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Novogradac Journal of Tax Credits Volume 7 Issue 5

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

Journal cover May 2016

Articles

Mark O’Meara

Friday, May 6, 2016

When the post office in downtown St. Paul, Minn., was recently preserved and repurposed, development owner Exeter Group paid homage to a different aspect of the building when converting the property into a mixed-use development with market-rate apartments, a parking garage, retail space, a self-storage business and a hotel. 

Brad Stanhope

Friday, May 6, 2016

Combine a historic school building, an underserved community, an ambitious educational nonprofit and two types of tax credits. You can get multigenerational, transformational change.

Melissa Ly and Thomas Stagg

Thursday, May 5, 2016

The U.S. Department of Housing and Urban Development (HUD) released income limits March 28 for fiscal year (FY) 2016, continuing its policy of releasing a set of Section 8 income limits at the same time as a set of multifamily tax subsidy project (MTSP) income limits. MTSP income limits are used by low-income housing tax credit (LIHTC) properties and tax-exempt bond properties.

Mark O’Meara

Wednesday, May 4, 2016

The recent five-year extension of the New Markets Tax Credit (NMTC) program provided an important thing: time. “NMTC stakeholders can be proactive in our long-term goals because we don’t have to dedicate our collective efforts toward the mere survival of the program,” said National New Markets Fund President Deborah La Franchi. 

Teresa Garcia

Tuesday, May 3, 2016

Paul Handleman, the man behind some of the country’s most influential general business tax credit regulations and guidance for the past 30 years, officially retired in March from the Internal Revenue Service (IRS) Office of Chief Counsel. Handleman spent the last eight of those years as chief of Branch 5, which has jurisdiction over the low-income housing tax credit (LIHTC), new markets tax credit (NMTC), historic rehabilitation tax credit (HTC) and other general business tax credits. 


News Briefs

Friday, May 6, 2016

Oklahoma's Fiscal Responsibility Moratorium Act (S.B. 977) was altered Feb. 9 to withdraw a clause suspending the state's historic tax credit (HTC) program. The tax credit suspensions had been proposed in response to the fact that Oklahoma is facing an estimated $900 million shortfall going into fiscal year 2017.

Friday, May 6, 2016

Oregon Gov. Kate Brown signed the Clean Electricity and Coal Transition plan, (S.B. 1547-B) into law March. 8. It enacts a new community solar program permitting utilities and third parties to own or operate a community-based renewable energy project.

Friday, May 6, 2016

The Community Development Financial Institutions (CDFI) Fund on March 10 released an updated frequently asked questions (FAQ) document for fiscal year (FY) 2016 applicants of the Capital Magnet Fund.

Thursday, May 5, 2016

Rep. Steven Palazzo, R-Miss., introduced the Small Public Housing Agency Opportunity Act of 2016 (H.R. 4816) March 21. H.R. 4816 would reform laws relating to small public housing agencies (PHAs). The bill allows for greater flexibility and some changes in oversight requirements for small PHAs, defined as those that administer 550 or fewer public housing units and Housing Choice Vouchers combined.

Wednesday, May 4, 2016

The California Tax Credit Allocation Committee (TCAC) announced March 9 that the 2016 TCAC Excel application’s sources-and-uses budget now includes language that allows the sources and uses budget to serve as the template for the final cost certification.

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