Caitlin Jones & A. J. Johnson • 6 min read
Tax Credit Advisor, April 2009: Building affordable housing, or any housing for that matter, on top of a fire station might seem highly unusual. But city officials in Alexandria, VA, a close-in suburb of Washington, DC, believe that the new Station at Potomac Yard Apartments will be fully leased when the project opens this fall.
Caitlin Jones & A. J. Johnson • 6 min read
By Michael Allen, Esq., Relman & Dane, PLLC
Tax Credit Advisor April 2009: Developers using the low- income housing tax credit (LIHTC) are no strangers to the NIMBY (“Not In My Back Yard”) syndrome. In some communities, the mere hint of an affordable housing proposal generates a kind of massive resistance reminiscent of the worst, old Jim Crow days. And that is no historical accident, because it is often the apprehension that new tenants will be people of color (or families with children) that gives rise to NIMBYism.
Caitlin Jones & A. J. Johnson • 10 min read
Tax Credit Advisor, April 2009: The federal government has taken some initial steps to implement the new low-income housing tax credit (LIHTC) funding resources established by the economic stimulus act. But the industry is awaiting critical guidance so state housing credit agencies can begin awarding the funds to stalled LIHTC projects.
Caitlin Jones & A. J. Johnson • 1 min read
Tax Credit Advisor, March 2009: The New Jersey Housing and Mortgage Finance Agency’s board has approved the proposed 2009 qualified allocation plan (QAP) for the agency’s low-income housing tax credit program.
Caitlin Jones & A. J. Johnson • 1 min read
Tax Credit Advisor, March 2009: The Pennsylvania Housing Finance Agency (PHFA) has issued a statement outlining specific adjustments and waivers of certain parameters and limits in its 2009 qualified allocation plan it will consider making in awarding 2009 low-income housing tax credits, to facilitate the viability of projects.
Caitlin Jones & A. J. Johnson • 1 min read
Tax Credit Advisor, March 2009: Ohio Gov. Ted Strickland in his recent “State of the State Address” said as part of his new proposed two-year state budget he will seek passage by Ohio lawmakers of legislation to create a new state new markets tax credit to promote downtown revitalization in urban areas.
Caitlin Jones & A. J. Johnson • 2 min read
Tax Credit Advisor, March 2009: The federal new markets tax credit will be giving numerous domestic violence survivors in New York City a new start in life, through the transformation of a vacant building into a new service-enriched emergency shelter tailored to address their needs.
Caitlin Jones & A. J. Johnson • 1 min read
Tax Credit Advisor, March 2009: In his proposed FY 2010 state budget, Maryland Gov. Martin O’Malley (D) said he plans to submit legislation to revise and enhance the state’s Heritage Tax Credit Program, which provides a state income tax credit equal to 20% of the qualified costs of rehabilitation for historic income-producing properties and owner-occupied homes.
Caitlin Jones & A. J. Johnson • 5 min read
Tax Credit Advisor, March 2009: A Roman Catholic order of nuns in Missouri is partnering in the historic rehabilitation of buildings on its campus into affordable apartments to generate needed housing and income, in an innovative multi-phase deal that could serve as a model for other religious orders.
Caitlin Jones & A. J. Johnson • 4 min read
Tax Credit Advisor March 2009: After years of lobbying by advocates led by the Michigan Historic Preservation Network (MHPN), Michigan has significantly improved its 25% state historic tax credit. The changes made by the legislation signed 1/9/09 (SB 973, HB 6496) include to increase by as much as 400% the amount of the state credit when combined with the 20% federal historic rehabilitation tax credit.
Caitlin Jones & A. J. Johnson • 8 min read
By Elizabeth L. Moreland, NCP-E, SCS, HCCP, SHCM, FHC
Tax Credit Advisor, March 2009: Proper compliance is essential for the success of every low-income housing tax credit property. Increasingly, the individuals whose job is to ensure, review, or oversee tax credit compliance – property managers, corporate supervisors, etc. – have one or more compliance professional designations. What are these different designations? How do they differ? Which are most appropriate for a particular individual? Here, compliance expert/trainer Elizabeth L. Moreland provides a road map and guidance through the alphabet soup of multiple designation programs.
Caitlin Jones & A. J. Johnson • 7 min read
Tax Credit Advisor, March 2009: (Patrick Nash, based in Chicago, is Managing Director of Housing Investments for JPMorgan Capital Corporation, an investor in low-income housing tax credits. He is also president for 2009 of the Affordable Housing Investors Council. In excerpts from an early February interview, Nash spoke about AHIC, his firm’s activities, and the housing credit market.)