MAY 9, 2019
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Construction & Real Estate News
In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.

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On April 17, the Internal           
Revenue Service (“IRS”)          issued new proposed regulations to address a number of the outstanding questions and ambiguities pertaining to the Opportunity Zone program.The hope is that the new IRS guidance will spur significant Opportunity Zone investments that have been on the sidelines waiting for additional clarity. The proposed regulations answer major questions regarding original use and substantial improvement of tangible property and vacant land, requirements for being considered a Qualified Opportunity Zone Business (“QOZB”) Read More on Clarity in the Land of Oz   here >
In furtherance of its work as an enforcement agency and its commitment to conduct reviews of more contractors, OFCCP posted in the Federal Register on Monday, April 8, 2019 its proposal for a series of compliance check audit letters for construction contractors. The agency is request feedback on two proposed construction compliance check letters  – federally assisted versus a direct federal contract.  OFCCP proposes those construction companies that hold direct federal contracts will be required to submit . . . More on OFCCP Compliance here >
On April 3, 2019, the IRS published Rev. Proc. 2019-17, which provides that multifamily housing projects (or, for those of you who prefer Grey Poupon, “qualified residential rental projects”) won’t violate the general public use requirement even if the landlord offers units of the project to certain specific groups. Congress had made this point clear for low-income housing tax credits (“LIHTC”), which are often used in connection with tax-exempt multifamily housing bonds. Multifamily housing bonds have their own, separate general public use requirement, and there wasn’t a similar provision allowing group preferences in those rules. More on IRS Multifamily Bonds here>
Revised HDMA Examination Guidelines Issued 
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The CFPB recently posted on its website revised Home Mortgage Disclosure Act (HMDA)examination guidelines. The revised guidelines address the exemption adopted in the Economic Growth, Regulatory Relief, and Consumer Protection Act (also known as S.2155) applicable to the new HMDA data categories added by Dodd-Frank and the HMDA rule adopted by the CFPB in October 2015. The exemption is available for insured depository institutions and insured credit unions that originate mortgage loans below certain thresholds and meet certain Community Reinvestment Act rating criteria. More on Revised HMDA Guidelines Here>
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