Featured Articles


Plus News Briefs

This information was published in the Novogradac Journal of Tax Credits. The complete version is available by paid subscription only. Click here for more information on subscribing.

Also in this Issue

  • Policy Points: The Federal Budget Battles Begin: What the Age of Austerity Means for Affordable Housing

  • GAAP and Tax Treatment for Section 1602 Exchange Fund: An Update

  • Oregon Housing Agency Adopts 60-Year Affordability Term

  • First LIHTC Property Breaks Ground in Northern Marianas

  • Worst Case Report Holds Lessons for Nation's Leaders

  • Focus On: San Antonio, Texas

  • One Year Later: TEB Development Honored For Sustainability, Green Features

  • New York City Takes Proactive Approach to Multifamily Maintenance

  • Healthcare Organization Sponsors Hawaii's Newest Senior Housing

  • Stonehenge Capital Creates First Illinois State NMTC Fund

  • NMTCs Help Rescue Historic Boston Fire Station

  • NMTCs Working Group Update: March 2011

  • Q&A: The Definition of 'Farming' Under the NMTC Program

  • Developer Begins Makeover of Largest Affordable Housing Development in Minnesota

  • Industry Profile: Stephanie Meeks

  • Heritage Ohio Launches HTC Renewal Campaign

  • Q&A: Determining Adjusted Basis for the Substantial Rehabilitation Test

  • Q&A: Treasury Grant Program – A Federal Grant for LIHTC Purposes?

Home / Journal / 2011 / 03
March 2011, Volume II, Issue III Published By Novogradac & Company LLP
sneek peek

CDFI Fund Announces 2010 NMTC Awards

By Jennifer Dockery, Assignment Editor, Novogradac & Company LLP

The Community Development Financial Institutions (CDFI) Fund has awarded $3.5 billion in new markets tax credit (NMTC) authority to 99 community development entities (CDEs). The CDFI Fund had initially anticipated receiving $5 billion and had preliminarily allocated credits accordingly. When Congress extended the NMTC at $3.5 billion in late 2010, the CDFI Fund chose to address the $1.5 billion difference by awarding the same number of allocates in the eighth allocation round as originally planned, but at lower average amounts than in previous years.

 

 

President Obama's 2012 Proposed Budget
Expands Several Tax Credit Provisions

By Michael J. Novogradac, CPA

On February 14, the Obama Administration released its third annual budget proposal, which essentially sets out its spending goals and tax proposals for fiscal year (FY) 2012. At the time the FY 2012 budget was released, the FY 2011 budget had not yet been resolved. However, it is expected that the spending levels set during the FY 2011 negotiations will set the tone for the spending debates for the FY 2012 budget process.

 

 


Q&A: EIV System Prohibited for LIHTC Compliance

By James R. Kroger, CPA, and Amanda Talbot, HCCP, Novogradac & Company LLP

Question: I am the property manager of a Project Based Section 8 project that was also funded with low-income housing tax credits (LIHTCs). I am now required to use the Enterprise Income Verification (EIV) system to verify income for the Section 8 program. Can I use EIV information to verify household income for the tax credit program?

Answer: No.

 

History and the Hill: Cleveland – Midwest Tax Credit Powerhouse

By John Leith-Tetrault, National Trust Community Investment Corporation

Alexis DeTocqueville described Cleveland in his famous 1830 work, Democracy in America, as a sophisticated society amidst a heavily forested landscape. The nickname "Forest City" has stuck with Clevelanders, and the city's legacy is reflected in its verdant "Metro Parks" system. Cleveland is also the home to world class institutions such as the Cleveland Orchestra (ranked 7th in the world) and the Cleveland Clinic (ranked 4th on US News' Honor Roll of U.S. hospitals). Anyone my age who has a national perspective on community development also recognizes that Cleveland is a powerhouse and creative center for community development finance.

 


Novogradac youtube Ad.

The Boutique Hoteliers and Historic Preservation:
What Are They Doing Today?

By John M. Tess, Heritage Investment Corporation

The hospitality industry has always played an important role in our nation's growth and the urbanization of the United State's small towns and large metropolitan areas. The industry itself is reflective of the increasing mobility of American society and the modes of transportation used by Americans since the country's inception. It is also reflective of the country's economic health. As a result, it is not surprising that the rehabilitation of hotels has played a strong role in the historic preservation movement since the beginning of the federal tax incentives for the rehabilitation of historic properties.

 

The Current: Does Treasury Have Discretion to
Deny a 1603 Grant Application?

By Forrest David Milder, Esq., Nixon Peabody LLP

This month we have another brand new case of importance to the renewable energy industry. The decision is ARRA Energy Company I, et al. v. United States (Ct. Cl. No. 10-84C, January 18, 2011), and it involves the Treasury's processing of Section 1603 grant applications. (Disclaimer: My firm, Nixon Peabody LLP, represents the plaintiff in the litigation.)

 


News Briefs


Federal Housing Finance Agency (FHFA) director Edward J. DeMarco announced that the agency will restructure its office of safety and soundness and its mission office.


The National Affordable Housing Management Association (NAHMA) has announced the winners of its 2010 communities of quality (COQ) and industry awards.


In 2009, 7.1 million low-income households paid more than half their monthly income for rent or lived in substandard housing, a U.S. Department of Housing and Urban Development (HUD) report found.


The Connecticut Department of Economic and Community Development (DECD) released an assessment of the economic and fiscal impacts of the state's tax credit and abatement programs.


Imagine Downtown Inc. (IDI) provided $25 million in NMTC financing for the Georgia Aquarium's new AT&T Dolphin Tales gallery in Atlanta, Ga.


The National Development Council's Corporate Equity Fund (CEF) provided low-income housing and historic tax credit (HTC) equity to the Franklin Building in downtown Watertown, N.Y.


Sen. Herb Kohl, D-Wis., introduced a bill to extend the Section 48 renewable energy investment tax credit (ITC) to solar light pipe technology.

  

The Novogradac  Journal of Tax Credits offers news, opinions and features about affordable housing, community development and renewable energy tax credit industries. The complete version is available by paid subscription only. Click here for more information on receiving a monthly print subscription.

Encourage your friends and associates to subscribe to Novogradac & Company LLP's Industry Alerts, including the Journal of Tax Credits e-mail edition, by sending an e-mail to cpas@novoco.com.

Copyright 2012 • By Novogradac & Company LLP • All Rights Reserved

For more information about Novogradac & Company LLP's upcoming events: www.novoco.com/events

For more information about Novogradac & Company LLP's products and publications: www.novoco.com/products