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Novogradac Journal of Tax Credits Volume 5 Issue 9

The September 2014 issue of the Novogradac Journal of Tax Credits

Journal cover September 2014

Articles

Michael J. Novogradac

Monday, September 1, 2014

Despite their proven track records promoting capital investment in affordable housing, community development, historic preservation and renewable energy, some tax credit critics continue to suggest capital grants may be a better alternative. For example, in response to criticism of the new markets tax credit (NMTC), the U.S. Government Accountability Office (GAO) in 2010 recommended a pilot capital grant program to compare with the NMTC.

Kyle Zochert

Monday, September 1, 2014

Many hours are spent planning, checking and rechecking tenant files, income limits, utility allowances and numerous other factors to ensure that a property stays in compliance with low-income housing tax credit (LIHTC) requirements. However, even the best intentioned of owners might encounter a situation where they could face a recapture. LIHTC recapture can strike any property, anywhere.

Ryan J. Rieger

Monday, September 1, 2014

Question: What would be considered an innovative use of a new markets tax credit (NMTC) allocation in accordance with the 2014 NMTC allocation application, and how will the innovative investments be reported on the current allocation agreement?Answer: The recent release of the notice of allocation availability (NOAA) has community development professionals shifting their efforts toward formulating a successful application for the calendar year (CY) 2014 allocation round.

John M. Tess

Monday, September 1, 2014

Certain building types inherently contain significant interior spaces, the character of which can be defined by their volume as well as their architectural distinction. School buildings contain cafeterias, gymnasiums and auditoriums; armories contain drill halls; hotels contain ballrooms; fraternal lodges contain ceremonial spaces; office buildings contain lobbies; and bank buildings contain monumental banking halls. The adaptive reuse of such spaces often hinges on the ability to subdivide the space, either horizontally or vertically. This article addresses the opportunities and challenges of subdividing significant interior spaces in historic tax credit (HTC) projects.


News Briefs

Monday, September 1, 2014

The Housing for Homeless Students Act of 2014 was introduced July 31. The bill would amend the Internal Revenue Code (IRC) of 1986 to allow homeless youth and veterans who are full-time students to qualify for the low-income housing tax credit (LIHTC). Currently, the ...

Monday, September 1, 2014

On July 15, bipartisan bill H.R. 5104 was introduced by Reps. Jim Himes, D-Conn., and Dennis Ross, R-Fla. The bill would authorize the Secretary of the U.S. Department of Housing and Urban Development (HUD) to enter into budget-neutral, performance-based contracts with...

Monday, September 1, 2014

On July 14, the New Markets Tax Credit Coalition (NMTCC) released a special report, “The New Markets Tax Credit: Creating Economic Opportunity in Rural America.” The report analyzes the benefits of the new markets tax credit (NMTC) program and the impact the ...

Monday, September 1, 2014

On July 23, Rep. Tammy Duckworth, D-Ill., along with several members of the Illinois Congressional Delegation, sent House Speaker John Boehner, R-Ohio, a letter regarding the production tax credit (PTC). The representatives asked Boehner to bring legislation that includes an extension...

Monday, September 1, 2014

On July 8, Thibodaux, La. Mayor Tommy Eschete announced that the Office of the Lieutenant Governor and the Department of Culture, Recreation and Tourism has certified the Thibodaux Cultural District, making the area eligible for the Louisiana Cultural Districts program...

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