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Novogradac Journal of Tax Credits Volume 6 Issue 4

The April 2015 issue of the Novogradac Journal of Tax Credits

Journal cover April 2015

Articles

Michael J. Novogradac

Wednesday, April 1, 2015

A recent analysis released by the Joint Committee on Taxation (JCT) reveals that homeownership tax subsidies are projected to outpace rental tax subsidies by approximately 11 to 1 for the five-year period 2014-2018. If these expenditures were balanced based on the ratio of homeowner households to renter households, there would be about $2 in homeownership subsidies to every $1 in rental subsidies. If these subsidies were distributed in a progressive manner based on income levels, then the ratio of homeownership to renter would be even less than 2 to 1.While there has been some minor narrowing in the ratio of homeownership to rental subsidies, rental housing continues to receive short shrift from the federal tax code. ...

Thomas Stagg

Wednesday, April 1, 2015

The U.S. Department of Housing and Urban Development (HUD) released income limits for fiscal year (FY) 2015 March 6, continuing its policy of releasing a set of Section 8 income limits and a set of multifamily tax subsidy project (MTSP) income limits, which are used by low-income housing tax credit (LIHTC) properties and tax-exempt bond properties. The income limits were revised on March 10 for San Jose-Sunnyvale-Santa Clara, Calif., HUD metro fair market rents (FMR) area. ...

Mark Shelburne

Wednesday, April 1, 2015

The National Housing Trust Fund (HTF) is the first entirely new federal source for affordable housing created in many years. This is an introduction for those administering the program and their private-sector partners. ...

John Leith-Tetrault

Wednesday, April 1, 2015

The recession is finally over for the federal historic tax credit (HTC). It took five years to recover, but annual report statistics recently released by the National Park Service (NPS) indicate that HTC private investment volume has finally nearly climbed back to its 2009 peak. The 2014 qualified rehabilitation expenditures (QREs) totaled $4.32 billion compared to $4.57 billion in 2009. Last year’s investment volume was the result of 762 separate Part 3 approvals. HTCs certified by the NPS in FY14 totaled $864 million compared to $914 million in 2009. ...


News Briefs

Wednesday, April 1, 2015

On Feb. 27 the Office of the Comptroller of the Currency (OCC) issued its second quarter 2015 Community Reinvestment Act (CRA) evaluation schedule. The first evaluation date is scheduled for May 15, with the last evaluation scheduled for June.

Wednesday, April 1, 2015

On Feb. 16, the National Council of State Housing Agencies (NCSHA) sent a letter in response to the U.S. Department of Housing and Urban Development’s (HUD’s) reopening of the comment period on the Affirmatively Furthering Fair Housing (AFFH) proposed rule. ...

Wednesday, April 1, 2015

U.S. Bank announced a $7.9 million investment Feb. 12 of historic tax credit (HTC) and new markets tax credit (NMTC) equity for the renovation of former Goodyear Hall and the Ohio Savings and Bank Trust buildings into a mixed-use development in Akron, Ohio. ...

Wednesday, April 1, 2015

On March 11, the Internal Revenue Service (IRS) issued a notice to update beginning of construction guidance for the renewable energy production tax credit (PTC) or investment tax credit (ITC) ...

Wednesday, April 1, 2015

On Feb. 10, the Georgia Department of Revenue released Letter Ruling LRT SUT-2014-03. The ruling provides the rules and regulations for the quality jobs tax credit. Quality jobs tax credits are awarded to companies that create at least 50 jobs in a 12-month period, as long as the jobs pay wages that are at least 10 percent higher than the county average. ...

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