CDFIs
2023
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01.20
Guidance: CECL Standard for CDFIs
The long-awaited Current Expected Credit Losses (CECL) Standard, Accounting Standards Update 2016-13 – Financial Instruments-Credit Losses (Topic 326) will be effective for nonpublic business entities and not-for-profit entities for fiscal years beginning after December 15, 2022. This means CECL will be effective for the calendar year 2023 reporting period and fiscal year 2024 for off-year […]
2022
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12.22
Affordable Housing Sponsors Approaching LIHTC Property Transitions
The Low-Income Housing Tax Credit (LIHTC) program, enacted in 1987, has been paramount for financing the construction and rehabilitation of properties in low-income communities. The credits are claimed by the investor over a period of 10 years, with a 15-year Federal compliance period. Additionally, there is an overall 30-year restricted use-period with the state housing […]
2021
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01.06
Year-End Bill Impacts Community & Economic Development Industry
AAFCPAs would like to make clients aware that the Consolidated Appropriations Act, 2021 (The Act), signed by the President on December 27th, contains several provisions impacting the Community & Economic Development Industry. We have outlined the key provisions below, for your convenience. Low-Income Housing Tax Credit 4% Permanent The Act makes permanent the floor rate […]
2020
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11.18
IRS Proposes LIHTC Average Income Test Regulations
On October 30, 2020 the IRS published a proposed rule for the low-income housing tax credit (LIHTC) average income (AI) test regulations. The proposed rule provides that if a project has multiple over-income units, it would not need to meet the next-available-unit rule in any particular order. This proposed rule also provides some flexibility in […]