Owners of Low Income Housing Tax Credit properties in Colorado now have the option of basing utility allowances on energy, water, and sewage consumption.
R4 Capital, a national affordable housing tax-credit syndicator and asset manager, raised $447 million and closed on $386 million of Low-Income Housing Tax Credit (LIHTC) equity and added 32 properties to its portfolio in 2014.
The Community Development and Affordable Housing Fund, LLC, an investment fund sponsored by Candeur Group, received certification as a Community Development Financial Institution (CDFI) from the United States Treasury.
City Real Estate Advisors (CREA) announced the closing of $430 million in investor equity in 2014. Additionally, CREA raised $45 million from investors for transactions that will close in the first quarter of 2015.
California State Treasurer John Chiang appointed two new executive directors to key state housing programs as he launches a larger effort to address the state’s growing affordable housing crisis.
Elevate Energy has joined forces with New Ecology to help affordable housing property owners and managers to reduce their property’s energy costs. They are offering free baselining services to multifamily affordable housing properties in Illinois, Missouri, Maryland, Rhode Island, and Pennsylvania, along with the Richmond, VA, Metro area.
NH&RA signed-on to support the National Low Income Housing Coalition’s campaign to urge lawmakers to to act quickly to stop budget caps and sequestration from taking effect in the upcoming fiscal year.
Affordable housing development executive Chrystal Kornegay will be the new chief of the Massachusetts Department of Housing and Community Development. She succeeds Aaron Gornstein, who served in former Governor Duval Patrick’s administration.
Jones Walker announced in January that Brian E. Lawlor, former New Orleans and New York housing official, joined the firm’s affordable housing team as special counsel in the New York and New Orleans offices.
The San Francisco-based accounting and consulting firm Novogradac & Company LLP welcomed Mark Shelburne to the firm’s consulting practice. For the past 13 years, Mr. Shelburne worked for the North Carolina Housing Finance Agency, where he coordinated the qualified allocation plan, initiated award-winning programs, testified before Congress, worked with many housing finance agencies and wrote a book on LIHTCs.
On Dec 11, 2014, House Ways and Means Committee chairman Rep. Dave Camp H.R. 1, released the Tax Reform Act of 2014 and U.S. Senate Senate Finance Committee Republican staff released the report “Comprehensive Tax Reform for 2015 and Beyond.” Both the legislation and the report have implications for the future of housing tax credits.
Federal revenue generated by the New Markets Tax Credit more than pays for the cost of the program, according to a recently released report from the New Markets Tax Credit Coalition. This was just one of the findings of “A Decade of the New Markets Tax Credit: An Economic Impact Analysis,” which examines the economic impact of the NMTC program from 2003 to 2012.