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Novogradac Journal of Tax Credits Volume 5 Issue 6

The June 2014 issue of the Novogradac Journal of Tax Credits

Journal cover June 2014

Articles

Michael J. Novogradac

Sunday, June 1, 2014

Though still months away, November’s midterm elections are already factoring into certain issues in Washington. It has long been expected that the November elections would affect the timing of legislation to extend expired and expiring tax provisions could be considered and possibly passed. So while the affordable housing, community development, historic preservation and renewable energy communities welcomed the initial progress the Senate Finance Committee made on extenders, most experts don’t expect legislation to become law until after the elections are over.

Brian Carnahan and Jon Welty

Sunday, June 1, 2014

Many owners of low-income housing tax credit (LIHTC) properties explore “resyndication” or seek a new allocation of credits to preserve an existing LIHTC property. The new allocation of credits can help with rehabilitation and upgrades to make an older property more marketable and sustainable. Preparing for and resyndicating a property, however, requires planning and due diligence, as the process involves both development and compliance issues. Below are suggestions for successfully resyndicating a property and a few points to consider.

Mark O’Meara

Sunday, June 1, 2014

At this time last year, new markets tax credit (NMTC) investors and community development entities (CDEs) were reporting that a smaller allocation, smaller average individual awards and a delay in announcing the awards had created an increase in the demand for credits.

Forrest D. Milder

Sunday, June 1, 2014

On May 9, President Barack Obama issued a statement about solar deployment and real estate investment trusts (REITs) that said, “ … in a step forward for renewable energy, the Treasury Department and IRS will shortly clarify how certain investment rules relate to renewable energy installations. This is important because real estate investment trusts (REITs), a key component of many retail investors’ portfolios, generally hold only real property. The new guidance will provide clarity regarding the treatment of renewable energy installations in REITs, thereby helping to promote investment in the sector.”


News Briefs

Sunday, June 1, 2014

On April 10, Rep. Charles B. Rangel, D-N.Y., introduced the Renters Tax Credit Act of 2014 (H.R. 4479). The act would provide a renter’s credit for low-income tenants that would be administered and implemented by state agencies through a public-private partnership with property owners and lenders...

Sunday, June 1, 2014

The U.S. Department of Housing and Urban Development (HUD) on April 17 released a notice about the proposed second round selection process for the Promise Zone Initiative. A second round of Promise Zone designations is slated to open for solicitation this year. Announcements of the second round selections are expected in early 2015...

Sunday, June 1, 2014

U.S. Bancorp Community Development Corporation and the Northern California Community Loan Fund announced on April 9 a $3.2 million new markets tax credit (NMTC) investment in the East Oakland Youth Development Center (EOYDC). Total renovation and...

Sunday, June 1, 2014

The Clean Energy Victory Bonds Act (H.R. 4426) was introduced April 8. The legislation would extend the renewable energy investment tax credit (ITC), the production tax credit (PTC) and the energy efficient commercial buildings deduction...

Sunday, June 1, 2014

On April 23, Mississippi’s Economic Development Programs Tax Incentives Evaluation Act of 2014 (H.B. 1365) was enrolled into law. The new law requires an analysis of economic development programs and tax incentives enacted prior to July 1, 2014...

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