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Novogradac Journal of Tax Credits Volume 8 Issue 6

The June 2017 issue of the Novogradac Journal of Tax Credits.

Journal cover June 2017

Articles

Teresa Garcia

Thursday, June 24, 2021

A historic farm built in Boston a decade after the Revolutionary War is being retooled into an urban farming education and training center for the 21st century. Spearheaded by local developer Historic Boston Inc., the renovation of the Fowler Clark Epstein Farm in Boston’s Mattapan neighborhood is made possible, in part, by federal and state historic tax credit (HTC) financing. Completion is expected by late October or early November, with occupation by the end of the year.

Mark O’Meara

Wednesday, June 7, 2017

More than 35 years ago, Catholic Charities of St. Paul and Minneapolis (Catholic Charities) opened the Dorothy Day Center in St. Paul, Minn., where it ran a small food service program, while providing those in need with a place to shower, do their laundry and receive employment counseling. Over the years, due to increased demand and in response to community input, it expanded its services to include an overnight homeless shelter, among other things. 

Elaine Chang

Tuesday, June 6, 2017

Question: My community development entity (CDE) and another CDE are planning to each make a $1.5 million qualified low-income community investment (QLICI) to XYZ qualified active low-income community business (QALICB). Would this satisfy the small-dollar QLICI requirement as set forth in Section 3.2(l)(iii) of our respective New Markets Tax Credit (NMTC) program allocation agreements?

Rich Larsen

Monday, June 5, 2017

In recent months, public housing authority (PHA) executives have attended 2017 regional and state housing conferences. At these events, discussions focused on the high level of uncertainty regarding PHAs’ futures. Years of stable funding projected through the U.S. Department of Housing and Urban Development’s (HUD’s) Rental Assistance Demonstration (RAD) program seemed to be the consensus solution as the most promising opportunity. In fact, there is more interest in the RAD program now than with any other HUD program in recent history. 

Teresa Garcia

Monday, June 5, 2017

Arlington Terrace Apartments in Staten Island, N.Y., was falling apart–literally.For decades, the 536-apartment affordable housing development was plagued by chronic mold problems, roach and rodent infestations, chipped lead paint, missing smoke detectors, broken pipes and leaky ceilings. The New York City Department of Housing Preservation & Development (HPD), which supervises the development, reported that the property had “thousands of violations for its poor living conditions.” Leveraging public and private investments in coordination with the U.S. Department of Housing and Urban Development (HUD) Rental Assistance Demonstration (RAD) program, Arlington Terrace Apartments completed a propertywide overhaul in late 2016 and is now called North Shore Plaza.


News Briefs

Thursday, June 8, 2017

The National Resources Defense Council (NRDC), an international nonprofit environmental organization, released a report April 3 demonstrating that extensions of the renewable energy investment tax credit (ITC) and production tax credit (PTC) will create more than 220,000 jobs in 2017 and add $23 billion to the U.S. economy. The report, “Engine of Growth: The Extensions of Renewable Energy Tax Credits Will Power Huge Gains in the Clean Energy Economy,” analyzed the impact of renewable energy tax credits (RETCs) on employment and gross domestic product (GDP) gains in 16 selected states. Results showed that Ohio will add more than 10,000 jobs in 2018 and the state’s GDP is expected to get a boost of nearly $1.2 billion that year. In addition, Pennsylvania is projected to gain nearly 9,300 jobs each year in 2017 and 2018, and its GDP will get a boost of more than $1 billion per year, and Virginia will gain approximately 5,000 jobs per year in 2017 and 2018. NRDC concludes that any adjustments to the tax code should take into account the significant economic, public health and climate benefits of clean energy, and policymakers should take advantage of the economic development opportunity that clean energy represents. The report is available at www.energytaxcredits.com.

Thursday, June 8, 2017

The Community Development Financial Institutions (CDFI) Fund announced April 27 that the fiscal year (FY) 2017 round of the Capital Magnet Fund will tentatively open in June. The CDFI Fund expects that up to $120 million will be available in FY 2017 Capital Magnet Fund awards. The Capital Magnet Fund supports financing for the development, rehabilitation, preservation or purchase of affordable housing for economically distressed communities.

Wednesday, June 7, 2017

The Advisory Council on Historic Preservation (ACHP) released new guidance in late April for American Indian Tribes. The guidance explains Section 101(d)(5) of the National Historic Preservation Act. The section was included in 1992 amendments to the act and allows the ACHP to enter into agreements with Native American tribes to substitute tribal historic preservation regulations for the ACHP’s regulations on tribal lands. The guidance is intended to help tribes in their decision-making processes regarding whether and how to enter into Section 101(d)(5) agreements and to provide insight into the ACHP’s interpretation of Section 101(d)(5). Topics included in the guidance concerning definitions, documentation and substitutions.

Tuesday, June 6, 2017

The White House announced April 28 that President Donald Trump would nominate Pamela Patenaude to serve as deputy secretary for the U.S. Department of Housing and Urban Development (HUD). Patenaude was the president of the J. Ronald Terwilliger Foundation for America’s Families. Before joining the Terwilliger Foundation, she was director of the Bipartisan Policy Center’s housing commission. She also served as executive vice president of the Urban Land Institute. Patenaude served as HUD deputy secretary for community planning and development under President George W. Bush, as well as HUD’s White House liaison under President Ronald Reagan. 

Monday, June 5, 2017

The Mississippi Home Corporation (MHC) low-income housing tax credit (LIHTC) compliance monitoring requirements updates were effective May 1. The document, “Mississippi Home Corporation’s 2017 Housing Tax Credit Compliance Monitoring Plan Summary of Updates,” was issued to LIHTC developers, owners and management agents and includes a summary of major changes and/or examples to the LIHTC compliance monitoring plan. New staff members were listed, forms were added or revised and changes were cited in general policies and procedures, as well as chapters 3, 4, 5 and 7. All changes are outlined in the 2017 compliance monitoring plan, which was issued in March and is available at www.taxcredithousing.com.

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