Developments of Distinction Awards

2010 Award Recipients With Video Highlights

Major Community Impact Financial Innovation Overcoming Significant Obstacles

Innovative HUD Financing Historic Rehabilitation Renewable Energy

The Novogradac Journal of Tax Credits (JTC) on December 3, 2010 honored the winners of its second annual Developments of Distinction at a special awards breakfast held in Las Vegas, Nev. The JTC Developments of Distinction awards honor outstanding achievement in the development of tax credit housing, historic rehabilitation and renewable energy. The awards recognized low-income housing tax credit (LIHTC) projects in six categories: those that had a major impact on their community; those that demonstrated financial innovation; and those that overcame significant obstacles in their development, as well as historic tax credit projects that demonstrated meaningful community impact and renewable energy tax credit projects that responded to community needs for jobs and reduced energy footprints.

In the Community Impact category projects were required to demonstrate that they had responded significantly to community need(s); established measureable benefits and success in meeting that/those need(s); employed the effective use of community resources; formed effective community partnerships; achieved their objectives; instituted the use of innovative strategies in bringing benefits to their communities; demonstrated benefits that outweighed costs; and set up successful strategies that can be repeated.

In the Financial Innovation category, nominees were asked to show that they had demonstrated financial innovation in the employment and effective use of innovative financing options and strategies; proved measureable financial success; employed effective uses of financial partnerships; achieved their financial objectives; established replicable strategies and demonstrated benefits that outweighed costs.

In the Overcoming Obstacles category, projects were judged on whether they had achieved their objectives; used innovative strategies in overcoming their obstacles; employed strategies that can be repeated by others; formed effective partnerships with industry or community individuals and organizations or other entities that presented the obstacles; demonstrated benefits that outweighed costs; employed industry or community involvement and participation; and demonstrated skillful use of communications as a means to overcome obstacles.

Nominees in the use of HUD financing were judged on whether they reflected the innovative use of HUD financing in a tax credit project; demonstrated overall financial innovation; employed the effective use of partnerships, options and strategies; proved to be a measureable financial success; achieved financial and tax credit objectives; established replicable strategies; and demonstrated benefits that out-weighed costs.

Historic tax credit nominees were asked to demonstrate they had a meaningful impact on their communities; distinguished themselves in a unique manner; served as major catalysts for further community development; responded to community needs; established measureable benefits and success in meeting that/those need(s); employed the effective use of community resources; formed effective community partnerships; achieved their objectives; instituted the use of innovative strategies in bringing benefits to its community; demonstrated benefits that outweighed costs; and set up successful strategies that can be repeated.

Successful renewable energy tax credit projects reflected a positive impact on job creation and their communities’ energy footprints; demonstrated effectiveness and innovation in the use of RETCs; responded to community need(s); established measureable benefits and success in meeting that/those need(s); employed the effective use of community resources; achieved their objectives; instituted the use of innovative strategies in bringing benefits to their communities; demonstrated benefits that outweighed costs; and set up successful strategies that can be repeated.

The Novogradac Journal of Tax Credits is a premiere national publication, read by affordable housing and tax credit professionals who turn to its pages for industry information and strategies. To find out more about or to subscribe to the Novogradac Journal of Tax Credits, please visit www.novoco.com/journal or www.novoco.com/products.

For further information on the JTC Developments of Distinction please contact Jane Zastrow at JTCHawards@novoco.com, call Jane Zastrow at 415.356.8034.

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