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Journal of Tax Credits Volume 3 Issue 1
The January 2012 issue of the Novogradac Journal of Tax Credits.
More than 18 months after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, implementation of one of the bill's major provisions is on the horizon and the results could have significant implications for the tax credit community. Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act contains a provision commonly referred to as the Volcker Rule, named for former Federal Reserve Chairman Paul Volcker who originally proposed restricting banks from making certain kinds of speculative investments.
Happy New Year! Well, I thought I'd try to start the year on a more positive note after a rather sobering year-end 2011 column.
The Internal Revenue Service published final Treasury Regulations effective December 5, 2011 providing rules for satisfaction of the "qualified active low-income community business" requirements for businesses serving targeted populations.
When I first began my career in historic preservation I learned that there were two important views of a historic downtown building, the ground level - a dynamic area, ever changing with the influx of people, permanent and passing retailers and tenants, basically a barometer of the economic conditions in country, and the upper floors, which gave permanence and a sense of place to downtown.
The Internal Revenue Service (IRS) published the amounts of unused low-income housing tax credit (LIHTC) carryovers for calendar year 2011 that were allocated to 28 qualified states under Internal Revenue Code §42(h)(3)(D).
Janet Golrick, the U.S. Department of Housing and Urban Development's (HUD's) acting deputy assistant secretary for Multifamily Housing Programs, sent a memo on November 22 to Section 8 multifamily project owners announcing policy changes related to project-based rental assistance (PBRA).
The U.S. Department of Housing and Community Development (HUD) awarded a total of $749 million in Section 202 and Section 811 grants to provide affordable supportive housing for senior citizens and persons with disabilities.
Maryland has raised the administrative fee for reviewing Sustainable Communities Tax Credit applications from 1 percent to 3 percent of the tax credit award. Legislation to increase the fee was enacted in April and the change went into effect in November.
U.S. Bancorp Community Development Corporation provided $5.5 million in new markets tax credit (NMTC) financing to support two Mary's Center community health clinics in Washington, D.C.