Tax Credit Advisor Article Archives

Mark Twain famously recommended, “Buy land, they’re not making any more of it.”  Forget that he lived contemporaneously with the filling of Back Bay in Boston (and not that far away in Hartford, CT) where they did in fact make more of it, the observation is generally true but not especially good investment advice. Not all land is built the same – to quote another old real estate proverb, “There are three things that matter in property: location, location, location.” Whether you are developing apartments or a shopping center – knowing your market area and where you sit in it is essential for success.

The long arm of the COVID pandemic is not only disrupting 2020 performance in the tax credit industry, but it may have a further impact even after the virus is brought under control.

It’s rare that a site for a housing development is perfect. Besides the constraints of working with existing lots that are often less than ideal, there are many other factors in play: zoning, soil conditions, solar orientation, ease of entry and access to transportation and amenities, just to name a few. In general, though, there are a few handy tips that can help developers and architects seek out a good site for affordable housing.

When the 117th Congress convenes January 3, bipartisan support will be required to pass any legislation as neither party will have a strong majority in the Senate, panelists at an NH&RA town hall said December 3.

In November, 1478, Pope Sixtus IV by fiat granted Ferdinand and Isabella of Spain authority to name inquisitors plenipotentiary to protect the one true faith from unbelievers. In October, 2000, multiply re-elected Boston mayor Thomas Menino by fiat created for the Boston Redevelopment Authority the Impact Advisory Group process to protect communities from ‘large-scale’ developers. The mayor’s action, like those of many other big-city mayors across the country, reflected a pattern of increasing NIMBY empowerment now triumphant in far too many American cities: an elaborate public spectacle casting a veneer of altruistic morality over a power play culminating in an autocratic decision.

Daryl Carter grew up in Detroit, the son of a factory worker and a maid who fled the South after World War II to seek a better life. They instilled a strong work ethic in their son and encouraged him to pursue the best possible education.

Seems like we’ve been waiting for 2021 to arrive for much longer than a year, doesn’t it? I mean, who can blame us? COVID-19. Economic crash. Disruptions to work and school routines. Restaurants closed. Curfews in some cities and states. Budget impasses. Election drama. And to make matters worse, 2020 was a leap year. We had one whole extra day to wallow in our collective misery.

There’s no question our country is divided, as evidenced by the rancorous 2020 presidential campaign and heated down-ballot contests in many states. We’re all entitled to our political opinions, of course. And debating those opinions from the kitchen table to the town square is part of what makes America who we are. We are opinionated. We are strong-headed. And we are capable of getting anything done when we really need to.

The historic rehab of the YWCA Central Massachusetts will not only improve its traditionally extensive array of services for women and their children, but it is being built by a woman-led construction management team as well.

The state of Vermont is on track to see its first New Markets Tax Credit (NMTC) deal that will finance homeownership-only units. And that first project, planned to be developed by a local community land trust, will target an unusual and specialized population: refugees who have been resettled into the state’s largest city, Burlington.

In response to the Covid-19 pandemic, both the CARES Act (Coronavirus Aid, Relief, and Economic Security) and a Centers for Disease Control and Prevention (CDC)order, imposed moratoriums on eviction from rental housing under most circumstances, at least until December 31, 2020. CDC’s guidance specifically states that preventing evictions “can be an effective public health measure utilized to prevent the spread of [Covid-19],” and that “housing stability helps protect public health because homelessness increases the likelihood of individuals moving into congregate settings, such as homeless shelters, which then puts individuals at higher risk [of] Covid-19.”

Originally authorized by Congress as a part of the Community Renewal Tax Relief Act of 2000, authorization for the New Markets Tax Credit (NMTC) once again runs out at the end of 2020. The program was initially authorized for five years and has been kept alive by several short-term renewals, which speaks more to Congress’s desire and ability to get anything done than it does to the effectiveness of the program. As we celebrate the program’s 20th anniversary and stare down the barrel of yet another nerve-wracking, year-end reauthorization, we thought it timely to examine the program through both retro- and prospective lenses.