Novogradac Journal of Tax Credits Volume 9 Issue 12
The December 2018 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.
After decades in the making, the Paul I. Terasaki Budokan community center will become a reality in Los Angeles’ Little Tokyo neighborhood.
A traditional Hawaiian blessing in early October marked the official start of construction for Kaiwahine Village.
Over-income residents in public housing get plenty of headlines, but many in public housing say it’s much ado about nothing.
A recent notice from the North Carolina Department of Revenue (NCDOR) has caused concern among developers and investors in state tax credits–and created a potential ripple effect in states with similar incentives.
The tax reform wave that hit in late 2017 cleaned up the beach or destroyed the real estate, depending on your point of view.
Regardless of perspective, tax reform affected how people in affordable housing, community development and historic rehabilitation do business.
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Kutak Rock announced $20 million in financing Sept. 7 for Pullman Community Center in Chicago. The financing will allow the completion of the new center, to be built on 12 acres of donated land. Kutak Rock attorneys served as counsel and provided $20 million financing, a deal which included new market tax credit (NMTC) equity. The 135,000-square-foot community center will be a multisport complex annually hosting 1,200 teams, as well as 50,000 spectators, participants and visitors. Year-round athletic tournaments are expected to create more than 100 full and part-time jobs.
The Lawrence Berkeley National Laboratory (Berkeley Lab) released its sixth annual utility-scale solar report Sept. 20. The report analyzes technology trends, installed project prices, operating costs, capacity factors, power purchase agreement prices, the levelized cost of solar energy and the market value of solar. Berkeley Lab found that in 2017, the utility-scale sector accounted for nearly 60 percent of all new solar capacity and it is expected to maintain its market-leading position for at least another six years. In addition, the report states that two-thirds of all states are now home to one or more utility-scale solar projects and that at the end of 2017, there were at least 188.5 gigawatts of utility-scale solar power capacity within the interconnection queues across the nation.
The National Park Service (NPS) certified 1,035 completed historic rehabilitation projects and documented $6.5 billion in rehabilitation investment during fiscal year 2017, according to its annual report released in September in conjunction with Rutgers University on the economic impact of the federal historic tax credit (HTC). The NPS report says the federal HTC helped create 106,900 jobs and $6.2 billion of gross domestic product in FY 2017. The report includes data on the history of the HTC program and state-by-state investment.
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs announced $35 million to combat veteran homelessness Oct. 3. The funding will be provided through the HUD-Veterans Affairs Supportive Housing program to 212 public housing agencies across the country to provide a permanent home for more than 4,000 homeless veterans. The agencies also announced an additional $7.4 million through the Veterans Housing Rehabilitation and Modification Pilot program to assist disabled veterans with modifying or rehabilitating their homes, making them more accessible.
Minnesota Housing issued a memo Oct. 26 regarding a new eligibility option for long-term homelessness rental homes and Housing Trust Fund Rental Assistance programs. Effective Jan. 1, 2019, existing properties funded by Minnesota Housing with these two types of rental homes will have the option to use the high priority homeless (HPH) eligibility criteria instead of the long-term homelessness eligibility criteria. Long-term homelessness is defined as “households experiencing long-term homelessness,” which means people, including individuals, youth and families with children, lacking a permanent place to live continuously for one year or more or at least four times in the past three years. HPH is defined as households prioritized for permanent supportive housing by the coordinated entry system.