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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

  • LIHTCs Fund Dream Development

  • Bonds Transform Underused Hospital Property into Affordable, Supportive Housing

  • Focus On
    Queens and Staten Island, N.Y.

  • Understanding the 2012 Income Limits

  • Q&A: Full-Time Student Households — The Rule and the Exceptions

  • One on One: Industry Insight
    Q&A with Monica Sussman: HUD Notice H 2011-31

  • State, Federal LIHTCs Aid Rebuilding Efforts in Joplin

  • IRS Issues Final Targeted Populations Regulations

  • Renovated Landmark Hotel Brings Economic, Environmental and Social Benefits

  • Novel Development Combines Library, Grandfamily Housing

  • NMTCs Bring Big Box Retailers, Big Job Counts to Former Industrial Neighborhood

  • NMTCs Rebuild Schools for Native American Children

  • NMTC Working Group Update: January 2012

  • Q&A: ILRs, TLRs and Late Reporting

  • History and the Hill
    Historic Tax Credit Coalition Sets the Table for Tax Reform Debate

  • Storefront Design: Considerations When Using Historic Tax Credits

  • Q&A: Conservation Easements for Historic Properties and IRS Guidance

  • The Current
    Establishing that You're Grandfathered — What Do You Have to Do?

  • Biomass Plant to Help Regrow North Country Economy

  • Q&A: Successors in Interest of Safe Harbor Property

 




Home / Journal / 2012 / 01
January 2012, Volume III, Issue I 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.

Regulators Prepare to Implement Volcker Rule

By Michael J. Novogradac, CPA

More than 18 months after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, implementation of one of the bill's major provisions is on the horizon and the results could have significant implications for the tax credit community. Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act contains a provision commonly referred to as the Volcker Rule, named for former Federal Reserve Chairman Paul Volcker who originally proposed restricting banks from making certain kinds of speculative investments.

 

 

Outlook for Housing and Community Development in the 2012 Presidential Election Year

By Peter Lawrence, Enterprise Community Partners

Happy New Year! Well, I thought I'd try to start the year on a more positive note after a rather sobering year-end 2011 column.

As that column went to press, the resolution of the Super Committee's efforts was up in the air and, as many readers no doubt already know, it failed to come to an agreement on any deficit reduction plan before its Thanksgiving deadline. Although the Super Committee's failure represented a new low in the lack of congressional cooperation on such a high profile issue and for which there was a fair amount of pressure for Congress to act, it is worth noting that there was no immediate consequence to this failure. This is in contrast to the debt limit negotiations in August when the U.S. government faced a potentially calamitous default on its obligations, or the fiscal year (FY) 2011 budget negotiations in March, during which Congress narrowly averted a government shutdown.

 

IRS Issues Final Targeted Populations Regulations

By Ruth Sparrow, Future Unlimited Law PC

The Internal Revenue Service published final Treasury Regulations effective December 5, 2011 providing rules for satisfaction of the "qualified active low-income community business" requirements for businesses serving targeted populations.

Background
The American Jobs Creation Act of 2004 amended the New Markets Tax Credit (NMTC) program under Section 45D(e) of the Internal Revenue Code (IRC) to expand the definition of low-income communities (LICs) beyond the geographic definition, to include targeted populations. Targeted populations treated as LICs means individuals, or an identifiable group of individuals including an Indian tribe, who are low-income persons (defined below) or lack adequate access to loans or equity investments.

 

Storefront Design: Considerations When Using Historic Tax Credits

By John Tess, Heritage Consulting Group

 

When I first began my career in historic preservation I learned that there were two important views of a historic downtown building, the ground level - a dynamic area, ever changing with the influx of people, permanent and passing retailers and tenants, basically a barometer of the economic conditions in country, and the upper floors, which gave permanence and a sense of place to downtown.

 


News Briefs


The Internal Revenue Service (IRS) published the amounts of unused low-income housing tax credit (LIHTC) carryovers for calendar year 2011 that were allocated to 28 qualified states under Internal Revenue Code §42(h)(3)(D)....


Janet Golrick, the U.S. Department of Housing and Urban Development's (HUD's) acting deputy assistant secretary for Multifamily Housing Programs, sent a memo on November 22 to Section 8 multifamily project owners announcing policy changes related to project-based rental assistance (PBRA)...


The U.S. Department of Housing and Community Development (HUD) awarded a total of $749 million in Section 202 and Section 811 grants to provide affordable supportive housing for senior citizens and persons with disabilities...


Maryland has raised the administrative fee for reviewing Sustainable Communities Tax Credit applications from 1 percent to 3 percent of the tax credit award. Legislation to increase the fee was enacted in April and the change went into effect in November...


U.S. Bancorp Community Development Corporation provided $5.5 million in new markets tax credit (NMTC) financing to support two Mary's Center community health clinics in Washington, D.C....


The Advisory Council on Historic Preservation (ACHP) has adopted a plan to address the challenges that Section 106 participants face in identifying and treating large scale historic properties of religious and cultural significance...


Rep. Linda Sanchez, D-Calif., introduced legislation to expand the 30 percent renewable energy investment credit to microturbine 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.

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