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Novogradac Journal of Tax Credits Volume 7 Issue 11

The November 2016 issue of the Novogradac Journal of Tax Credits.

Journal cover November 2016

Articles

Brad Stanhope

Tuesday, November 8, 2016

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.

Brad Stanhope

Monday, November 7, 2016

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.

John M. Tess

Friday, November 4, 2016

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.

James D. Howard Jr. and Steven F. Mount

Thursday, November 3, 2016

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. 

Nicolo Pinoli

Wednesday, November 2, 2016

When Congress first codified the exception to permit a right of first refusal (ROFR) to exist for nonprofits involved in a low-income housing tax credit development to purchase the property after the completion of the compliance period without the ROFR affecting the tax benefits otherwise allowable to the investor, it could hardly have imagined how this provision would lead to so many unanswered questions, technical quibbling and contractual artistry. 


News Briefs

Tuesday, November 8, 2016

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.

Tuesday, November 8, 2016

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.

Monday, November 7, 2016

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.

Friday, November 4, 2016

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.

Thursday, November 3, 2016

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.

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