Housing Choice Voucher; 2. Expand health, child care, financial and nutrition services for families and individuals to stay on a path to unassisted housing stability; 3. Greatly increase the production of deeply affordable housing for families exiting homelessness and for low-income households by investing in effective, efficient existing programs and reforming the tax code to strengthen the Low-Income Housing Tax Credit (LIHTC) to weather the economic fallout from the pandemic, as well as establish a Renter's Tax Credit and Middle- Income Housing Tax Credit (MIHTC); 4. Invest in homeownership in underserved communities and for low-income Americans with new tax credits and downpayment assistance, including a down payment tax credit for first-time homebuyers; and 5. Incentivize environmentally-friendly development strategies and land use policies. Introduced by Sen. Ron Wyden (D-OR). H.R.827 - Home Internet Accessibility Act. This bill would gather information on all federally assisted housing that lacks the capacity to support broadband service and will task HUD with producing an action plan, including retrofitting, to close Internet service gaps across our country. Introduced by Rep. Nikema Williams (D-GA). S.32 - Choice in Affordable Housing Act. This bill establishes programs and grants to incentivize landlord participation in the Housing Choice Voucher program. The bill authorizes HUD to provide one-time incentive payments to landlords, security deposit payments, bonuses to public housing agencies that employ landlord liaisons, and amounts for other recruitment purposes. Additionally, the bill allows dwelling units to meet HCV program inspection requirements by satisfactory inspection through participation in other housing programs. Landlords not yet participating in a low-income housing assistance program may request inspection by a public housing agency to determine whether the dwelling meets requirements prior to selection by a tenant. Finally, HUD must expand the use of an alternative method of calculating fair market rent for purposes of the HCV program. Introduced by Sen. Chris Coons (D-DE). P.L. 117-328: Consolidated Appropriations Act, 2023. This bill provides appropriations to federal agencies for the remainder of FY2023, provides supplemental appropriations for disaster relief and to support Ukraine, extends several expiring authorities, and modifies or establishes various programs that address a wide range of policy areas. The bill includes the 12 regular appropriations bills that fund federal agencies for FY2023. Signed by the President on December 29, 2022. PL. 117-169 Inflation Reduction Act of 2022. This act provides funding to HUD for loans and grants. The loans and grants must fund projects that address affordable housing and climate change issues. It also provides funding, which shall remain available through FY2028, for energy and water benchmarking of eligible property along with associated data analysis and evaluation at the property. Eligible property includes low-income housing or housing for the elderly or disabled. The act provides funding to the Environmental Protection Agency (EPA) to establish a greenhouse gas reduction fund and to support several programs that provide financial incentives to reduce greenhouse gas emissions and other air pollution emissions. The act extends through 2034 the tax credit for residential clean energy, modifies the phaseout for such credit, and extends the credit to include qualified battery storage technology expenditures. The act modifies the tax deduction for energy-efficient commercial buildings to revise the maximum amount of such deduction and energy efficiency requirements for such buildings. The act extends the new energy-efficient home tax credit through 2032. It increases the credit to allow a $2,500 credit for new homes that meet certain Energy Star efficiency standards and a $5,000 credit for new homes that are certified as zero-energy ready homes and further allows a credit for energy-efficient multifamily dwellings. All policies related to the Federal Housing Administration (FHA) financing programs All policies related to the Green and Resilient Retrofit Program All policies related to Resident-Centered Property Management All policies related to the Inflation Reduction Act All policies related to State and Local Fiscal Recovery Funds All policies relating to Center for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS), Notice to Temporary Halt in Residential Evictions To Prevent the Further Spread of COVID-19 All policies relating to the Presidents Executive Order on Fighting the Spread of COVID-19 by Providing Assistance to Renters and Homeowners All policies relating to Depts. of HUD, Treasury, USDA, Homeland Security, SBA, and Labor coronavirus response efforts All policies relating to access to the Paycheck Protection Program (PPP) All policies relating to Depts. of HUD, Treasury, and USDA Disaster Recovery efforts in PDD-areas All policies relating to A Budget for Americas Future - Presidents Budget FY 2021 All policies relating to HUD Real Assessment Estate Center (REAC) and physical inspections All policies relating to Housing Assistance Payments (HAP) All policies relating to Project Rental Assistance (PRACs) All policies relating to Fair Market Rents and Small Area Fair Market Rents All policies relating to HOME Investment Partnership Program All policies relating to Community Development Block Grant All policies relating to HUD Rental Assistance (Housing Choice Vouchers and Project-Based Rental Assistance) Programs All policies relating to USDA-RHS Section 521 Rental Assistance Program, Section 515 Rural Rental Housing, Section 542 Rural Development Voucher, and 538 Guaranteed Rural Rental Housing Program. All policies relating to Management and Occupancy Reviews (MORs) All policies relating to the Rental Assistance Demonstration All policies relating to the Family Self-Sufficiency Program All policies relating to Housing Finance Reform All policies relating to the Housing and Community Development Act of 1980, including Mixed Immigration status of households All policies relating to Lead-Based Paint All Policies related to the White House Announces Interagency Council on Barriers to Affordable Housing All Policies related to the Fair Housing Act All Policies related to the Foster Youth to Independence initiative All Policies related to the Community Development Block Grant - Disaster Recovery (CDBG-DR) All Policies related to the Inadmissibility on Public Charge Grounds Rule All Policies related to Opportunity Zones All Policies related to the coronavirus pandemic All Policies related to the CARES Act implementation All Policies related to Emergency Rental Assistance Program All Policies related to President Biden's Building Back Better Housing-related Initiatives All Policies related to the Emergency Broadband Benefit Program and Bulk Billing All Policies related to Disaster Recovery All Policies related to the increase in the price of lumber and supply chain disruption and labor market shortages in the housing industry All Policies related to Ending Homelessness, House America Initiative All policies relating to the FY24 and FY25 President Budget Request and Appropriations All policies relating to the Biden-Harris Housing Supply Action All policies relating to a Federal Tenant Bill of Rights All policies relating to Rural Housing Preservation All policies relating to Impersonation Fraud All policies relating to Property Insurance Cost and Coverage All policies relating to Cyber Disclosure/DHS CISA Rule

H.R.7024 - Tax Relief for American Families and Workers Act of 2024. This bill increases and modifies child tax credit provisions, increases depreciation allowances to promote economic innovation and growth, provides special rules for the taxation of residents of Taiwan with income from U.S. sources, increases tax relief provisions for losses due to natural disasters and wildfires, and increases the low-income housing tax credit ceiling to 12.5% for calendar years 2023-2025. It also lowers the bond-financing threshold to 30% for projects financed by bonds issued before 2026. Introduced in House on Jan. 17, 2024. S.3436/H.R.6686: Workforce Housing Tax Credit Act - This bill would help to close this gap by establishing the first-ever middle-income housing tax credit, which is estimated to finance approximately 344,000 affordable rental homes. To qualify for the credit, at least 60% of the buildings units must be occupied by individuals with area median incomes of 100% or less where the rents are restricted to 30% of the designated income. The affordability restrictions would remain in place for up to 15 years after the compliance period (for a total 30-year affordability period). The legislation also provides flexibility so that states can maximize their resources and best meet community housing needs by allowing housing finance agencies to transfer their middle-income allocation to their Low Income Housing Tax Credit (LIHTC) allocation at any time. It also allows buildings to combine the two credits to help make more low-income housing projects financially feasible. S.722/H.R.1477 - Freedom To Invest in Tomorrow's Workforce Act. This bill would expand eligible uses of tax-favorable 529 savings plans to cover costs associated with workforce training and credentialing programs, such as professional certifications. This bill would provide valuable tax-advantaged resources for workers who pursue career growth, mid-career changes or alternative career pathways. Introduced by Representatives Robert Wittman (R-VA) & Rep. Abigail Spanberger (D-VA) and Senators Amy Klobuchar (D-MN) and Mike Braun (R-IN). S.1557/H.R.3238 - Affordable Housing Credit Improvement Act of 2023. This bill would support the development of nearly 2 million new affordable homes over the next decade by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit). Introduced by U.S. Representatives Darin LaHood (R-IL) and Suzan DelBene (D-WA), and Senators Maria Cantwell (D-WA) and Todd Young (R-IN). S.680 - Decent, Affordable, Safe Housing for All (DASH) Act. This bill proposes a generational investment to house all people experiencing homelessness, tackle the housing affordability crisis, and expand homeownership opportunities for young people by creating a new down payment tax credit for first-time homebuyers. Specifically, the bill would: 1. House everyone experiencing homelessness within five years, and prioritize children and families for placement, by issuing them a Housing Choice Voucher; 2. Expand health, child care, financial and nutrition services for families and individuals to stay on a path to unassisted housing stability; 3. Greatly increase the production of deeply affordable housing for families exiting homelessness and for low-income households by investing in effective, efficient existing programs and reforming the tax code to strengthen the Low-Income Housing Tax Credit (LIHTC) to weather the economic fallout from the pandemic, as well as establish a Renter's Tax Credit and Middle- Income Housing Tax Credit (MIHTC); 4. Invest in homeownership in underserved communities and for low-income Americans with new tax credits and downpayment assistance, including a down payment tax credit for first-time homebuyers; and 5. Incentivize environmentally-friendly development strategies and land use policies. Introduced by Sen. Ron Wyden (D-OR). P.L. 117-328: Consolidated Appropriations Act, 2023, This bill provides appropriations to federal agencies for the remainder of FY2023, provides supplemental appropriations for disaster relief and to support Ukraine, extends several expiring authorities, and modifies or establishes various programs that address a wide range of policy areas. The bill includes the 12 regular appropriations bills that fund federal agencies for FY2023. Signed by the President on December 29, 2022. PL. 117-169 Inflation Reduction Act of 2022. This act provides funding to HUD for loans and grants. The loans and grants must fund projects that address affordable housing and climate change issues. It also provides funding, which shall remain available through FY2028, for energy and waterbenchmarking of eligible property along with associated data analysis and evaluation at the property. Eligible property includes low-income housingor housing for the elderly or disabled. The act provides funding to the Environmental Protection Agency (EPA) to establish a greenhouse gas reduction fund and to support several programs that provide financial incentives to reduce greenhouse gas emissions and other air pollution emissions. The act extends through 2034 the tax credit for residential clean energy, modifies the phaseout for such credit, and extends the credit to include qualified battery storage technology expenditures. The act modifies the tax deduction for energy-efficient commercial buildings to revise the maximum amount of such deduction and energy efficiency requirements for such buildings. The act extends the new energy-efficient home tax credit through 2032. It increases the credit to allow a $2,500 credit for new homes that meet certain Energy Star efficiency standards and a $5,000 credit for new homes that are certified as zero-energy ready homes and further allows a credit for energy-efficient multifamily dwellings. All Policies related to Tax Reform; all provisions related to the LIHTC, Opportunity Zones, and Average Income Test All policies relating to the Unrelated Business Income Tax (UBIT) All policies relating to the LIHTC in response to the Coronavirus All policies relating to Property Insurance Cost and Coverage All policies relating to Qualified Contracts All policies relating to 2025 Tax Legislation

H.R. 419 Revitalizing Downtowns Act H.R. 1321 More Homes on the Market Act H.R. 3238 Affordable Housing Credit Improvement Act of 2023 H.R. 3335 IRS eIVES Modernization and Anti-Fraud Act H.R. 3936 Tax Cuts for Working Families Act H.R. 3937 Small Business Jobs Act H.R. 3938 Build It in America Act H.R. 3940 Neighborhood Homes Investment Act H.R. 4721 Main Street Tax Certainty Act H.R. 6686 Workforce Housing Tax Credit Act S. 1557 Affordable Housing Credit Improvement Act of 2023 S. 1706 Main Street Tax Certainty Act S. 1805 Affordable Housing Bond Enhancement Act S. 1938 Middle Class Mortgage Insurance Premium Act of 2023 S. 657 NeighborhoodHomesInvestmentAct S. 680 DASH Act S. 3436 Workforce Housing Tax Credit Act H.R. 7024 The Tax Relief for American Families and Workers Act of 2024 S. 3940The First-Time Homebuyer Tax Credit Act of 2024 H.R. 8127 Heirs Estate Inheritance Resolution and Succession (HEIRS) Act of 2024 First Time Homeowner Savings Plan Act Housing tax credit issues

Client expense: $500,000 · Firm income: Not reported

Housing tax incentives, energy tax incentives (25C, 25D, 45L, 179D), the Low Income Housing Tax Credit, deductibility of private mortgage insurance premiums, estate tax, like-kind exchanges, marginal tax rates, capital gains taxes, tax exempt controlled entities, H.R. 3238 and S. 1557 The Affordable Housing Credit Improvement Act, H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. H.R. 6686 and S. 3436, Workforce Housing Tax Credit Act.

Client expense: $1,020,000 · Firm income: Not reported

TCJA Permanency, Tax Issues in Biden Administrations Fiscal Year 2025 Budget, and Other Proposals Impacting Pass-Through Entities NMHC supports making permanent individual tax rates and the 20 percent qualified business income tax deduction that expire at the end of 2025. S. 1706, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. H.R. 4721, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. H.R. 7024, Tax Relief for American Families and Workers Act of 2024, Title II -- American Innovation and Growth, Section 202: Extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest, Section 203: Extension of 100 percent bonus depreciation, and Section 204: Increase in limitations on expensing of depreciable business assets; Title V -- More Affordable Housing, Section 501: State housing credit allowance ceiling increase for low-income housing credit and Section 502: Tax-exempt bond financing requirement. General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals: Expand and enhance the Low-Income Housing Tax Credit; Apply the net investment income tax to pass-through business income of high-income taxpayers; Increase the net investment income tax rate and additional Medicare tax rate for high-income taxpayers; Increase the top marginal income tax rate for high-income earners; Reform the taxation of capital income (tax capital income for high-income earners at ordinary rates and treat transfers of appreciated property by gift or on death as realization events); Tax carried (profits) interests as ordinary income; Repeal deferral of gain from like-kind exchanges; and Require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable real property. Senator Wyden Pass-Through Reform Discussion Draft (2021), all provisions. Promotion of partnerships as business entity Estate Tax, Stepped-Up Basis, and Taxation of Unrealized Capital Gains at Death NMHC supports making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017 (TCJA). In TCJA, Congress, doubled the estate tax exclusion through 2025 while retaining a top tax rate of 40 percent and stepped-up basis rules. NMHC supports retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. NMHC opposes taxing unrealized gains at death. Carried Interest NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year.  Like-Kind Exchanges NMHC supports retaining current law. Depreciation Biden Administration legislative proposal to cap rent increases at 5 percent by denying faster depreciation write offs to available to owners of rental housing. Congress should oppose measures to increase the 25 percent depreciation recapture rate applicable to sales. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 3436, Workforce Housing Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. H.R. 6686, Workforce Housing Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. H.R. 3238, Affordable Housing Credit Improvement Act of 2023, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions, in particular issues relating to increased tax credit authority and tax-exempt bond financing requirements. S. 1557, Affordable Housing Credit Improvement Act of 2023, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions, in particular issues relating to increased tax credit authority and tax-exempt bond financing requirements. NMHC supports an increase in the private-activity bond volume cap to enhance the use of 4 percent Low-Income Housing Tax Credits. Law that Low Income Housing Tax Credits are not available for the acquisition of properties placed in service during the last ten years ("Ten-Year Rule"): Considered proposals to: (1) Repeal the "Ten-Year Rule"; (2) Explicitly Define Substantially assisted, financed and Federally Assisted Building for the Purposes of the Ten-Year Rule ; and (3) Expand the Definition of Federally Assisted Building to include properties financed with LIHTCs in conjunction with financing from Fannie Mae or Freddie Mac. Adaptive Reuse H.R. 9002, Revitalizing Downtowns and Main Streets Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing, all provisions. S. 4693, Revitalizing Downtowns and Main Streets Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing, all provisions. Opportunity Zones NMHC supports: Enabling States to recertify and/or redesignate Opportunity Zones to account for current economic realities and changes since Zones were originally designated; (2) Establishing new deferral deadlines so that taxpayers are incentivized to receive both a longer deferral period and the potential for a 10 percent or 15 percent basis increase with respected to reinvested capital gains; and (3) Reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 5761, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. H.R. 9203, Economic Opportunity for Distressed Communities Act, to amend the Internal Revenue Code of 1986 to establish special rules for capital gains invested in brownfield and superfund sites, all provisions.

H.R.7024 - Tax Relief for American Families and Workers Act of 2024. This bill increases and modifies child tax credit provisions, increases depreciation allowances to promote economic innovation and growth, provides special rules for the taxation of residents of Taiwan with income from U.S. sources, increases tax relief provisions for losses due to natural disasters and wildfires, and increases the low-income housing tax credit ceiling to 12.5% for calendar years 2023-2025. It also lowers the bond-financing threshold to 30% for projects financed by bonds issued before 2026. Introduced in House on Jan. 17, 2024. S.3436/H.R.6686: Workforce Housing Tax Credit Act - This bill would help to close this gap by establishing the first-ever middle-income housing tax credit, which is estimated to finance approximately 344,000 affordable rental homes. To qualify for the credit, at least 60% of the buildings units must be occupied by individuals with area median incomes of 100% or less where the rents are restricted to 30% of the designated income. The affordability restrictions would remain in place for up to 15 years after the compliance period (for a total 30-year affordability period). The legislation also provides flexibility so that states can maximize their resources and best meet community housing needs by allowing housing finance agencies to transfer their middle-income allocation to their Low Income Housing Tax Credit (LIHTC) allocation at any time. It also allows buildings to combine the two credits to help make more low-income housing projects financially feasible. S.722/H.R.1477 - Freedom To Invest in Tomorrow's Workforce Act. This bill would expand eligible uses of tax-favorable 529 savings plans to cover costs associated with workforce training and credentialing programs, such as professional certifications. This bill would provide valuable tax-advantaged resources for workers who pursue career growth, mid-career changes or alternative career pathways. Introduced by Representatives Robert Wittman (R-VA) & Rep. Abigail Spanberger (D-VA) and Senators Amy Klobuchar (D-MN) and Mike Braun (R-IN). S.1557/H.R.3238 - Affordable Housing Credit Improvement Act of 2023. This bill would support the development of nearly 2 million new affordable homes over the next decade by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit). Introduced by U.S. Representatives Darin LaHood (R-IL) and Suzan DelBene (D-WA), and Senators Maria Cantwell (D-WA) and Todd Young (R-IN). S.680 - Decent, Affordable, Safe Housing for All (DASH) Act. This bill proposes a generational investment to house all people experiencing homelessness, tackle the housing affordability crisis, and expand homeownership opportunities for young people by creating a new down payment tax credit for first-time homebuyers. Specifically, the bill would: 1. House everyone experiencing homelessness within five years, and prioritize children and families for placement, by issuing them a Housing Choice Voucher; 2. Expand health, child care, financial and nutrition services for families and individuals to stay on a path to unassisted housing stability; 3. Greatly increase the production of deeply affordable housing for families exiting homelessness and for low-income households by investing in effective, efficient existing programs and reforming the tax code to strengthen the Low-Income Housing Tax Credit (LIHTC) to weather the economic fallout from the pandemic, as well as establish a Renter's Tax Credit and Middle- Income Housing Tax Credit (MIHTC); 4. Invest in homeownership in underserved communities and for low-income Americans with new tax credits and downpayment assistance, including a down payment tax credit for first-time homebuyers; and 5. Incentivize environmentally-friendly development strategies and land use policies. Introduced by Sen. Ron Wyden (D-OR). P.L. 117-328: Consolidated Appropriations Act, 2023, This bill provides appropriations to federal agencies for the remainder of FY2023, provides supplemental appropriations for disaster relief and to support Ukraine, extends several expiring authorities, and modifies or establishes various programs that address a wide range of policy areas. The bill includes the 12 regular appropriations bills that fund federal agencies for FY2023. Signed by the President on December 29, 2022. PL. 117-169 Inflation Reduction Act of 2022. This act provides funding to HUD for loans and grants. The loans and grants must fund projects that address affordable housing and climate change issues. It also provides funding, which shall remain available through FY2028, for energy and waterbenchmarking of eligible property along with associated data analysis and evaluation at the property. Eligible property includes low-income housingor housing for the elderly or disabled. The act provides funding to the Environmental Protection Agency (EPA) to establish a greenhouse gas reduction fund and to support several programs that provide financial incentives to reduce greenhouse gas emissions and other air pollution emissions. The act extends through 2034 the tax credit for residential clean energy, modifies the phaseout for such credit, and extends the credit to include qualified battery storage technology expenditures. The act modifies the tax deduction for energy-efficient commercial buildings to revise the maximum amount of such deduction and energy efficiency requirements for such buildings. The act extends the new energy-efficient home tax credit through 2032. It increases the credit to allow a $2,500 credit for new homes that meet certain Energy Star efficiency standards and a $5,000 credit for new homes that are certified as zero-energy ready homes and further allows a credit for energy-efficient multifamily dwellings. All Policies related to Tax Reform; all provisions related to the LIHTC, Opportunity Zones, and Average Income Test All policies relating to the Unrelated Business Income Tax (UBIT) All policies relating to the LIHTC in response to the Coronavirus All policies relating to Property Insurance Cost and Coverage All policies relating to Qualified Contracts All policies relating to 2025 Tax Legislation

PL 118-83 Continuing Appropriations and Extensions Act of 2025 This bill provides continuing FY2025 appropriations for federal agencies, additional funding for the U.S. Secret Service, and extends various expiring programs and authorities. Specifically, the bill provides continuing FY2025 appropriations to federal agencies through early December 20, 2024, or the enactment of the applicable appropriations act. Signed into law by President Biden on Sept 26, 2024. H.R.9028 - Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2025. Making appropriations for the Departments of Transportation,and Housing and Urban Development, and related agencies for the fiscal year ending September 30, 2025, and for other purposes. H.R.9027/S.4690 - An original bill making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies for the fiscal year ending September 30, 2025, and for other purposes. H.R.8604/S.4460 - Reducing Regulatory Barriers to Housing Act. The legislation would empower local and state governments to address regulatory barriers to affordable housing supply by establishing new national frameworks and guidance. Introduced by Rep. Blunt-Rochester (D-DE) and Sen. Fetterman (D-PA) H.R.7024 - Tax Relief for American Families and Workers Act of 2024. This bill increases and modifies child tax credit provisions, increases depreciation allowances to promote economic innovation and growth, provides special rules for the taxation of residents of Taiwan with income from U.S. sources, increases tax relief provisions for losses due to natural disasters and wildfires, and increases the low-income housing tax credit ceiling to 12.5% for calendar years 2023-2025. It also lowers the bond-financing threshold to 30% for projects financed by bonds issued before 2026. Introduced in House on Jan. 17, 2024. Public Law No: 118-42. Consolidated Appropriations Act, 2024. This bill provides FY2024 appropriations for several federal departments and agencies. It also extends various expiring programs and authorities, including several public health programs. Specifically, the bill includes 6 of the 12 regular FY2024 appropriations bills: the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2024;the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2024; the Commerce, Justice, Science, and Related Agencies Appropriations Act, 2024;the Energy and Water Development and Related Agencies Appropriations Act, 2024;the Dept. of the Interior, Environment, and Related Agencies Appropriations Act, 2024; and the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act. Signed into Law by President Biden on March 9, 2024. Public Law No: 118-40 (03/01/2024) Extension of Continuing Appropriations and Other Matters Act, 2024, This act provides continuing FY2024 appropriations for federal agencies, modifies the requirements for determining eligibility for federal student aid, and provides additional funding for Federal Pell Grants. The CR provides funding through March 8, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts: USDA, and Related Agencies Appropriations Act, 2023; the DOE and Related Agencies Appropriations Act, 2023; the MilCon, VA and Related Agencies Appropriations Act, 2023; and the THUD, and Related Agencies Appropriations Act, 2023. For most other federal agencies and programs, the CR provides funding through March 22, 2024. (Under the current CR, the first group of agencies is funded through March 1, 2024, and the remaining agencies are funded through March 8, 2024.) Signed into Law by President Biden on March 1, 2024. Public Law No: 118-35 Further Additional Continuing Appropriations and Other Extensions Act, 2024. This act provides continuing FY2024 appropriations for federal agencies. The act also extends several expiring programs and authorities, including several public health programs. The CR provides funding through March 1, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts: USDA, and Related Agencies Appropriations Act, 2023; the DOE and Related Agencies Appropriations Act, 2023; the MilCon, VA and Related Agencies Appropriations Act, 2023; and the THUD, and Related Agencies Appropriations Act, 2023. (Under the current CR, these agencies and programs are funded through January 19, 2024.) For most other federal agencies and programs, the CR provides funding through March 8, 2024. (Under the current CR, these agencies and programs are funded through February 2, 2024.), Signed into Law by President Biden on Jan. 19, 2024. S.3436/H.R.6686: Workforce Housing Tax Credit Act - This bill would help to close this gap by establishing the first-ever middle-income housing tax credit, which is estimated to finance approximately 344,000 affordable rental homes. To qualify for the credit, at least 60% of the buildings units must be occupied by individuals with area median incomes of 100% or less where the rents are restricted to 30% of the designated income. The affordability restrictions would remain in place for up to 15 years after the compliance period (for a total 30-year affordability period). The legislation also provides flexibility so that states can maximize their resources and best meet community housing needs by allowing housing finance agencies to transfer their middle-income allocation to their Low Income Housing Tax Credit (LIHTC) allocation at any time. It also allows buildings to combine the two credits to help make more low-income housing projects financially feasible. PL 118-22: Further Continuing Appropriations and Other Extensions Act, 2024. This act provides continuing FY2024 appropriations for federal agencies. The act also extends several expiring programs and authorities, including programs authorized by the 2018 farm bill and several public health programs. The CR provides funding through January 19, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts: the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2023; the Energy and Water Development and Related Agencies Appropriations Act, 2023; the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2023; and the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2023. For most other federal agencies and programs, the CR provides funding through February 2, 2024. Signed into law by President Biden on November 16, 2023. P.L.118-15: Continuing Appropriations Act, 2024 and Other Extensions Act. This act provides continuing FY2024 appropriations to federal agencies through November 17, 2023, and provides emergency funding for disaster relief. It also extends several expiring programs and authorities, including several Federal Aviation Administration programs, the National Flood Insurance Program, Federal Drug Administration user fees for animal drug applications, and several public health programs. Signed into law by President Biden on Sept. 30, 2023. P.L. 118-5: Fiscal Responsibility Act of 2023. This act increases the federal debt limit, establishes new discretionary spending limits for FY2024 and FY2025, rescinds unobligated funds, expands work requirements for federal programs, and modifies other requirements related to the federal budget process. Signed into law by President Biden on June 3, 2023. S.1389 - Rural Housing Service Reform Act of 2023 - This bill would improve federal rural housing programs, cut red tape, and strengthen the supply of affordable housing; including, fixing a longstanding problem for properties (known as Sec. 515 properties) that were financed by the USDA decades ago and now have maturing mortgages, by making it easier for non-profits to acquire those properties and by decoupling rental assistance so that assistance does not disappear when those mortgages mature. Introduced by U.S. Senators Tina Smith (D-MN) and Mike Rounds (R-SD). S.1557 & H.R.3238 - Affordable Housing Credit Improvement Act of 2023. This bill would support the development of nearly 2 million new affordable homes over the next decade by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit). Introduced by U.S. Representatives Darin LaHood (R-IL) and Suzan DelBene (D-WA), and Senators Maria Cantwell (D-WA) and Todd Young (R-IN). S.1688 & H.R.3507 - Yes In My Backyard Act. This bill requires certain Community Development Block Grant program recipients to submit to HUD information regarding their implementation of certain land-use policies, such as policies for expanding high-density single-family and multifamily zoning. Introduced by U.S. Senators Todd Young (R-IN.) and Brian Schatz (D-HI) and U.S. Representatives Mike Flood (R-NE) and Derek Kilmer (D-WA). S.1257 & HR 3776 - Family Stability and Opportunity Vouchers Act of 2023. This bill would create 250,000 new housing mobility vouchers to allow families to move to areas with greater opportunity. The bill is aimed at improving outcomes for families with young children by increasing access to these vouchers and providing counseling services. Introduced by U.S. Senators Chris Van Hollen (D-MD) and Todd Young (R-IN) and U.S. Representatives Joe Neguse (D -CO) and Brian Fitzpatrick (R-PA). H.R.1087 - DEPOSIT Act The DEPOSIT Act would expand federal support for essential moving costs, like security deposits, for Section 8 voucher holders and other low-income renters. Introduced by Rep. Barbara Lee (D-CA). S.680 - Decent, Affordable, Safe Housing for All (DASH) Act. This bill proposes a generational investment to house all people experiencing homelessness, tackle the housing affordability crisis, and expand homeownership opportunities for young people by creating a new down payment tax credit for first-time homebuyers. Specifically, the bill would: 1. House everyone experiencing homelessness within five years, and prioritize children and families for placement, by issuing them a Housing Choice Voucher; 2. Expand health, child care, financial and nutrition services for families and individuals to stay on a path to unassisted housing stability; 3. Greatly increase the production of deeply affordable housing for families exiting homelessness and for low-income households by investing in effective, efficient existing programs and reforming the tax code to strengthen the Low-Income Housing Tax Credit (LIHTC) to weather the economic fallout from the pandemic, as well as establish a Renter's Tax Credit and Middle- Income Housing Tax Credit (MIHTC); 4. Invest in homeownership in underserved communities and for low-income Americans with new tax credits and downpayment assistance, including a down payment tax credit for first-time homebuyers; and 5. Incentivize environmentally-friendly development strategies and land use policies. Introduced by Sen. Ron Wyden (D-OR). H.R.827 - Home Internet Accessibility Act. This bill would gather information on all federally assisted housing that lacks the capacity to support broadband service and will task HUD with producing an action plan, including retrofitting, to close Internet service gaps across our country. Introduced by Rep. Nikema Williams (D-GA). S.32 - Choice in Affordable Housing Act. This bill establishes programs and grants to incentivize landlord participation in the Housing Choice Voucher program. The bill authorizes HUD to provide one-time incentive payments to landlords, security deposit payments, bonuses to public housing agencies that employ landlord liaisons, and amounts for other recruitment purposes. Additionally, the bill allows dwelling units to meet HCV program inspection requirements by satisfactory inspection through participation in other housing programs. Landlords not yet participating in a low-income housing assistance program may request inspection by a public housing agency to determine whether the dwelling meets requirements prior to selection by a tenant. Finally, HUD must expand the use of an alternative method of calculating fair market rent for purposes of the HCV program. Introduced by Sen. Chris Coons (D-DE). P.L. 117-328: Consolidated Appropriations Act, 2023. This bill provides appropriations to federal agencies for the remainder of FY2023, provides supplemental appropriations for disaster relief and to support Ukraine, extends several expiring authorities, and modifies or establishes various programs that address a wide range of policy areas. The bill includes the 12 regular appropriations bills that fund federal agencies for FY2023. Signed by the President on December 29, 2022. PL. 117-169 Inflation Reduction Act of 2022. This act provides funding to HUD for loans and grants. The loans and grants must fund projects that address affordable housing and climate change issues. It also provides funding, which shall remain available through FY2028, for energy and water benchmarking of eligible property along with associated data analysis and evaluation at the property. Eligible property includes low-income housing or housing for the elderly or disabled. The act provides funding to the Environmental Protection Agency (EPA) to establish a greenhouse gas reduction fund and to support several programs that provide financial incentives to reduce greenhouse gas emissions and other air pollution emissions. The act extends through 2034 the tax credit for residential clean energy, modifies the phaseout for such credit, and extends the credit to include qualified battery storage technology expenditures. The act modifies the tax deduction for energy-efficient commercial buildings to revise the maximum amount of such deduction and energy efficiency requirements for such buildings. The act extends the new energy-efficient home tax credit through 2032. It increases the credit to allow a $2,500 credit for new homes that meet certain Energy Star efficiency standards and a $5,000 credit for new homes that are certified as zero-energy ready homes and further allows a credit for energy-efficient multifamily dwellings. All policies related to the Federal Housing Administration (FHA) financing programs All policies related to the Green and Resilient Retrofit Program All policies related to Resident-Centered Property Management All policies related to the Inflation Reduction Act All policies related to State and Local Fiscal Recovery Funds All policies relating to Center for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS), Notice to Temporary Halt in Residential Evictions To Prevent the Further Spread of COVID-19 All policies relating to the Presidents Executive Order on Fighting the Spread of COVID-19 by Providing Assistance to Renters and Homeowners All policies relating to Depts. of HUD, Treasury, USDA, Homeland Security, SBA, and Labor coronavirus response efforts All policies relating to access to the Paycheck Protection Program (PPP) All policies relating to Depts. of HUD, Treasury, and USDA Disaster Recovery efforts in PDD-areas All policies relating to A Budget for Americas Future - Presidents Budget FY 2021 All policies relating to HUD Real Assessment Estate Center (REAC) and physical inspections All policies relating to Housing Assistance Payments (HAP) All policies relating to Project Rental Assistance (PRACs) All policies relating to Fair Market Rents and Small Area Fair Market Rents All policies relating to HOME Investment Partnership Program All policies relating to Community Development Block Grant All policies relating to HUD Rental Assistance (Housing Choice Vouchers and Project-Based Rental Assistance) Programs All policies relating to USDA-RHS Section 521 Rental Assistance Program, Section 515 Rural Rental Housing, Section 542 Rural Development Voucher, and 538 Guaranteed Rural Rental Housing Program. All policies relating to Management and Occupancy Reviews (MORs) All policies relating to the Rental Assistance Demonstration All policies relating to the Family Self-Sufficiency Program All policies relating to Housing Finance Reform All policies relating to the Housing and Community Development Act of 1980, including Mixed Immigration status of households All policies relating to Lead-Based Paint All Policies related to the White House Announces Interagency Council on Barriers to Affordable Housing All Policies related to the Fair Housing Act All Policies related to the Foster Youth to Independence initiative All Policies related to the Community Development Block Grant - Disaster Recovery (CDBG-DR) All Policies related to the Inadmissibility on Public Charge Grounds Rule All Policies related to Opportunity Zones All Policies related to the coronavirus pandemic All Policies related to the CARES Act implementation All Policies related to Emergency Rental Assistance Program All Policies related to President Biden's Building Back Better Housing-related Initiatives All Policies related to the Emergency Broadband Benefit Program and Bulk Billing All Policies related to Disaster Recovery All Policies related to the increase in the price of lumber and supply chain disruption and labor market shortages in the housing industry All Policies related to Ending Homelessness, House America Initiative All policies relating to the FY24 and FY25 President Budget Request and Appropriations All policies relating to the Biden-Harris Housing Supply Action All policies relating to a Federal Tenant Bill of Rights All policies relating to Rural Housing Preservation All policies relating to Impersonation Fraud All policies relating to Property Insurance Cost and Coverage All policies relating to Cyber Disclosure/DHS CISA Rule

H.R. 419 Revitalizing Downtowns Act H.R. 1321 More Homes on the Market Act H.R. 3238 Affordable Housing Credit Improvement Act of 2023 H.R. 3335 IRS eIVES Modernization and Anti-Fraud Act H.R. 3936 Tax Cuts for Working Families Act H.R. 3937 Small Business Jobs Act H.R. 3938 Build It in America Act H.R. 3940 Neighborhood Homes Investment Act H.R. 4721 Main Street Tax Certainty Act H.R. 6686 Workforce Housing Tax Credit Act S. 1557 Affordable Housing Credit Improvement Act of 2023 S. 1706 Main Street Tax Certainty Act S. 1805 Affordable Housing Bond Enhancement Act S. 1938 Middle Class Mortgage Insurance Premium Act of 2023 S. 657 NeighborhoodHomesInvestmentAct S. 680 DASH Act S. 3436 Workforce Housing Tax Credit Act H.R. 7024 The Tax Relief for American Families and Workers Act of 2024 S. 3940The First-Time Homebuyer Tax Credit Act of 2024 H.R. 8127 Heirs Estate Inheritance Resolution and Succession (HEIRS) Act of 2024 Housing tax credit issues

Client expense: $900,000 · Firm income: Not reported

H.R.9028 - Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2025. Making appropriations for the Departments of Transportation,and Housing and Urban Development, and related agencies for the fiscal year ending September 30, 2025, and for other purposes. H.R.9027/S.4690 - An original bill making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies for the fiscal year ending September 30, 2025, and for other purposes. H.R.8604/S.4460 - Reducing Regulatory Barriers to Housing Act. The legislation would empower local and state governments to address regulatory barriers to affordable housing supply by establishing new national frameworks and guidance. Introduced by Rep. Blunt-Rochester (D-DE) and Sen. Fetterman (D-PA) H.R.7024 - Tax Relief for American Families and Workers Act of 2024. This bill increases and modifies child tax credit provisions, increases depreciation allowances to promote economic innovation and growth, provides special rules for the taxation of residents of Taiwan with income from U.S. sources, increases tax relief provisions for losses due to natural disasters and wildfires, and increases the low-income housing tax credit ceiling to 12.5% for calendar years 2023-2025. It also lowers the bond-financing threshold to 30% for projects financed by bonds issued before 2026. Introduced in House on Jan. 17, 2024. Public Law No: 118-42. Consolidated Appropriations Act, 2024. This bill provides FY2024 appropriations for several federal departments and agencies. It also extends various expiring programs and authorities, including several public health programs. Specifically, the bill includes 6 of the 12 regular FY2024 appropriations bills: the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2024;the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2024; the Commerce, Justice, Science, and Related Agencies Appropriations Act, 2024;the Energy and Water Development and Related Agencies Appropriations Act, 2024;the Dept. of the Interior, Environment, and Related Agencies Appropriations Act, 2024; and the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act. Signed into Law by President Biden on March 9, 2024. Public Law No: 118-40 (03/01/2024) Extension of Continuing Appropriations and Other Matters Act, 2024, This act provides continuing FY2024 appropriations for federal agencies, modifies the requirements for determining eligibility for federal student aid, and provides additional funding for Federal Pell Grants. The CR provides funding through March 8, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts: USDA, and Related Agencies Appropriations Act, 2023; the DOE and Related Agencies Appropriations Act, 2023; the MilCon, VA and Related Agencies Appropriations Act, 2023; and the THUD, and Related Agencies Appropriations Act, 2023. For most other federal agencies and programs, the CR provides funding through March 22, 2024. (Under the current CR, the first group of agencies is funded through March 1, 2024, and the remaining agencies are funded through March 8, 2024.) Signed into Law by President Biden on March 1, 2024. Public Law No: 118-35 Further Additional Continuing Appropriations and Other Extensions Act, 2024. This act provides continuing FY2024 appropriations for federal agencies. The act also extends several expiring programs and authorities, including several public health programs. The CR provides funding through March 1, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts: USDA, and Related Agencies Appropriations Act, 2023; the DOE and Related Agencies Appropriations Act, 2023; the MilCon, VA and Related Agencies Appropriations Act, 2023; and the THUD, and Related Agencies Appropriations Act, 2023. (Under the current CR, these agencies and programs are funded through January 19, 2024.) For most other federal agencies and programs, the CR provides funding through March 8, 2024. (Under the current CR, these agencies and programs are funded through February 2, 2024.), Signed into Law by President Biden on Jan. 19, 2024. S.3436/H.R.6686: Workforce Housing Tax Credit Act - This bill would help to close this gap by establishing the first-ever middle-income housing tax credit, which is estimated to finance approximately 344,000 affordable rental homes. To qualify for the credit, at least 60% of the buildings units must be occupied by individuals with area median incomes of 100% or less where the rents are restricted to 30% of the designated income. The affordability restrictions would remain in place for up to 15 years after the compliance period (for a total 30-year affordability period). The legislation also provides flexibility so that states can maximize their resources and best meet community housing needs by allowing housing finance agencies to transfer their middle-income allocation to their Low Income Housing Tax Credit (LIHTC) allocation at any time. It also allows buildings to combine the two credits to help make more low-income housing projects financially feasible. PL 118-22: Further Continuing Appropriations and Other Extensions Act, 2024. This act provides continuing FY2024 appropriations for federal agencies. The act also extends several expiring programs and authorities, including programs authorized by the 2018 farm bill and several public health programs. The CR provides funding through January 19, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts: the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2023; the Energy and Water Development and Related Agencies Appropriations Act, 2023; the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2023; and the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2023. For most other federal agencies and programs, the CR provides funding through February 2, 2024. Signed into law by President Biden on November 16, 2023. P.L.118-15: Continuing Appropriations Act, 2024 and Other Extensions Act. This act provides continuing FY2024 appropriations to federal agencies through November 17, 2023, and provides emergency funding for disaster relief. It also extends several expiring programs and authorities, including several Federal Aviation Administration programs, the National Flood Insurance Program, Federal Drug Administration user fees for animal drug applications, and several public health programs. Signed into law by President Biden on Sept. 30, 2023. P.L. 118-5: Fiscal Responsibility Act of 2023. This act increases the federal debt limit, establishes new discretionary spending limits for FY2024 and FY2025, rescinds unobligated funds, expands work requirements for federal programs, and modifies other requirements related to the federal budget process. Signed into law by President Biden on June 3, 2023. S.1389 - Rural Housing Service Reform Act of 2023 - This bill would improve federal rural housing programs, cut red tape, and strengthen the supply of affordable housing; including, fixing a longstanding problem for properties (known as Sec. 515 properties) that were financed by the USDA decades ago and now have maturing mortgages, by making it easier for non-profits to acquire those properties and by decoupling rental assistance so that assistance does not disappear when those mortgages mature. Introduced by U.S. Senators Tina Smith (D-MN) and Mike Rounds (R-SD). S.1557 & H.R.3238 - Affordable Housing Credit Improvement Act of 2023. This bill would support the development of nearly 2 million new affordable homes over the next decade by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit). Introduced by U.S. Representatives Darin LaHood (R-IL) and Suzan DelBene (D-WA), and Senators Maria Cantwell (D-WA) and Todd Young (R-IN). S.1688 & H.R.3507 - Yes In My Backyard Act. This bill requires certain Community Development Block Grant program recipients to submit to HUD information regarding their implementation of certain land-use policies, such as policies for expanding high-density single-family and multifamily zoning. Introduced by U.S. Senators Todd Young (R-IN.) and Brian Schatz (D-HI) and U.S. Representatives Mike Flood (R-NE) and Derek Kilmer (D-WA). S.1257 & HR 3776 - Family Stability and Opportunity Vouchers Act of 2023. This bill would create 250,000 new housing mobility vouchers to allow families to move to areas with greater opportunity. The bill is aimed at improving outcomes for families with young children by increasing access to these vouchers and providing counseling services. Introduced by U.S. Senators Chris Van Hollen (D-MD) and Todd Young (R-IN) and U.S. Representatives Joe Neguse (D -CO) and Brian Fitzpatrick (R-PA). H.R.1087 - DEPOSIT Act The DEPOSIT Act would expand federal support for essential moving costs, like security deposits, for Section 8 voucher holders and other low-income renters. Introduced by Rep. Barbara Lee (D-CA). S.680 - Decent, Affordable, Safe Housing for All (DASH) Act. This bill proposes a generational investment to house all people experiencing homelessness, tackle the housing affordability crisis, and expand homeownership opportunities for young people by creating a new down payment tax credit for first-time homebuyers. Specifically, the bill would: 1. House everyone experiencing homelessness within five years, and prioritize children and families for placement, by issuing them a Housing Choice Voucher; 2. Expand health, child care, financial and nutrition services for families and individuals to stay on a path to unassisted housing stability; 3. Greatly increase the production of deeply affordable housing for families exiting homelessness and for low-income households by investing in effective, efficient existing programs and reforming the tax code to strengthen the Low-Income Housing Tax Credit (LIHTC) to weather the economic fallout from the pandemic, as well as establish a Renter's Tax Credit and Middle- Income Housing Tax Credit (MIHTC); 4. Invest in homeownership in underserved communities and for low-income Americans with new tax credits and downpayment assistance, including a down payment tax credit for first-time homebuyers; and 5. Incentivize environmentally-friendly development strategies and land use policies. Introduced by Sen. Ron Wyden (D-OR). H.R.827 - Home Internet Accessibility Act. This bill would gather information on all federally assisted housing that lacks the capacity to support broadband service and will task HUD with producing an action plan, including retrofitting, to close Internet service gaps across our country. Introduced by Rep. Nikema Williams (D-GA). S.32 - Choice in Affordable Housing Act. This bill establishes programs and grants to incentivize landlord participation in the Housing Choice Voucher program. The bill authorizes HUD to provide one-time incentive payments to landlords, security deposit payments, bonuses to public housing agencies that employ landlord liaisons, and amounts for other recruitment purposes. Additionally, the bill allows dwelling units to meet HCV program inspection requirements by satisfactory inspection through participation in other housing programs. Landlords not yet participating in a low-income housing assistance program may request inspection by a public housing agency to determine whether the dwelling meets requirements prior to selection by a tenant. Finally, HUD must expand the use of an alternative method of calculating fair market rent for purposes of the HCV program. Introduced by Sen. Chris Coons (D-DE). P.L. 117-328: Consolidated Appropriations Act, 2023. This bill provides appropriations to federal agencies for the remainder of FY2023, provides supplemental appropriations for disaster relief and to support Ukraine, extends several expiring authorities, and modifies or establishes various programs that address a wide range of policy areas. The bill includes the 12 regular appropriations bills that fund federal agencies for FY2023. Signed by the President on December 29, 2022. PL. 117-169 Inflation Reduction Act of 2022. This act provides funding to HUD for loans and grants. The loans and grants must fund projects that address affordable housing and climate change issues. It also provides funding, which shall remain available through FY2028, for energy and water benchmarking of eligible property along with associated data analysis and evaluation at the property. Eligible property includes low-income housing or housing for the elderly or disabled. The act provides funding to the Environmental Protection Agency (EPA) to establish a greenhouse gas reduction fund and to support several programs that provide financial incentives to reduce greenhouse gas emissions and other air pollution emissions. The act extends through 2034 the tax credit for residential clean energy, modifies the phaseout for such credit, and extends the credit to include qualified battery storage technology expenditures. The act modifies the tax deduction for energy-efficient commercial buildings to revise the maximum amount of such deduction and energy efficiency requirements for such buildings. The act extends the new energy-efficient home tax credit through 2032. It increases the credit to allow a $2,500 credit for new homes that meet certain Energy Star efficiency standards and a $5,000 credit for new homes that are certified as zero-energy ready homes and further allows a credit for energy-efficient multifamily dwellings. All policies related to the Federal Housing Administration (FHA) financing programs All policies related to the Green and Resilient Retrofit Program All policies related to Resident-Centered Property Management All policies related to the Inflation Reduction Act All policies related to State and Local Fiscal Recovery Funds All policies relating to Center for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS), Notice to Temporary Halt in Residential Evictions To Prevent the Further Spread of COVID-19 All policies relating to the Presidents Executive Order on Fighting the Spread of COVID-19 by Providing Assistance to Renters and Homeowners All policies relating to Depts. of HUD, Treasury, USDA, Homeland Security, SBA, and Labor coronavirus response efforts All policies relating to access to the Paycheck Protection Program (PPP) All policies relating to Depts. of HUD, Treasury, and USDA Disaster Recovery efforts in PDD-areas All policies relating to A Budget for Americas Future - Presidents Budget FY 2021 All policies relating to HUD Real Assessment Estate Center (REAC) and physical inspections All policies relating to Housing Assistance Payments (HAP) All policies relating to Project Rental Assistance (PRACs) All policies relating to Fair Market Rents and Small Area Fair Market Rents All policies relating to HOME Investment Partnership Program All policies relating to Community Development Block Grant All policies relating to HUD Rental Assistance (Housing Choice Vouchers and Project-Based Rental Assistance) Programs All policies relating to USDA-RHS Section 521 Rental Assistance Program, Section 515 Rural Rental Housing, Section 542 Rural Development Voucher, and 538 Guaranteed Rural Rental Housing Program. All policies relating to Management and Occupancy Reviews (MORs) All policies relating to the Rental Assistance Demonstration All policies relating to the Family Self-Sufficiency Program All policies relating to Housing Finance Reform All policies relating to the Housing and Community Development Act of 1980, including Mixed Immigration status of households All policies relating to Lead-Based Paint All Policies related to the White House Announces Interagency Council on Barriers to Affordable Housing All Policies related to the Fair Housing Act All Policies related to the Foster Youth to Independence initiative All Policies related to the Community Development Block Grant - Disaster Recovery (CDBG-DR) All Policies related to the Inadmissibility on Public Charge Grounds Rule All Policies related to Opportunity Zones All Policies related to the coronavirus pandemic All Policies related to the CARES Act implementation All Policies related to Emergency Rental Assistance Program All Policies related to President Biden's Building Back Better Housing-related Initiatives All Policies related to the Emergency Broadband Benefit Program and Bulk Billing All Policies related to Disaster Recovery All Policies related to the increase in the price of lumber and supply chain disruption and labor market shortages in the housing industry All Policies related to Ending Homelessness, House America Initiative All policies relating to the FY24 and FY25 President Budget Request and Appropriations All policies relating to the Biden-Harris Housing Supply Action All policies relating to a Federal Tenant Bill of Rights All policies relating to Rural Housing Preservation All policies relating to Impersonation Fraud All policies relating to Property Insurance Cost and Coverage All policies relating to Cyber Disclosure/DHS CISA Rule

H.R.7024 - Tax Relief for American Families and Workers Act of 2024. This bill increases and modifies child tax credit provisions, increases depreciation allowances to promote economic innovation and growth, provides special rules for the taxation of residents of Taiwan with income from U.S. sources, increases tax relief provisions for losses due to natural disasters and wildfires, and increases the low-income housing tax credit ceiling to 12.5% for calendar years 2023-2025. It also lowers the bond-financing threshold to 30% for projects financed by bonds issued before 2026. Introduced in House on Jan. 17, 2024. S.3436/H.R.6686: Workforce Housing Tax Credit Act - This bill would help to close this gap by establishing the first-ever middle-income housing tax credit, which is estimated to finance approximately 344,000 affordable rental homes. To qualify for the credit, at least 60% of the buildings units must be occupied by individuals with area median incomes of 100% or less where the rents are restricted to 30% of the designated income. The affordability restrictions would remain in place for up to 15 years after the compliance period (for a total 30-year affordability period). The legislation also provides flexibility so that states can maximize their resources and best meet community housing needs by allowing housing finance agencies to transfer their middle-income allocation to their Low Income Housing Tax Credit (LIHTC) allocation at any time. It also allows buildings to combine the two credits to help make more low-income housing projects financially feasible. S.722/H.R.1477 - Freedom To Invest in Tomorrow's Workforce Act. This bill would expand eligible uses of tax-favorable 529 savings plans to cover costs associated with workforce training and credentialing programs, such as professional certifications. This bill would provide valuable tax-advantaged resources for workers who pursue career growth, mid-career changes or alternative career pathways. Introduced by Representatives Robert Wittman (R-VA) & Rep. Abigail Spanberger (D-VA) and Senators Amy Klobuchar (D-MN) and Mike Braun (R-IN). S.1557/H.R.3238 - Affordable Housing Credit Improvement Act of 2023. This bill would support the development of nearly 2 million new affordable homes over the next decade by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit). Introduced by U.S. Representatives Darin LaHood (R-IL) and Suzan DelBene (D-WA), and Senators Maria Cantwell (D-WA) and Todd Young (R-IN). S.680 - Decent, Affordable, Safe Housing for All (DASH) Act. This bill proposes a generational investment to house all people experiencing homelessness, tackle the housing affordability crisis, and expand homeownership opportunities for young people by creating a new down payment tax credit for first-time homebuyers. Specifically, the bill would: 1. House everyone experiencing homelessness within five years, and prioritize children and families for placement, by issuing them a Housing Choice Voucher; 2. Expand health, child care, financial and nutrition services for families and individuals to stay on a path to unassisted housing stability; 3. Greatly increase the production of deeply affordable housing for families exiting homelessness and for low-income households by investing in effective, efficient existing programs and reforming the tax code to strengthen the Low-Income Housing Tax Credit (LIHTC) to weather the economic fallout from the pandemic, as well as establish a Renter's Tax Credit and Middle- Income Housing Tax Credit (MIHTC); 4. Invest in homeownership in underserved communities and for low-income Americans with new tax credits and downpayment assistance, including a down payment tax credit for first-time homebuyers; and 5. Incentivize environmentally-friendly development strategies and land use policies. Introduced by Sen. Ron Wyden (D-OR). P.L. 117-328: Consolidated Appropriations Act, 2023, This bill provides appropriations to federal agencies for the remainder of FY2023, provides supplemental appropriations for disaster relief and to support Ukraine, extends several expiring authorities, and modifies or establishes various programs that address a wide range of policy areas. The bill includes the 12 regular appropriations bills that fund federal agencies for FY2023. Signed by the President on December 29, 2022. PL. 117-169 Inflation Reduction Act of 2022. This act provides funding to HUD for loans and grants. The loans and grants must fund projects that address affordable housing and climate change issues. It also provides funding, which shall remain available through FY2028, for energy and waterbenchmarking of eligible property along with associated data analysis and evaluation at the property. Eligible property includes low-income housingor housing for the elderly or disabled. The act provides funding to the Environmental Protection Agency (EPA) to establish a greenhouse gas reduction fund and to support several programs that provide financial incentives to reduce greenhouse gas emissions and other air pollution emissions. The act extends through 2034 the tax credit for residential clean energy, modifies the phaseout for such credit, and extends the credit to include qualified battery storage technology expenditures. The act modifies the tax deduction for energy-efficient commercial buildings to revise the maximum amount of such deduction and energy efficiency requirements for such buildings. The act extends the new energy-efficient home tax credit through 2032. It increases the credit to allow a $2,500 credit for new homes that meet certain Energy Star efficiency standards and a $5,000 credit for new homes that are certified as zero-energy ready homes and further allows a credit for energy-efficient multifamily dwellings. All Policies related to Tax Reform; all provisions related to the LIHTC, Opportunity Zones, and Average Income Test All policies relating to the Unrelated Business Income Tax (UBIT) All policies relating to the LIHTC in response to the Coronavirus All policies relating to Property Insurance Cost and Coverage All policies relating to Qualified Contracts All policies relating to 2025 Tax Legislation

H.R. 419 Revitalizing Downtowns Act H.R. 1321 More Homes on the Market Act H.R. 1384 Middle Class Mortgage Insurance Premium Act of 2021 H.R. 3238 Affordable Housing Credit Improvement Act of 2023 H.R. 3335 IRS eIVES Modernization and Anti-Fraud Act H.R. 3936 Tax Cuts for Working Families Act H.R. 3937 Small Business Jobs Act H.R. 3938 Build It in America Act H.R. 3940 Neighborhood Homes Investment Act H.R. 4721 Main Street Tax Certainty Act H.R. 6686 Workforce Housing Tax Credit Act S. 1557 Affordable Housing Credit Improvement Act of 2023 S. 1706 Main Street Tax Certainty Act S. 1805 Affordable Housing Bond Enhancement Act S. 1938 Middle Class Mortgage Insurance Premium Act of 2023 S. 657 NeighborhoodHomesInvestmentAct S. 680 DASH Act S. 3436 Workforce Housing Tax Credit Act H.R. 7024 The Tax Relief for American Families and Workers Act of 2024 S. 3940The First-Time Homebuyer Tax Credit Act of 2024

Client expense: $940,000 · Firm income: Not reported

Support for increased funding for Housing Choice Voucher Program, Project Based Section 8 vouchers, and other housing programs; support for Workforce Housing Tax Credit (WHTC) Act (H.R. 6686 / S. 3436); and support for Tax Relief for American Families and Workers Act of 2024 (H.R. 7024);

Client expense: Not reported · Firm income: $10,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Extension of TCJA Business Tax Provisions & Tax Issues in Biden Administrations Fiscal Year 2025 Budget NMHC supports extending individual tax rates and the 20 percent qualified business income tax deduction that expire at the end of 2025. S. 1706, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. H.R. 4721, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. H.R. 7024, Tax Relief for American Families and Workers Act of 2024, Title II -- American Innovation and Growth, Section 202: Extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest, Section 203: Extension of 100 percent bonus depreciation, and Section 204: Increase in limitations on expensing of depreciable business assets; Title V -- More Affordable Housing, Section 501: State housing credit allowance ceiling increase for low-income housing credit and Section 502: Tax-exempt bond financing requirement; Title VI -- Tax Administration and Eliminating Fraud, Section 601: Increase in threshold for requiring information reporting with respect to certain payees. H.R. 3938, Build It In America Act, to amend the Internal Revenue Code of 1986 to encourage economic growth, Title I -- Investment in America: Section 102: Extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest and Section 103: Extension of 100 bonus depreciation. General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals: Prevent basis shifting by related parties through partnerships; Strengthen limitation on losses for non-corporate taxpayers; Expand and enhance the Low-Income Housing Tax Credit; Apply the net investment income tax to pass-through business income of high-income taxpayers; Increase the net investment income tax rate and additional Medicare tax rate for high-income taxpayers; Increase the top marginal income tax rate for high-income earners; Reform the taxation of capital income; Tax carried (profits) interests as ordinary income; Repeal deferral of gain from like-kind exchanges; and Require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable real property. Estate Tax, Stepped-Up Basis, and Taxation of Unrealized Capital Gains at Death NMHC supports making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. NMHC supports retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Carried Interest NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind Exchanges NMHC supports retaining current law. Depreciation Congress should consider proposals to shorten recovery periods while opposing measures to increase the 25 percent depreciation recapture rate applicable to sales. Low-Income Housing Tax Credit, Middle-Income Housing Tax Credit, and Renters Tax Credit S. 680, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; and Section 114: Supporting pro-housing development; Title II -- Revenue Provisions: Sections 201-210 pertaining to the Low-Income Housing Tax Credit; Section 211: Study of tax incentives for the conversion of commercial property to affordable housing; Section 212: Renters credit; and Section 213: Middle-income housing tax credit. S. 3436, Workforce Housing Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. H.R. 6686, Workforce Housing Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. H.R. 3238, Affordable Housing Credit Improvement Act of 2023, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions, in particular issues relating to increased tax credit authority, tax-exempt bond financing requirements, and the Violence Against Women Act. S. 1557, Affordable Housing Credit Improvement Act of 2023, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions, in particular issues relating to increased tax credit authority, tax-exempt bond financing requirements, and the Violence Against Women Act. NMHC supports an increase in the private-activity bond volume cap to enhance the use of 4 percent Low-Income Housing Tax Credits. Notice of Proposed Rulemaking, Department of the Treasury, Office of the Comptroller of the Currency (RIN 1557-AE78), Federal Reserve System (RIN 7100-AG64), Federal Deposit Insurance Corporation (RIN 3064-AF29), Regulatory Capital Rule: Large Banking Organizations and Banking Organizations With Significant Trading Activity, Request regulators to apply a lower risk weighting of 50 percent to Low-Income Housing Tax Credit properties. No specific proposal but studied issues pertaining to the submetering of utility costs at Low-Income Housing Tax Credit properties. Adaptive Reuse Federal tax policies to encourage repurposing of non-residential properties into residential rental property, including proposals to establish tax credits and to enable housing finance agencies to issue private activity bonds to help facilitate adaptive reuse of underutilized properties, particularly in areas that have a plan to track discriminatory land use policies. Draft legislation, Affordable Housing Conversion Act of 2023, to amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing, all provisions. H.R. 419, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511 (117th Congress), Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Opportunity Zones NMHC supports: Enabling States to recertify and/or redesignate Opportunity Zones to account for current economic realities and changes since Zones were originally designated; (2) Establishing new deferral deadlines so that taxpayers are incentivized to receive both a longer deferral period and the potential for a 10 percent or 15 percent basis increase with respected to reinvested capital gains; and (3) Reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Housing Near Transit H.R. 1483 (117th Congress), Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions.

1. H.R. 6686 / S. 3436 - Workforce Housing Tax Credit (WHTC) Act 2. H.R. 6833 - Improve and Enhance the Work Opportunity Tax Credit Act

Client expense: $75,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R.7024 - Tax Relief for American Families and Workers Act of 2024. This bill increases and modifies child tax credit provisions, increases depreciation allowances to promote economic innovation and growth, provides special rules for the taxation of residents of Taiwan with income from U.S. sources, increases tax relief provisions for losses due to natural disasters and wildfires, and increases the low-income housing tax credit ceiling to 12.5% for calendar years 2023-2025. It also lowers the bond-financing threshold to 30% for projects financed by bonds issued before 2026. Introduced in House on Jan. 17, 2024. S.3436/H.R.6686: Workforce Housing Tax Credit Act - This bill would help to close this gap by establishing the first-ever middle-income housing tax credit, which is estimated to finance approximately 344,000 affordable rental homes. To qualify for the credit, at least 60% of the buildings units must be occupied by individuals with area median incomes of 100% or less where the rents are restricted to 30% of the designated income. The affordability restrictions would remain in place for up to 15 years after the compliance period (for a total 30-year affordability period). The legislation also provides flexibility so that states can maximize their resources and best meet community housing needs by allowing housing finance agencies to transfer their middle-income allocation to their Low Income Housing Tax Credit (LIHTC) allocation at any time. It also allows buildings to combine the two credits to help make more low-income housing projects financially feasible. S.722/H.R.1477 - Freedom To Invest in Tomorrow's Workforce Act. This bill would expand eligible uses of tax-favorable 529 savings plans to cover costs associated with workforce training and credentialing programs, such as professional certifications. This bill would provide valuable tax-advantaged resources for workers who pursue career growth, mid-career changes or alternative career pathways. Introduced by Representatives Robert Wittman (R-VA) & Rep. Abigail Spanberger (D-VA) and Senators Amy Klobuchar (D-MN) and Mike Braun (R-IN). S.1557/H.R.3238 - Affordable Housing Credit Improvement Act of 2023. This bill would support the development of nearly 2 million new affordable homes over the next decade by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit). Introduced by U.S. Representatives Darin LaHood (R-IL) and Suzan DelBene (D-WA), and Senators Maria Cantwell (D-WA) and Todd Young (R-IN). S.680 - Decent, Affordable, Safe Housing for All (DASH) Act. This bill proposes a generational investment to house all people experiencing homelessness, tackle the housing affordability crisis, and expand homeownership opportunities for young people by creating a new down payment tax credit for first-time homebuyers. Specifically, the bill would: 1. House everyone experiencing homelessness within five years, and prioritize children and families for placement, by issuing them a Housing Choice Voucher; 2. Expand health, child care, financial and nutrition services for families and individuals to stay on a path to unassisted housing stability; 3. Greatly increase the production of deeply affordable housing for families exiting homelessness and for low-income households by investing in effective, efficient existing programs and reforming the tax code to strengthen the Low-Income Housing Tax Credit (LIHTC) to weather the economic fallout from the pandemic, as well as establish a Renter's Tax Credit and Middle- Income Housing Tax Credit (MIHTC); 4. Invest in homeownership in underserved communities and for low-income Americans with new tax credits and downpayment assistance, including a down payment tax credit for first-time homebuyers; and 5. Incentivize environmentally-friendly development strategies and land use policies. Introduced by Sen. Ron Wyden (D-OR). P.L. 117-328: Consolidated Appropriations Act, 2023, This bill provides appropriations to federal agencies for the remainder of FY2023, provides supplemental appropriations for disaster relief and to support Ukraine, extends several expiring authorities, and modifies or establishes various programs that address a wide range of policy areas. The bill includes the 12 regular appropriations bills that fund federal agencies for FY2023. Signed by the President on December 29, 2022. PL. 117-169 Inflation Reduction Act of 2022. This act provides funding to HUD for loans and grants. The loans and grants must fund projects that address affordable housing and climate change issues. It also provides funding, which shall remain available through FY2028, for energy and waterbenchmarking of eligible property along with associated data analysis and evaluation at the property. Eligible property includes low-income housingor housing for the elderly or disabled. The act provides funding to the Environmental Protection Agency (EPA) to establish a greenhouse gas reduction fund and to support several programs that provide financial incentives to reduce greenhouse gas emissions and other air pollution emissions. The act extends through 2034 the tax credit for residential clean energy, modifies the phaseout for such credit, and extends the credit to include qualified battery storage technology expenditures. The act modifies the tax deduction for energy-efficient commercial buildings to revise the maximum amount of such deduction and energy efficiency requirements for such buildings. The act extends the new energy-efficient home tax credit through 2032. It increases the credit to allow a $2,500 credit for new homes that meet certain Energy Star efficiency standards and a $5,000 credit for new homes that are certified as zero-energy ready homes and further allows a credit for energy-efficient multifamily dwellings. All Policies related to Tax Reform; all provisions related to the LIHTC, Opportunity Zones, and Average Income Test All policies relating to the Unrelated Business Income Tax (UBIT) All policies relating to the LIHTC in response to the Coronavirus All policies relating to Property Insurance Cost and Coverage All policies relating to Qualified Contracts

H.R.7024 - Tax Relief for American Families and Workers Act of 2024. This bill increases and modifies child tax credit provisions, increases depreciation allowances to promote economic innovation and growth, provides special rules for the taxation of residents of Taiwan with income from U.S. sources, increases tax relief provisions for losses due to natural disasters and wildfires, and increases the low-income housing tax credit ceiling to 12.5% for calendar years 2023-2025. It also lowers the bond-financing threshold to 30% for projects financed by bonds issued before 2026. Introduced in House on Jan. 17, 2024. Public Law No: 118-42. Consolidated Appropriations Act, 2024. This bill provides FY2024 appropriations for several federal departments and agencies. It also extends various expiring programs and authorities, including several public health programs. Specifically, the bill includes 6 of the 12 regular FY2024 appropriations bills: the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2024;the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2024; the Commerce, Justice, Science, and Related Agencies Appropriations Act, 2024;the Energy and Water Development and Related Agencies Appropriations Act, 2024;the Dept. of the Interior, Environment, and Related Agencies Appropriations Act, 2024; and the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act. Signed into Law by President Biden on March 9, 2024. Public Law No: 118-40 (03/01/2024) Extension of Continuing Appropriations and Other Matters Act, 2024, This act provides continuing FY2024 appropriations for federal agencies, modifies the requirements for determining eligibility for federal student aid, and provides additional funding for Federal Pell Grants. The CR provides funding through March 8, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts: USDA, and Related Agencies Appropriations Act, 2023; the DOE and Related Agencies Appropriations Act, 2023; the MilCon, VA and Related Agencies Appropriations Act, 2023; and the THUD, and Related Agencies Appropriations Act, 2023. For most other federal agencies and programs, the CR provides funding through March 22, 2024. (Under the current CR, the first group of agencies is funded through March 1, 2024, and the remaining agencies are funded through March 8, 2024.) Signed into Law by President Biden on March 1, 2024. Public Law No: 118-35 Further Additional Continuing Appropriations and Other Extensions Act, 2024. This act provides continuing FY2024 appropriations for federal agencies. The act also extends several expiring programs and authorities, including several public health programs. The CR provides funding through March 1, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts: USDA, and Related Agencies Appropriations Act, 2023; the DOE and Related Agencies Appropriations Act, 2023; the MilCon, VA and Related Agencies Appropriations Act, 2023; and the THUD, and Related Agencies Appropriations Act, 2023. (Under the current CR, these agencies and programs are funded through January 19, 2024.) For most other federal agencies and programs, the CR provides funding through March 8, 2024. (Under the current CR, these agencies and programs are funded through February 2, 2024.), Signed into Law by President Biden on Jan. 19, 2024. S.3436/H.R.6686: Workforce Housing Tax Credit Act - This bill would help to close this gap by establishing the first-ever middle-income housing tax credit, which is estimated to finance approximately 344,000 affordable rental homes. To qualify for the credit, at least 60% of the buildings units must be occupied by individuals with area median incomes of 100% or less where the rents are restricted to 30% of the designated income. The affordability restrictions would remain in place for up to 15 years after the compliance period (for a total 30-year affordability period). The legislation also provides flexibility so that states can maximize their resources and best meet community housing needs by allowing housing finance agencies to transfer their middle-income allocation to their Low Income Housing Tax Credit (LIHTC) allocation at any time. It also allows buildings to combine the two credits to help make more low-income housing projects financially feasible. PL 118-22: Further Continuing Appropriations and Other Extensions Act, 2024. This act provides continuing FY2024 appropriations for federal agencies. The act also extends several expiring programs and authorities, including programs authorized by the 2018 farm bill and several public health programs. The CR provides funding through January 19, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts: the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2023; the Energy and Water Development and Related Agencies Appropriations Act, 2023; the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2023; and the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2023. For most other federal agencies and programs, the CR provides funding through February 2, 2024. Signed into law by President Biden on November 16, 2023. P.L.118-15: Continuing Appropriations Act, 2024 and Other Extensions Act. This act provides continuing FY2024 appropriations to federal agencies through November 17, 2023, and provides emergency funding for disaster relief. It also extends several expiring programs and authorities, including several Federal Aviation Administration programs, the National Flood Insurance Program, Federal Drug Administration user fees for animal drug applications, and several public health programs. Signed into law by President Biden on Sept. 30, 2023. P.L. 118-5: Fiscal Responsibility Act of 2023. This act increases the federal debt limit, establishes new discretionary spending limits for FY2024 and FY2025, rescinds unobligated funds, expands work requirements for federal programs, and modifies other requirements related to the federal budget process. Signed into law by President Biden on June 3, 2023. S.1389 - Rural Housing Service Reform Act of 2023 - This bill would improve federal rural housing programs, cut red tape, and strengthen the supply of affordable housing; including, fixing a longstanding problem for properties (known as Sec. 515 properties) that were financed by the USDA decades ago and now have maturing mortgages, by making it easier for non-profits to acquire those properties and by decoupling rental assistance so that assistance does not disappear when those mortgages mature. Introduced by U.S. Senators Tina Smith (D-MN) and Mike Rounds (R-SD). S.1557 & H.R.3238 - Affordable Housing Credit Improvement Act of 2023. This bill would support the development of nearly 2 million new affordable homes over the next decade by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit). Introduced by U.S. Representatives Darin LaHood (R-IL) and Suzan DelBene (D-WA), and Senators Maria Cantwell (D-WA) and Todd Young (R-IN). S.1688 & H.R.3507 - Yes In My Backyard Act. This bill requires certain Community Development Block Grant program recipients to submit to HUD information regarding their implementation of certain land-use policies, such as policies for expanding high-density single-family and multifamily zoning. Introduced by U.S. Senators Todd Young (R-IN.) and Brian Schatz (D-HI) and U.S. Representatives Mike Flood (R-NE) and Derek Kilmer (D-WA). S.1257 & HR 3776 - Family Stability and Opportunity Vouchers Act of 2023. This bill would create 250,000 new housing mobility vouchers to allow families to move to areas with greater opportunity. The bill is aimed at improving outcomes for families with young children by increasing access to these vouchers and providing counseling services. Introduced by U.S. Senators Chris Van Hollen (D-MD) and Todd Young (R-IN) and U.S. Representatives Joe Neguse (D -CO) and Brian Fitzpatrick (R-PA). H.R.1087 - DEPOSIT Act The DEPOSIT Act would expand federal support for essential moving costs, like security deposits, for Section 8 voucher holders and other low-income renters. Introduced by Rep. Barbara Lee (D-CA). S.680 - Decent, Affordable, Safe Housing for All (DASH) Act. This bill proposes a generational investment to house all people experiencing homelessness, tackle the housing affordability crisis, and expand homeownership opportunities for young people by creating a new down payment tax credit for first-time homebuyers. Specifically, the bill would: 1. House everyone experiencing homelessness within five years, and prioritize children and families for placement, by issuing them a Housing Choice Voucher; 2. Expand health, child care, financial and nutrition services for families and individuals to stay on a path to unassisted housing stability; 3. Greatly increase the production of deeply affordable housing for families exiting homelessness and for low-income households by investing in effective, efficient existing programs and reforming the tax code to strengthen the Low-Income Housing Tax Credit (LIHTC) to weather the economic fallout from the pandemic, as well as establish a Renter's Tax Credit and Middle- Income Housing Tax Credit (MIHTC); 4. Invest in homeownership in underserved communities and for low-income Americans with new tax credits and downpayment assistance, including a down payment tax credit for first-time homebuyers; and 5. Incentivize environmentally-friendly development strategies and land use policies. Introduced by Sen. Ron Wyden (D-OR). H.R.827 - Home Internet Accessibility Act. This bill would gather information on all federally assisted housing that lacks the capacity to support broadband service and will task HUD with producing an action plan, including retrofitting, to close Internet service gaps across our country. Introduced by Rep. Nikema Williams (D-GA). S.32 - Choice in Affordable Housing Act. This bill establishes programs and grants to incentivize landlord participation in the Housing Choice Voucher program. The bill authorizes HUD to provide one-time incentive payments to landlords, security deposit payments, bonuses to public housing agencies that employ landlord liaisons, and amounts for other recruitment purposes. Additionally, the bill allows dwelling units to meet HCV program inspection requirements by satisfactory inspection through participation in other housing programs. Landlords not yet participating in a low-income housing assistance program may request inspection by a public housing agency to determine whether the dwelling meets requirements prior to selection by a tenant. Finally, HUD must expand the use of an alternative method of calculating fair market rent for purposes of the HCV program. Introduced by Sen. Chris Coons (D-DE). P.L. 117-328: Consolidated Appropriations Act, 2023. This bill provides appropriations to federal agencies for the remainder of FY2023, provides supplemental appropriations for disaster relief and to support Ukraine, extends several expiring authorities, and modifies or establishes various programs that address a wide range of policy areas. The bill includes the 12 regular appropriations bills that fund federal agencies for FY2023. Signed by the President on December 29, 2022. PL. 117-169 Inflation Reduction Act of 2022. This act provides funding to HUD for loans and grants. The loans and grants must fund projects that address affordable housing and climate change issues. It also provides funding, which shall remain available through FY2028, for energy and water benchmarking of eligible property along with associated data analysis and evaluation at the property. Eligible property includes low-income housing or housing for the elderly or disabled. The act provides funding to the Environmental Protection Agency (EPA) to establish a greenhouse gas reduction fund and to support several programs that provide financial incentives to reduce greenhouse gas emissions and other air pollution emissions. The act extends through 2034 the tax credit for residential clean energy, modifies the phaseout for such credit, and extends the credit to include qualified battery storage technology expenditures. The act modifies the tax deduction for energy-efficient commercial buildings to revise the maximum amount of such deduction and energy efficiency requirements for such buildings. The act extends the new energy-efficient home tax credit through 2032. It increases the credit to allow a $2,500 credit for new homes that meet certain Energy Star efficiency standards and a $5,000 credit for new homes that are certified as zero-energy ready homes and further allows a credit for energy-efficient multifamily dwellings. All policies related to the Federal Housing Administration (FHA) financing programs All policies related to the Green and Resilient Retrofit Program All policies related to Resident-Centered Property Management All policies related to the Inflation Reduction Act All policies related to State and Local Fiscal Recovery Funds All policies relating to Center for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS), Notice to Temporary Halt in Residential Evictions To Prevent the Further Spread of COVID-19 All policies relating to the Presidents Executive Order on Fighting the Spread of COVID-19 by Providing Assistance to Renters and Homeowners All policies relating to Depts. of HUD, Treasury, USDA, Homeland Security, SBA, and Labor coronavirus response efforts All policies relating to access to the Paycheck Protection Program (PPP) All policies relating to Depts. of HUD, Treasury, and USDA Disaster Recovery efforts in PDD-areas All policies relating to A Budget for Americas Future - Presidents Budget FY 2021 All policies relating to HUD Real Assessment Estate Center (REAC) and physical inspections All policies relating to Housing Assistance Payments (HAP) All policies relating to Project Rental Assistance (PRACs) All policies relating to Fair Market Rents and Small Area Fair Market Rents All policies relating to HOME Investment Partnership Program All policies relating to Community Development Block Grant All policies relating to HUD Rental Assistance (Housing Choice Vouchers and Project-Based Rental Assistance) Programs All policies relating to USDA-RHS Section 521 Rental Assistance Program, Section 515 Rural Rental Housing, Section 542 Rural Development Voucher, and 538 Guaranteed Rural Rental Housing Program. All policies relating to Management and Occupancy Reviews (MORs) All policies relating to the Rental Assistance Demonstration All policies relating to the Family Self-Sufficiency Program All policies relating to Housing Finance Reform All policies relating to the Housing and Community Development Act of 1980, including Mixed Immigration status of households All policies relating to Lead-Based Paint All Policies related to the White House Announces Interagency Council on Barriers to Affordable Housing All Policies related to the Fair Housing Act All Policies related to the Foster Youth to Independence initiative All Policies related to the Community Development Block Grant - Disaster Recovery (CDBG-DR) All Policies related to the Inadmissibility on Public Charge Grounds Rule All Policies related to Opportunity Zones All Policies related to the coronavirus pandemic All Policies related to the CARES Act implementation All Policies related to Emergency Rental Assistance Program All Policies related to President Biden's Building Back Better Housing-related Initiatives All Policies related to the Emergency Broadband Benefit Program All Policies related to Disaster Recovery All Policies related to the increase in the price of lumber and supply chain disruption and labor market shortages in the housing industry All Policies related to Ending Homelessness, House America Initiative All policies relating to the FY24 and FY25 President Budget Request and Appropriations All policies relating to the Biden-Harris Housing Supply Action All policies relating to a Federal Tenant Bill of Rights All policies relating to Rural Housing Preservation All policies relating to Impersonation Fraud All policies relating to Property Insurance Cost and Coverage

S. 3436, Workforce Housing Tax Credit Act, a bill to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes (entire bill). H.R. 6686, Workforce Housing Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes (entire bill).

Client expense: Not reported · Firm income: $40,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S.3436/H.R.6686: Workforce Housing Tax Credit Act - This bill would help to close this gap by establishing the first-ever middle-income housing tax credit, which is estimated to finance approximately 344,000 affordable rental homes. To qualify for the credit, at least 60% of the buildings units must be occupied by individuals with area median incomes of 100% or less where the rents are restricted to 30% of the designated income. The affordability restrictions would remain in place for up to 15 years after the compliance period (for a total 30-year affordability period). The legislation also provides flexibility so that states can maximize their resources and best meet community housing needs by allowing housing finance agencies to transfer their middle-income allocation to their Low Income Housing Tax Credit (LIHTC) allocation at any time. It also allows buildings to combine the two credits to help make more low-income housing projects financially feasible. PL 118-22: Further Continuing Appropriations and Other Extensions Act, 2024. This act provides continuing FY2024 appropriations for federal agencies. The act also extends several expiring programs and authorities, including programs authorized by the 2018 farm bill and several public health programs. The CR provides funding through January 19, 2024, for agencies and programs that were funded in the following four FY2023 appropriations acts: the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2023; the Energy and Water Development and Related Agencies Appropriations Act, 2023; the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2023; and the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2023. For most other federal agencies and programs, the CR provides funding through February 2, 2024. Signed into law by President Biden on November 16, 2023. P.L.118-15: Continuing Appropriations Act, 2024 and Other Extensions Act. This act provides continuing FY2024 appropriations to federal agencies through November 17, 2023, and provides emergency funding for disaster relief. It also extends several expiring programs and authorities, including several Federal Aviation Administration programs, the National Flood Insurance Program, Federal Drug Administration user fees for animal drug applications, and several public health programs. Signed into law by President Biden on Sept. 30, 2023. P.L. 118-5: Fiscal Responsibility Act of 2023. This act increases the federal debt limit, establishes new discretionary spending limits for FY2024 and FY2025, rescinds unobligated funds, expands work requirements for federal programs, and modifies other requirements related to the federal budget process. Signed into law by President Biden on June 3, 2023. S.1389 - Rural Housing Service Reform Act of 2023 - This bill would improve federal rural housing programs, cut red tape, and strengthen the supply of affordable housing; including, fixing a longstanding problem for properties (known as Sec. 515 properties) that were financed by the USDA decades ago and now have maturing mortgages, by making it easier for non-profits to acquire those properties and by decoupling rental assistance so that assistance does not disappear when those mortgages mature. Introduced by U.S. Senators Tina Smith (D-MN) and Mike Rounds (R-SD). S.1557 & H.R.3238 - Affordable Housing Credit Improvement Act of 2023. This bill would support the development of nearly 2 million new affordable homes over the next decade by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit). Introduced by U.S. Representatives Darin LaHood (R-IL) and Suzan DelBene (D-WA), and Senators Maria Cantwell (D-WA) and Todd Young (R-IN). S.1688 & H.R.3507 - Yes In My Backyard Act. This bill requires certain Community Development Block Grant program recipients to submit to HUD information regarding their implementation of certain land-use policies, such as policies for expanding high-density single-family and multifamily zoning. Introduced by U.S. Senators Todd Young (R-IN.) and Brian Schatz (D-HI) and U.S. Representatives Mike Flood (R-NE) and Derek Kilmer (D-WA). S.1257 & HR 3776 - Family Stability and Opportunity Vouchers Act of 2023. This bill would create 250,000 new housing mobility vouchers to allow families to move to areas with greater opportunity. The bill is aimed at improving outcomes for families with young children by increasing access to these vouchers and providing counseling services. Introduced by U.S. Senators Chris Van Hollen (D-MD) and Todd Young (R-IN) and U.S. Representatives Joe Neguse (D -CO) and Brian Fitzpatrick (R-PA). H.R.1087 - DEPOSIT Act The DEPOSIT Act would expand federal support for essential moving costs, like security deposits, for Section 8 voucher holders and other low-income renters. Introduced by Rep. Barbara Lee (D-CA). S.680 - Decent, Affordable, Safe Housing for All (DASH) Act. This bill proposes a generational investment to house all people experiencing homelessness, tackle the housing affordability crisis, and expand homeownership opportunities for young people by creating a new down payment tax credit for first-time homebuyers. Specifically, the bill would: 1. House everyone experiencing homelessness within five years, and prioritize children and families for placement, by issuing them a Housing Choice Voucher; 2. Expand health, child care, financial and nutrition services for families and individuals to stay on a path to unassisted housing stability; 3. Greatly increase the production of deeply affordable housing for families exiting homelessness and for low-income households by investing in effective, efficient existing programs and reforming the tax code to strengthen the Low-Income Housing Tax Credit (LIHTC) to weather the economic fallout from the pandemic, as well as establish a Renter's Tax Credit and Middle- Income Housing Tax Credit (MIHTC); 4. Invest in homeownership in underserved communities and for low-income Americans with new tax credits and downpayment assistance, including a down payment tax credit for first-time homebuyers; and 5. Incentivize environmentally-friendly development strategies and land use policies. Introduced by Sen. Ron Wyden (D-OR). H.R.827 - Home Internet Accessibility Act. This bill would gather information on all federally assisted housing that lacks the capacity to support broadband service and will task HUD with producing an action plan, including retrofitting, to close Internet service gaps across our country. Introduced by Rep. Nikema Williams (D-GA). S.32 - Choice in Affordable Housing Act. This bill establishes programs and grants to incentivize landlord participation in the Housing Choice Voucher program. The bill authorizes HUD to provide one-time incentive payments to landlords, security deposit payments, bonuses to public housing agencies that employ landlord liaisons, and amounts for other recruitment purposes. Additionally, the bill allows dwelling units to meet HCV program inspection requirements by satisfactory inspection through participation in other housing programs. Landlords not yet participating in a low-income housing assistance program may request inspection by a public housing agency to determine whether the dwelling meets requirements prior to selection by a tenant. Finally, HUD must expand the use of an alternative method of calculating fair market rent for purposes of the HCV program. Introduced by Sen. Chris Coons (D-DE). P.L. 117-328: Consolidated Appropriations Act, 2023. This bill provides appropriations to federal agencies for the remainder of FY2023, provides supplemental appropriations for disaster relief and to support Ukraine, extends several expiring authorities, and modifies or establishes various programs that address a wide range of policy areas. The bill includes the 12 regular appropriations bills that fund federal agencies for FY2023. Signed by the President on December 29, 2022. PL. 117-169 Inflation Reduction Act of 2022. This act provides funding to HUD for loans and grants. The loans and grants must fund projects that address affordable housing and climate change issues. It also provides funding, which shall remain available through FY2028, for energy and water benchmarking of eligible property along with associated data analysis and evaluation at the property. Eligible property includes low-income housing or housing for the elderly or disabled. The act provides funding to the Environmental Protection Agency (EPA) to establish a greenhouse gas reduction fund and to support several programs that provide financial incentives to reduce greenhouse gas emissions and other air pollution emissions. The act extends through 2034 the tax credit for residential clean energy, modifies the phaseout for such credit, and extends the credit to include qualified battery storage technology expenditures. The act modifies the tax deduction for energy-efficient commercial buildings to revise the maximum amount of such deduction and energy efficiency requirements for such buildings. The act extends the new energy-efficient home tax credit through 2032. It increases the credit to allow a $2,500 credit for new homes that meet certain Energy Star efficiency standards and a $5,000 credit for new homes that are certified as zero-energy ready homes and further allows a credit for energy-efficient multifamily dwellings. All policies related to the Federal Housing Administration (FHA) financing programs All policies related to the Green and Resilient Retrofit Program All policies related to Resident-Centered Property Management All policies related to the Inflation Reduction Act All policies related to State and Local Fiscal Recovery Funds All policies relating to Center for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS), Notice to Temporary Halt in Residential Evictions To Prevent the Further Spread of COVID-19 All policies relating to the Presidents Executive Order on Fighting the Spread of COVID-19 by Providing Assistance to Renters and Homeowners All policies relating to Depts. of HUD, Treasury, USDA, Homeland Security, SBA, and Labor coronavirus response efforts All policies relating to access to the Paycheck Protection Program (PPP) All policies relating to Depts. of HUD, Treasury, and USDA Disaster Recovery efforts in PDD-areas All policies relating to A Budget for Americas Future - Presidents Budget FY 2021 All policies relating to HUD Real Assessment Estate Center (REAC) and physical inspections All policies relating to Housing Assistance Payments (HAP) All policies relating to Project Rental Assistance (PRACs) All policies relating to Fair Market Rents and Small Area Fair Market Rents All policies relating to HOME Investment Partnership Program All policies relating to Community Development Block Grant All policies relating to HUD Rental Assistance (Housing Choice Vouchers and Project-Based Rental Assistance) Programs All policies relating to USDA-RHS Section 521 Rental Assistance Program, Section 515 Rural Rental Housing, Section 542 Rural Development Voucher, and 538 Guaranteed Rural Rental Housing Program. All policies relating to Management and Occupancy Reviews (MORs) All policies relating to the Rental Assistance Demonstration All policies relating to the Family Self-Sufficiency Program All policies relating to Housing Finance Reform All policies relating to the Housing and Community Development Act of 1980, including Mixed Immigration status of households All policies relating to Lead-Based Paint All Policies related to the White House Announces Interagency Council on Barriers to Affordable Housing All Policies related to the Fair Housing Act All Policies related to the Foster Youth to Independence initiative All Policies related to the Community Development Block Grant - Disaster Recovery (CDBG-DR) All Policies related to the Inadmissibility on Public Charge Grounds Rule All Policies related to Opportunity Zones All Policies related to the coronavirus pandemic All Policies related to the CARES Act implementation All Policies related to Emergency Rental Assistance Program All Policies related to President Biden's Building Back Better Housing-related Initiatives All Policies related to the Emergency Broadband Benefit Program All Policies related to Disaster Recovery All Policies related to the increase in the price of lumber and supply chain disruption and labor market shortages in the housing industry All Policies related to Ending Homelessness, House America Initiative All policies relating to the FY24 President Budget Request and Appropriations All policies relating to the Biden-Harris Housing Supply Action All policies relating to a Federal Tenant Bill of Rights All policies relating to Rural Housing Preservation All policies relating to Impersonation Fraud All policies relating to Property Insurance Cost and Coverage

S.3436/H.R.6686: Workforce Housing Tax Credit Act - This bill would help to close this gap by establishing the first-ever middle-income housing tax credit, which is estimated to finance approximately 344,000 affordable rental homes. To qualify for the credit, at least 60% of the buildings units must be occupied by individuals with area median incomes of 100% or less where the rents are restricted to 30% of the designated income. The affordability restrictions would remain in place for up to 15 years after the compliance period (for a total 30-year affordability period). The legislation also provides flexibility so that states can maximize their resources and best meet community housing needs by allowing housing finance agencies to transfer their middle-income allocation to their Low Income Housing Tax Credit (LIHTC) allocation at any time. It also allows buildings to combine the two credits to help make more low-income housing projects financially feasible. S.722/H.R.1477 - Freedom To Invest in Tomorrow's Workforce Act. This bill would expand eligible uses of tax-favorable 529 savings plans to cover costs associated with workforce training and credentialing programs, such as professional certifications. This bill would provide valuable tax-advantaged resources for workers who pursue career growth, mid-career changes or alternative career pathways. Introduced by Representatives Robert Wittman (R-VA) & Rep. Abigail Spanberger (D-VA) and Senators Amy Klobuchar (D-MN) and Mike Braun (R-IN). S.1557/H.R.3238 - Affordable Housing Credit Improvement Act of 2023. This bill would support the development of nearly 2 million new affordable homes over the next decade by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit). Introduced by U.S. Representatives Darin LaHood (R-IL) and Suzan DelBene (D-WA), and Senators Maria Cantwell (D-WA) and Todd Young (R-IN). S.680 - Decent, Affordable, Safe Housing for All (DASH) Act. This bill proposes a generational investment to house all people experiencing homelessness, tackle the housing affordability crisis, and expand homeownership opportunities for young people by creating a new down payment tax credit for first-time homebuyers. Specifically, the bill would: 1. House everyone experiencing homelessness within five years, and prioritize children and families for placement, by issuing them a Housing Choice Voucher; 2. Expand health, child care, financial and nutrition services for families and individuals to stay on a path to unassisted housing stability; 3. Greatly increase the production of deeply affordable housing for families exiting homelessness and for low-income households by investing in effective, efficient existing programs and reforming the tax code to strengthen the Low-Income Housing Tax Credit (LIHTC) to weather the economic fallout from the pandemic, as well as establish a Renter's Tax Credit and Middle- Income Housing Tax Credit (MIHTC); 4. Invest in homeownership in underserved communities and for low-income Americans with new tax credits and downpayment assistance, including a down payment tax credit for first-time homebuyers; and 5. Incentivize environmentally-friendly development strategies and land use policies. Introduced by Sen. Ron Wyden (D-OR). P.L. 117-328: Consolidated Appropriations Act, 2023, This bill provides appropriations to federal agencies for the remainder of FY2023, provides supplemental appropriations for disaster relief and to support Ukraine, extends several expiring authorities, and modifies or establishes various programs that address a wide range of policy areas. The bill includes the 12 regular appropriations bills that fund federal agencies for FY2023. Signed by the President on December 29, 2022. PL. 117-169 Inflation Reduction Act of 2022. This act provides funding to HUD for loans and grants. The loans and grants must fund projects that address affordable housing and climate change issues. It also provides funding, which shall remain available through FY2028, for energy and waterbenchmarking of eligible property along with associated data analysis and evaluation at the property. Eligible property includes low-income housingor housing for the elderly or disabled. The act provides funding to the Environmental Protection Agency (EPA) to establish a greenhouse gas reduction fund and to support several programs that provide financial incentives to reduce greenhouse gas emissions and other air pollution emissions. The act extends through 2034 the tax credit for residential clean energy, modifies the phaseout for such credit, and extends the credit to include qualified battery storage technology expenditures. The act modifies the tax deduction for energy-efficient commercial buildings to revise the maximum amount of such deduction and energy efficiency requirements for such buildings. The act extends the new energy-efficient home tax credit through 2032. It increases the credit to allow a $2,500 credit for new homes that meet certain Energy Star efficiency standards and a $5,000 credit for new homes that are certified as zero-energy ready homes and further allows a credit for energy-efficient multifamily dwellings. All Policies related to Tax Reform; all provisions related to the LIHTC, Opportunity Zones, and Average Income Test All policies relating to the Unrelated Business Income Tax (UBIT) All policies relating to the LIHTC in response to the Coronavirus All policies relating to Property Insurance Cost and Coverage All policies relating to Qualified Contracts

1. H.R. 6686 / S. 3436 - Workforce Housing Tax Credit (WHTC) Act 2. H.R. 6833 - Improve and Enhance the Work Opportunity Tax Credit Act

Client expense: $75,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE