Novogradac Journal of Tax Credits Volume 7 Issue 1
The January 2016 issue of the Novogradac Journal of Tax Credits
When House and Senate leaders announced their tax extenders and omnibus spending bills in mid-December, the tax credit community got a rare gift: a strong degree of certainty, which was a big change from recent year-end legislation.
Annual changes in difficult development areas (DDAs) and qualified census tracts (QCTs) have long been part of the Low-Income Housing Tax Credit (LIHTC) program, but the Nov. 24, 2015, Federal Register notice announcement of changes for 2016 has sparked more interest than in the past.
Question: What key changes were made in the most recent version of the Community Development Financial Institutions (CDFI) Fund’s Certification, Compliance and Monitoring FAQ document?
Answer: On Dec. 4, the CDFI Fund released an updated Certification, Compliance and Monitoring FAQ document, which is the second revision since the document’s release in December 2014 (a prior revision was published in October 2015). The CDFI Fund publishes this document to provide guidance on how allocatees can help comply with various requirements of the New Market Tax Credit program.
With relatively little fanfare, the Bipartisan Budget Act of 2015, which became law in November 2015, made massive changes to the rules that apply to federal income tax audits of partnerships. The new rules apply to tax returns for 2018 and later tax years, although taxpayers can elect earlier application if they wish.
Christina Bucio arrived at the Great Falls Rescue Mission Women and Children’s shelter in Great Falls, Mont., looking for a temporary place where she and her young family could stay. She was disappointed to learn that she would have to separate from her five children until more space became available. “When I first got there, all the family areas were filled up; there was no room for me to bring my kids in,” said Bucio. There was only enough bed space for Bucio, so her children had to stay with relatives.
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The National Association of Home Builders (NAHB) released its latest Eye on Housing newsletter Nov. 16. This issue provides an update on the Low-Income Housing Tax Credit (LIHTC) program. According to the analysis, NAHB estimated that as of 2013, approximately 13.3 million people had resided in homes financed by the LIHTC program.
The Ohio Housing Finance Agency (OHFA) announced Nov. 13 that 2015 annual owner certifications and tenant data for low-income housing tax credit (LIHTC) properties for the reporting period of Jan. 1-Dec. 31, 2015 will be due March 1.
The National Trust Community Investment Corporation (NTCIC) announced Nov. 13 the retirement of John Leith-Tetrault, president. Leith-Tetrault retired after 15 years with NTCIC and 21 years with the National Trust for Historic Preservation.
The Solar Energy Industries Association (SEIA) announced Dan Whitten as vice president of communications Nov. 3. Most recently, Whitten served as a senior director of communications at America’s Natural Gas Alliance