Caitlin Jones • 3 min read
Tax Credit Advisor, September 2009: Out on the campaign trail early in 2007, before receiving the Democratic presidential nomination, Barack Obama held out a program in upper Manhattan, the Harlem Children’s Zone (HCZ), as a model for improving struggling neighborhoods in America’s cities. As a one-time community organizer on Chicago’s South Side, the Harlem program was an eye-opener for the candidate, a brand new, comprehensive initiative that didn’t so much try to tackle a problem as tackle a neighborhood.
Caitlin Jones • 5 min read
Tax Credit Advisor, September 2009:
By Thom Amdur, National Housing & Rehabilitation Association
Congress this fall may authorize and fund a proposed new federal program designed to tie together the production and preservation of affordable housing with community and economic development, education, and other aspects of everyday life. The Choice Neighborhoods Initiative (CNI), proposed by the Obama Administration in its Fiscal Year 2010 budget request for the U.S. Department of Housing and Urban Development (HUD), would replace and build upon HUD’s HOPE VI public housing revitalization program.
Caitlin Jones • 3 min read
Tax Credit Advisor, September 2009: Energy and climate change legislation working its way through Congress holds the promise of massive additional federal dollars to promote green building and to help finance energy efficiency retrofits to existing buildings.
Caitlin Jones • 7 min read
Tax Credit Advisor, September 2009: Having an effective compliance system for your properties is vital for success in the low-income housing tax credit (LIHTC) program. Mistakes, even if inadvertent, can risk the loss of housing credits for investors.
Caitlin Jones • 7 min read
Tax Credit Advisor, September 2009: When Congress reconvenes after Labor Day, advocates will be pressing lawmakers to enact pending and new legislative proposals to bolster affordable housing, historic preservation, and community development.
Caitlin Jones • 1 min read
Tax Credit Advisor, September 2009: The U.S. Treasury Department has begun accepting applications for cash grants in lieu of investment tax credits for qualifying renewable energy equipment and facilities, such as solar photovoltaic systems. This option was made available by the American Recovery and Reinvestment Act of 2009. In general, projects must begin or complete construction in 2009 or 2010. Treasury has established a Web page that contains the requirements for this option, a link to an online application, and other documentation.
Caitlin Jones • 2 min read
Tax Credit Advisor, September 2009: The U.S. Department of Housing and Urban Development (HUD) has issued a new notice (H 09-09) and mortgagee letter (2009-24) providing further guidance to implement 2008 legislative changes designed to make it easier to use HUD-insured mortgages for low-income housing tax credit (LIHTC) projects, including those financed by tax-exempt bonds.
Caitlin Jones • 6 min read
Tax Credit Advisor, September 2009: Four affordable housing developments in Rhode Island are the first in the nation to take advantage of a new federal program to help developers complete financing on their projects when tax credit equity is unavailable.
Caitlin Jones • 1 min read
Tax Credit Advisor, September 2009: Kentucky Gov. Steve Beshear in July signed a bill (H.B. 3) that amends the state’s historic preservation tax credit program.
Caitlin Jones • 10 min read
Tax Credit Advisor, September 2009:
“Show Me the Money.”
More than ever, developers of proposed low-income housing tax credit (LIHTC) projects are turning to this famous line from Jerry Maguire. And many of them aren’t getting a favorable response. The long dearth in tax credit equity supply continues.
Caitlin Jones • 3 min read
Tax Credit Advisor, September 2009: Eighty-five new modest-priced homes constructed for sale to low-income households will be developed in Mississippi with the help of financing generated by the federal new markets tax credit (NMTC).
Caitlin Jones • 1 min read
Tax Credit Advisor, September 2009: Recent legislation signed by Missouri Gov. Jay Nixon scales back the state’s historic preservation tax credit, the victim of a budget squeeze.