Journal of Tax Credits October 2015

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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.

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Also in this Issue

  • Affordable Housing Development Fills Quickly in ‘Difficult’ New Jersey

  • Senior Housing in Portland, Ore., Gets SPRAC Subsidy, Remake

  • Focus On: Norfolk, Va.

  • Critical Documents for LIHTC Property Managers

  • Making RAD Work for Lenders: Focus on the Partnership

  • Repeat Business Good for Second Phase of Missouri Senior Development

  • NMTC Qualified Equity Investment Report

  • Historic Tax Credit Tool Box: The Corridor Challenge in HTC Developments

  • Historic Rehabilitation Awards

  • The Current: Which Structure Fits Your Project Better–Single-Tier or Inverted Lease?

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

Maria Barry
Elaine Chang
Hirut Gewe
Peter Lawrence
Forrest Milder
Rebecca Peace
Mark Shelburne
John Tess


David R. Grubman


Alexandra Louie
Jesse Barredo
James Matuszak


Address all correspondence and
editorial submissions to:
Alex Ruiz / 925.949.4243

Address inquiries regarding
advertising opportunities to:
Carol Hough / 415.356.8040

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