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Novogradac Journal of Tax Credits Volume 11 Issue 2
Abridged version of the January 2020 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.
Articles
St. John’s Pre-seminary High School (St. John’s Seminary) in San Antonio, Texas, is being rehabilitated thanks to historic tax credits (HTCs) and low-income housing tax credits (LIHTCs) and will become The St. John’s Apartments.
About 40 percent of Rental Assistance Demonstration (RAD) conversions use low-income housing tax credit (LIHTC) equity, making it critical for partners in a RAD transaction to understand and prepare for the end of the LIHTC 15-year compliance period, which is when a vast majority of investors choose to exit.
There is plenty of concern about the Community Reinvestment Act (CRA) regulations proposed Jan. 9 by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), starting with the “single-metric test.”
With the federal low-income housing tax credit (LIHTC) in existence for more than 30 years (slightly more than half of my own), we have cycled through two full 15-year exit scenarios.
The most notable benefit of the opportunity zones (OZ) incentive is the exclusion of tax on appreciation of a qualified opportunity fund (QOF) investment held for 10 years.
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News Briefs
Rep. Tom Reed, R-N.Y., and five colleagues introduced the Energy Sector Innovation Credit Act of 2019. The legislation, H.R. 5523, would create a technology-neutral tax credit for clean energy production and storage. It would create a tax credit for 30 percent of the basis of any qualified emerging energy property placed in service during a taxable year.
An Alabama ruling released Dec. 12, 2019, allows state historic tax credits (HTCs) to be claimed in the year after a development is placed in service. The Alabama Department of Revenue specified that Revenue Ruling 2019-001 was dependent on the seller filing the HTC application and rehabilitation plan on or before May 16, 2016, after which state law changed to require credits be used in the year the property was placed in service.
The Community Development Financial Institutions Fund published two notices Dec. 26, 2019, requesting comments on a tracking system and an application for the new markets tax credit (NMTC) incentive. One notice seeks comments on the NMTC program’s allocation and qualified equity investment tracking system.
The U.S. Department of Housing and Urban Development (HUD) released a report Dec. 20, 2019, with certified data regarding homelessness in the United States. According to the report, homelessness numbers increased in 2019, even though many areas experienced a combined decrease.
The Kentucky Housing Corporation announced in an email Dec. 19, 2019, that it released the income averaging compliance policy. The federal Consolidated Appropriations Act of 2018 established income averaging as a permanent third set-aside election for new low-income housing tax credit developments.
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