Novogradac Journal of Tax Credits Volume 13 Issue 9
Abridged version of the September 2022 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.
Using tax credit equity to finance Main Street-scale revitalization projects with less than $10 million in development costs presents a unique set of challenges and opportunities. Yet the financial and community benefits generated by these projects provide vital goods and services and support small businesses within our country’s most historically underinvested communities.
Minnesota’s Legislature adjourned May 23 without extending the state’s historic tax credit (HTC). Now that the program’s sunset date passed, HTC developments in Minnesota can no longer twin federal HTCs with the state’s expired 20% offering.
Question: When twinning new markets tax credits (NMTCs) and historic tax credits (HTCs), can HTC subsidy be used as a source of the leverage stack to maximize the NMTC benefit for a transaction?
Since 1974, the U.S. Department of Housing and Urban Development’s (HUD’s) Section 108 Loan Guarantee program has offered flexible financing for local community and economic development activities. It’s a potent financing tool that can go hand-in-hand with tax credit investments, such as the historic rehabilitation tax credit (HTC).
The National Park Service (NPS) certifies the rehabilitation of roughly 1,000 historic properties a year. Receipt of this certification by a property owner is generally the final step in confirming a renovation qualifies for federal historic tax credits (HTCs). Along the way, developers of historic properties face many challenges. To better anticipate future challenges and overcome obstacles, there are five steps every developer should take.
Historic tax credits news briefs for September 2022 including updates from Delaware and New York.
New markets tax credits news briefs for September 2022 including updates from the OCC and the CDFI Fund.
Renewable energy tax briefs for September 2022 including updates from Massachusetts, Oregon, and federal legislation and notices of intent.
Department of Housing and Urban Development news briefs for September 2022, including updates about anticipated income limits, a presidential initiative and a significant loan in Illinois.