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Novogradac Journal of Tax Credits Volume 8 Issue 8

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

Journal cover August 2017


Mark O’Meara

Tuesday, August 8, 2017

Cuyahoga Falls, a city of 49,000 people in northeast Ohio, is situated on the bank of the Cuyahoga River. At one time, the river was a major source of industrial growth for Cuyahoga Falls, as mills were built along the river. What started with mills led to a series of dams generating hydro-electric power and eventually to population growth fueled by regional development related to the tire and rubber industry. 

Brad Stanhope

Monday, August 7, 2017

Ask Georgia Milton-Sheats to name the three most important things about the new headquarters for Special Olympics Georgia (SOGA) and you get a new twist on the old real estate cliché.

Forrest D. Milder

Friday, August 4, 2017

Although renewable energy tax credits (RETCs), including investment tax credits (ITCs) and production tax credits (PTCs), are most commonly associated with newly constructed facilities, they can provide a great benefit to facilities in need of renovation as well.  

Roy Chou

Thursday, August 3, 2017

Question: In a lease pass-through structure, how do funds from historic tax credit (HTC) equity flow to the project level? 

Teresa Garcia

Wednesday, August 2, 2017

What do you get after making a record $7 billion in new markets tax credit (NMTC) allocation authority available in one round? A “feverish” year, said active NMTC investor panelists at the Novogradac 2017 New Markets Tax Credit Spring Conference in Washington, D.C.

News Briefs

Tuesday, August 8, 2017

The Solar Energy Industries Association (SEIA) announced June 27 that Kelly Speakes-Backman was named as the first CEO of the Energy Storage Association (ESA). Speakes-Backman was previously the senior vice president of policy and research at the Alliance to Save Energy. Before that, she served as a commissioner at the Maryland Public Service Commission and was director of clean energy for the Maryland Energy Administration. Speakes-Backman’s appointment was effective July 1. 

Tuesday, August 8, 2017

The New Markets Tax Credit Coalition released its annual progress report June 7. The report is compiled from surveys of community development entities (CDEs) that ask about activity in the past year. The coalition’s 2016 report showed that the new markets tax credit (NMTC) created 36,000 jobs and $1.8 billion in NMTC allocation, which was used to finance projects with $3 billion in total costs. The report also highlighted the fact that 76 percent of 2016 projects were in severely distressed communities and 22 percent were in non-metropolitan counties. This is the 13th annual edition of the report, which provides background information and important updated statistics on the performance of the tax credit. The report is available at

Monday, August 7, 2017

The Michigan Historic Preservation Network announced June 24 its support of Michigan Senate Bill 469. The bill will revive the state’s HTC, which ended in 2011. The bill would provide a tax credit of up to 25 percent of qualified rehabilitation expenses for contributing commercial and residential properties located within a local historic district. Also offered is a supplemental 5 percent credit in addition to the 20 percent federal HTC for income-producing properties. The original program leveraged $71 million in credits to generate more than $1.4 billion in investment in Michigan rehabilitation projects. The program had also leveraged an additional $219 million in federal tax credits and led to the creation of 36,000 jobs.

Friday, August 4, 2017

Rep. Maxine Waters, D-Calif., and seven other members of the House Financial Services Committee reintroduced June 27 comprehensive legislation to preserve and revitalize the nation’s public housing stock. The Public Housing Tenant Protection and Reinvestment Act of 2017 would preserve public housing and transform extremely impoverished neighborhoods by authorizing full funding for the program plus additional funding to address the backlog of capital needs. The bill would also provide a loan guarantee for public housing agencies to attract outside investment into public housing units, as well as authorize a grant program that focuses on revitalizing the most distressed public housing units. In addition, the legislation would require one-for-one replacement in cases where public housing units are demolished or sold and increase tenant protections to help ensure that residents have the option to stay in the communities that they call home. The bill and accompanying documents are available at

Thursday, August 3, 2017

Novogradac & Company LLP announced July 5 the addition of Stephanie Naquin as multifamily compliance manager. Naquin will be based in the Austin, Texas, office, but will help clients nationally on compliance with affordable rental housing program regulatory requirements, including for properties financed with low-income housing tax credits (LIHTCs) and tax-exempt bonds. Before joining Novogradac, Naquin was the director of multifamily compliance with the Texas Department of Housing and Community Affairs (TDHCA). Early in her 15-year career in affordable housing, Naquin was also a property manager. Her certifications include the National Center for Housing Management Certified Occupancy Specialist (COS) and the National Association of Home Builders Housing Credit Certified Professional (HCCP).

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