Caitlin Jones • 3 min read
Tax Credit Advisor, September 2009: Eighty-five new modest-priced homes constructed for sale to low-income households will be developed in Mississippi with the help of financing generated by the federal new markets tax credit (NMTC).
Caitlin Jones • 1 min read
Tax Credit Advisor, September 2009: Recent legislation signed by Missouri Gov. Jay Nixon scales back the state’s historic preservation tax credit, the victim of a budget squeeze.
Caitlin Jones • 1 min read
Tax Credit Advisor, September 2009: JEN Partners, LLC, a New York-based private equity real estate firm, has announced completion of the first closing in the $31 million acquisition of substantially all of the low-income housing tax credit equity business of MMA Financial. The company has been renamed Boston Financial Investment Management, LP.
Caitlin Jones • 2 min read
Tax Credit Advisor, September 2009: New York Gov. David Paterson on July 29 signed legislation (A. 9023/S. 6056) strengthening the state’s historic rehabilitation tax credit program.
The act targets the use of the credit to distressed areas and enhances the tax credit for rehabilitation of historic commercial properties.
Caitlin Jones • 2 min read
Tax Credit Advisor, September 2009: Community Reinvestment Fund, USA (CRF), a nonprofit organization, has announced it is partnering with Capital Markets Partnership (CMP) to incorporate the latter’s Green Building Underwriting Standards into a planned new pilot program to provide loans to small businesses for green improvements in the Twin Cities area of Minnesota.
Caitlin Jones • 1 min read
Tax Credit Advisor, September 2009: The Obama AdministrationÕs FY 2010 budget proposal includes $10 million for another proposed new program, the Promise Neighborhoods Initiative. Overseen by the U.S. Department of Education, it would provide competitive, one-year planning grants to community-based nonprofits to develop plans for comprehensive neighborhood programs to combat the effects of poverty, improve education, and foster the success of children, from infancy through college. Grantees would be encouraged to coordinate their efforts with programs and services provided by other federal agencies.
Caitlin Jones • 1 min read
Tax Credit Advisor, September 2009:
The Kentucky Housing Corporation (KHC) has issued a draft qualification allocation plan (QAP) for calendar 2010 for its low-income housing tax credit program. The draft QAP is posted on the agency’s Web site, at http://www.kyhousing.org. KHC anticipates accepting tax credit applications beginning on 1/20/10. Applicants will have to meet all threshold requirements and achieve a minimum score to be approved. Credits will be made available on a first-come, first-served basis, with priority given to “shovel ready” projects.
Caitlin Jones • 6 min read
Tax Credit Advisor, September 2009: At the National Housing & Rehabilitation Association’s 2009 Summer Institute conference in late July, five state agencies – New York, New Jersey, Massachusetts, Vermont, New Hampshire – sent representatives who described where they are in implementing the new federal Tax Credit Assistance Program (TCAP) and credit exchange program.
Caitlin Jones • 2 min read
Tax Credit Advisor, September 2009: The U.S. Department of Housing and Urban Development (HUD) has expanded the types of costs that can be funded with assistance received under the Tax Credit Assistance Program (TCAP), in an updated TCAP program notice released on 7/27/09.
Caitlin Jones • 3 min read
Tax Credit Advisor, September 2009: The Bush Administration’s social experiment to move America’s single-family housing ownership percentage from the low 60s to high 70s has been a major failure, according to Linwood Thompson, a managing director of the national real estate brokerage firm Marcus & Millichap out of Atlanta, Ga. Looking ahead at the housing market and at the societal factors that will affect it, Thompson sees an overall shift starting towards a preference for multifamily housing.
Caitlin Jones • 8 min read
The federal low-income housing tax credit (LIHTC) program has been one of the most successful affordable housing finance programs in our nation’s history. Since its creation in 1986, the program has financed more than two million units. Even as LIHTC industry participants grapple today with the decline in investor demand and the broader housing market downturn, tax credit properties continue to outperform other real estate asset classes – featuring the lowest foreclosure rate.
Caitlin Jones • 2 min read
The U.S. House of Representatives has approved a bill (H.R 3527) that would authorize the U.S. Department of Housing and Urban Development (HUD) to increase FHA multifamily loan limits for elevator buildings by up to 50% of the limits for non-elevator buildings, and to increase limits for extremely high-cost areas. The bill now moves to the Senate.