New Jersey has published its action plan for the $1.8 billion
CDBG grant allocated by HUD to assist the State's Hurricane
Sandy recovery efforts. The public comment period for the action
plan will end at 5:00 pm on March 19. Additional allocations are
expected to be made at subsequent dates to be determined by HUD.
Funds must be spent within two years unless HUD provides an
extension. Governor Christie has designated the New Jersey
Department of Community Affairs as the entity responsible to HUD
for administering the distribution of CDBG funds for New Jersey.
The action plan provides for the distribution of the $1.8 billion
of CDBG funds in the following areas: homeowner assistance; rental
housing; economic revitalization; and support for state and local
agencies. Within each category are a variety of programs to address
specific recovery needs. As an example, with respect to rental
housing, $100,000,000 is designated to facilitate the creation of
quality, affordable housing units to help New Jersey recover from
the loss of multi-family housing. CDBG funds will be provided as
zero- and low-interest loans to qualified developers to leverage 9%
and 4% low income housing tax credits, tax-exempt bonds and
stand-alone financing to support development. Awards will be
limited to $120,000 per unit. Similarly $75,000,000 will be awarded
through NJEDA in amounts up to $10,000,000 to redevelopment
agencies, municipalities, businesses and nonprofits, including
CDFIs and CBDOs for community revitalization. These funds may be
used for property acquisition, demolition, site preparation and
infrastructure repair and installation as well as physical
improvement and expansion of existing facilities.
This article is for general information and does not include
full legal analysis of the matters presented. It should not be
construed or relied upon as legal advice or legal opinion on any
specific facts or circumstances. The description of the results of
any specific case or transaction contained herein does not mean or
suggest that similar results can or could be obtained in any other
matter. Each legal matter should be considered to be unique and
subject to varying results. The invitation to contact the authors
or attorneys in our firm is not a solicitation to provide
professional services and should not be construed as a statement as
to any availability to perform legal services in any jurisdiction
in which such attorney is not permitted to practice.
Duane Morris LLP, a full-service law firm with more than 700
attorneys in 24 offices in the United States and internationally,
offers innovative solutions to the legal and business challenges
presented by today's evolving global markets. Duane Morris LLP,
a full-service law firm with more than 700 attorneys in 24 offices
in the United States and internationally, offers innovative
solutions to the legal and business challenges presented by
today's evolving global markets. The
Duane Morris Institute provides training workshops for HR
professionals, in-house counsel, benefits administrators and senior
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Cayman Islands investment entities are currently subject to three separate regimes relating to financial account information reporting: U.S. FATCA, U.K. FATCA and the OECD Common Reporting Standard (CRS).
In a statement issued on March 30th, the U.S. Treasury Department announced that it will soon be issuing proposed regulations that will require foreign-owned, single-member LLCs to disclose to the IRS their beneficial owners.
Last month in this blog, we described five ways to be diligent about documenting charitable gifts of cash or out-of-pocket expenses to preserve your tax deduction. But what about gifts of property – does giving something other than cash change the taxpayer's responsibilities? According to the tax regulations, the answer is no and yes.
One of the most publicized and long-awaited business provisions contained in the Omnibus Budget Reconciliation Act of 1993, P.L. 103-66, 107 Stat. 312 (1993) (the "1993 Act") was section 197 of the Internal Revenue Code of 1986 (the "Code"), which governs the tax treatment of acquired intangible assets. However, section 197 cannot be analyzed in isolation. Since it comes into play whenever there is an allocation of consideration to an amortizable section 197 intangible, a basic understanding of
President Barack Obama signed the Trade Facilitation and Trade Enforcement Act of 2015 (TFTEA) which makes permanent the moratorium on Internet access taxes and multiple or discriminatory taxes on electronic commerce established by the Internet Tax Freedom Act.