Tax Credit Advisor Article Archives

After a year living through the COVID-19 pandemic, we’ve heard all the platitudes. This is the new normal. We’re all in the same storm, but not necessarily in the same boat. We’ve developed new vocabulary words, like “quarantini” and “doomscrolling.” We’ve become at-home information technology specialists, setting up mesh wi-fi networks to support parents working from home and kids learning from home.

Holly Wiedemann is an award-winning developer based in Lexington, KY and a leading advocate for affordable housing and historic preservation.

Affordable housing advocacy and policy often prioritizes people who are most in need of housing, and understandably so—nearly one-third of Americans are housing cost burdened. But, the aid for housing often cuts off those who aren’t low-income enough to qualify, yet aren’t wealthy enough to afford market-rate housing.

Wexford Science + Technology has taken an old power plant formerly called the Dynamo House and developed a historic rehab that is turning into a dynamo of its own, one that is transforming a whole section of Providence, RI into a knowledge and medical hub.

Overcoming Nimbyism is hard—maybe the most significant barrier—for developers looking to get projects approved. This is particularly the case for affordable housing projects, which must overcome additional biases. Propose one in a city neighborhood, and the developer could have residents, activists and politicians reject the rendering for any number of reasons.

Mark Twain famously recommended, “Buy land, they’re not making any more of it.”  Forget that he lived contemporaneously with the filling of Back Bay in Boston (and not that far away in Hartford, CT) where they did in fact make more of it, the observation is generally true but not especially good investment advice. Not all land is built the same – to quote another old real estate proverb, “There are three things that matter in property: location, location, location.” Whether you are developing apartments or a shopping center – knowing your market area and where you sit in it is essential for success.

The long arm of the COVID pandemic is not only disrupting 2020 performance in the tax credit industry, but it may have a further impact even after the virus is brought under control.

It’s rare that a site for a housing development is perfect. Besides the constraints of working with existing lots that are often less than ideal, there are many other factors in play: zoning, soil conditions, solar orientation, ease of entry and access to transportation and amenities, just to name a few. In general, though, there are a few handy tips that can help developers and architects seek out a good site for affordable housing.

When the 117th Congress convenes January 3, bipartisan support will be required to pass any legislation as neither party will have a strong majority in the Senate, panelists at an NH&RA town hall said December 3.

In November, 1478, Pope Sixtus IV by fiat granted Ferdinand and Isabella of Spain authority to name inquisitors plenipotentiary to protect the one true faith from unbelievers. In October, 2000, multiply re-elected Boston mayor Thomas Menino by fiat created for the Boston Redevelopment Authority the Impact Advisory Group process to protect communities from ‘large-scale’ developers. The mayor’s action, like those of many other big-city mayors across the country, reflected a pattern of increasing NIMBY empowerment now triumphant in far too many American cities: an elaborate public spectacle casting a veneer of altruistic morality over a power play culminating in an autocratic decision.

Daryl Carter grew up in Detroit, the son of a factory worker and a maid who fled the South after World War II to seek a better life. They instilled a strong work ethic in their son and encouraged him to pursue the best possible education.

Seems like we’ve been waiting for 2021 to arrive for much longer than a year, doesn’t it? I mean, who can blame us? COVID-19. Economic crash. Disruptions to work and school routines. Restaurants closed. Curfews in some cities and states. Budget impasses. Election drama. And to make matters worse, 2020 was a leap year. We had one whole extra day to wallow in our collective misery.