Journal of Tax Credits Volume 5 Issue 1
Articles
As we look out on the horizon of the New Year, a number of recently enacted affordable housing and community development changes are expected to gradually reshape the tax credit landscape. And as 2014 progresses, several additional developments could create added obstacles or bridges to affordable housing, community development, historic preservation and renewable energy development.
Before we look at the “America’s Rental Housing: Evolving Market and Needs” report that the Harvard Joint Center on Housing Studies (JCHS) released in December, there is an update on the federal budget legislation that was a modest congressional achievement to end 2013. Before the House recessed for the holidays, the two Budget Conference Committee chairs, House Budget Committee Chairman Paul Ryan, R-Wis., and Senate Budget Committee Chairwoman Patty Murray, D-Wash., announced an agreement on fiscal year (FY) 2014 and FY 2015 discretionary spending levels.
On June 14, 2013, Texas Gov. Rick Perry signed into law a 25 percent state historic tax credit (HTC). With this new HTC, Texas joins more than 30 states that offer state-level HTCs.
The state’s development community welcomed this new tool and many expect it will help make numerous redevelopment projects in Texas not only viable, but attractive for investors.
The Historic Tax Credit Coalition’s (HTCC’s) advocacy last spring on behalf of effective yield accounting treatment for the federal historic tax credit (HTC) is paying early dividends. Responding to a call for comments, the HTCC made its case that the Financial Accounting Standards Board’s (FASB’s) Emerging Issues Task Force (EITF) should expand its consideration of effective yield accounting treatment for the low-income housing tax credit (LIHTC) to include the HTC and other credits including new markets and renewable energy tax credits.
News Briefs
The Illinois State Property Revitalization Tax Credit Act (Senate Bill 341) has passed the Senate and been referred to the House rules committee. The bill provides a tax credit to offset the cost of redeveloping state facilities that closed within the last two years and had at least 100 employees...
The Texas Department of Housing and Community Affairs (TDHCA), on Nov. 28, adopted compliance monitoring rules under 10 TAC, Subchapter F. The new rules require that each household be provided a notice listing the development’s common amenities, unit ...
Virginia Gov. Bob McDonnell requested a comprehensive study of Virginia’s existing school buildings and facilities in order to show how a change to the federal historic tax credit (HTC) could benefit these buildings. The report found that of the 2,030 schools, 817 are 50 years old or...
On Nov. 15, the U.S. Department of Housing and Urban Development (HUD) designated difficult development areas (DDAs) for 2014. Qualified census tracts (QCTs) published on April 20, 2012 remain in effect. The notice also announced a change in the designation methodology
The U.S. Department of Housing and Urban Development (HUD) is soliciting comments on quality control for rental assistance subsidy determinations. In a notice published on Nov. 18, HUD announced that it is conducting a study to update its estimates of the extent and type of errors...
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Events Calendar
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