Trump’s proposed corporate tax rate changes said to stifle funding for affordable housing

Proposed changes to the corporate tax rates have stymied funding for affordable housing, according to a California housing executive.

The Trump Administration has vowed to lower taxes for businesses, and this stance has caused a halt since December 2016 in the issuance of letters of intent from major investors in affordable housing. About 90% of affordable rental housing projects stem from the federal Low-Income Housing Tax Credit (LIHTC).

This program encourages the investment of private equity in the development of affordable rental housing for low-income households through tax incentives. With the uncertain impacts of tax reform, big banks are currently reluctant to commit to specific deals.

Some are calling on Congress to protect the LIHTC and increase the allocation of credits to prevent an affordable housing crisis from getting worse.

Effective January 1, 2022, New York City requires garage owners to retain a specially designated professional engineer to conduct an assessment and file a report at least once every six years. Hoffmann Architects + Engineers offers tips and best practices on how to comply with NYC Local Law 126 parking garage inspection rules.

Mixed-Use | Oct 20, 2022

ROI on resilient multifamily construction can be as high as 72%

A new study that measured the economic value of using FORTIFIED Multifamily, a voluntary beyond-code construction and re-roofing method developed by the Insurance Institute for Business & Home Safety (IBHS), found the return can be as high as 72%.

Building Team | Oct 18, 2022

Brasfield & Gorrie chairman’s home vandalized by anti-development activists

Activists vandalized the home and vehicles of Miller Gorrie, chairman of Birmingham-based Brasfield & Gorrie, in protest of a planned $90 million, 85-acre police, fire and public safety training center in Atlanta.

Codes and Standards | Oct 17, 2022

Ambitious state EV adoption goals put pressure on multifamily owners to provide chargers

California’s recently announced ban on the sale of new gas-powered vehicles starting in 2035—and New York’s recent decision to follow suit—are putting pressure on multifamily property owners to install charging stations for tenants.

| Oct 13, 2022

Boston’s proposed net-zero emissions code has developers concerned

Developers have raised serious concerns over a proposed new energy code by the City of Boston that would require newly constructed buildings over 20,000 sf to immediately hit net-zero emissions goals.