Caitlin Jones Author Archives

The Shining Knight New Markets Tax Credit Rescues Developer, Lender on Stalled California Mixed-Use Project

4 min read

The project is nearly finished. The construction loan is exhausted, and most of the trades have not been paid for months. Sounds like the perfect path to Foreclosure City, right? Not quite.

Enterprise Finance II: It’s Hard, But Do It Anyway

5 min read

Last month’s column identified enterprise finance – the practice of lending to the sponsor entity as a conduit to its whole portfolio, rather than to each project as a non-recourse stand-alone special purpose vehicle (SPV) – as having many benefits, and pointed as a positive example to British experience with larger, vertically-integrated, geographically-concentrated housing associations.

Complex New York City Transaction Will Modernize 20,000 Units

4 min read

The New York City Housing Authority (NYCHA) has closed a complex, innovative housing bond transaction that will finance renovations and close operating deficits for a large chunk of public housing properties in its portfolio.

New Law Continues, Expands Maryland Historic Tax Credit Program

4 min read

On May 20, Maryland Gov. Martin O’Malley signed into law a bill (H.B. 475) extending the state’s historic tax credit program and expanding it to authorize new tax incentives for non-historic projects and for energy efficiency.

House Committee Approves GREEN Act

2 min read

The House Finance Services Committee recently approved a bill (H.R. 2336) that would provide incentives to encourage greater energy efficiency and sustainability in affordable housing, and create jobs.

Not Just a Search Engine Google Invests in Housing Credit Deals

6 min read

The name Google is synonymous with the Internet. Starting now, there’s a new association as well – with affordable housing.

Thinking Smart Managing the Recession’s Impact on Affordable Housing

6 min read

By Allen Feliz, Tax Credit Asset Management, LLC

The worst recession since the Great Depression may be yesterday’s news, but the affordable rental housing sector is still reeling from its effects. Although most affordable multifamily rental properties continue to pay their debt service and deliver tax benefits, they are not immune from market pressures caused by the economic downturn and the sluggishness of the recovery.

Adapting to Change Attorneys Modify Tax Credit Deal Opinions in Wake of Economic Substance Codification

5 min read

The enactment of the codification of economic substance doctrine generally shouldn’t hinder new transactions involving federal low-income housing, historic rehabilitation, new markets, or renewable energy tax credits, according to several prominent tax attorneys in the field.

Compliance Strategies for Avoiding Investor Penalties with Acquisition/Rehab Tax Credits

6 min read

By Erik Whitton, Spectrum Enterprises, Inc.

In January 2007, the Internal Revenue Services issued the first edition of the 8823 Guide for the federal low-income housing tax credit program. Chapter 4 contained new guidance regarding acquisition/rehab projects, permitting acquisition tax credits to be claimed earlier than previously allowed, provided that the existing tenants are tax credit-certified within 120 days of the acquisition (closing) date and that rehab is completed in the same calendar year.

Capital Briefs

2 min read

HUD to Allow Decreases in Section 8 Income Limits

HUD has discontinued its previous “hold harmless policy” used in calculating Section 8 program annual income limits, starting with the FY 2010 income limits. The Department, though, will limit all annual decreases in the income limits for affected areas to no more than 5%, and limit all annual increases to 5% or twice the change in the national median family income, whichever is greater.

On Your Mark CDFI Fund Opens New Funding Round for New Markets Tax Credit Program

3 min read

The Community Development Financial Institutions (CDFI) Fund has announced a new, eighth funding round for the federal new markets tax credit (NMTC) program, offering up to $5 billion in allocation authority.

The Return of Good NewsEquity, Debt Outlook for Tax Credit Deals Appears Brighter

14 min read

Might 2010 be “Dow 12,000″ for the tax credit market, a year in which every (good) tax credit project is able to land the equity and the debt needed to move forward?

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