Journal of Tax Credits Volume 1 Issue 1
The January 2010 issue of the Novogradac Journal of Tax Credits.
For many people, running out of milk on a Tuesday night is no big deal. They hop in their car or run down to the corner market for more. But, in many lower-income urban areas and smaller towns, there is no local grocery store. In these areas—sometimes referred to in the development community as food deserts—residents may have to take multiple buses or walk several miles to access fresh milk and produce. To reduce the number of such food deserts in the country, several community development entities (CDEs) are using their new markets tax credit (NMTC) allocations to fund grocery stores.
Palmer’s Dock, an affordable housing development on Brooklyn’s Greenpoint-Williamsburg waterfront, can claim many firsts. It was the first affordable housing property developed in Williamsburg under New York City’s Inclusionary Housing Program (IHP). It was the first affordable housing development to receive a loan from the New York City Department of Housing Preservation and Development (HPD) City Council Mixed-Income Initiative.
Question: Can the cash grant in lieu of investment tax credit created under Section 1603 of the American Recovery and Reinvestment Act of 2009 (Recovery Act) be used in a transaction and still monetize the depreciation benefits with a tax investor?
Welcome to the inaugural issue of the Novogradac Journal of Tax Credits. As all of us who work in the low-income housing, new markets, historic and renewable energy tax credit industries step into 2010, we do so with great hope that the coming year will bring increased opportunity and success for the families and communities we serve.
The National Multi Housing Council (NMHC) and National Apartment Association (NAA) announced on November 18 that they will continue their joint legislative program, the NMHC/NAA Joint Legislative Program (JLP)...
The Ohio Housing Finance Agency (OHFA) announced on December 4 that it had revised its compliance forms. Property managers or owners must use the revised forms for certifications or verifications on or after January 1, 2010. Revisions include a new Student Status Verification (PC-E42), ...
As part of the Obama Administration’s commitment to increase transparency through the Open Government Directive, the U.S. Department of Housing and Urban Development (HUD) announced on December 9 two measures that will make information more accessible to the general public.
Citi announced on November 23 that it would provide $15 million in financing for the renovation of Bedford Stuyvesant Restoration Corporation’s (BSRC’s) Restoration Plaza in Brooklyn, N.Y. Citi’s financing consists of a $4 million new markets tax credit (NMTC) investment and an $11.4 million short-term bridge loan. Citi donated an additional $200,000 to the Centers for Financial Empowerment in partnership with BSRC.
On November 19, Reps. Eric Cantor, R-Va., and Artur Davis, D-Ala., introduced H.R. 4133, a bill that would amend Internal Revenue Code Section 47 to exempt public school rehabilitation from the tax-exempt use exception to the historic rehabilitation tax credit...