Articles Archives

Tax Credit Advisor January, 2006: A bill was recently introduced in the U.S. House of Representatives that seeks to correct what preservationists believe is a serious flaw in the facade easement reform provisions included in the Senate’s tax reconciliation bill.

Tax Credit Advisor January, 2006: The CDFI Fund recently announced that it has accepted 13 additional applications for its 4th round allocation of New Markets Tax Credits (NMTCs). The applicants, located in areas affected by Hurricanes Katrina and Rita, asked for $2.38 billion in NMTCs, raising the number of applications to 254, and the amount of requested tax credits to $28.37 billion, according to the Fund’s December 2005 e-newsletter.

Tax Credit Advisor January 2006 This summer’s hurricanes could add significantly to hard construction expenses in 2006, affecting the costs of multifamily building more than those in the single-family sector.

Tax Credit Advisor January 2006: The outlook for multifamily housing is bright in 2006, according to Greg Willett, Vice President, Research and Analysis, at Carrolton, Tex.-based M/PF YieldStar.

Tax Credit Advisor December, 2008: A recent study quantifies the economic benefits generated by North Carolina’s state historic rehabilitation tax credit. The study, A Profit Past, A Price Future, was prepared by Rebecca Holton as part of an independent study at the University of North Carolina at Chapel Hill. The study obtained data through the North Carolina State Historic Preservation Office, and was based on interviews with experts in the field and a review of other statewide tax credit studies.

The New York State Division of Housing and Community Renewal has announced the availability of federal and state housing tax credits, and other types of funds, as part of its 2009 Unified Funding Round.

The New York State Division of Housing and Community Renewal (DHCR) has announced that DHCR and the state Housing Trust Fund Corporation, subject to the availability of funds, will consider requests for additional low-income housing tax credits from developers with prior credit awards, in order to address the loss of tax credit equity due to condition’s beyond the control of such awardees.

Representatives of the HOPE VI Working Group of the National Housing & Rehabilitation Association (NH&RA), a multifamily housing trade group, met with HUD Secretary Steven Preston on 11/10/08 to discuss operational and asset management issues with projects funded under HUD’s mixed-finance and HOPE VI public housing redevelopment programs.

The U.S. Department of Housing and Urban Development (HUD) on 11/10/08 in the Federal Register published new operating cost adjustment factors for Fiscal Year 2009.

New IRS Notice 2008-106 clarifies that the minimum 9% credit percentage for the low-income housing tax credit, available for non-federally subsidized buildings placed in service after 7/30/08 and before 12/31/13, is available even if a building owner made an election on or before 7/30/08 to lock in the credit percentage.

A new report provides comprehensive data on different aspects of the federal new markets tax credit (NMTC) program through its first five funding rounds. Issued by the Community Development Financial Institutions (CDFI) Fund, the report contains information and data collected during 2002-2007 about applications for NMTC allocations, recipients of allocations, investors, and funded projects.

Multifamily rental housing starts in the U.S. are likely to fall throughout 2009 but then start to rebound as job losses slow and renter demand picks up, according to industry experts speaking at a recent conference in Washington, DC.