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.
Caitlin Jones • 1 min read
Tax Credit Advisor ““ September 2010 ““ A solid tenant rental application is a key part of assuring that a low-income housing tax credit project fully complies with LIHTC program rules, so that the investors can receive the full amount of housing credits that they expect.
Caitlin Jones • 2 min read
Tax Credit Advisor, August 2010: Low-income housing tax credit developments in New York City have had a positive economic impact on the neighborhoods in which they are located, including raising property values, according to a new study released on June 23.
Caitlin Jones • 6 min read
Tax Credit Advisor, August 2010: “When you look at it, it’s almost like three different transactions in one,” says Amber Seely, of Renaissance Neighborhood Development Corporation (RNDC), the New Orleans-based developer of The Groves at Mile Branch Creek, a mixed-income planned unit development rising from the ground in Covington, La.
Caitlin Jones • 3 min read
Tax Credit Advisor, August 2010: On June 25, at a Chicago conference, federal officials cited statistics showing the huge positive impact from stimulus funds in shoring up the low-income housing tax credit (LIHTC) market as they reported on activity to date under the Tax Credit Assistance Program (TCAP) and Section 1602 exchange program.
Caitlin Jones • 11 min read
Tax Credit Advisor, August 2010: As she oversees the final stage of redevelopment of Cochran Gardens, St. Louis’ first major public housing complex, St. Louis Housing Authority Executive Director Cheryl Lovell is simultaneously supervising other development projects that will create new public housing and affordable rental units. She’s also holding her breath, awaiting possible radical changes from Washington in how public housing authorities (PHAs) do business and revitalize their housing stock.
Caitlin Jones • 2 min read
Tax Credit Advisor, August 2010: The National Council of State Housing Agencies is moving forward with a review, for possible changes, of its existing recommended practices for state housing credit agencies for low-income housing tax credit underwriting and allocations.
Initiated earlier this year, the review is being carried out by NCS
Caitlin Jones • 1 min read
Tax Credit Advisor, August 2010: Massachusetts Gov. Patrick Deval has signed into law a FY 2011 budget bill that includes an extension of the state’s historic rehabilitation tax credit program.
Caitlin Jones • 6 min read
Tax Credit Advisor, August 2010: Federal low-income housing tax credit properties must ensure compliance in three major areas – affordability, eligibility, and habitability – to prevent the loss of tax credits. Rents must be properly restricted, residents
Caitlin Jones • 1 min read
Tax Credit Advisor, August 2010: On June 24, Illinois Gov. Pat Quinn signed into law a bill (S.B. 2093) increasing the size of the state’s new market tax credit program, and establishing a new economic development credit.
Caitlin Jones • 5 min read
Tax Credit Advisor, August 2010: Completion of the mammoth financial-reform legislation sets the stage for a 2011 debate about restructuring the federal Community Reinvestment Act. This is long overdue – today’s financial world would have been unimaginable back in 1977, when CRA was born – and it should therefore be no surprise that CRA two point zero should be a ground-up reinvention from first principles, not a grab-bag of twiddles and tweaks.
Caitlin Jones • 5 min read
Tax Credit Advisor, August 2010: In a federal new markets tax credit (NMTC) transaction, just getting to the closing table can be exhausting enough for participants. So who wants to think about how the transaction will unwind in seven years at the end of the NMTC compliance period?