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GettyImages-1440479644-1-300x221Legislation was recently introduced to the U.S. Senate and House of Representatives proposing the creation of the first-ever Workforce Housing Tax Credit (WHTC) for middle-income housing developments.

Similar to the existing Low-Income Housing Tax Credit (LIHTC), the WHTC would provide additional federal income tax credits to housing development projects for tenants making between 60% and 100% of Area Median Income (AMI). The allocation of WHTC would be based on a competitive bid process and awarded to developments over a 15-year credit period (as opposed to a 10-year credit period for LIHTC). Developments receiving allocations of WHTC will be subject to affordability requirements during the 15-year credit period and subsequent extended use period of at least 15 years.

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In our latest roundup, hospitality and real estate companies create living options, SEC questions some financial institutions on exposure to risks from CRE, renting shows signs of overtaking buying in the housing market, and more!

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In our latest roundup, commercial real estate’s relationship with technology, towns and cities across the country prevent dollar stores from opening, empty offices and other commercial buildings are reused for housing, and more!

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In our latest roundup, New York’s Prompt Payment Act comes into question, vacancy rates rise in commercial office space, the Biden administration applies project labor agreements on certain federal construction projects, and more!

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In our latest roundup, the commercial real estate market poses a risk to financial stability, New York City moves towards net-zero building emissions, workers at several Los Angeles area hotels tentatively agree to a new contract, and more!

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The U.S. Department of the Interior (DOI) anticipates proposing a new rule that would revise its “Type A” Natural Resource Damage Assessment (NRDA) regulations under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) in Fall 2023. The proposed rule would modernize DOI’s rarely used simplified Type A procedures for assessing damages for natural resource injuries tailored at sites involving minor releases of hazardous substances, with a smaller scale and scope of natural resource injury occurring in either coastal and marine areas or Great Lakes environments (the “Type A Rule”). (See 88 Fed. Reg. 3373; see 43 C.F.R. Pt. 11 Subpt. D.) The Type A Rule was last updated in 1997.

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It is clear that these have been busy months for federal environmental regulators, especially those working at EPA, the federal departments and the Council on Environmental Quality. Even the Department of Agriculture has found itself coping with greenhouse gases (GHG) issues in its administration of the laws applicable to agriculture and the national forests. The ambitious scope of the current “all of government” approach may be discerned after learning how many disparate federal agencies are employed in implementing this policy. So many actions have been proposed or completed that some state officials are experiencing “comment fatigue” because they are being overwhelmed by the scope, size, and complexity of these federal initiatives. The Environmental Protection Agency is, of course, at the forefront of these actions and activities, as described below.

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GettyImages-885296366-1-300x225Due to the rapidly increasing amount of data generated and consumed on the internet, an opportunity exists for commercial real estate investors, lenders, developers, green energy providers and others to develop data center facilities. Social media, streaming services, cryptocurrencies, the internet of things and other innovations have resulted in data center supply shortages. AI technologies, such as ChatGPT, require vast amounts of computing power. And, as AI demands grow, data center operators need to adapt the infrastructure to address cooling requirements in a sustainable manner.

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Our latest roundup includes two large flood control projects in New Jersey, how residential REITs could benefit from higher interest rates, how the downfall of WeWork could cause expansive collateral damage, and more!

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On October 23, 2023, colleague Andrew Weiner and Kevin Gaunt, counsel at Hunton Andrews Kurth, examined the Corporate Transparency Act (CTA), effective Jan. 1, 2024, and its impact on real estate entities and transactions, including who is considered a reporting company subject to new beneficial ownership information (BOI) reporting requirements and whether an exemption applies. The panel also discussed certain state laws that impose similar reporting requirements as the CTA and described best practices for real estate counsel to assist their clients with preparing for the CTA’s implementation and ongoing compliance.

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