Caitlin Jones • 1 min read
Tax Credit Advisor ““ October 2010 ““ The recession technically ended more than 11 months ago, but the recovery has been slow and uneven across regions and metropolitan areas. Through August, the U.S. economy has regained only 720,000 of the 8.4 million jobs lost during the recession. Many markets have seen no or minimal job growth.
Caitlin Jones • 2 min read
Tax Credit Advisor ““ October 2010 ““ In Bolingbrook, Ill., a suburban village of nearly 72,000 southwest of Chicago, novice developer Jim Kiley is resuscitating a failed housing project as affordable housing, in a collaborative effort funded by federal low-income housing tax credits, Neighborhood Stabilization Program dollars, and other resources. McKenzie Falls, a 16-building development containing 105 affordable apartments for seniors, one manager’s apartment, and a clubhouse, will be completed in 2011, more than five years after the earlier project ground to a halt.
Caitlin Jones • 2 min read
Tax Credit Advisor, October 2010: In addition to commercial real estate projects and manufacturing plants, the federal new markets tax credit has financed a wide variety of housing in diverse markets.
Caitlin Jones • 2 min read
Tax Credit Advisor, October 2010: Much of the buzz in the low-income housing tax credit world this year has been about the increase in equity investment by insurance companies. This flow includes existing insurance company investors, insurance companies that dropped out of the market and have returned, and some that are brand new to housing credit investment.
Caitlin Jones • 1 min read
Tax Credit Advisor, October 2010: The U.S. Department of Housing and Urban Development is soliciting electronic applications under two separate programs for up to $189 million in competitive grants.
Caitlin Jones • 2 min read
Tax Credit Advisor, October 2010: The historic tax credit (HTC) equity market may be showing some improvement but remains challenged, according to industry sources. “What we’re seeing are the very earliest signs of an improvement in the market,” says Eric Darling, of Boston-based Carlisle Tax Credit Advisors, which advises corporate investors and finds proprietary federal historic tax credit investments for major investor Chevron.
Caitlin Jones • 1 min read
Tax Credit Advisor, October 2010: A subsidiary of U.S. Bank has arranged and will manage a proprietary $86 million low-income housing tax credit fund for search engine giant Google.
Caitlin Jones • 2 min read
Tax Credit Advisor, October 2010: The low-income housing tax credit equity market continues to see increased activity by corporate investors, including a renewed popularity of multi-investor funds. This heftier flow of equity dollars – from more players – has increased competition for deals, boosted credit pricing to developers, and decreased yields to investors.
Caitlin Jones • 1 min read
Tax Credit Advisor, September 2010: For most Americans, Puerto Rico conjures up images of glorious white beaches and clear seas. But, in fact, the island has a significant low-income population that creates consistent robust demand for completed low-income housing tax credit units.
Caitlin Jones • 1 min read
Tax Credit Advisor, September 2010: Congress returns from recess in mid-September, after having advanced some housing bills in recent weeks but failing to enact critical “extenders” provisions, including those to continue the new markets tax credit program and low-income housing tax credit Section 1602 exchange program.
Caitlin Jones • 1 min read
Tax Credit Advisor, September 2010: Retired U.S. Army Brigadier General Robert Cocroft is the kind of guy you don’t say no to. As a result, he – and other public and private supporters – are bringing a new ray of hope to low-income military veterans in Milwaukee, including the disabled and formerly homeless.
Caitlin Jones • 1 min read
Tax Credit Advisor, September 2010: In the late 1920s, the hotel business in downtown St. Louis near the Union Station was bustling. Ten majestic new hotels along Market Street catered to businessmen and other weary travelers arriving from the nearby train station.