Feb 02, 2018
Latest news and articles from AAHA.
We are excited to announce today that Quinn Gormley has joined Tidwell Group as a partner, and as a leader in our Austin based consulting group. Quinn will prove to be a valuable asset as we continue to grow our consulting services by growing and training people in all offices in these value add services.
Quinn provides 25 years of experience in commercial real estate development, which has been principally focused on affordable housing, tax-oriented investments and economic development. He has extensive practice in structured financing including conventional and tax-exempt revenue bond transactions. Quinn was the Director of Real Estate Consulting at CohnReznick and previously supervised all multifamily housing efforts of one of the top ENR rated construction firms in the nation.
Quinn has served as Vice President of Real Estate for one of the nation’s largest community development banks, originated LIHTC investments for two nationally recognized syndication firms and served as the rental programs manager for the state of Arizona. He holds a Bachelor of Science degree in Business Administration from the University of Phoenix and has been certified as a Real Estate Development Finance Professional by the National Development Council.
Additionally, Quinn is a veteran of the United States Marine Corps. Outside the office, he continues to take an active role in veteran service initiatives. He also acts as an advisor to several non-profit corporations and serves on civic advisory boards. Through his diverse experience within the industry, he has successfully provided multi-level oversight on the development of more [...]
The recent government shutdown and the potential for another in just a few weeks have left many wondering whether Members of Congress can accomplish much, if anything, before turning their focus to the November elections. While that may turn out to be the case, we are not leaving anything to chance. We are working hard to be ready whenever any potential vehicle for our affordable housing agenda might emerge. In that regard, we wanted to update you on some recent developments of interest to the industry.
As we reported earlier, our House affordable housing champion Rep. Pat Tiberi (R-OH) announced last October that he would leave Congress this January to head up the Ohio Business Roundtable, which he did on January 15. Rep. Tiberi will be greatly missed by the affordable housing community, but we wish him all the best in his new endeavor and thank him for his superb leadership and tenacious advocacy on our behalf. Rep. Tiberi’s political know-how and keen intuition kept us in good stead over the years — particularly during the recent tax reform effort. Without his guidance and persistence, the LIHTC and private activity bonds might have been left on the cutting room floor. We also appreciate the dedication of Rep. Tiberi’s staff, and especially want to thank Whitney Daffner and Brad Bailey for their commitment and hard work on behalf of affordable housing.
Over the past few months, Rep. Tiberi has been working hard to ensure that [...]
Media Contact Robert K. Boot 205.271.5553 marcom@TidwellGroup.com
Birmingham, AL – Tidwell Group announces new partners Todd Fentress, Aram Moore and Kevin Allmandinger as they expand into Columbus.
2017’s fastest-growing CPA Firm, Tidwell Group, is proud to announce the opening of its Columbus, Ohio office. With this expansion into Columbus, Tidwell Group welcomes three new partners to their team.
In January 2018, Todd Fentress, CPA, joined Tidwell Group as the Office Managing Partner. Todd’s addition to the team brings a level of expertise in the affordable housing industry that will provide an unsurpassed value to the clients served. His history of helping clients develop some of the most significant real estate projects in the Midwest, coupled with his experience consulting with Federal and State government sponsored programs, makes Tidwell Group the go-to source for affordable housing services in the Midwest.
Aram Moore, CPA, joins Tidwell Group as a Partner and brings his nearly 20-year successful track record of exceeding the expectations of his clients and their team members. His expertise with low-income housing and historic tax credit programs, along with his tremendous understanding of federal and state governmental housing agency regulatory requirements, makes his addition to the team invaluable.
Kevin Allmandinger, CPA, also joined as Partner and brings over 30 years of real estate related experience in the public accounting industry, to Tidwell Group’s valued clients. His experience performing and reviewing audit work for Rural Development, HUD and low income housing projects, along with 12 years of experience as Treasurer for a large construction, development [...]
The deadline for submitting applications has expired. Awards will be announced at our upcoming annual conference in May.2018 MOTY Nominations Form is Now Available
In today’s Federal Register, the Department of Housing & Urban Development published a Notice that establishes operating cost adjustment factors (OCAFs) for Section 8 project-based rental assistance contracts with an anniversary date on or after February 11, 2018. As you know, OCAFs are annual factors used primarily to adjust the rents for contracts renewed under section 515 or section 524 of Multifamily Assisted Housing Reform and Affordability Act of 1997.
The 2018 OCAFs range anywhere from .09 percent (Hawaii) to 2.9 percent (Alaska). For most states, the OCAFs are between 1.5 and 2.2 percent.
If you have any questions, please contact the CARH national office at email@example.com or 703-837-9001.Don’t miss CARH’s 2018 Midyear Meeting January 22-24, 2018, at the Westin Verasa Napa, California!
November 7, 2017
A lot of people really think we have a mess in Washington DC. A Gallup survey released this past September showed that only 14% of Americans approve of the way Congress is doing its job. Gallup’s daily reading of the president’s job-approval rating was posted last month at 33%. The public seems to avoid staying current on the various machinations and sausage-making in the Capitol, primarily because it sounds like a lot of noise to many. But when it comes to reforming the tax code, and putting more or less income in the pockets of Americans, everyone takes notice.
Last week, the House Republicans offered up their plan for reforming the code with a major cut in corporate tax rate from 35% to 20%, and were still meeting through the weekend to trim up many of the provisions. Ways and Means Chairman Kevin Brady expects to have his plan finalized this week. Cutting the corporate tax rate so dramatically comes with a $1.5 trillion price tag. The affordable housing industry has seen both promise and severe disappointment within the House plan; the initial framework retained the Low Income Housing Tax Credit, but proposed to eliminate private activity bonds which fuels 50% of the current production annually. There is no doubt, without the bond financing the industry,a catastrophe looms at a time when an estimated 25 million families and seniors are paying more than 50% of their monthly income in rent.
The Republican Senate tax writers are not far behind [...]
Rural Housing Service Multifamily Housing Program Requirements to Reduce Financial Reporting Requirements
In the October 25th Federal Register, the Rural Housing Service published a Final Rule (Rule) entitled, “Multi-Family Housing Program Requirements to Reduce Financial Reporting Requirements.” The rule modifies the Agency’s Section 515/514 financial reporting requirements and will become effective on November 24th.
The Rule updates Rural Development’s (RD) Multi-Family Housing (MFH) financial reporting requirements to establish risk thresholds (an OIG recommendation), align requirements with HUD (a White House Rental Policy Working Group initiative), and reduce program operating costs to RD and its borrowers. The goal of these changes is to help small project borrowers with saving costs associated with certain financial reporting. RD would expect that cost reduction to be reflected in a reduction of rent subsidy for Section 521 Rental Assistance. The Rule also updates reporting requirements to current AICPA requirements.
The Rule changes will be OPTIONAL in Fiscal Year (FY) 2018, as proposed budgets have been submitted, but will be MANDATORY starting in FY 2019.
The Rule removes RD requirements for an engagement that examines records using agreed upon procedures (AUPs) established by RD as part of the annual financial reporting requirements. If owners have not contracted for these services (AUPs) for their FY 2017 Actuals, RD will waive this requirement for FY 2017. New construction Section 514 and 515 properties are still subject to agreed upon cost certification procedures.
Non-profit borrowers that receive less than $750,000 in assistance and [...]
Yesterday evening, the Senate, by a 51-49 vote, passed a Fiscal Year (FY) 2018 budget. A last minute amendment by Senate Budget Committee Chairman Mike Enzi (R-WY) adopting technical and procedural language from the House budget, may make the bill acceptable enough to House Republicans to avoid a conference committee between the House and Senate and allow the House to simply pass the Senate resolution.
Senator Enzi’s amendment ensured that the only reconciliation instruction applicable to the House is for the House Ways and Means Committee to overhaul the tax code. It also includes instructions that will allow the plan to avoid a Democratic filibuster.
The Senate adopted budget is an amendment to the House adopted budget. The House could take up and adopt the bill as early as next week, setting the stage in the reconciliation process where the Ways and Means Committee will mark up a tax overhaul with the goal of passing it and sending it to the Senate.
The budget would allow the Senate GOP’s tax plan to add up to $1.5 trillion to the deficit over a decade and instructs the Senate Finance Committee to report a tax bill by November 13th. The budget maintains spending at FY 2017 levels, but would then cut non-defense spending in subsequent years, leading to a $106 billion cut in 2027.
Final discretionary spending levels that will fund the government in FY 2018 will still have to be negotiated between Congressional Republicans, Democrats, and the White [...]
To view this in your web browser or to share via social media or email, click here.Registration is Now Open for 2017 Annual Affordable Housing Conference
CohnReznick’s Annual Affordable Housing Conference brings together the leading developers (not-for-profit and for-profit), investors, and agencies/housing authorities active in providing affordable housing throughout the country. We will be showcasing and educating attendees on successful projects that expand beyond the traditional housing model through tax credit financing. Innovative connections, such as with healthcare, can help strengthen and uplift housing efforts. It is within that spirit of new opportunities that this year’s conference will focus.
Primary areas of discussion will include the intersection of housing and healthcare including the success it is having when developers partner with hospitals and healthcare providers. The successes of supportive services, such as education in addition to healthcare, will be highlighted in addition to other business aspects developers and investors are facing in affordable housing, the LIHTC program, and the future of housing in America
On Wednesday, July 12, the full House Appropriations Committee favorably reported to the full House of Representatives, the Fiscal Year (FY) 2018 Agriculture Appropriations bill. Similarly on Tuesday, July 11, the Transportation and Department of Housing and Urban Development (THUD) Appropriations Subcommittee voted to report its version of the THUD Appropriations bill for FY 2018 to the full House Appropriations Committee. A vote at full Committee on this funding bill is expected on Monday, July 17. The Senate Appropriations Subcommittees are expected to begin consideration of their versions of various funding bills next week.
In terms of funding for Rural Development (RD) programs, the House Committee essentially ignored the Administration’s proposed budget for FY 2018. (See attached appropriations chart.) The Committee did agree with the Administration’s request to fund the Section 521 Rental Assistance (RA) program at the budget request of $1.345 billion, a reduction of $60 million from the FY 2017. The justification for this reduction is that RD does not need that sum in the upcoming fiscal year. The Committee explains that RD has been using monies in one fiscal year to renew contracts in the first quarter of the next fiscal year, which is referred to as “forward funding.” This practice was used during the last year to ensure that RA is available should Congress not pass a full year appropriations bill prior to the beginning of the new fiscal year. While CARH certainly understands [...]