Caitlin Jones • 8 min read
Tax Credit Advisor, June 2009: State agencies could make the first awards of stimulus act funds to stalled low-income housing tax credit (LIHTC) projects as soon as this month, according to sources.
Caitlin Jones • 3 min read
Tax Credit Advisor, May 2009: An IRS private letter ruling (200910024) clarifies the types of income a nonprofit health care provider can count toward qualifying the patients it serves as a low-income “targeted population” under the federal new markets tax credit (NMTC) program.
Caitlin Jones • 6 min read
Tax Credit Advisor, May 2009: Like the gardener sowing a plot to yield future bounty, the federal new markets tax credit is seeding low-income communities by helping to fund educational facilities – including charter schools and public schools that prepare low-income neighborhood youths for a more promising future.
Caitlin Jones • 4 min read
Tax Credit Advisor, May 2009: Several states are considering bills that would establish, cut back, or expand tax credits for the rehabilitation of historic buildings.
Caitlin Jones • 4 min read
Tax Credit Advisor, May 2009: WinnDevelopment, a Boston-based developer, owner, and manager of affordable and market-rate apartments, is making a big push into use of renewable solar energy as part of a broader strategy to cut energy and water costs at its properties.
Caitlin Jones • 1 min read
Tax Credit Advisor, May 2009: Enterprise Community Investment, Inc. recently announced the closing of its first “green” low-income housing tax credit equity fund. Investors in the fund are U.S. Bancorp Community Development Corporation, Wells Fargo & Company, Merrill Lynch Community Development Corporation, and MetLife Inc.
Caitlin Jones • 6 min read
Tax Credit Advisor, May 2009: In tough economic times, there’s the temptation to cut back on compliance in low-income housing tax credit (LIHTC) properties. Doing so is a mistake that will lead to financial losses in the long term. Additionally, corner-cutting in compliance can result in potentially catastrophic economic penalties for owners of LIHTC properties.
Caitlin Jones • 6 min read
Tax Credit Advisor, May 2009: More and more these days, lawyers are trying to help developer/owner clients save financially troubled apartment projects with multifamily loans insured by the Federal Housing Administration (FHA). The process often includes seeking approval from the U.S. Department of Housing of Urban Development (HUD) for a “partial payment of claim” (PPC), or a friendly note sale.
Caitlin Jones • 8 min read
Tax Credit Advisor, May 2009: Metropolitan Minneapolis-St. Paul is a tale of two cities. The Twin Cities boast demographics historically favorable to apartment development, including low-income housing tax credit (LIHTC) projects. But the worsening economy is putting a crimp in the region.
Caitlin Jones • 3 min read
Tax Credit Advisor, May 2009: Annapolis, MD developer Nancy Rase reached back and dusted off an old funding tool to get a new Baltimore housing project to pencil out. The Community Investment Program (CIP) is a debt resource offered by the 12 Federal Home Loan Banks (FHLBanks) that can be used to finance development of affordable rental housing. Under CIP, financial institutions that belong to the Federal Home Loan Bank System can borrow money on favorable terms from a FHLBank and re-lend it to a developer for a rental project.
Caitlin Jones • 8 min read
Tax Credit Advisor, May 2009: Finding the vital gap funds needed to make a new low-income housing tax credit (LIHTC) project pencil out has always been challenging. It’s even more so today, given the shortage of tax credit equity and the tighter state and local budgets that fund subsidies.
Caitlin Jones • 3 min read
Tax Credit Advisor, May 2009: The Internal Revenue Service has issued two new Chief Counsel Memoranda relating to the federal low-income housing tax credit (LIHTC). Each was released 3/27/09 and is dated 2/20/09.