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Novogradac Journal of Tax Credits Volume 1 Issue 3

The March 2010 issue of the Novogradac Journal of Tax Credits.

Journal cover March 2010

Articles

Thomas Boccia

Monday, March 1, 2010

Question: What are some common differences for a historic tax credit (HTC) project using the single tier structure vs. the master lease structure?

Jennifer Hill

Monday, March 1, 2010

The U.S. Department of Housing and Urban Development (HUD) announced in January the awarding of $1.93 billion to nearly 60 entities — states, local governments and not-for-profit housing developers — in the second round of the Neighborhood Stabilization Program (NSP). NSP provides competitive grants to revitalize neighborhoods devastated by foreclosed and abandoned properties.

Jennifer Dockery

Monday, March 1, 2010

Nearly everyone in Washington, D.C., agrees that America’s infrastructure needs improvement, but a consensus on how to fund such an effort is elusive.The Trump administration released its infrastructure plan Feb. 12 as part of its fiscal year 2019 budget proposal–advocating a $200 billion federal investment designed to spur an additional $1.3 trillion for roads, transportation and other needs such as wastewater treatment plants, veterans’ hospitals and transformation of brownfield sites.“This is the start of a negotiation–bicameral, bipartisan negotiation–to find the best solution for infrastructure in the U.S.,” an administration official told Politico two days before the release.The 55-page proposal wasn’t embraced by everyone. Democrats said the federal funding total fell short of what is needed to repair roads, railroads, tunnels, airports and more. They said these concerns would be better addressed by a proposal they released last year that called for $1 trillion in federal investment.There are other options. The U.S. Chamber of Commerce has proposed an increase in the federal gas tax to raise $394 billion over 10 years–one way to fund a significant amount of infrastructure improvement, but a proposal that would surely run into some strong opposition.The administration’s proposal includes a $6 billion expansion of private activity bonds (PABs), which were in danger of losing their tax-exempt status two months earlier during tax reform negotiations. Notably missing from

Michael J. Novogradac

Monday, March 1, 2010

The annual federal budget process starts anew with the release of President Barack Obama’s proposed $3.8 trillion budget for 2011. The federal government’s fiscal year ends September 30, and every year, in early February, the President submits his proposed budget to Congress. From there, the battles begin as House and Senate committees hold hearings and vote to authorize legislation and appropriate money to operate the federal budget for another year. 

Jing Chen

Monday, March 1, 2010

As low-income housing tax credit (LIHTC) projects reach the last year of the mandatory 15-year compliance period, owners and investors face the challenge of defining exit strategies for their investments. In addition, many other LIHTC properties are having difficulties generating positive cash flow or significant tax benefits for their investors – either because of complications in the property’s operations or because of the global economic downturn. Owners and investors in these properties may seek a change via some form of refinancing or restructuring, including getting a fresh allocation of tax credits, and there are several important steps that should be considered.


News Briefs

Monday, March 1, 2010

The U.S. wind energy industry broke all previous records by installing nearly 10,000 megawatts (MW) of new generating capacity last year—but lags in manufacturing—according to a report released in January by the American Wind Energy Association (AWEA)...

Monday, March 1, 2010

In January, Maryland Gov. Martin O’Malley announced the release of the state’s energy agenda for 2010, emphasizing renewable energy production and tax credits. Proposed legislation calls for extending renewable energy credits for businesses interested in going green...

Monday, March 1, 2010

Health Center (MHHC) in Bronx, N.Y. The 48,700-square-foot building will expand the health-care center facilities to serve an additional 18,000 patients per year and provide new services including physical therapy, mammography, orthopedics and cardiology. The facility will also include medical office space...

Monday, March 1, 2010

On January 12, the National Multi Housing Council (NMHC) issued guidance to help apartment managers understand their responsibilities relating to the 2010 Census. NMHC says that apartment firms can expect Census enumerators to visit their communities in an effort to get residents who have not responded by the April 1 deadline to complete the form...

Monday, March 1, 2010

The January 21 Federal Register reported that HUD was issuing for public comment a comprehensive set of revised closing documents for use in Federal Housing Administration (FHA) multifamily rental projects. The notice starts anew the process for updating the multifamily rental project closing documents that originated in 2004. In revising these forms...

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