Tax Credit Advisor Article Archives

IRS Letter Ruling Provides Relief to Taxpayer for Late Application Filing

• 1 min read

Tax Credit Advisor, January 2010: In a recently released private letter ruling, the Internal Revenue Service has held that a taxpayer’s late filing of a Part I application with the National Park Service will be considered timely, even though the taxpayer didn’t file the application before placing in service its historic rehabilitation tax credit development.

U.S. Tax Court Upholds Tax Deductions for Preservation Easements on Historic Buildings

• 3 min read

Tax Credit Advisor, December 2009: In a recent decision of potential industry significance, the U.S. Tax Court has ruled against the Internal Revenue Service and upheld federal tax deductions for charitable donations of preservation easements on two historic residential properties in Washington, D.C. (T.C. Memo 2009-208)

New HUD Report Highlights Use of Land Banking for Foreclosed Properties

• 1 min read

Tax Credit Advisor, January 2010: The U.S. Department of Housing and Urban Development has issued a new report, entitled, Revitalizing Foreclosed Properties With Land Banks. The report describes the concept and current trends in land banking, under which local governments create public entities called land banks that acquire, hold, and manage foreclosed properties, including to restore to productive use as affordable housing.

How Can Market Studies Be Improved? Equity Providers Talk

• 4 min read

Tax Credit Advisor, January 2010: What changes would investors and syndicators like to see to improve market studies for proposed low-income housing tax credit (LIHTC) projects?

At the recent 2010 Annual Meeting in Chicago of the National Council of Affordable Housing Market Analysts (NCAHMA), several equity providers and a prominent representative of corporate investors gave answers.

HUD Seeks Comments on Mortgage Proposal

• 1 min read

Tax Credit Advisor, January 2010: HUD is seeking comments by 1/31/10 on a proposal to streamline the transaction approval process under its public housing mortgage program.

Mixed-Income Senior Apartment Complex Rises on Site of Historic Former Tuberculosis Hospital

• 7 min read

Tax Credit Advisor, January 2010: Park Lane at Sea View has a rich history.

Since the mid-1800s, the Staten Island, N.Y. site at various times has been used as a municipal poorhouse, sanitarium for tuberculosis patients, and even a pioneer museum.

Park Lane at Sea View – Source and Uses Summary

• 1 min read

Tax Credit Advisor, January 2010:

Additional IRS Private Letter Rulings Reaffirm Use of Integrated Unit Test in Multiple-Building Projects

• 3 min read

Tax Credit Advisor, January 2010: In a pair of recently released private letter rulings, the Internal Revenue Service has reaffirmed the ability of a taxpayer to use the “integrated unit test” to determine whether a proposed multiple-building new markets tax credit (NMTC) project meets a key program income threshold. The Service also held that the partnership sponsoring the project may be classified as a qualified business.

Schumer Introduces LIHTC Measure

• 1 min read

Tax Credit Advisor, January 2010: U.S. Sen. Chuck Schumer   (D-N.Y.) has introduced a bill (H.R. 2827) that would allow, for enlisted personnel stationed at all U.S. military installations, the exclusion of their base allowance for housing (BAH) from annual income when determining whether they qualify as a low-income household eligible to occupy a low-income housing tax credit unit.

HUD Issues Report on TCAP Activity By States

• 1 min read

Tax Credit Advisor, January 2010: The U.S. Department of Housing and Urban Development (HUD) has posted a report showing the activity as of 12/5/09 by 25 reporting state housing credit agencies under the Tax Credit Assistance Program.

State Briefs

• 1 min read

Tax Credit Advisor, January 2010:

Massachusetts Governor Signs Housing Bill

Massachusetts Gov. Patrick Deval recently signed a new law designed to preserve government-assisted “expiring use” rental properties in the state as affordable housing. He also announced the roll-out of a new $150 million loan fund to help finance preservation transactions.

The LIHTC Student Rules; Critical but a Source of Confusion

• 6 min read

By A. J. Johnson

Tax Credit Advisor, January 2010: When developing or managing a low-income housing tax credit (LIHTC) property, it’s critical to be familiar with the program’s “student rules” as set out in the federal tax code and in Internal Revenue Service regulations and guidance. Otherwise, owners risk the loss or recapture of housing credits.

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Sources *

 
Historic Tax Credit Equity $9,321,423
Low-Income Housing Tax Credit Equity $5,269,000