Novogradac Journal of Tax Credits Volume 9 Issue 1
The January 2018 issue of the Novogradac Journal of Tax Credits.
Crosstown Concourse in Memphis, Tenn., greatly exceeded expectations–and expectations were very high.
Like most American cities, Salem, Ore., is experiencing an affordable housing shortage.
Solar storage is a game changer and conversation starter in the renewable energy field.
Question: How does the Community Development Financial Institutions (CDFI) Fund’s release of the New Markets Tax Credit (NMTC) program census data transition affect an NMTC investment?
Call it déjà vu. The years 2016 and 2017 ended in chaos for the affordable housing community, with tax reform the culprit in each case.
- 1 of 2
- next ›
Blackfeet Community College in Browning, Mont., received $7.5 million in new markets tax credits (NMTCs) Nov. 19, 2017, for the construction of a health and education building. The Montana and Idaho Community Development Corporation provided the NMTC allocation. The new 9,000-square-foot building is designed to house education, nursing and other health training programs and degrees. The building is slated to open in the fall.
The Solar Energy Industries Association (SEIA) released Dec. 4, 2017, “America First Plan for Solar Energy.” The blueprint recommends steps that President Donald Trump can take to maintain the solar industry’s growth. The plan is designed to make America first in manufacturing, national security and solar job growth. SEIA recommends the president reject tariffs; support the U.S. military and national security by standing for stable, affordable energy prices; allow the solar market to continue going strong and offer well-paying jobs; not bail out failed foreign firms; and make America first. President Trump has until Jan. 26 to make a decision on whether to accept or reject SEIA’s blueprint proposals.
The Advisory Council on Historic Preservation (ACHP) announced Nov. 8, 2017, that expert member Robert G. Stanton would receive the Louise du Pont Crowninshield Award. Stanton is chairman of the ACHP’s Communications, Education and Outreach Committee. Stanton’s career in heritage preservation and conservation began in Grand Teton National Park in Wyoming, where he served as a seasonal park ranger in 1962. He held key management and executive positions, including park management assistant, park superintendent, deputy regional director, regional director, assistant director and associate director. He was unanimously confirmed by the U.S. Senate as the 15th director of the National Park Service (NPS) in 1997 and served until the end of the Clinton administration. Stanton was recognized at the National Trust for Historic Preservation’s PastForward Conference in Chicago Nov. 17, 2017.
Love Funding announced Nov. 14, 2017, the closing of a $9.9 million loan to acquire and rehabilitate Newman Court Apartments, an affordable community in Pontiac, Mich. There are 172 one-, two- and three-bedroom apartments in 19 one- and two-story buildings. Funding included 4 percent low-income housing tax credits (LIHTCs) allocated by the Michigan State Housing Development Authority.
The Ohio Housing Finance Agency (OHFA) released several updates to its online awards management system Nov. 3, 2017. The new release impacts tenant income certifications (TICs), compliance checks and more. Labels in the income and rent sections (parts five and six) of TICs were adjusted to better describe the information that is required. Demographics information in section (part eight) of TIC should still be reported when disclosed, but will no longer be included on the TIC. Changes made to compliance checks include better tracking of the compliance start and end dates for properties. These changes improve the accuracy of information in the online system.