New Report Issue on Bank Investment in Historic Credits
By A. J. Johnson & Caitlin Jones
1 min read
Tax Credit Advisor, January 2009: The U.S. Office of the Comptroller of the Currency has published a Community Developments Insights report that describes how banks can participate in the federal historic rehabilitation tax credit program.
The report describes the program, examines the primary risks and regulatory considerations associated with bank financing of historic credit projects, and discusses how historic credit investments are considered in a Community Reinvestment Act (CRA) examination of a bank. It also notes how national banks may utilize these credits under their public welfare investment authority, which the Housing and Economic Recovery Act recently expanded to add a broader range of communities targeted for revitalization, FEMA-designated disaster areas, and rural underserved and distressed communities.
(Report: http://www.occ.gov/ cdd/Insights-HTC.pdf)
