Journal of Tax Credits May 2016

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Also in this Issue

  • Vantage Point Fills Demand for Affordable Senior Housing in King County, Wash.

  • Focus On: Sacramento, Calif.

  • NMTC Working Group Update: Compliance with Nondiscrimination and Equal Opportunity Statutes

  • NMTC Qualified Equity Investment Report

  • Historic Tax Credit Tool Box: Finding the Significance in a Seemingly Insignificant Building

  • Three Projects Earn Honors for Renewable Energy Accomplishments


May 2016, Volume VII, Issue V 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 50 Percent LIHTC Increase Echoes 2000 Legislation

Michael J. Novogradac, CPA

Michael J. Novogradac

When Sen. Maria Cantwell, D-Wash., announced her proposal to expand the federal annual low-income housing tax credit (LIHTC) annual allocation by 50 percent in late March, it was one of the biggest proposed legislative changes to the LIHTC during its three-decade history. ...


Industry Spotlight: Paul Handleman

Teresa Garcia, Senior Writer, Novogradac & Company LLP

Paul Handleman, the man behind some of the country's most influential general business tax credit regulations and guidance for the past 30 years, officially retired in March from the Internal Revenue Service (IRS) Office of Chief Counsel. Handleman spent the last eight of those years as chief of Branch 5, which has jurisdiction over the low-income housing tax credit (LIHTC), ...


NMTC Extension Eases Minds of Industry Participants

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

The recent five-year extension of the New Markets Tax Credit (NMTC) program provided an important thing: time. “NMTC stakeholders can be proactive in our long-term goals because we don't have to dedicate our collective efforts toward the mere survival of the program,” said National New Markets Fund President Deborah La Franchi. ...


Understanding the 2016 HUD Income Limits

Melissa Ly and Thomas Stagg, CPA, Novogradac & Company LLP

The U.S. Department of Housing and Urban Development (HUD) released income limits March 28 for fiscal year (FY) 2016, continuing its policy of releasing a set of Section 8 income limits at the same time as a set of multifamily tax subsidy project (MTSP) income limits. MTSP income limits are used by low-income housing tax credit (LIHTC) properties and tax-exempt bond properties. ...


Historic Post Office Transformed into Mixed-Use Development in St. Paul

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

When the post office in downtown St. Paul, Minn., was recently preserved and repurposed, development owner Exeter Group paid homage to a different aspect of the building when converting the property into a mixed-use development with market-rate apartments, a parking garage, retail space, a self-storage business and a hotel.


NMTCs, HTCs Help North Carolina Charter School Dream Come True

Brad Stanhope, Assignment Editor, Novogradac & Company LLC

Combine a historic school building, an underserved community, an ambitious educational nonprofit and two types of tax credits. You can get multigenerational, transformational change. ...


News Briefs

On March 18, the Internal Revenue Service (IRS) released Notice 2016-26, inviting public comments to the Department of Treasury and IRS on recommendations for items that should be included on the 2016-2017 Priority Guidance Plan. ...

Louisiana enacted several bills in early 2016 affecting its state tax credits. S. 15, also known as Act 23, moves refundable tax credits to the second priority for use, after nonrefundable credits with no carry-forward provisions. ...

The California Tax Credit Allocation Committee (TCAC) announced March 9 that the 2016 TCAC Excel application's sources-and-uses budget now includes language that allows the sources and uses budget to serve as the template for the final cost certification. ...

Rep. Steven Palazzo, R-Miss., introduced the Small Public Housing Agency Opportunity Act of 2016 (H.R. 4816) March 21. H.R. 4816 would reform laws relating to small public housing agencies (PHAs). ...

Oklahoma's Fiscal Responsibility Moratorium Act (S.B. 977) was altered Feb. 9 to withdraw a clause suspending the state's historic tax credit (HTC) program. The tax credit suspensions had been proposed in response to the fact that Oklahoma is facing an estimated $900 million shortfall going into fiscal year 2017....

The Community Development Financial Institutions (CDFI) Fund on March 10 released an updated frequently asked questions (FAQ) document for fiscal year (FY) 2016 applicants of the Capital Magnet Fund. ...

Oregon Gov. Kate Brown signed the Clean Electricity and Coal Transition plan, (S.B. 1547-B) into law March. 8. It enacts a new community solar program permitting utilities and third parties to own or operate a community-based renewable energy project. ...