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Novogradac Journal of Tax Credits Volume 6 Issue 10

The October 2015 issue of the Novogradac Journal of Tax Credits

Journal cover October 2015

Articles

Michael J. Novogradac

Thursday, October 1, 2015

Affordable housing has not been a visible part of most presidential campaigns to date, despite a growing volume of research that the nation’s shortage of affordable housing has reached crisis levels. It is possible that broader topics such as income inequality would provide an opportunity for the candidates to address their positions on affordable housing. To that end, the housing community will hold housing forums in Iowa, whose caucuses have long been the first major electoral event in the presidential nomination process, and New Hampshire, home of the first-in-the-nation primary, to engage the candidates in a conversation about the future of the nation’s housing.

Mark Shelburne

Thursday, October 1, 2015

Part 1 of this article described the legal context and timeline for Texas Department of Housing and Community Affairs v. Inclusive Communities Project Inc. (TDHCA and ICP, respectively), otherwise often referred to as the “Texas case.” This month, part 2 delves into the specifics of the case and its implications for the low-income housing tax credit (LIHTC) community. ...

Teresa Garcia

Thursday, October 1, 2015

Three years have passed since the U.S. Department of Housing and Urban Development (HUD) launched its Rental Assistance Demonstration (RAD), a program that allows public housing authorities (PHAs) to convert housing assistance to long-term, project-based Section 8 contracts. Since then, statistics indicate that the affordable housing preservation program is succeeding on many levels: More than 35,000 units have been converted through RAD, including about 18,000 units closed under the program’s first component and 17,000 under its second component. Additionally, Congress has shown support for the program by extending it through 2018 and more than tripling the cap for the program’s first component from 60,000 to 185,000 units. ...

Elaine Chang

Thursday, October 1, 2015

Question: In our new markets tax credit (NMTC) application, we indicated that we would use NMTC dollars to finance projects that would result in developing or rehabilitating rental or for-sale housing. We received an allocation and in Section 3.2(k) of our allocation agreement, it specifies that we need to provide at least 20 percent of the aggregate housing units that are developed or rehabilitated to be affordable to low-income housing persons. How does the CDFI Fund determine what constitutes affordable housing units? ...

Mark O’Meara

Thursday, October 1, 2015

While Las Vegas is world-renowned for its casinos and nightlife, there is a resurgence going on 2 miles north of the famous strip in the city’s downtown area. To “add more momentum to the renaissance of downtown Las Vegas,” Nic Steele, managing member of Eclipse Theaters Development Group, is building the Eclipse Theaters. The development of an entertainment venue that will include a movie theater as well as a number of partnerships with nonprofits and community organizations, is being partially financed with federal and state new markets tax credits (NMTCs). “We are excited about Eclipse contributing to the revitalization that is already going on in downtown Vegas,” said Steele. ...


News Briefs

Thursday, October 1, 2015

The U.S. Department of Housing and Urban Development (HUD) released the fiscal year 2016 (FY 2016) proposed fair market rents (FMRs) Sept. 3. FMRs are used to determine payment standards for the Housing Choice Voucher (HCV) program. ...

Thursday, October 1, 2015

The Ohio Housing Finance Agency (OHFA) announced a regional compliance forum to be held Oct. 7. The forum will provide participants with interactive discussion on OHFA’s compliance ...

Thursday, October 1, 2015

On Aug. 25, U.S. Bank announced the investment of $65 million in construction and acquisition loans for the renovation of the historic Plymouth Building in downtown Minneapolis. The construction ...

Thursday, October 1, 2015

On Aug. 31, Clean Energy States Alliance (CESA) released an informational packet in response to an Internal Revenue Service (IRS) private letter ruling (PLR). PLR 201536017 addresses Internal Revenue Code (IRC) Section 25D ....

Thursday, October 1, 2015

The California Governor’s Office of Business and Economic Development (GO-Biz) released an updated frequently asked questions (FAQs) document about the California Competes Tax Credit (CCTC) Aug. 26. ...

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