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.
Caitlin Jones • 5 min read
Tax Credit Advisor, May 2009: In today’s tough economy, given the rising costs for affordable rental housing projects and the limited ability to raise rents, you need to cut expenses, grow income – or both – to juice your company’s bottom line.
Caitlin Jones • 9 min read
Tax Credit Advisor Content: Two federal agencies have issued long-awaited initial guidance and instructions needed by states to access and start distributing new funds provided by the American Recovery and Reinvestment Act (ARRA) to facilitate completion of stalled low-income housing tax credit (LIHTC) projects.
Caitlin Jones • 3 min read
Tax Credit Advisor, May 2009: The federal government is being asked by take steps to help state housing finance agencies (HFAs) issue housing bonds and to improve their liquidity. If taken, such actions could bolster debt financing for 4% low-income housing tax credit projects.
Caitlin Jones • 4 min read
Tax Credit Advisor, May 2009: Wonder what lies ahead on the national housing agenda? On April 20-21, three top Washington housing officials talked about what you can expect in the weeks and months ahead. This includes new housing legislation, increased funding, possible new programs, and close coordination between federal departments on actions and policies pertaining to housing and other domestic programs, such as energy and education.
Caitlin Jones • 5 min read
Tax Credit Advisor, May 2009: Welcome House, an aging affordable apartment building in downtown Atlanta, was far past its prime and headed for an uncertain future when developer Progressive Redevelopment, Inc. (PRI) decided to repeat history.
Caitlin Jones • 7 min read
Tax Credit Advisor, May 2009: A few details have emerged about the forthcoming federal guidance needed by states to begin accessing and awarding the new low-income housing tax credit (LIHTC) gap funds authorized by the American Recovery and Reinvestment Act (ARRA).
Caitlin Jones & A. J. Johnson • 2 min read
Tax Credit Advisor, April 2009: The Community Development Financial Institutions (CDFI) Fund has issued an implementation plan describing how it plans to award $3 billion in extra federal new market tax credits and other funds provided by the economic stimulus act.