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Novogradac Journal of Tax Credits Volume 9 Issue 10
The October 2018 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.
One of Northeast Ohio’s largest nonprofit health systems and primary care providers continues to serve the community, this time with the development of University Hospitals (UH) Rainbow Center for Women & Children in the Midtown neighborhood of Cleveland.
Reed Realty Group of Portland, Ore., found the site of the future Pac 10 Lofts apartments in Lawrence, Mass., through a combination of old-fashioned grunt work and new technology.
Solar development costs experienced a decline for nearly a decade as the market matured and grew at a rapid pace.
Question: A subsidiary community development entity (sub-CDE) made loans to a qualified low-income community business (QALICB). After the new markets tax credit (NMTC) compliance period has ended, the QALICB repaid the loans. Is it permissible for a sub-CDE to redeploy the principal repayments by making new loans to non-QALICBs?
The opportunity zones (OZ) incentive has been part of the federal tax code for less than a year, but early participants are setting the groundwork to facilitate and make qualified opportunity fund investments in distressed communities.
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The Community Development Financial Institutions (CDFI) Fund announced Sept. 4 in a blog post that the Community Investment Impact System (CIIS) is retired and that award recipients will submit to the Award Management Information System (AMIS) all reports, including institutional-level reports, transactional-level reports, qualified equity investment closeout reports and sub-community development entity dissolution reports. Before the CDFI Fund integrated CIIS into AMIS, CIIS was the reporting system for award recipients of the CDFI program, New Markets Tax Credit program and Capital Magnet Fund. AMIS is now the CDFI Fund’s system for managing, administering and monitoring CDFI Fund programs through each facet of their life cycle, including certification, awards and allocations, data analysis and reporting.
U.S. wind power capacity grew by more than 7,000 megawatts (MW) in 2017 to a nearly 90,000 MW, driven largely by the looming production tax credit (PTC) phasedown, according to the U.S. Department of Energy’s “2017 Wind Technologies Market Report,” released Aug. 23 by the Office of Energy Efficiency and Renewable Energy. The report says Texas remains the leader among states in installed capacity, with Oklahoma and Kansas ranking second and third. The report also predicts that annual wind power capacity additions will continue “at a rapid clip” for the next few years before declining, due to the progressive reduction in the PTC. The report is available at www.energytaxcredits.com.
The Massachusetts International Festival of the Arts (MIFA) announced Aug. 15 that Gov. Charlie Baker signed the 2018 Economic Development Bond bill into law, which will provide the organization with $11 million for the renovation of the Victory Theatre in Holyoke. MIFA plans to restore and operate the 1,600-seat historic theater, built in 1920, which closed in 1979. The financing package includes state and federal historic tax credits (HTCs) and new markets tax credits. The state also previously awarded MIFA a $2 million bond-financing package. Renovations costs are expected to total $43 million, with a reopening target date of Dec. 20, 2020.
The U.S. Department of Housing and Urban Development (HUD) announced $1.5 billion in disaster recovery funding for Puerto Rico July 30. The funding will go to housing, infrastructure and economic development after the destruction caused by Hurricanes Irma and Maria. The funding is available through HUD’s Community Development Block Grant–Disaster Recovery program.
The Wisconsin Housing and Economic Development Authority (WHEDA) announced Aug. 29 that it is seeking information on damages and possible displacement of residents from recent storms and flooding in the state. WHEDA asked that property managers contact their compliance officer or portfolio officer with the property name, location, description of damage, number of displaced residents, whether the property has flood insurance and a contact name and phone number.