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Novogradac Journal of Tax Credits Volume 7 Issue 4
The April 2016 issue of the Novogradac Journal of Tax Credits.
The quadrennial convergence of presidential election years and Summer Olympics provides an apt metaphor for federal lawmakers: It takes an Olympian effort to get significant legislation passed in a year in which Americans vote for president.
Anyone in the affordable housing business will tell you the importance of preserving existing affordable housing stock. Fort Worth Housing Solutions certainly felt that way after Hunter Plaza, a former public housing development in downtown Fort Worth, Texas, was evacuated and closed in 2010 after a bedbug infestation.
While America’s love of the open road is legendary, it’s the utilitarian need to park our cars which has a greater impact when it comes to our buildings. While none of us were around, I’m sure one of the first questions after the awe of seeing Henry Ford’s Model T roll down Main Street was “where do I park this thing?”
The YMCA has served St. Paul, Minn.’s, Midway neighborhood for nearly a century–since 1952 in its current Midway location. After decades of consistent use, development partners said it was time to modernize the facility. “A newer facility was needed to meet the needs of our community, which the former Y[MCA] could not provide.” said David Dominick, district executive director, YMCA of the Greater Twin Cities & Midway YMCA.
The late 1990s and early 2000s saw a significant increase in affordable rental housing development. Combine that with the fact that the low-income housing tax credit (LIHTC) is nearing its 30th birthday and the industry is seeing many LIHTC properties reach Year 15–the end of the mandatory compliance period.
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The Community Development Financial Institutions (CDFI) Fund announced Jan. 25 that it received 238 applications for the 2015 round of the NMTC program. The community development entities (CDEs)...
The Clean Energy Group, a nonprofit clean energy advocacy group, submitted a comment letter Feb. 12 to the Internal Revenue Service (IRS) stating that solar storage should qualify for energy tax credits...
The U.S. Department of Housing and Urban Development (HUD) announced Feb. 16 more than $660 million in grant allocations to 587 Native American tribes...
On Feb. 1, Oklahoma state Sen. Michael Mazzei introduced S.B. 977, a bill that would place a two-year hold on state-issued historic tax credits (HTCs). The moratorium would be placed on the ability to claim credits...
The Internal Revenue Service (IRS) and the U.S. Department of the Treasury released final and temporary regulations March 3 that amend the utility allowance regulations concerning the low-income housing tax credit (LIHTC)...