In March, Congress passed HR 1625, or the 2018 Omnibus Spending Bill. This bill brought about many important changes for the affordable housing community and funds the Federal Government for the remainder of the 2018 fiscal year. Here we breakdown three key features of the bill.
Love Funding’s Senior Director, Holly Bray, spoke with Tax Credit Advisors about the bill’s impacts on affordable housing. In Cash Gill’s article, “Climb on Board the Omnibus,” Holly highlights the benefits this bill will have on the RAD program, and specifically with Section 202 PRAC properties.
“In addition to the increase for the first component, the Omnibus expands the eligibility requirements for the second component by including 202 PRAC properties. The PRAC properties have been difficult to reposition because the subsidy does not take into account debt service. This change will allow a 202 owner to convert the PRAC into a longterm PBRA or PBV.”
The Love Funding team is excited about the opportunities this bill brings to the affordable housing community. To learn more about financing for affordable housing, be sure to speak with one of our knowledgeable experts today!