Novogradac Journal of Tax Credits Volume 7 Issue 11
The November 2016 issue of the Novogradac Journal of Tax Credits.
A burned-out convenience store that was the epicenter of 2014 racial protests and riots in Ferguson, Mo., will become a community-focused “empowerment center,” thanks to the infusion of new markets tax credit (NMTC) equity.
Sahnara Hendrix was homeless with two small children in 2001 when she moved into a home owned and managed by the Cleveland Housing Network (CHN). Fifteen years later and now 40, Hendrix has two grown children, a bachelor’s degree, a master’s degree and a job in government.
Brutalism has long been viewed negatively in the architectural community as “monolithic” or “imposing,” but has come back into vogue as changing tastes redefine design. At the same time, many of these buildings, built in the late 1960s through the 1970s, are reaching the 50-year threshold for National Register historic designations; thus, are potentially eligible for historic tax credits (HTCs). Due to their design and reputation, these buildings present unique challenges in HTC rehabilitation projects.
The United States Department of Agriculture (USDA) business and industry loan guaranty program has been an important economic development financing tool for rural America. Under the American Recovery and Reinvestment Act of 2009 (ARRA), more than $1.6 billion was authorized for the loan guaranty program.
In a time of dramatic need for affordable rental housing–studies indicate there are just 31 affordable apartments available for every 100 extremely low-income households and more than 11 million households pay more than 50 percent of their gross income on rent in the United States–$65 billion in available private-activity tax-exempt bond (PAB) cap wasn’t used in 2015.
The Community Development Financial Institutions (CDFI) Fund on Sept. 28 announced two bonds, totaling $265 million, were issued on behalf of four CDFIs in fiscal year (FY) 2016. Community Reinvestment Fund, USA, issued a $165 million bond on behalf of three eligible CDFIs.
H.R. 6058, the “Offshore Wind Act,” was introduced Sept. 15 in the House of Representatives. The bill would amend the Internal Revenue Code to extend the 30 percent investment tax credit (ITC) for offshore wind developments for six additional years.
Heritage Consulting Group announced Sept. 30 that Lucror Resources completed a $13 million rehabilitation of the Flatiron Building in Atlanta. The building will maintain its current use as an office building with ground floor retail and restaurant space.
The National Low Income Housing Coalition (NLIHC) released the report, “Housing Spotlight: The Long Wait for a Home,” in mid-October. NLIHC surveyed 320 public housing agencies in the fall of 2015 and winter of 2016 about the status, size, waiting times and household composition of their waiting lists for housing choice vouchers (HCV). NLIHC found that 53 percent of HCV waiting lists were closed to new applicants for housing assistance and 65 percent of HCV waiting lists closed to the general public had been closed for at least one year.
California Gov. Jerry Brown signed A.B. 1920 into law Sept. 25. The bill authorizes the California Tax Credit Allocation Committee (TCAC) to establish a list of fines for property owners who violate terms of its low-income housing tax credit (LIHTC) agreements.