The Time Is Now: Coalition Prepares for Introduction of Historic Tax Credit Modernization Bill

By Caitlin Jones
May 17, 2011 1 min read

By John Leith-Tetrault, National Trust Community Investment Corporation

Tax Credit Advisor, May 2011: The Historic Tax Credit Coalition (HTCC) is laying the groundwork for the introduction of legislation this spring to modernize the federal Historic Tax Credit (HTC). This year’s bill will include provisions clustered around the themes of promoting the syndication of small transactions, providing incentives for energy efficiency in historic property rehabilitation, eliminating federal taxation of the proceeds of state HTC transactions, and promoting nonprofit sponsorship of historic rehab in low-income census tracts.

Legislative Background

The federal HTC (IRC Section 47), equal to 20% of the qualified rehabilitation expenditures for eligible historic buildings, was last amended by the Housing and Economic Recovery Act of 2008 (HERA). This legislation, which also amended the federal low-income housing tax credit (LIHTC, Section 42), allowed the federal HTC to offset federal alternative minimum tax (AMT) liability, required state housing finance agencies to give priority points to historic rehabilitation in their LIHTC Qualified Allocation Plans, and increased the threshold for triggering disqualified nonprofit/government lease rules in HTC deals from 35% to 50% of leasable space.

Breaking Ground

Jennifer Leimaile Ho, Minnesota Housing Commissioner and Incoming Chair of National Council of State Housing Agencies

Pamela Martineau • December 1, 2024 10 min read

Earlier this fall, Jennifer Leimaile Ho was elected chair of the National Council of State Housing Agencies’ (NCSHA) 2025 Board of Directors. Ho is the Commissioner of Minnesota Housing, having been appointed by Governor Tim Walz in January 2019 and reappointed in 2023.

“Business as Usual”

Leaders in Equity Express Optimism Despite an Uncertain Future

Abram Mamet • December 1, 2024 9 min read

Any outside observer may assume some unease amongst the low-income housing industry. Buffeted on the one hand by residual stressors from the COVID-19 pandemic and on the other by the uncertain prospects of an incoming federal administration keen on cutting spending and shrinking government programs, the affordable housing landscape is experiencing an inflection point.

NCSHA Recognizes Stand-Out Affordable Housing Programs and Initiatives

Pamela Martineau • December 1, 2024 7 min read

This fall, the National Council of State Housing Agencies (NCSHA) recognized 17 programs offered by state housing finance agencies across the nation that creatively developed tools to tackle their communities’ affordable housing challenges.