Caitlin Jones • 2 min read
Tax Credit Advisor, December 2009:
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.
Caitlin Jones • 4 min read
Tax Credit Advisor, December 2009: In many ways, an affordable housing developer is a surgeon. In poor urban neighborhoods, making use of partnerships and government resources, the developer removes part of a neighborhood’s ills and inserts a healthy new organism – mixed-income housing development paired with resident services.
Caitlin Jones • 6 min read
Tax Credit Advisor, December 2009: One by one, a growing number of developers are getting their new low-income housing tax credit (LIHTC) deals funded and closed. Often it’s a convoluted, lengthy, and less than pretty process, but sponsors are finding success nonetheless.
Caitlin Jones • 1 min read
Tax Credit Advisor, December 2009: The Internal Revenue Service has clarified the treatment and other aspects of Section 1603 federal energy grants, in a new guidance (Chief Counsel Advice 200943029).
Caitlin Jones • 7 min read
Tax Credit Advisor, December 2009: Even as the market for low-income housing tax credit (LIHTC) remains slack, the zoning and land use environments for affordable housing are improving in areas throughout the country, thanks to a series of lawsuits brought under the federal Fair Housing Act (FHA) and related laws. These cases suggest that the FHA is an indispensable tool in the affordable housing toolbox, and that syndicators, investors and developers ignore this tool at their peril.
Caitlin Jones • 5 min read
Tax Credit Advisor, December 2009: The U.S. Treasury Department’s disapproval of Fannie Mae’s proposed sale of a chunk of its existing low-income housing tax credit (LIHTC) investments prolongs concerns about the “elephant in the room” – namely what is going to happen to the large volume of housing credit investments held by Fannie Mae and Freddie Mac, and how might any sale or sales impact the LIHTC equity market. Those questions appear likely to remain unanswered for a period of time.
Caitlin Jones • 1 min read
Tax Credit Advisor, December 2009: The Government Accountability Office (GAO) is conducting a study of how state housing credit agencies (HCA)s are administering the new federal Tax Credit Assistance Program (TCAP) and Section 1602 credit exchange program.
Caitlin Jones • 1 min read
Tax Credit Advisor, December 2009: The U.S. Department of Housing and Urban Development (HUD) recently presented the 2009 HUD Secretary’s Award for Excellence in Historic Preservation to Gorman & Company, Inc., for its Fairbanks Flats Rowhomes historic preservation development in Beloit, Wisc.
Caitlin Jones • 1 min read
Tax Credit Advisor, December 2009: HUD Secretary Shaun Donovan and U.S. Treasury Secretary Timothy Geithner recently called on Congress to approve three important measures to improve housing and the housing market for Americans.
Caitlin Jones • 1 min read
Tax Credit Advisor, December 2009: The U.S. Department of Housing and Urban Development (HUD) has issued a new mortgagee letter (2009-40) providing policies and procedures for standard approvals of FHA multifamily mortgage insurance applications for tax credit projects using a master lease structure.
Caitlin Jones • 9 min read
Tax Credit Advisor, December 2009:
Excerpts from an Interview with Kevin J. McCormack, President, McCormack Baron Salazar
McCormack Baron Salazar, based in St. Louis, Mo., is a pioneer, major for-profit developer specializing in the creation of economically integrated urban neighborhoods.
Caitlin Jones • 6 min read
One by one, a growing number of developers are getting their new low-income housing tax credit (LIHTC) deals funded and closed. Often it’s a convoluted, lengthy, and less than pretty process, but sponsors are finding success nonetheless.