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Novogradac Journal of Tax Credits Volume 4 Issue 9

The September 2013 issue of the Novogradac Journal of Tax Credits

Journal cover September 2013


Dat Ksor

Sunday, September 1, 2013

On Aug. 5, the U.S. Department of Housing and Urban Development (HUD) published proposed fair market rents (FMRs) for HUD fiscal year (FY) 2014. The proposed FY 2014 FMRs are higher than FY 2013 FMRs for approximately 54 percent of counties and lower for approximately 46 percent of counties.

Michael J. Novogradac

Sunday, September 1, 2013

Congress returns to session Sept. 9 from its August state and district work period, and lawmakers face a number of legislative priorities in the final four months of the calendar year. These include a few pieces of must-pass legislation, including federal appropriations measures and/or a continuing resolution to fund government operations beyond fiscal year 2013 (which ends Sept. 30), and an extension of the debt ceiling, which is likely to be reached in mid-October. Meanwhile, rumors continue to suggest a fall release of a tax reform plan by House Ways and Means Committee Chair Dave Camp, R-Mich., while he and Senate Finance Chair Max Baucus, D-Mont., mildly, though publicly, disagree as to whether the House or Senate will take the first concrete legislative step towards tax reform.

Christina Apostolidis

Sunday, September 1, 2013

In April, the Financial Accounting Standards Board (FASB) issued an exposure draft of a proposed Accounting Standards Update of Topic 323, Investment – Equity Method and Joint Ventures. Comments were accepted until June 17. In a comment letter to the FASB, Muneera S. Carr, executive vice president and chief accounting officer of Comerica Inc. expressed the position of many investors and other stakeholders in the low-income housing tax credit (LIHTC) market. She wrote, “To the extent the principal risk related to compliance with tax code requirements is satisfied and the tax credits are available to the investor, we believe that net presentation of the results of investments in LIHTC as a component of income taxes is a far better reflection of the economics of these investments and will help users better understand the motivations and impact of such investments on the financial statements of the investing entity.”

Mark O’Meara

Sunday, September 1, 2013

The Ohio Historic Preservation Tax Credit (OHPTC) has grown since its inception in 2006. The demand for credits increased and the program has reached Ohio’s smallest rural communities, funding both large and small projects. The Ohio Development Services Agency (ODSA) announced the 10th round of tax credits in June, awarding $33.9 million in tax credits to 22 owners rehabilitating historic buildings in 10 communities. These awards are expected to leverage more than $200 million in private investment.

John M. Tess

Sunday, September 1, 2013

The challenge facing Detroit is well-documented. We have all seen the images of graffiti-covered, decaying buildings and the half-barren blocks where neighborhood houses have been demolished. In 2005, the National Trust for Historic Preservation listed the historic buildings of downtown Detroit on its “11 Most Endangered Historic Places.” In that listing, the National Trust wrote, “The city is at a crossroads. Detroit’s leaders can continue their demolition campaign, or they can work with developers and preservationists to breathe new life into old buildings and save the history of one of America’s great cities.” Four years later, Time Magazine’s cover featured “The Tragedy of Detroit.” Today, the city is in bankruptcy.

News Briefs

Tuesday, December 11, 2018

On July 30, the U.S. Department of Housing and Urban Development (HUD) released a notice inviting comments about HUD’s tenant eligibility and rent procedures. Comments are due Sept. 30...

Sunday, September 1, 2013

St. Christopher’s Hospital for Children, the Philadelphia Industrial Development Corporation (PIDC) and Bank of America Community Development Corporation provided $15 million in NMTC financing for The Center for the Urban Child, located in the Feltonville/Juniata Park Community of Philadelphia, Pa...

Sunday, September 1, 2013

The Montgomery, Md. county council approved Expedited Bill 14-13, the county’s historic tax credit (HTC) bill with a vote of 8-1 on July 16...

Sunday, September 1, 2013

The U.S. Department of Housing and Urban Development (HUD) on July 19 invited comments regarding a proposed rule entitled, “Affirmatively Furthering Fair Housing.” ...

Sunday, September 1, 2013

On Aug. 1, the U.S. Senate unanimously confirmed American Council on Renewable Energy (ACORE) president and CEO Vice Admiral Dennis McGinn as assistant Secretary of the Navy for Energy, Installations and Environment, within the Department of Defense. President Barack ...

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