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Novogradac Journal of Tax Credits Volume 2 Issue 3

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

Journal cover March 2011

Articles

Michael J. Novogradac

Tuesday, March 1, 2011

On February 14, the Obama Administration released its third annual budget proposal, which essentially sets out its spending goals and tax proposals for fiscal year (FY) 2012. At the time the FY 2012 budget was released, the FY 2011 budget had not yet been resolved. However, it is expected that the spending levels set during the FY 2011 negotiations will set the tone for the spending debates for the FY 2012 budget process.

James R. Kroger

Tuesday, March 1, 2011

Question: I am the property manager of a Project Based Section 8 project that was also funded with low-income housing tax credits (LIHTCs). I am now required to use the Enterprise Income Verification (EIV) system to verify income for the Section 8 program. Can I use EIV information to verify household income for the tax credit program?

John Leith-Tetrault

Tuesday, March 1, 2011

Alexis DeTocqueville described Cleveland in his famous 1830 work, Democracy in America, as a sophisticated society amidst a heavily forested landscape. The nickname “Forest City” has stuck with Clevelanders, and the city’s legacy is reflected in its verdant “Metro Parks” system. Cleveland is also the home to world class institutions such as the Cleveland Orchestra (ranked 7th in the world) and the Cleveland Clinic (ranked 4th on US News’ Honor Roll of U.S. hospitals). Anyone my age who has a national perspective on community development also recognizes that Cleveland is a powerhouse and creative center for community development finance.

John M. Tess

Tuesday, March 1, 2011

The hospitality industry has always played an important role in our nation’s growth and the urbanization of the United State’s small towns and large metropolitan areas. The industry itself is reflective of the increasing mobility of American society and the modes of transportation used by Americans since the country’s inception. It is also reflective of the country’s economic health. As a result, it is not surprising that the rehabilitation of hotels has played a strong role in the historic preservation movement since the beginning of the federal tax incentives for the rehabilitation of historic properties.

Forrest D. Milder

Tuesday, March 1, 2011

This month we have another brand new case of importance to the renewable energy industry. The decision is ARRA Energy Company I, et al. v. United States (Ct. Cl. No. 10-84C, January 18, 2011), and it involves the Treasury’s processing of Section 1603 grant applications. (Disclaimer: My firm, Nixon Peabody LLP, represents the plaintiff in the litigation.)  


News Briefs

Tuesday, March 1, 2011

Federal Housing Finance Agency (FHFA) director Edward J. DeMarco announced that the agency will restructure its office of safety and soundness and its mission office.

Tuesday, March 1, 2011

The National Affordable Housing Management Association (NAHMA) has announced the winners of its 2010 communities of quality (COQ) and industry awards.

Tuesday, March 1, 2011

In 2009, 7.1 million low-income households paid more than half their monthly income for rent or lived in substandard housing, a U.S. Department of Housing and Urban Development (HUD) report found.

Tuesday, March 1, 2011

The Connecticut Department of Economic and Community Development (DECD) released an assessment of the economic and fiscal impacts of the state's tax credit and abatement programs.

Tuesday, March 1, 2011

Imagine Downtown Inc. (IDI) provided $25 million in NMTC financing for the Georgia Aquarium's new AT&T Dolphin Tales gallery in Atlanta, Ga.

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