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March 7, 2019
Periodical News Brief
The National Trust Community Investment Corporation (NTCIC) announced in late January the recent closing of funding for the rehabilitation of the Hoen Lithograph Building in Baltimore. When construction is complete in 2020, the 1885 Hoen building will become the Center for Neighborhood Innovation. The adaptive reuse of the 85,000-square-foot historic building will involve transforming the building into a community-serving resource for workforce development, education and entrepreneurship. Financing for the $28.3 million revitalization included a variety of state and local grants, more than $4.4 million in federal historic tax credits (HTCs) and $24.3 million in new markets tax credits, $10 million of which was provided by NTCIC. 
May 9, 2017
Periodical News Brief
National Park Service (NPS) released its annual report March 10 for fiscal year (FY) 2016, “Federal Tax Incentives for Rehabilitating Historic Buildings.” The report stated that NPS approved 1,299 federal historic tax credits (HTCs) projects worth $7.16 billion in rehabilitation costs in FY 2016. In addition, an estimated 108,500 jobs were created by the HTC in 2016 and a record 21,139 housing units were built or rehabilitated. An accompanying document, “Statistical Report and Analysis for Fiscal Year 2016,” states that in the 40-year history of the HTC program, 42,293 projects have been certified, worth more than $84 billion in investment. The report and analysis can be found at www.historictaxcredits.com.
February 3, 2016
Periodical News Brief
The Ohio Development Services Agency awarded $37.8 million in Round 15 Ohio Historic Preservation Tax Credits (HTCs) Dec. 16 to 34 applicants. Funding for Round 15 will go toward the rehabilitation of 55 historic buildings located in 13 communities throughout the state. Awards ranged from $37,000 to $25 million. The projects are expected to leverage approximately $285.3 million in private investments. A complete list of awardees is available at www.historictaxcredits.com.
September 1, 2015
Periodical News Brief
On June 22, Texas Gov. Greg Abbot signed H.B. 3230 into law. The bill determines the eligible costs and expenses under the franchise tax credit for the rehabilitation of historic structures, stating that under that state historic tax credit (HTC), ...
July 1, 2012
Periodical News Brief
Restoring Rhode Island’s historic tax credit (HTC) program may help stimulate the state’s economy, according to an evaluation by the Rhode Island Public Expenditure Council (RIPEC).
July 1, 2011
Periodical News Brief
A federal appeals court has denied a motion to reconsider the 4th U.S. Circuit Court of Appeals decision in Virginia Historic Tax Credit Fund v. Commissioner of Internal Revenue.
February 7, 2017
Periodical News Brief
The Oklahoma Incentive Evaluation Commission released, “2016 Tax Incentive Evaluation Report,” Dec. 1, 2016. The commission recommended that Oklahoma retain its state historic tax credit (HTC), but with an annual cap. The report stated that adding a program cap would ensure some measure of future budget predictability. Once a cap is established, the report recommends that projects be accepted on a first-come, first-served basis. The commission found that the 20 percent state tax credit program has been highly successful in rehabilitating historic structures across Oklahoma, with total development investments having increased from $1 million in 2005 to nearly $86 million in 2015. The report is available at www.historictaxcredits.com. 
April 1, 2014
Periodical News Brief
In mid-March, the National Park Service (NPS), in partnership with Rutgers University, released the Federal Tax Incentives for Rehabilitating Historic Buildings Annual Report for Fiscal Year 2013, and the Statistical Report and Analysis for Fiscal Year 2013. The report stated...
October 1, 2014
Periodical News Brief
On Aug. 20, the Historic Tax Credit Coalition (HTCC) sent a letter to the Internal Revenue Service (IRS) regarding treatment of Section 50(d) in rehabilitation tax credit pass-through transactions. The letter addresses Revenue Procedure 2014-12, which establishes the...
October 1, 2015
Periodical News Brief
The California Governor’s Office of Business and Economic Development (GO-Biz) released an updated frequently asked questions (FAQs) document about the California Competes Tax Credit (CCTC) Aug. 26. ...
September 1, 2012
Periodical News Brief
U.S. Bancorp Community Development Corporation (USBCDC) will provide more than $5 million in new markets and historic tax credit (HTC) equity to finance the $17.8 million renovation of a historic building in Oakland, Calif.
July 11, 2016
Periodical News Brief
(TIGTA) released an audit May 25 titled, “Available Data Are Not Being Used to Proactively Identify Potentially Erroneous Rehabilitation Credit Claims.” The goal of the audit was to evaluate how effectively the Internal Revenue Service (IRS) ensures that business taxpayer claims for the HTC are valid.
February 1, 2011
Periodical News Brief
Lisa Craig joined the city of Annapolis, Md. as the city's chief of historic preservation.
November 1, 2014
Periodical News Brief
On Oct. 1, President Barack Obama announced the reappointment of Bradford J. White to the Advisory Council on Historic Preservation (ACHP) for a renewed term. White will serve a second four-year term on the ACHP...
September 1, 2010
Periodical News Brief
U.S. Bancorp Community Development Corporation (USBCDC) will provide more than $5 million in new markets and historic tax credit (HTC) equity to finance the $17.8 million renovation of a historic building in Oakland, Calif. When completed in the summer of 2013...
July 10, 2018
Periodical News Brief
The Community Development Financial Institutions (CDFI) Fund opened the calendar year 2018 new markets tax credit (NMTC) allocation round May 9. A notice of allocation availability made $3.5 billion available for the current round. Applications for allocation authority were due June 28 and June 26 was the last day that the CDFI Fund answered questions about the application. Prior allocatees must record their qualified equity investments in CDFI Fund systems by Sept. 24 and allocation awards will be announced during winter 2019. The CDFI Fund released an introduction to the NMTC program, 2018 NMTC application frequently asked questions and a roadmap presentation on important information and resources for the 2018 NMTC application round.
July 1, 2016
Periodical News Brief
The National Council of State Housing Agencies (NCSHA) submitted comments May 10 to the U.S. Department of Housing and Urban Development (HUD) on the Affirmatively Furthering Fair Housing (AFFH) Tool for States and Insular Areas.
May 2, 2017
Periodical News Brief
On March 14, the Haas Institute released the study, “Opportunity, Race, and Low-Income Housing Tax Credit Projects: An Analysis of LIHTC Developments in the San Francisco Bay Area,” which comprehensively analyzes the administration of the Low-Income Housing Tax Credit (LIHTC) program. The Haas Institute examined LIHTC properties in the San Francisco Bay Area, and results showed that developments financed by the LIHTC in the Bay Area were relatively well distributed across boundaries of opportunity. According to the report, nearly two-thirds of LIHTC developments (64.9 percent) in the nine-county area were sited in moderate, low-, and very-low-opportunity neighborhoods during the years for which data was available (1987-2014). In addition, the Haas Institute stated that 9 percent credits were more frequently used to create housing in high-opportunity neighborhoods than 4 percent credits. However, more than 45 percent of large family developments were sited in low- and very-low-opportunity areas, with these types of properties disproportionately placed in low-opportunity areas where resources for families with children are inadequate to support healthy development and upward mobility. In addition, results indicate that 9 percent LIHTC developments are sited in neighborhoods that are not racially integrated; on a ratio of 3.78-to-1 basis, and 9 percent developments were sited in neighborhoods where 50 percent or more of the population were people of color. The report is available at www.taxcredithousing.com.
December 1, 2017
Periodical News Brief
LIHTC Industry The Internal Revenue Service (IRS) published Oct. 19 the 2018 caps for low-income housing tax credits (LIHTCs) and bonds. Revenue Procedure 2017-58 provides the 2018 inflation-adjusted amounts for the LIHTC and private activity bond (PAB) caps. The state LIHTC ceiling in 2018 will be the greater of $2.40 multiplied by the state population or $2,765,000, which is an increase of $55,000 over this year’s cap. The multiplier had been $2.35 in 2017. The state ceiling for the PAB volume cap will be the greater of $105 times the state population or $311,375,000. That is an increase of $6.06 million over the 2017 figure.