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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

  • Hawthorn Village Helps Keep Columbus Affordable for Seniors

  • Newer Rental Housing Costs Less to Maintain

  • Housing Homeless Veterans (Part Two of Two)

  • Focus On: New York City Boroughs: Brooklyn, N.Y.

  • Important Information About the Multiple Building Project Election

  • A Guide to an Affordable Housing Management Office

  • Q&A: Calculating the New 2012 Social Security Cost of Living Adjustment

  • Six Common Pitfalls to Avoid When Using HUD's EIV System

  • State, Federal LIHTCs Aid Rebuilding Efforts in Joplin

  • New Broadband Connection Brings Medicine, Education to Alaska Natives

  • NCDF Community Development Awards

  • NMTC Working Group Update: December 2011

  • Q&A: What Happens When a QLICI is Charged-Off

  • NMTC Qualified Equity Investment Report

  • Q&A: Qualified Progress Expenditures

  • Industry Profile: David Blaszkiewicz

  • OIG Releases Five Section 1603 Project Audits

  • Q&A: Section 1603 Safe Harbor Scenarios

 




Home / Journal / 2011 / 12
December 2011, Volume II, Issue XII 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.

What's in Store for the Tax Credit Equity Markets in 2012

By Michael J. Novogradac, CPA

As we prepare to enter a new year, it's a good time to survey the land and consider what lies ahead for the tax credit industry.

The equity markets for the low-income housing tax credit (LIHTC), new markets tax credit (NMTC) and historic tax credit (HTC) will share some common challenges in the year to come. For example, tax reform would likely have a measurable effect on the tax credit equity markets even if these tax credit programs are not directly altered.

 

 

Policing vs. Partnering: The Compliance Monitor Function

By Brian Carnahan, HCCP, Ohio Housing Finance Agency

I am often challenged in my role as the leader of a compliance monitoring team. I occasionally joke that it is funny how I have trouble following rules yet spend my days enforcing rules. This personal "struggle" reflects – I hope – the challenge faced daily by persons who are in a regulatory role such as affordable housing compliance.

 

 

History and the Hill: The IRS' Appeal of Boardwalk Hall v. Commissioner Raises Concerns in the HTC Industry

By John Leith-Tetrault, National Trust Community Investment Corporation

On October 27, the Internal Revenue Service (IRS) submitted its brief to the United States Court of Appeals for the Third Circuit asking the court to reverse the January 3, 2011 Tax Court decision in the case of Historic Boardwalk Hall, LLC v. Commissioner (Boardwalk), which upheld the position of the taxpayer. The IRS appeal will be followed by the taxpayer's brief on December 15 and the filing of an amicus brief on December 22 by Miller and Chevalier on behalf the National Trust for Historic Preservation and other preservation organizations. The amicus brief is being shaped through consultation between Miller and law firms active with the Historic Tax Credit Coalition including Bryan Cave, Squire Sanders, Kutak Rock, and Holland and Knight.

 

Teamwork in Historic Tax Credit Projects

By John M. Tess, Heritage Consulting Group

There are few things that we do in life that don't or didn't include the involvement of others to some extent. I like to refer to these "outside people" as your team. Some teams work and others don't. In the case of the redevelopment of an historic property the right project team is critical to a successful project.

 

The Current: Recent IRS Guidance on the Tax Treatment of Excessive 1603 Grants

By Forrest David Milder, Esq., Nixon Peabody LLP

There are two questions that I get a lot with respect to Section 1603 grants: Once I've gotten my grant, will there be subsequent questions about the computation? And: How is compliance handled once I've placed my project in service?

 

 


News Briefs


Federal Home Loan Bank of Atlanta announced that it will award $37.6 million to help finance 56 affordable housing developments in 15 states and the District of Columbia...


The National Multi Housing Council (NMHC) and the National Apartment Association (NAA) have requested a meeting with the U.S. Department of Housing and Urban Development (HUD) to clarify guidelines that HUD issued in August on preventing and controlling bed bugs...


The U.S. Department of Housing and Urban Development (HUD) proposed new regulations to Congress that it says will improve the HOME Investment Partnerships program...


The Ohio Tax Credit Authority approved a $5.8 million job creation tax credit for the Sherwin-Williams Company...


The Community Development Financial Institutions (CDFI) Fund released data collected on new markets tax credit (NMTC) projects financed through fiscal year (FY) 2010...


The Preservation League of New York State awarded grants to help two Buffalo, N.Y.-based organizations complete state and federal National Register of Historic Places nominations...


The Solar Energy Industries Association (SEIA) announced the winners of its Solar Champion Awards....

  

 


 

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.

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