Caitlin Jones • 3 min read
Tax Credit Advisor, February 2010: Enterprise Community Investment, Inc., a national leader in affordable housing and community development, and National Community Fund I, LLC, an affiliate of United Fund Advisors, LLC, recently closed on a $22.3 million federal new markets tax credit (NMTC) transaction that will finance the green expansion of a health care center in New York City.
Caitlin Jones • 2 min read
Tax Credit Advisor, February 2010: On January 19, global financial services firm Morgan Stanley announced that it has committed $110 million to promote community development by financing construction of affordable rental housing in low-income neighborhoods nationwide.
Caitlin Jones • 7 min read
Tax Credit Advisor, February 2010: High unemployment has caused downward pressure on occupancies at many LIHTC properties and boosted rent delinquencies and “skips,” as more tenants lose their jobs, have their hours pared, or move out to “double up.” Meanwhile, operating costs keep rising, and many LIHTC projects face stiffer competition for renters from other tax credit and conventional properties.
Caitlin Jones • 5 min read
Tax Credit Advisor, February 2010: Several new developments have encouraged advocates that Congress may act in the near future on improvements to the federal low-income housing tax credit program in order to help attract more investors.
Caitlin Jones • 4 min read
Tax Credit Advisor, February 2010: More steps than the two current federal stimulus programs are needed to restore the federal low-income housing tax credit program (LIHTC) to a sound footing, according to a new report by the Harvard University Joint Center for Housing Studies.
Caitlin Jones • 5 min read
Tax Credit Advisor, February 2010: Sherman Associates, Inc. had a vision for downtown Kansas City: They intended to convert a 17-story office building that had been a blight for ten years into the Grand Boulevard Lofts, an affordable housing project.
Caitlin Jones • 3 min read
Tax Credit Advisor, February 2010:
In late December, the U.S. Census Bureau issued revised population estimates, as of 7/1/09, for all 50 states, the District of Columbia, and Puerto Rico. These new estimates, once transmitted by the IRS, will be used to determine the official 2010 dollar volume caps for each state for per capita low-income housing tax credits and tax-exempt private activity bonds.
Caitlin Jones • 5 min read
Tax Credit Advisor, February 2010: Industry practitioners have welcomed a recent U.S. Tax Court decision upholding the structure and substance of a transaction involving Virginia state historic tax credits against a challenge by the IRS.
Caitlin Jones • 4 min read
Tax Credit Advisor, January 2010: Two recent bills introduced in the U.S. House of Representatives would authorize new financial incentives to owners for making improvements that cut utility bills or utilize renewable energy in federally assisted multifamily rental housing projects.
Caitlin Jones • 2 min read
Tax Credit Advisor, January 2010: Congress has given final passage to a consolidated appropriations bill (H.R. 3288) containing funding for the federal fiscal year (FY 2010) ending 9/31/10 for the U.S. Department of Housing and Urban Development (HUD) and for numerous other departments and agencies. The measure was sent to President Obama on 12/15/09 for his signature.
Caitlin Jones • 3 min read
Tax Credit Advisor, January 2010:
The Pennsylvania Housing Finance Agency’s board on 12/10/09 approved the qualified allocation plan for the agency’s 2010 low-income housing tax credit program. The application deadline for a conditional credit reservation will be 2/26/10.
Caitlin Jones • 3 min read
Tax Credit Advisor, January 2010:
The Pennsylvania Housing Finance Agency’s board on 12/10/09 approved the qualified allocation plan for the agency’s 2010 low-income housing tax credit program. The application deadline for a conditional credit reservation will be 2/26/10.