Veterans Housing Preference Relief

The Internal Revenue Service (IRS) has issued Revenue Procedure 2019-17, providing guidance regarding the general public use requirements for qualified residential rental projects financed with tax-exempt bonds under § 142(d) of the Internal Revenue Code. The guidance clarifies that projects with units that are reserved for or for which preferences are provided to members of specified groups (such as veterans) could qualify for tax-exempt bond financing.  NABL and other industry groups have been requesting this clarification either through action by the IRS or through legislation from Capitol Hill. Specifically, a working group comprised of members of NABL’s Tax Law Committee drafted a letter we sent to the IRS on December 20, 2018.

On Capitol Hill, this advocacy resulted in a bipartisan group of six U.S. Senators sending a letter to the IRS requesting clarification that the public use requirement for tax-exempt private activity bonds that finance multifamily housing can be applied to preferences for military veterans.  NABL thanks The Department of the Treasury and the IRS for their work on this very important clarification, which will permit veterans’ housing projects across the United States to use municipal bonds for their financing.  NABL members can login and read the full NABLNet Alert here.

NABL Launches Specialized Communities

 NABL has launched five new communities for members to participate and interact within NABL Connect, the members-only online community. In addition to the General Membership Community, members can opt to join one or more of the new specialized communities: Governmental Affairs, Issuer’s Counsel, Paralegal, Solo Practitioners/Small Firm, and Young Attorneys/New to Bond Law. Log into NABL Connect and get involved in the discussions!

 

NABL Releases 2018 Annual Report 

Take a few minutes to look back at NABL’s accomplishments in the 2018 Annual Report. It includes an executive summary from the 2017-18 President Alexandra M. MacLennan, a rundown of the 2018 committee projects, a synopsis of the conferences and educational events, and a look at NABL’s future from 2018-2019 President Dee P. Wisor. NABL appreciates all its members, volunteers, and sponsors who support the association’s vision and the continued growth of the public finance industry.