Extenders, Other Tax Credit Legislation Progress Slowly

By Michael J. Novogradac, CPA

Upon reconvening from its Memorial Day state work period, the Senate began consideration of the Housepassed extenders bill, H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010. On June 8, Senate Majority Leader Harry Reid, D-Nev., and Finance Committee Chairman Max Baucus, D-Mont., introduced Senate Amendment 4301, a substitute for H.R. 4213.

 

 

 

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Debt Availability, Other Factors Affect Historic Tax Credit Market

By Jennifer Dockery, Staff Writer, Novogradac & Company LLP

Volatile. Challenged. Fair. Those are a few of the words experts have used to describe the current historic tax credit (HTC) equity market. Like the low-income housing tax credit (LIHTC) and new markets tax credit (NMTC), the HTC market has fallen victim to the recession and diminished tax credit appetites of many major corporations.

 

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Project-Based v. County-Based Approach for Determining Income Limits

By Jim Kroger, CPA, Novogradac & Company LLP

This article is a follow up to the article, “Understanding the 2010 Income Limits,” in the June 2010 Novogradac Journal of Tax Credits. Last month we described examples of the project-based approach versus the county-based approach for determining rent and income limits for low-income housing tax credit (LIHTC) and tax-exempt bond projects.

 

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HUD to Pilot Small Area Fair Market Rents

By Jennifer Hill, Staff Writer, Novogradac & Company LLP

Beginning in October, the U.S. Department of Housing and Urban Development (HUD) will operate a small area fair market rent (FMR) demonstration project for its Section 8 Housing Choice Voucher (HCV) program in selected metropolitan areas, the agency said in June.

 

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History and the Hill: If at First You Don’t Succeed...

By John Leith-Tetrault, National Trust Community Investment Corporation

There is something to be said for getting it right the first time. Sometimes it takes so long to do something once, you hate to have to go back and do it again. And there is no guarantee of a second chance.

 

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The Federal Housing Finance Agency (FHFA) released a report to Congress detailing the agency’s findings from the 2009 examinations of government sponsored entities (GSEs) Fannie Mae, Freddie Mac, the 12 Federal Home Loan Banks (FHLBs) and the FHLB Office of Finance.

 

The U.S. Department of Housing and Urban Development (HUD) issued instructions to property owners who wish to request that HUD check their individual buildings for funding eligibility under the Department of Energy’s (DOE’s) Weatherization Assistance Program.

 

U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan released details of HUD’s Strategic Plan to guide the agency through fiscal years 2010 to 2015.

 

Oklahoma Gov. Brad Henry signed S.B. 1267 in June, placing a two-year suspension on more than two dozen tax credit programs. Another measure approved by the Legislature, H.B. 3024, would exempt from the moratorium those credits relating to historic building rehabilitation, wind generation and job creation.

 

The Community Development Financial Institutions (CDFI) Fund received a total of 250 applications in the 2010 round of the New Markets Tax Credit (NMTC) program, indicating that demand for NMTC allocations remains strong. The applications requested an aggregate total of more than $23.4 billion in NMTC allocation authority.

 

The New Jersey Assembly’s Environment and Solid Waste Committee voted in favor of A. 1851, the Historic Property Reinvestment Act, which would establish a state tax credit for rehabilitating a historic property.

 

Sen. Frank Lautenberg, D-N.J., introduced legislation in May to incentivize the development of clean energy projects on brownfield sites.