Community Service Organization Harnesses Wind Energy

By Jennifer Hill, Staff Writer, Novogradac & Company LLP

The Coastal Community Action Program (CCAP) of Aberdeen, Wash. gives people the resources they need to achieve independence. Now the not-for-profit CCAP is taking a step toward securing its own self-sufficiency by completing the Coastal Energy Project, a 6 megawatt (mW) wind development near the Washington coastline in Grayland, Wash.

 

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Making a Case for the Five-Year Carryback

By Michael J. Novogradac, CPA

Last year in August I wrote in this space about the affordable housing industry's efforts to coalesce around its response to the steep decline in equity prices for low-income housing tax credits (LIHTC). In their effort to build consensus, industry leaders met to discuss several options and the political realities of getting their proposals approved by Congress. Industry leaders ultimately agreed on three proposals they felt were most crucial to the success of the LIHTC community and which stood the best chance of getting approved by Congress: an extension of the housing credit exchange program, including expanding it to include 4 percent credits; increasing the housing credit carryback for up to five years, and permitting pass-through entities – limited liability companies (LLCs), and Subchapter S corporations – to use the housing credit program.

 

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Budget Woes Create Uncertain Climate for Missouri’s Tax Credit Programs

By Jennifer Hill, Staff Writer, Novogradac & Company LLP

Gov. Jay Nixon said in his fiscal year (FY) 2011 budget summary that Missouri is in a better financial position than most other states. Nevertheless, a 12.7 percent decline in 2010 fiscal year-to-date revenues on top of a record 6.9 percent decline in FY 2009 is forcing Nixon to cut more than $850 million from this year's budget, and more cuts from this budget and the next may be on the horizon. To make matters worse, the state commissioner's office predicts a more than $200 million shortfall in revenue collections for next year.

 

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Bundling Properties Saves Seven Solar Projects

By Jennifer Dockery, Staff Writer, Novogradac & Company LLP

EOS Ventures, a renewable energy development and financial services company, was poised to lose $5 million last summer. The Berkshires-based company had entered solar power purchase agreements (PPAs) with seven organizations throughout its home state of Massachusetts and planned to use state grants to offset a significant portion of the installation and material costs. When Massachusetts changed the way it calculated the grant funding, EOS lost 26 percent of its grant money days before closing which threatened to derail all seven projects. To preserve the projects, EOS transformed the seven projects into a single project called the "Berkshire Bundle," which qualified for renewable energy tax credits (RETCs). The RETC equity revived the project and EOS placed the seven solar arrays in service by December 31, qualifying the projects for the state grants and federal bonus depreciation.

 

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Historic Preservation and Going Green

By John M. Tess, Heritage Consulting Group

Historic preservation and sustainability go hand in hand. There is a misconception that historic preservation tax credit (HTC) projects and LEED certified projects are mutually exclusive. On the contrary, green development and preservation can both be achieved when rehabilitating a historic building; thus, opening the door for developers and property owners to benefit from using federal, state and local historic incentives while meeting green building standards.

 

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The U.S. Department of Agriculture (USDA) said on March 1 that it is accepting applications under the Guaranteed Rural Rental Housing program for as much as $129 million in loan guarantees in fiscal year 2010.

 

The U.S. Department of Housing and Urban Development has updated the fiscal year 2010 fair market rents (FMRs) for the Reno-Sparks, Nev. metropolitan statistical area (MSA), and Ward County, N.D.

 

Native American tribes generally consider the block grants provided under the Native American Housing Assistance and Self-Determination Act (NAHASDA) to be effective, according to a study by the Government Accountability Office (GAO) released in February.

 

Legislation to increase the cap for the Kansas Historic Tax Credit (HTC) program passed the Senate in February and the House in March.

 

The Florida House of Representatives held a hearing on March 10 to consider a bill that would alter the state's New Markets Development Program.

 

The National Park Service (NPS) in February released its annual report on federal tax incentives for historic structure rehabilitation.

 

Portland General Electric (PGE) expanded its solar energy resources with a new 2.4-megawatt rooftop project, the company reported in March.