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Novogradac Journal of Tax Credits Volume 11 Issue 10
Abridged version of the October 2020 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.
Articles
From expanding a culinary arts program in Flint, Mich., to expanding a biotech company in Athens, Ga., the winners of the 2020 Novogradac Community Development QLICI of the Year Awards represent the diversity of the new markets tax credit (NMTC).
From the preservation of Section 8 housing to providing stable housing for homeless individuals and veterans, the five winners of the 2020 Novogradac Journal of Tax Credits Developments of Distinction (DOD) Awards exhibit the breadth of affordable housing impact on local communities.
The 9 percent low-income housing tax credit (LIHTC) and 4 percent LIHTC share similarities–both are indirect federal subsidies to help financing the rehabilitation or construction of affordable housing. However, there are significant differences when it comes to compliance requirements.
Investors in the 4 percent low-income housing tax credit (LIHTC) equity market appeared cautious at the beginning of the COVID-19 pandemic. However, business continued and the market has settled.
The likelihood that Democrats will keep control of the House in the November election, combined with the significant possibility that the Democratic Party could take back both the Senate and White House, has broad implications for affordable housing, community development, renewable energy and historic preservation.
News Briefs
The American Wind Energy Association (AWEA) announced Sept. 4 that it will broaden its mission beyond wind as part of a newly formed industry group.
The Internal Revenue Service submitted final regulations Sept. 15 for publication in the Federal Register concerning the five-year period over which the federal historic tax credit (HTC) may be claimed, along with other special rules for investment credit property.
The Community Development Financial Institutions (CDFI) Fund published a notice of allocation availability in the Sept. 23 Federal Register, making $5 billion in new markets tax credit (NMTC) allocation authority available for the 2020 NMTC allocation round.
The U.S. Department of Housing and Urban Development (HUD) published a notice in the Aug. 14 Federal Register with fiscal year 2021 (FY 21) fair market rents (FMRs) for the housing choice voucher program, moderate rehabilitation single room occupancy program and other HUD programs.
Minnesota Housing announced Aug. 24 that the Minnesota COVID-19 Housing Assistance Program is now accepting applications from individuals and families impacted by COVID-19.