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Novogradac Journal of Tax Credits Volume 7 Issue 3

The March 2016 issue of the Novogradac Journal of Tax Credits

Journal cover March 2016

Articles

Teresa Garcia

Tuesday, March 8, 2016

The main challenge to building the largest utility-scale solar facility in Arkansas had little to do with construction, and largely to do with changing the mindset of a historically coal-fueled region.

Teresa Garcia

Monday, March 7, 2016

If it takes a village to raise a child, it also takes a village to break the cycle of homelessness by getting individuals and families back on the road to independence. That’s the philosophy and spirit of collaboration behind the Century Housing Corporation’s Villages at Cabrillo community in Long Beach, Calif...

Warren R. Sebra

Friday, March 4, 2016

The U.S. Department of the Treasury issued Revenue Procedure 2014-12 Dec. 30, 2013. It establishes a “safe harbor” for historic tax credit (HTC) investments made within a single tier or through a master tenant structure. The guidance was issued in response to the effect of the decision in Historic Boardwalk Hall, LLC v. Commissioner, 694 F.3d 425 (3d Cir. 2012), cert. denied, US No. 12-90, May 28, 2013 (HBH)...

John Leith-Tetrault

Thursday, March 3, 2016

Nothing comes easy for the federal historic tax credit (HTC). This proven incentive to spur economic development through the rehabilitation of historic properties has had more than its fair share of scrutiny from Congress, the courts and the Internal Revenue Service (IRS) over the past few years.

Peter Lawrence

Wednesday, March 2, 2016

The Obama administration released its $4.2 trillion fiscal year (FY) 2017 budget request Feb. 9, the last and perhaps the boldest budget submission of Obama’s presidency. While it is traditional for pundits to proclaim administration budget requests as “dead on arrival,” especially when Congress is controlled by the opposing party of the president...


News Briefs

Tuesday, March 8, 2016

The North Dakota Department of Revenue issued an Income Tax Newsletter Feb. 3 informing taxpayers of an extension on an income tax credit allowing for installing a biomass, geothermal, solar, or wind energy device in North Dakota. The extension is until Jan. 1, 2017, but only if the installation of the wind device commenced before Jan. 1, 2015. The extension was effective Jan. 1.

Tuesday, March 8, 2016

National New Markets Fund LLC announced Jan. 7 the closing of $24 million in new markets tax credit (NMTC) financing for the construction of a new manufacturing plant and corporate headquarters for Prairie Dog Pet Products. In addition, JP Morgan is investing $8 million in equity. The development will be located in Abilene, Texas, and will transform an unused 100,000 square-foot industrial building into a state-of-the-art facility. Prairie Dog Pet Products will use the NMTC allocation to acquire property, expand the existing facility and purchase equipment needed for manufacturing. Construction is slated for completion by this spring. Once complete, the development will support 215 full-time employees.

Monday, March 7, 2016

The National Park Service (NPS) on Jan. 13 released a notice inviting public comment on the request for renewal by the Office of Management and Budget (OMB) of its historic preservation certification application for purposes of the HTC. NPS seeks feedback on whether the information collection is necessary, as well as asks about ways to enhance the quality, utility and clarity of it while minimizing the burden on respondents. Comments are due on or before March 14. The notice is available at www.historictaxcredits.com.

Friday, March 4, 2016

On Feb. 1, the Federal Housing Administration (FHA) published a new Multifamily Accelerated Processing program (MAP) guide. The handbook provides lenders with a consolidated operating manual for multifamily underwriting through the MAP program. Revisions included in this updated version are chapters discussing the low-income housing tax credit (LIHTC) and other tax credits, as well as master lease structuring to facilitate the use of new markets tax credits (NMTCs) and historic tax credits (HTCs). FHA notes in a press release that while all provisions of this new MAP guide will become effective for all applications for FHA multifamily mortgage insurance received after May 28, FHA has the authority to approve transactions that incorporate the new policies immediately for projects with Firm Commitments issued or reissued after date of publication. The MAP guide is available at www.hudresourcecenter.com.

Thursday, March 3, 2016

The 2015 annual owner certifications and tenant data were due to the Ohio Housing Finance Agency (OHFA) March 1. Certifications were to be submitted by that date to OHFA’s online reporting system, DevCo Online. OHFA invited low-income housing tax credit (LIHTC) developers to apply to the Section 811 Project Rental Assistance program. The application window was be open until all funding was allocated. More information is available at the Ohio Housing Finance Agency.

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