Journal of Tax Credits May 2014

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Also in this Issue

  • Johnson-Crapo Housing Finance Reform Bill Could Significantly Increase Affordable Housing Resources

  • LIHTC Working Group Update May 2014

  • LIHTCs Bring Opportunity For Home Ownership to Roosevelt, Utah

  • Focus On: Trenton, N.J.

  • HUD Funding, 4 Percent LIHTCs Revive Affordable Housing in Denver, Colo.

  • Texas Attorney General Clarifies HTC Certification Issues

  • NMTCs Finance Biomass Facility on Former Michigan Air Force Base

  • Houston Krill Factory Catches $28 Million in NMTCs

  • NMTC Qualified Equity Investment Report

  • The Current: Dangers of Double-Dipping: Section 1603 Grants and Tax Credits Don’t Mix

  • Renewable Energy Power Awards

Editorial Board


Michael J. Novogradac, CPA

Editorial Director

Alex Ruiz

Technical Editors

Michael G. Morrison, CPA
James R. Kroger, CPA
Owen P. Gray, CPA
Thomas Boccia, CPA
Daniel J. Smith, CPA

Staff Writers

Teresa Garcia
Mark O’Meara

Editorial Assistant

Elizabeth Orfin

Contributing Writers

Dirk Wallace
Monty J. Curtis
Jeremy Densmore
Ivelina Stoeva-Mihaylova
Steven L. Goaslind
John Tess
Forest Milder


David R. Grubman


Alexandra Louie
Jesse Barredo


Address all correspondence and
editorial submissions to:
Alex Ruiz / 415.356.8088

Address inquiries regarding
advertising opportunities to:
Tyler Perrotta / 415.356.8062

Editorial material in this publication is for informational purposes only and should not be construed otherwise.

Advice and interpretation regarding the low-income housing tax credit or any other material covered in this publication can only be obtained from your tax advisor.

© Novogradac & Company LLP
2014 All rights reserved.
ISSN 2152-646X

Reproduction of this publication in whole or in part in any form without written permission from the publisher is prohibited by law.

Advisory Board

Low-Income Housing Tax Credits

Bud Clarke
Boston Financial Investment Management
Jana Cohen Barbe
SNR Denton
Tom Dixon
Boston Capital
Rick Edson
Housing Capital Advisors Inc.
Richard Gerwitz
Citi Community Capital
Rochelle Lento
Dykema Gossett PLLC
John Lisella
U.S. Bancorp Community Dev. Corp.
Phillip Melton
Centerline Capital Group
Thomas Morton
Pillsbury Winthrop Shaw Pittman LLP
Mary Tingerthal
Minnesota Housing Finance Agency
Rob Wasserman
U.S. Bancorp Community Dev. Corp.

Property Compliance

Michael Kotin
Kay Kay Realty
Michael Snowdon
Highridge Costa Housing Partners
Kimberly Taylor
Housing Development Center

Housing and Urban Development

Flynann Janice
Rainbow Housing
Ray Landry
Davis-Penn Mortgage Co.
Denise Muha
National Leased Housing Association
Monica Sussman
Nixon Peabody LLP

New Markets Tax Credits

Frank Altman
Community Reinvestment Fund
Elaine DiPietro
Enterprise Community Investment Inc.
Merrill Hoopengardner
Advantage Capital
Scott Lindquist
SNR Denton
Matthew Philpott
U.S. Bancorp Community Dev. Corp.
Matthew Reilein
JPMorgan Chase Bank NA
Ruth Sparrow
Futures Unlimited Law PC

Historic Tax Credits

Jason Korb
Capstone Communities
Bill MacRostie
MacRostie Historic Advisors LLC
John Leith-Tetrault
National Trust Comm. Investment Corp.
John Tess
Heritage Consulting Group

Renewable Energy Tax Credits

Bill Bush
Borrego Solar
Ben Cook

SolarCity Corporation
Jim Howard
Dudley Ventures
Forrest Milder
Nixon Peabody LLP