Tax Credit Advisor Article Archives

Tax Credit Advisor, January 2010: In a pair of recently released private letter rulings, the Internal Revenue Service has reaffirmed the ability of a taxpayer to use the “integrated unit test” to determine whether a proposed multiple-building new markets tax credit (NMTC) project meets a key program income threshold. The Service also held that the partnership sponsoring the project may be classified as a qualified business.

Tax Credit Advisor, January 2010: U.S. Sen. Chuck Schumer   (D-N.Y.) has introduced a bill (H.R. 2827) that would allow, for enlisted personnel stationed at all U.S. military installations, the exclusion of their base allowance for housing (BAH) from annual income when determining whether they qualify as a low-income household eligible to occupy a low-income housing tax credit unit.

Tax Credit Advisor, January 2010: The U.S. Department of Housing and Urban Development (HUD) has posted a report showing the activity as of 12/5/09 by 25 reporting state housing credit agencies under the Tax Credit Assistance Program.

Tax Credit Advisor, January 2010:

Massachusetts Governor Signs Housing Bill

Massachusetts Gov. Patrick Deval recently signed a new law designed to preserve government-assisted “expiring use” rental properties in the state as affordable housing. He also announced the roll-out of a new $150 million loan fund to help finance preservation transactions.

By A. J. Johnson

Tax Credit Advisor, January 2010: When developing or managing a low-income housing tax credit (LIHTC) property, it’s critical to be familiar with the program’s “student rules” as set out in the federal tax code and in Internal Revenue Service regulations and guidance. Otherwise, owners risk the loss or recapture of housing credits.

Tax Credit Advisor, January 2010: There are two common approaches to making an old building eligible for the federal historic rehabilitation tax credit. One is to get it listed on the National Register of Historic Places as a certified historic structure. The other is to get it approved as a “contributing” building in a designated historic district.

By David A. Smith, CAS Financial Advisory Services
     
Tax Credit Advisor, January 2010: When presented with a proposed green improvements program, those with fiscal decision responsibility – CFOs, property management heads, owners, and even regulators – find themselves reading the report much like restaurant diners presented with the antiquated “Ladies Menu” that lists dishes without prices. Everything’s tempting, but what does anything cost?

Tax Credit Advisor, December 2009: State agencies have awarded nearly $4.2 billion in federal stimulus act funds so far to jumpstart stalled low-income housing tax credit (LIHTC) projects, according to data collected by a Tax Credit Advisor survey that shows the enormous housing production from the new Tax Credit Assistance Program (TCAP) and Section 1602 credit exchange program.

Tax Credit Advisor, December 2009:

Legislators Introduce Bills to Extend GO Zone Deadline, Enhanced Incentives

U.S. Sen. Mary Landrieu (D-La.) recently introduced a bill (S. 1761) to extend by one year, through 2011, the placed-in-service deadline for projects in the GO Zone, Rita GO Zone, and Wilma GO Zone receiving special disaster area low-income housing tax credits under the Gulf Opportunity (GO) Zone Act of 2005.