Caitlin Jones Author Archives

Tax Credit Advisor, April 2011: The $3.5 billion in 2010 New Markets Tax Credit (NMTC) allocation awards announced on February 24 by the Community Development  Financial Institutions Fund (CDFI Fund) reflect some patterns and surprises.

Tax Credit Advisor, April 2011: A congressman from Western New York State has written to the National Park Service complaining about its interpretation of the regulations governing eligibility for historic rehabilitation tax credits in an effort to improve access to this tax incentive for large and complex historic preservation projects.

Tax Credit Advisor, April 2011: Which would you rather have: a property with 1.10 debt service coverage, or one with 1.25 coverage?

Tax Credit Advisor, April 2011: The U.S. Department of Housing and Urban Development will probably launch its pilot program for processing FHA multifamily mortgage insurance applications for low-income housing tax credit projects this summer. It may also release its updated ÒMAPÓ underwriting guide and revised multifamily loan documents around the same time, according to HUD official Christopher Tawa.

Tax Credit Advisor, April 2011: Operating costs have held relatively steady the past couple of years for affordable apartment properties, including those funded by low-income housing tax credits. But as the nascent recovery takes hold and strengthens, inflation and operating costs are certain to tick upwards. Given this, LIHTC owners and property managers should consider steps to manage and reduce energy and water usage at their properties through efficiency improvements.

Tax Credit Advisor, April 2011: The National Park Service has begun posting administrative decision letters for historic certified review appeals on its Web site. These are cases where the Park Service has said that a proposed rehabilitation project does not satisfy the Interior Secretary’s Standards, as interpreted by the Park Service, to qualify for historic tax credits, and the project sponsor has appealed the decision.

Tax Credit Advisor, April 2011: You have the equity path established for your new low-income housing tax credit project. Now you need to line up the debt. So what’s the best product for your deal?

Tax Credit Advisor, April 2011: On March 10, Democratic members of the House Ways and Means Committee introduced a bill containing tax credit and bond provisions. The bill’s fate is unclear, given Republican control of the House and other factors.

Tax Credit Advisor, April 2011: There’s one more log for the fire in the Washington debate about the federal budget deficit. The Congressional Budget Office has issued a new 256-page report that lays out a broad array of specific possible options for cutting the federal deficit, some of them absent from a flurry of similar reports issued a few months ago and some that would directly impact housing and community development.

Tax Credit Advisor, March 2011: Approximately 1,000 low-income housing tax credit (LIHTC) properties reach the end of their 15-year compliance period each year and enter into their extended use period, which lasts at least through the 30th year. At the end of Year 15, properties may be ripe for a sale or transfer, but at the very least must be preparing for transition to the extended use period.

Tax Credit Advisor, March 2011: An ad hoc group of community development entities (CDEs) is developing recommended standards and best practices for community impact analysis for real estate, community facility, and business projects financed by or seeking federal new markets tax credits.

Tax Credit Advisor, March 2011: “Partnerships are hard, says Jeffrey Hettleman, principal and executive vice president of Baltimore-based Shelter Development, LLC. “Public-private partnerships are hard.” But, he quickly adds, they can be richly rewarding, such as in the case of Monarch Mills.