Travelogue | Housing Credit Connect 2023 | Day 5 - Summary

 A message from our CEO afte the NCSHA Housing Credit Connect conference in Seattle Washington. 

"Hello, my friends. I got in at three in the morning on Saturday after the Housing Credit Connect conference. So I apologize I didn't post over the weekend, but I have a little break here. I am at Costello's Brooks studio here in Sioux Falls on a bit of a break, and I thought I would just kind of do a wrap up here of the Housing Credit Credit Connect travelogue. Now, I have to say that although travel ended up being a long ordeal, that it was all worth it, worth it. Now, the last half day, there was a Washington update, which I have to say was fascinating, especially as we track the progression through Congress of the new Affordable Housing Credit Improvement Act, it's fascinating to hear some of those details. I know, it seems like one more change this year, right! But if that passes, it will be one of the more significant changes to the tax credit program. We'll just add it to HOTMA, NSPRE, VAWA, etc. But I think that we can handle it closely..and I think professional, excuse me, handle it well, and that we will be watching very closely to see if this legislation comes to reality.
Now the final thing, the final session of the conference was a roundtable that I got a chance to participate in. And no surprise here - HOTMA was a very big topic as part of that, and a surprising amount of time on smoke detectors. Who knew, but it was a lively discussion, and certainly, I think really helped kept the conference nicely. Now as far as an overview of the conference and what I walked away from. First of all, when it comes to the Average Income Test, I heard that the IRS built flexibility into their new regulation, and they want it to be used. And so, the ball is now in the court of state agencies. And I heard there at the conference, that many state agencies want to make practical AIT regulations that will work for their states. So although they deal with policy considerations and other concerns, I think I'm looking to many states to come up with workable AIT policies. As far as HOTMA goes. Well, we've got a long way to go in a very short period of time, but the states are very engaged in HOTMA and education, figuring out what that's going to mean for their state. So that was very encouraging to see. NSPIRE. Now, January is kind of when it first came to the public's attention, for many people, that inspire would be potentially be affecting the tax credit program. The IRS did confirm to me informally, verbally that yes, indeed, that inspire will apply to the tax credit program. And I think we have a higher comfort level than we had in January. So that was good to see as we move forward into the NSPIRE era. One interesting point, though, is the IRS suspects maybe that we could implement inspire for tax purposes, January 1 2024. And the reason behind that is, of course, the whole compliance monitoring cycle that states monitor and report via form 8610 is a calendar year. So it would make sense perhaps to switch at that point, we'll see how that goes in those discussions as they continue. Finally, VAWA, the Violence Against Women Act, the other thing I was going to look very closely at and I saw commitment to the Violence Against Women Act, some touching stories were shared. And I really honestly think that, as we enter into an era where the need to comply with VAWA is stronger than ever, we also realize it's important in terms of people.
Now finally, the last thing, I just want to comment on is how much fun I had, it was so nice to connect with, have meals with, deep, geeky conversations with attendees and vendors at the conference. I heartily recommend it. In fact, I suggest you get out your calendar, it's June 10 through 13th of 2024 at Atlanta, Georgia, which is easier for many people in the country to get to. So I highly recommend that you reserve your dates and consider joining us in person if you weren't able to do so in Seattle. All right. Well, that's all the time I'm going to take of yours today we're going to complete this trips travellogue with this post. Until the Compliance Summit in October of 2023 - coming up here - we'll close off our travelogues. All right. Thank you. Bye!"

- Scott Micael Dunn | CEO costello Compliance 

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