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Novogradac Journal of Tax Credits Volume 8 Issue 11

The November 2017 issue of the Novogradac Journal of Tax Credits

Journal cover November 2017

Articles

Teresa Garcia

Wednesday, November 8, 2017

In a Minneapolis neighborhood where affordable housing needs are unmet and many historic buildings are demolished in favor of new construction, Dominium found a solution to address both issues. The Minnesota-based developer leveraged low-income housing tax credits (LIHTCs) and federal and state historic tax credits (HTCs) for its recently completed adaptive reuse of a 1920s factory and warehouse into Millworks Lofts.

Mark O’Meara

Tuesday, November 7, 2017

The west side of Birmingham, Ala., received much-needed economic development in 2011 in the form of a 750,000-square-foot, $50 million sports arena called the Birmingham CrossPlex. 

Brad Stanhope

Monday, November 6, 2017

The federal historic tax credit (HTC) industry navigated a landmark court decision and required significant guidance from the Internal Revenue Service (IRS) in the years since it was rocked by the Great Recession. Now, it faces a battle to remain intact during tax reform, but those involved are optimistic. 

Brian Cugliari and George Barlow

Friday, November 3, 2017

Question: Would a craft brewery, the principal business of which is the production and wholesale of beer to retailers, be considered a qualified business for purposes of the New Markets Tax Credit (NMTC) program?

James R. Kroger and Stephanie Naquin

Thursday, November 2, 2017

Q:Is LIHTC income verification required to conform to HUD?A:No. LIHTC income verification is not required to conform to HUD. 


News Briefs

Wednesday, November 8, 2017

The Solar Energy Industries Association (SEIA) released its latest U.S. Solar Market Insight report Sept. 11. SEIA’s report stated that the United States installed 2,387 megawatts (MW) of solar photovoltaic (PV) in the second quarter of 2017, reaching 47.1 gigawatts (GW) of installed capacity. This represents an 8 percent increase over the same quarter last year and is enough to power 9.1 million American homes. The report indicated that through the first half of 2017, 22 percent of new electric capacity brought online in the U.S. came from solar, ranking second over that time period to natural gas. The report forecast that the solar industry will add 12.4 GW of new capacity this year, down slightly from GTM Research’s previous forecast of 12.6 GW.

Wednesday, November 8, 2017

Junior Achievement announced Sept. 4 a $1.4 million new markets tax credit (NMTC) equity investment from SunTrust Community Capital for the development of the 18,000-square-foot JA Finance Park in Tampa, Fla. SunTrust Bank provided a bridge loan. This financing was part of the Building Our Future campaign. The facility, which will be built on top of wreckage from Hurricane Irma, will provide eighth-grade Hillsborough County students a chance to learn about finances, careers and the experience of being an adult and a leader in his or her household and community.

Tuesday, November 7, 2017

The Advisory Council on Historic Preservation (ACHP) announced Sept. 20 that it was working with the Federal Emergency Management Agency (FEMA) and with state and tribal historic preservation offices to coordinate disaster recovery efforts for historic properties affected by Hurricanes Harvey and Irma. ACHP also reported that it is working with preservation partners to spur congressional action on supplemental funding and historic tax credits (HTCs) to rehabilitate damaged historic properties. The National Trust for Historic Preservation, in collaboration with the National Conference of State Historic Preservation Officers and the National Association of Tribal Historic Preservation Officers, developed a legislative proposal that includes a proposed two-year preservation grant program that would be funded with at least $150 million from the Historic Preservation Fund. The proposal would also increase the existing HTC for commercial properties for three years from 20 percent to 26 percent for historic properties and from 10 percent to 13 percent for buildings built before 1936. 

Monday, November 6, 2017

The Advisory Council on Historic Preservation (ACHP) announced Sept. 20 that it was working with the Federal Emergency Management Agency (FEMA) and with state and tribal historic preservation offices to coordinate disaster recovery efforts for historic properties affected by Hurricanes Harvey and Irma. ACHP also reported that it is working with preservation partners to spur congressional action on supplemental funding and historic tax credits (HTCs) to rehabilitate damaged historic properties. The National Trust for Historic Preservation, in collaboration with the National Conference of State Historic Preservation Officers and the National Association of Tribal Historic Preservation Officers, developed a legislative proposal that includes a proposed two-year preservation grant program that would be funded with at least $150 million from the Historic Preservation Fund. The proposal would also increase the existing HTC for commercial properties for three years from 20 percent to 26 percent for historic properties and from 10 percent to 13 percent for buildings built before 1936. 

Friday, November 3, 2017

In response to Hurricane Harvey being declared a major disaster, the Mississippi Home Corporation (MHC) issued Program Bulletin 17-0906 to low-income housing tax credit (LIHTC) developers, owners and management agents concerning relief from certain LIHTC requirements. The bulletin includes information from the Federal Emergency Management Agency (FEMA), as well as guidance via Revenue Procedure 2014-49 and 2014-50. The bulletin is available at www.taxcredithousing.com.

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