Glenn Petherick • 4 min read
Boston Capital expects to close a $188 million national multi-investor fund in the first quarter of 2014, said Jeff Goldstein. The fund, 100% specified in properties, has a projected IRR to investors of 7.25%.
Glenn Petherick • 8 min read
“We had a good solid 2013 and we’re looking forward to a good 2014,” says Ryan Sfreddo of New York-based syndicator Red Stone Equity Partners, LLC. He said the firm raised a total $325 million in low-income housing tax credit (LIHTC) equity from investors last year and is targeting about $450 million this year.
Jerome A. Breed • 9 min read
The new guidance does not establish substantive tax law. Rather it creates a “safe harbor” for structuring HTC transactions. Compliance with the terms of the guidance provides certainty that the HTC generated by a project will be treated as allocated to the investor and that the investor will be respected by the IRS as a partner in the allocating partnership for federal tax law purposes.
Glenn Petherick • 2 min read
The Internal Revenue Service is soliciting public comments on the draft of a new IRS low-income housing tax credit (LIHTC) audit technique guide.
Glenn Petherick • 7 min read
Historic tax credit industry participants have welcomed and praised the new IRS safe harbor guidance and are optimistic that it will eventually restore a healthy flow of equity investment capital for new projects. But they suggested it will be a number of weeks before the spigot turns on fully because of ambiguous or challenging parts of the guidance that need to be clarified or addressed and until investors, developers, and practitioners come to consensus on acceptable features of partnership structures for new deals.
Glenn Petherick • 3 min read
Back in my freshman year at Syracuse University, I survived one of my toughest learning challenges – calculus class on Tuesday, Thursday, and Saturday mornings at 8. That barely edged out my class in geology, but at least there we got to build model volcanoes that actually erupted.
Glenn Petherick • 6 min read
After another year of heavy mortgage volume, the U.S. Department of Housing and Urban Development (HUD) is about to begin implementing another step in its multifamily “transformation plan” to cut FHA loan processing times even further and boost the agency’s share of financing for low-income housing tax credit (LIHTC) projects.
Thomas Amdur • 3 min read
If you are a frequent reader of this column you know that energy, water, and utility efficiency is one of my pet issues.
David A. Smith • 4 min read
Unlike my peers, I do not age. Yet my contemporaries, seen last month at AHF Live in Chicago, look so old. I asked a long-time colleague if I were imagining things.
Eric Gockel • 6 min read
The federal Community Reinvestment Act (CRA) was enacted in 1977 in the face of furious opposition from the banking industry. One consequence of that opposition was that the text of the proposed statute was severely whittled down in order to gain passage.
Glenn Petherick • 10 min read
Low-income housing tax credit (LIHTC) investments will be more attractive as the result of accounting rule changes adopted December 11 by the Financial Accounting Standards Board, according to LIHTC industry sources. But they differed as to what the future impacts are likely to be on LIHTC investment volume, housing credit pricing, and yields.
Glenn Petherick • 16 min read
NoHo Senior Arts Colony, North Hollywood, Calif. This sharp looking, low-rise development in the NoHo Arts District of Los Angeles, 20% affordable units and 80% market-rate, provides residents not only with quality apartments and amenities but also plenty of interesting and creative activities – classes in screenwriting, poetry, meditation, and yoga, as well as game and movie nights and concerts.