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Novogradac Journal of Tax Credits Volume 2 Issue 12

The December 2011 issue of the Novogradac Journal of Tax Credits.

Journal cover December 2011

Articles

Michael J. Novogradac

Thursday, December 1, 2011

As we prepare to enter a new year, it's a good time to survey the land and consider what lies ahead for the tax credit industry.The equity markets for the low-income housing tax credit (LIHTC), new markets tax credit (NMTC) and historic tax credit (HTC) will share some common challenges in the year to come. For example, tax reform would likely have a measurable effect on the tax credit equity markets even if these tax credit programs are not directly altered.

Brian Carnahan

Thursday, December 1, 2011

I am often challenged in my role as the leader of a compliance monitoring team. I occasionally joke that it is funny how I have trouble following rules yet spend my days enforcing rules. This personal "struggle" reflects – I hope – the challenge faced daily by persons who are in a regulatory role such as affordable housing compliance.

John Leith-Tetrault

Thursday, December 1, 2011

On October 27, the Internal Revenue Service (IRS) submitted its brief to the United States Court of Appeals for the Third Circuit asking the court to reverse the January 3, 2011 Tax Court decision in the case of Historic Boardwalk Hall, LLC v. Commissioner (Boardwalk), which upheld the position of the taxpayer. The IRS appeal will be followed by the taxpayer's brief on December 15 and the filing of an amicus brief on December 22 by Miller and Chevalier on behalf the National Trust for Historic Preservation and other preservation organizations. The amicus brief is being shaped through consultation between Miller and law firms active with the Historic Tax Credit Coalition including Bryan Cave, Squire Sanders, Kutak Rock, and Holland and Knight.

John M. Tess

Thursday, December 1, 2011

There are few things that we do in life that don't or didn't include the involvement of others to some extent. I like to refer to these "outside people" as your team. Some teams work and others don't. In the case of the redevelopment of an historic property the right project team is critical to a successful project.

Forrest D. Milder

Thursday, December 1, 2011

There are two questions that I get a lot with respect to Section 1603 grants: Once I've gotten my grant, will there be subsequent questions about the computation? And: How is compliance handled once I've placed my project in service?


News Briefs

Thursday, December 1, 2011

Federal Home Loan Bank of Atlanta announced that it will award $37.6 million to help finance 56 affordable housing developments in 15 states and the District of Columbia.

Thursday, December 1, 2011

The National Multi Housing Council (NMHC) and the National Apartment Association (NAA) have requested a meeting with the U.S. Department of Housing and Urban Development (HUD) to clarify guidelines that HUD issued in August on preventing and controlling bed bugs.

Thursday, December 1, 2011

The U.S. Department of Housing and Urban Development (HUD) proposed new regulations to Congress that it says will improve the HOME Investment Partnerships program.

Thursday, December 1, 2011

The Ohio Tax Credit Authority approved a $5.8 million job creation tax credit for the Sherwin-Williams Company.

Thursday, December 1, 2011

The Community Development Financial Institutions (CDFI) Fund released data collected on new markets tax credit (NMTC) projects financed through fiscal year (FY) 2010.

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