Glenn Petherick Author Archives

In Hartford, Conn., nicknamed the insurance capital of the world, work has begun on redeveloping a vacant, iconic 26-story office tower in the city’s central business district into housing, retail outlets, and parking.

The amount of investor equity for new stand-alone historic rehabilitation tax credit deals still hasn’t rebounded to the level of a few years ago before the Historic Boardwalk Hall decision. Industry officials reported that investors, developers, and tax attorneys are still trying to reach agreement on certain structuring aspects for new deals to be comfortable they will fall under the safe harbor outlined in recent IRS Revenue Procedure 2014-12.

Syndicators are getting positive feedback as they talk to companies to try to get them to start investing in low-income housing tax credits, while nervously trying to keep the after-tax yield on new national multi-investor funds at or above 7%, a tough challenge given persistently strong credit pricing to developers.

The federal new markets tax credit is helping to finance a project in the South Bronx in New York City that will transform an underutilized municipal parking lot into an 88,000 square-foot mixed-use commercial and community facility.

Sometimes we forget just how good we have it. Every now and then, we need to stop and smell the roses as the saying goes.

Residents get their electricity mostly for free at Arbor Green Apartments, a new 40-unit low-income housing tax credit (LIHTC) development in Los Angeles County.

For California developer/owner Michael Costa, a lengthy pipeline of future affordable housing disposition and preservation transactions is just getting started.

After a green affordable multifamily rental housing project is completed, either through new construction or renovation, will the expected energy and water cost savings actually be achieved?

Per-unit total operating expenses for low-income housing tax credit (LIHTC) properties in a large national sample increased by an average 5.92% between 2010 and 2012, with the three largest cost categories being for payroll, repairs and maintenance, and utilities, according to a new report released by Novogradac & Company LLP, a national accounting, tax, and consulting firm.

On April 3, the Senate Finance Committee, under the reign of new Chairman Ron Wyden (D-Ore.), marked up and approved a bill that would provide for short-term extensions of about 50 expiring federal tax credits and other tax incentives.

Developers continue preserving affordable rental housing by acquiring and rehabilitating existing multifamily properties in a variety of transactions.

Aided by the strengthening economy, federal historic rehabilitation tax credit project activity picked up sharply in the latest full federal fiscal year, suggest new reports from the National Park Service.