A. J. Johnson & Caitlin Jones • 6 min read
As she approaches her one-year anniversary as Director of the Community Development Financial Institutions (CDFI) Fund, Donna Gambrell is looking forward to at least one more funding round for the federal new markets tax credit (NMTC) program and is celebrating its accomplishments.
A. J. Johnson & Caitlin Jones • 6 min read
The Internal Revenue Service has issued a new proposed rule outlining requirements for investments serving “targeted populations” under the federal new markets tax credit (NMTC) program. The IRS invited public comments by 12/23/08 and announced a public hearing for 1/22/09.
A. J. Johnson & Caitlin Jones • 4 min read
Accurate and conservative underwriting is critical in planning new low-income housing tax credit (LIHTC) projects today. To do so, developers need to use a qualified market analyst and obtain a solid market study for their proposed project.
A. J. Johnson & Caitlin Jones • 2 min read
The Washington State Housing Finance Commission has rolled out a new loan program designed to help developers rapidly acquire land or properties for use in affordable housing projects, in communities where gentrification and similar trends pose a threat.
A. J. Johnson & Caitlin Jones • 8 min read
The worsening credit crisis from late September into October has created new difficulties for the already battered low-income housing tax credit (LIHTC) market.
A. J. Johnson & Caitlin Jones • 3 min read
California Gov. Arnold Schwarzenegger (R) in late September signed into law two bills revising the state’s low-income housing and farmworker housing tax credit programs.
A. J. Johnson & Caitlin Jones • 3 min read
New Internal Revenue Service Revenue Procedure 2008-60 provides guidance on how investors can make an election to retire an existing recapture bond they’ve posted under the low-income housing tax credit (LIHTC) program.
A. J. Johnson & Caitlin Jones • 2 min read
The U.S. Department of Housing and Urban Development (HUD) has begun to implement the new Neighborhood Stabilization Program (NSP), which was established by the Housing and Economic Recovery Act signed on 7/30/08.
A. J. Johnson & Caitlin Jones • 6 min read
Even in small, rural towns like Mount Airy, NC, the shortage of affordable housing for low-income residents is a pressing issue. In Mount Airy, the issue was addressed and solved, according to developer Jim Sari, of The Landmark Group, based in Winston-Salem, NC, through the conversion of a vacant historic former tobacco warehouse into apartments using a combination of state and federal low-income housing tax credits and historic tax credits.
A. J. Johnson & Caitlin Jones • 7 min read
The financial rescue bill signed by President Bush on 10/3/08 contained provisions that extend the federal new markets tax credits and various federal renewable energy tax credits, and provide additional low-income housing tax credits and tax-exempt bond authority for areas hit by major natural disasters.
A. J. Johnson & Caitlin Jones • 5 min read
he Community Development Financial Institutions (CDFI) Fund on 10/20/08 announced the award of $3.5 billion in federal new markets tax credit (NMTC) allocations to 70 community development entities (CDEs) in the program’s sixth funding round.
A. J. Johnson & Caitlin Jones • 1 min read
The IRS is soliciting comments by 12/23/08, and announced a public hearing for 1/22/09, on a new proposed regulation for the federal new markets tax credit program specifying how an entity serving certain targeted populations can meet the requirements to be a qualified active low-income community business.