Journal of Tax Credits June 2016

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Also in this Issue

  • Developer Purchases, Renovates Similar Properties in Separate States

  • Focus On: Houston

  • Treasury Issues Final Regulation on Utility Billing Methods

  • Affordable Housing Developer Refinances Property with HUD Loan, Resyndication on the Horizon

  • LIHTCs Fuel Mixed-Use Upgrade in Albany, N.Y.

  • Q&A: Compliance with Nondiscrimination and Equal Opportunity Statutes, Regulations, Executive Orders

  • Individuals Honored for Contributions to Community Development

  • NMTC Qualified Equity Investment Report

  • Q&A: Costs Incurred by Previous Owner Can Sometimes be Included in Historic Basis

  • Historic Tax Credit Tool Box: Successful Incorporation of New Canopies in Historic Tax Credit Properties

  • The State of Historic Tax Credits: Navigating the New Georgia Historic Rehabilitation Tax Credit

  • The Current: IRS Issues New ‘Begun Construction’ Guidance


June 2016, Volume VII, Issue VI Published By Novogradac & Company LLP

This is an abridged web edition of the Novogradac Journal of Tax Credits. Subscribe here to receive the complete magazine.

Cantwell-Hatch Affordable Housing Bill a Triumph of Bipartisanship

Michael J. Novogradac, CPA

Michael J. Novogradac

When Sen. Maria Cantwell, D-Wash., and Sen. Orrin Hatch, R-Utah, introduced legislation May 19 that was highlighted by a 50 percent expansion of allocations of the federal low-income housing tax credit (LIHTC), it was more than a boost for the affordable housing community. It was also a strong show of bipartisan support for the LIHTC. ...


An Evaluation of Community Revitalization Plan Provisions in QAPs

Mark Shelburne, Novogradac & Company LLP

Weighing in at 14,600 words, Internal Revenue Code (IRC) Section 42 goes into substantial detail about the low-income housing tax credit (LIHTC). However, less than 2 percent of this text covers qualified allocation plans (QAPs), which are the most visible and frequently discussed aspect of administering the program. ...


NMTC Working Group Update: Certification, Compliance Monitoring and Evaluation FAQ

Casey Lyn Little, CPA, Novogradac & Company LLP

The Community Development Financial Institutions (CDFI) Fund issued updated New Markets Tax Credit Certification, Compliance Monitoring and Evaluation Frequently Asked Questions (FAQ) in December 2015. The document included three FAQs related to the new restrictions included in the 2015 Notice of Allocation Availability (NOAA). ...


History and the Hill: Use of the Historic Tax Credit Continues to Climb

John Leith-Tetrault, National Trust Community Investment Corporation

The numbers are in, and the good news is that the federal Historic Tax Credit (HTC) program, now celebrating its 40th anniversary, is healthy and growing. For the past five years, the Historic Tax Credit Coalition (HTCC) has worked very closely with the National Park Service (NPS) and Rutgers University’s Center for Urban Policy Research to track the use of the HTC and measure its economic impact. ...


Hotel Opens Doors for Job-Seeking Hospitality Students with Disabilities

Teresa Garcia, Senior Writer, Novogradac & Company LLP

The Erskine Green Training Institute in Muncie, Ind., is more than a vocational school–it’s a place where adults with disabilities can learn to reach their full potential. “The program itself is designed so perfectly for special needs adults,” said Jana Arbogast, whose son, Ethan, was a member of Erskine Green Training Institute’s first graduating class in March. “They go above and beyond to help students.” ...


Peanut-Shelling Facility Brings Jobs to Southern Georgia

Mark O’Meara, Staff Writer, Novogradac & Company LLP

Like many rural areas across the country, the economy of Douglas, Ga., revolves around its natural resources. In this instance, it’s peanut farming. Premium Peanut, a newly formed organization, built a peanut-shelling facility to benefit a collection of 225 member farms in a cooperative-like arrangement. ...


News Briefs

The U.S. Department of Agriculture (USDA) published a Federal Register notice April 26 announcing a series of teleconferences concerning the Section 538 Guaranteed Rural Rental Housing (GRRH) program. ...

The Colorado Department of Revenue announced March 24 the expansion of the state’s job growth incentive tax credit to allow the credit to be refundable under certain conditions and relaxing the requirements to qualify for taxpayers who enter into a partnership with a college. ...

The California Tax Credit Allocation Committee (TCAC) released a placed-in-service checklist update April 19. The updated items include 1-01, the complete application ...

The U.S. Department of Housing and Urban Development (HUD) released Fair Housing Act guidance April 4 for housing property managers and owners. ...

A bill to extend Alabama’s state HTC program until 2022 died May 9 without a vote in the Senate when Alabama’s legislative session ended. The bill, H.B. 62, was passed by the Alabama House of Representatives in April ...

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced April 21 that it received 125 applications under the fiscal year (FY) 2016 round of the Capital Magnet Fund ...

On May 31, Rhone Resch retired as president and chief executive officer (CEO) of Solar Energy Industries Association (SEIA). Resch was with SEIA for 12 years and played a key role in securing policies that fostered the explosive growth of the U.S. solar industry ...