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Novogradac Journal of Tax Credits Volume 7 Issue 6

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

Journal cover June 2016

Articles

Mark O’Meara

Thursday, June 9, 2016

Like many rural areas across the country, the economy of Douglas, Ga., revolves around its natural resources. In this instance, it’s peanut farming. Premium Peanut, a newly formed organization, built a peanut-shelling facility to benefit a collection of 225 member farms in a cooperative-like arrangement. ...

Teresa Garcia

Wednesday, June 8, 2016

The Erskine Green Training Institute in Muncie, Ind., is more than a vocational school–it’s a place where adults with disabilities can learn to reach their full potential. “The program itself is designed so perfectly for special needs adults,” said Jana Arbogast, whose son, Ethan, was a member of Erskine Green Training Institute’s first graduating class in March. “They go above and beyond to help students.” ...

Michael J. Novogradac

Tuesday, June 7, 2016

Panelists at the Novogradac 2020 Historic Tax Credit Virtual Conference Sept. 24-25 discussed best practices and strategies for building a deal flow pipeline when using historic tax credits (HTCs). Panelists discussed the keys to building a successful pipeline, including the importance of relationships, things to look for in a development or developer, lessons learned and their outlook for the future of HTCs.“As far as building a pipeline goes, I think we all know this is just a small industry,” said panelist Chip Windisch, senior vice president, capital markets, Old National Bancorp. “For me that means that means that so much is driven by relationships and the experience that we have.”Starting a PipelineWindisch said many potential projects come from referrals. Sometimes finding projects also involves reaching out to a developer after a project is complete for future opportunities.“We’re not opposed to being aggressive and reaching out when we see an opportunity,” said Windisch. “Someone on our team somewhat recently saw an article in the newspaper and completely cold-called on a historic deal. We closed that deal and it’s been a tremendous investment for us.”Other panelists talked about matching up investments with investors.“The question of how we build a pipeline since we have multiple investors has multiple answers,” said Eric Darling, partner at Carlisle Tax Credit Advisors. “Our job is to locate a particular investment that an investor wants to make. Whether they’re

John Leith-Tetrault

Tuesday, June 7, 2016

The numbers are in, and the good news is that the federal Historic Tax Credit (HTC) program, now celebrating its 40th anniversary, is healthy and growing. For the past five years, the Historic Tax Credit Coalition (HTCC) has worked very closely with the National Park Service (NPS) and Rutgers University’s Center for Urban Policy Research to track the use of the HTC and measure its economic impact. ...

Novogradac & Company LLP

Monday, June 6, 2016

The Community Development Financial Institutions (CDFI) Fund issued updated New Markets Tax Credit Certification, Compliance Monitoring and Evaluation Frequently Asked Questions (FAQ) in December 2015. The document included three FAQs related to the new restrictions included in the 2015 Notice of Allocation Availability (NOAA)


News Briefs

Thursday, June 9, 2016

On May 31, Rhone Resch retired as president and chief executive officer (CEO) of Solar Energy Industries Association (SEIA). Resch was with SEIA for 12 years and played a key role in securing policies that fostered the explosive growth of the U.S. solar industry ...

Thursday, June 9, 2016

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced April 21 that it received 125 applications under the fiscal year (FY) 2016 round of the Capital Magnet Fund ...

Wednesday, June 8, 2016

A bill to extend Alabama’s state HTC program until 2022 died May 9 without a vote in the Senate when Alabama’s legislative session ended. The bill, H.B. 62, was passed by the Alabama House of Representatives in April ...

Tuesday, June 7, 2016

The U.S. Department of Housing and Urban Development (HUD) released Fair Housing Act guidance April 4 for housing property managers and owners. ...

Monday, June 6, 2016

The California Tax Credit Allocation Committee (TCAC) released a placed-in-service checklist update April 19. The updated items include 1-01, the complete application; 3-01, total funds raised, costs associated with the syndication, total payment to the partnership and the pay-in schedule; 3-05, documentation of deeds of trust and other financing. The updated placed-in-service checklist is available at www.taxcredithousing.com.

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