Novogradac Journal of Tax Credits Volume 14 Issue 5
Abridged version of the May 2023 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.
Articles
Last year’s Inflation Reduction Act (IRA) and its nearly $370 billion in provisions for green energy endeavors included a 10-year extension of the Section 45L Energy Efficiency Home Credit. The extension provides a long runway for an incentive that previously was renewed on short-term bases.
After several years of relative stability in terms of financing, those working at public housing authorities (PHAs) may see a divided Congress and become curious what that means for future funding from the U.S. Department of Housing and Urban Development (HUD).
On Oct. 7, 2022, the Internal Revenue Service (IRS) released final guidance for the Average Income Test (AIT) Oct. 7, 2022, in the form of Treasury Regulation (Treas. Reg.) Section 1.42-19. With the final regulation came temporary regulations that include recordkeeping and reporting requirements to necessitate the administration and compliance for the final regulations.
As many state low-income housing tax credit (LIHTC) allocating agencies have increased set-asides for nonprofit developers and/or have strengthened the scoring benefit of having nonprofit participation in the development team, private for-profit affordable housing developers increasingly need to look at forming partnerships with nonprofit developers.
High interest rates are driving more real estate developers to apply for loans insured by the U.S. Department of Housing and Urban Development (HUD) to finance affordable housing, and such financing is often combined with low-income housing tax credits (LIHTCs) and private-activity bonds.
News Briefs
Historic tax credits news briefs from Ohio, Iowa, Kentucky, Connecticut, Indiana and more for May 2023.
New markets tax credits news briefs for May 2023, including an FASB update, a CDFI announcement, an allocation in Delaware and more.
Renewable energy news briefs for May 2023, including updates about onshore wind capacity in 2022, the Virginia green job creation credit and more.
Department of Housing and Urban Development news briefs for May 2023, with updates about Section 8 guidance, a memo about the Violence Against Women Reauthorization Act of 2022, a request for public comment and more.
Property compliances news briefs from Kentucky and Illinois for May 2023.
