Thursday, May 17, 2012

January 2012 RE News

rubinbrown-realestate
JANUARY 2012

This newsletter is published by RubinBrown’s
Real Estate Services Group to inform our clients and contacts about
relevant industry updates, legislation and accounting information.

HUD Releases FY 2012 Income Limits

 The U.S. Department of Housing and Urban Development issued its income limits for the 2012 fiscal year.  The income limits are used to determine tenant qualification levels and maximum rental rates for low income housing tax credit and tax-exempt bond projects. 

To access the new income limits, please click here.

   

IRS Publishes Final Rules on New Markets Tax Credit Targeted Populations

The IRS has finalized its rulings on how an entity serving certain target populations can meet the criteria to be a qualified active low-income community business under the New Markets Tax Credit program.  Effective December 5, 2011, the regulations don’t expand the definition of targeted populations but do provide clarifications regarding the targeted population rules. 

For the complete set of regulations, please click here.

   

Obama Administration Issues November Housing Scorecard

HUD and the Treasury released the November Housing Scorecard, a comprehensive report on the housing market.  This month’s report included assessments on the 10 largest mortgage servicers participating in the Making Home Affordable Program. 

To see the complete report, please click here.
   

U.S Treasury Updates Questions on Section 1603 Rules

The Department of Treasury has updated its frequently asked questions related to Section 1603 programs.  The new information includes discussions regarding the beginning of construction for projects under the Section 1603 program, including rules surrounding safe harbor and changes of ownership after safe harbor is met.

For further details, click here.

 

   

ST. LOUIS
Bryan Keller, CPA

Partner-in-Charge
Real Estate Services Group
314.290.3341
bryan.keller@rubinbrown.com

KANSAS CITY
Glenn Henderson, CPA, CFP

Partner
Real Estate Services Group
913.499.4429
glenn.henderson@rubinbrown.com

DENVER
Frank Seffinger, CPA, LL.B., LL.M.

Partner
Real Estate Services Group
303.952.1240
frank.seffinger@rubinbrown.com

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