Articles Archives

New HUD Report Highlights Use of Land Banking for Foreclosed Properties

• 1 min read

Tax Credit Advisor, January 2010: The U.S. Department of Housing and Urban Development has issued a new report, entitled, Revitalizing Foreclosed Properties With Land Banks. The report describes the concept and current trends in land banking, under which local governments create public entities called land banks that acquire, hold, and manage foreclosed properties, including to restore to productive use as affordable housing.

How Can Market Studies Be Improved? Equity Providers Talk

• 4 min read

Tax Credit Advisor, January 2010: What changes would investors and syndicators like to see to improve market studies for proposed low-income housing tax credit (LIHTC) projects?

At the recent 2010 Annual Meeting in Chicago of the National Council of Affordable Housing Market Analysts (NCAHMA), several equity providers and a prominent representative of corporate investors gave answers.

HUD Seeks Comments on Mortgage Proposal

• 1 min read

Tax Credit Advisor, January 2010: HUD is seeking comments by 1/31/10 on a proposal to streamline the transaction approval process under its public housing mortgage program.

Mixed-Income Senior Apartment Complex Rises on Site of Historic Former Tuberculosis Hospital

• 7 min read

Tax Credit Advisor, January 2010: Park Lane at Sea View has a rich history.

Since the mid-1800s, the Staten Island, N.Y. site at various times has been used as a municipal poorhouse, sanitarium for tuberculosis patients, and even a pioneer museum.

Park Lane at Sea View – Source and Uses Summary

• 1 min read

Tax Credit Advisor, January 2010:

Additional IRS Private Letter Rulings Reaffirm Use of Integrated Unit Test in Multiple-Building Projects

• 3 min read

Tax Credit Advisor, January 2010: In a pair of recently released private letter rulings, the Internal Revenue Service has reaffirmed the ability of a taxpayer to use the “integrated unit test” to determine whether a proposed multiple-building new markets tax credit (NMTC) project meets a key program income threshold. The Service also held that the partnership sponsoring the project may be classified as a qualified business.

Schumer Introduces LIHTC Measure

• 1 min read

Tax Credit Advisor, January 2010: U.S. Sen. Chuck Schumer   (D-N.Y.) has introduced a bill (H.R. 2827) that would allow, for enlisted personnel stationed at all U.S. military installations, the exclusion of their base allowance for housing (BAH) from annual income when determining whether they qualify as a low-income household eligible to occupy a low-income housing tax credit unit.

HUD Issues Report on TCAP Activity By States

• 1 min read

Tax Credit Advisor, January 2010: The U.S. Department of Housing and Urban Development (HUD) has posted a report showing the activity as of 12/5/09 by 25 reporting state housing credit agencies under the Tax Credit Assistance Program.

State Briefs

• 1 min read

Tax Credit Advisor, January 2010:

Massachusetts Governor Signs Housing Bill

Massachusetts Gov. Patrick Deval recently signed a new law designed to preserve government-assisted “expiring use” rental properties in the state as affordable housing. He also announced the roll-out of a new $150 million loan fund to help finance preservation transactions.

The LIHTC Student Rules; Critical but a Source of Confusion

• 6 min read

By A. J. Johnson

Tax Credit Advisor, January 2010: When developing or managing a low-income housing tax credit (LIHTC) property, it’s critical to be familiar with the program’s “student rules” as set out in the federal tax code and in Internal Revenue Service regulations and guidance. Otherwise, owners risk the loss or recapture of housing credits.

Thematic Nomination Offers Alternative Way to Create Historic Tax Credit Projects

• 5 min read

Tax Credit Advisor, January 2010: There are two common approaches to making an old building eligible for the federal historic rehabilitation tax credit. One is to get it listed on the National Register of Historic Places as a certified historic structure. The other is to get it approved as a “contributing” building in a designated historic district.

The Challenges of Underwriting Green Improvements in Multifamily Properties

• 5 min read

By David A. Smith, CAS Financial Advisory Services
     
Tax Credit Advisor, January 2010: When presented with a proposed green improvements program, those with fiscal decision responsibility – CFOs, property management heads, owners, and even regulators – find themselves reading the report much like restaurant diners presented with the antiquated “Ladies Menu” that lists dishes without prices. Everything’s tempting, but what does anything cost?

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Historic Tax Credit Equity $9,321,423
Low-Income Housing Tax Credit Equity $5,269,000