Journal of Tax Credits March 2015

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Also in this Issue

  • Affordable Housing Overcomes Steep Obstacles

  • Great Location, Debut for Austin, Texas, Affordable Housing Complex

  • LIHTCs, HTCs Help Finance Permanent Supportive Housing and Office Space for Nonprofit in St. Louis

  • Focus On: Caldwell, Idaho

  • How Did HUD 4350.3 Change 4 Alter Rules for LIHTC Tenant-Income Verifications?

  • Complicated Rebuild, Reconstruction a Success in Fort Myers, Fla.

  • HUD Funds, LIHTCs Finance Redevelopment of Harrisburg Station Apartments in Grove City, Ohio

  • HTCs, LIHTCs Preserve Historic Building, Create Housing and Commercial Space in Watertown, N.Y.

  • Oakland, Calif., Charter School Leverages NMTCs for New Campus

  • NMTCs Finance Community Center for Affordable Housing Residents in Boston

  • NMTC Working Group Update: March 2015

  • Q&A: When Does Allocation Agreement Terminate?

  • NMTC Qualified Equity Investment Report

  • Serious History Behind New York Building Renovated with HTCs

  • The Current: The President’s Latest Proposals for Renewable Energy Tax Incentives


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

Assignment Editor

Brad Stanhope

Senior Writer

Teresa Garcia

Staff Writer

Mark O’Meara

Editorial Assistant

Elizabeth Orfin

Contributing Writers

Forrest Milder
Mark Shelburne
Thomas Stagg
Annette Stevenson
Emila Sutton
John M. Tess


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
2015 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
Bellwether Enterprise
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
Gianna Solari
Solari Enterprises Inc.
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