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Novogradac Journal of Tax Credits Volume 10 Issue 5

Abridged version of the May 2019 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.

Journal cover May 2019


Brad Stanhope

Tuesday, May 7, 2019

Tucked in the northwest corner of California, the Tolowa Dee-ni’ Nation is expanding its footprint–and a 21-home development funded with equity from low-income housing tax credits (LIHTCs) and renewable energy investment tax credits (ITCs) plays a key role. Those homes will ultimately be owned by tribal members.

John M. Tess

Monday, May 6, 2019

The New Markets Tax Credit (NMTC) program was created as part of the Community Renewal Tax Relief Act of 2000 passed during the Clinton administration with the intent to improve business development in economically distressed areas of the country.

Mark O’Meara

Friday, May 3, 2019

The opportunity zones (OZ) incentive is expected to drive substantial capital into low-income communities across the country, but in order for that to continue long-term, data is needed to highlight the incentive’s impact.

Kevin Goldsmith

Thursday, May 2, 2019

The New Markets Tax Credit (NMTC) program continues to expand its scope to serve the most distressed communities across the United States.

Michael J. Novogradac

Wednesday, May 1, 2019

Efforts to provide an indefinite extension of the New Markets Tax Credit (NMTC) program have run into a predictable Washington, D.C., hurdle: partisan politics.

News Briefs

Tuesday, May 7, 2019

A bipartisan group of 34 state representatives introduced legislation in the North Carolina House of Representatives March 20 to extend and expand the state historic tax credit (HTC). H.B. 399 would extend the HTC sunset date from Jan. 1, 2020, to Jan. 1, 2030, and would increase the maximum amount of qualified rehabilitation expenses eligible for the 15 percent and 10 percent state HTC. The legislation would increase the cap for HTCs awarded in areas that get a 5 percent boost and would add a 5 percent HTC bonus for property in declared disaster areas. The bill is available at 

Tuesday, May 7, 2019

Legislation to re-establish the state solar energy property tax credit in South Carolina was assigned to the Ways and Means Committee March 7. S. 362 would create a tax credit for 25 percent of the cost of construction or lease of a solar energy property, including installation, but the credit would only be available to property that meets certain qualifications. There would be a statewide annual cap of $2.5 million and the bill would be in effect from 2019 through 2021. The credit would be taken in five installments. A similar credit expired Dec. 31, 2017.

Tuesday, May 7, 2019

The Community Development Financial Institutions (CDFI) Fund provided an updated frequently asked questions (FAQs) document March 29 for compliance with the New Markets Tax Credit (NMTC) program. The new document, which supersedes the May 2017 FAQs document, includes information on some Award Management Information System reporting requirements, the definition of “housing unit” to clarify the forms of affordable housing that can be financed, new information on how to determine whether a property is in a food desert and more. The FAQs document is available at 

Monday, May 6, 2019

The U.S. Department of Housing and Urban Development (HUD) published a notice in the Federal Register March 14 revising the fiscal year 2019 fair market rents (FMRs) for 10 areas, based on data provided to HUD. The FMRs apply to the Housing Choice Voucher program and the Moderate Rehabilitation Single-Room Occupancy program. The revised FMRs will take effect April 13. The 10 areas include four in Oregon, four in California and two in New England.

Friday, May 3, 2019

Minnesota Housing released a roundup of information March 18 for 2019 affordable housing properties. The memo included information on important dates, request for proposal application information, preservation pre-applications, a workbook correction, scoring tips and updated tenant selection guidance. Those seeking 9 percent low-income housing tax credits (LIHTCs) and intend to reserve LIHTCs must submit a preservation pre-application. The deadline for that is May 2. The deadline to submit intent-to-apply documents for all multifamily applications is May 17. Multifamily applications are due June 3.

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