Novogradac Journal of Tax Credits Volume 9 Issue 9
The September 2018 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.
Pineda Village, a scattered-site, 144-apartment public housing development in Cocoa, Fla., is a landmark achievement for the Cocoa Housing Authority (CHA).
Terminal Tower is a Cleveland icon with impressive credentials.
Work on Terminal Tower started with the second-largest excavation project after the Panama Canal and, upon completion in 1930, the 708-foot skyscraper was for decades the tallest building outside of New York. In popular culture, Terminal Tower featured prominently in the opening credits of films such as “Major League” and “A Christmas Story.” It even has its own Twitter account with more than 38,000 followers.
Project-based Section 8 rental assistance can be a powerful leveraging tool for low-income housing. This is the basic idea behind HUD’s Rental Assistance Demonstration (RAD).
The IRS recently issued Notice 2018-59, which provides long-awaited guidance and a safe harbor for purposes of determining when solar and certain other energy projects are deemed to have commenced construction.
Question: Can land qualify as opportunity zone business property?
Answer: Land will not likely qualify under the “original use” standard under the opportunity zones statute.
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The Hawaii Public Utilities Commission announced Aug. 6 the approval of a power-purchase agreement for a new energy facility in Moloka’i. This grid-scale, solar-and-battery energy storage project on Moloka’i will lower power costs for customers and comprise more than 45 percent of the island’s renewable energy production. The 2.6-megawatt (MW) project, which includes a 3 MW battery energy storage system, will be owned and operated by Moloka’i New Energy Partners. Construction was funded with equity from new markets tax credits (NMTCs) allocated by Punawai ‘O Pu’uhonua, a community development entity. The solar-and-battery project is expected to be in service by the end of 2019, with the power purchase agreement slated for 22 years.
The American Wind Energy Association (AWEA) announced July 26 that its second quarter results show a record amount of wind capacity is under construction at wind farms throughout the country. AWEA’s U.S. Wind Industry Second Quarter 2018 Market Report states that U.S. wind farms have surpassed 90 gigawatts, with the near-term U.S. wind-farm development pipeline growing 13 percent over the previous quarter. The wind energy production tax credit sunsets in 2019.
Monarch Private Capital announced July 26 the launch of its Monarch Federal Historic Preservation Fund I (Fund I). The fund is designed for federal historic tax credit (HTC) investment in 2019 and 2020. Investors in Fund I will include financial institutions and corporations interested in stimulating economic growth, seeking returns over eight years and managing their effective tax rate. The planned size of the fund is $25 million to $30 million and will target properties that generate federal HTCs of $1 million to $5 million and qualify for one-year credits under the 2017 Tax Cuts and Jobs Act.
The U.S. Department of Housing and Urban Development (HUD) published a notice July 5 in the Federal Register seeking comments on its proposed new collection of information on the Housing Trust Fund (HTF). HUD will seek information on project-specific property, tenant, owner and financial data to track grantee performance and compliance with HTF regulations. Comments are due 60 days after the notice was published in the Federal Register. The notice is available at www.hudresourcecenter.com.
New Hampshire Housing’s asset management staff issued a memo July 31 to owners and management agents regarding the budget form. The memo advises all owners and managers required to submit a budget on their property due to financing that New Hampshire Housing will no longer officially approve those budgets. When a budget is submitted to the asset-management mailbox, owners and managers will receive an automatic reply from the mailbox with a notification that the email was received. The new budget form removing the approval section is posted on the New Hampshire Housing website.