Federal / Agency News

The Internal Revenue Service has issued a notice of changes to Revenue Procedure 2007-65, which establishes safe harbor requirements for the allocation of Section 45 wind energy production tax credits by partnerships.

Even in bad times, there are many opportunities available for the knowledgeable, well-informed developers. The NH&RA membership is comprised of the most creative and progressive thinkers in the industry. Join us at our Fall Developers Forum in Boston, November 2-3 to learn how your business can benefit now from new programs and new ideas.

If you missed NH&RA’s 2009 New Markets Tax Credit Symposium, July 29 in Woodstock, Vermont, you can still purchase conference materials and audio recordings of the entire day!

The Law Firm Ballard Spahr recently issued an alert on a interesting provision from the American Recovery & Reinvestment Act that allows tax payers to defer cancellation of indebtedness income.

National Housing & Rehabilitation Association is pleased to announce we have launched our very own You Tube Channel. We will be using the HousingOnline Channel to share highlights from NH&RA Conferences & Events as well as ‘tag’ interesting affordable housing, LIHTC, NMTC and Historic Rehabilitation video content from across You Tube. Click here to subscribe to the HousingOnline Channel today.

Sen. Jay Rockefeller (D-W.V.) has introduced legislation (S. 1583) that would extend the New Markets Tax Credit for five years and provide $5 billion in annual NMTC allocation authority.

If you missed the 2009 Summer Institute in Woodstock, VT you can still purchase conference materials and video and/or audio recordings of select sessions.

NH&RA pleased to announce we will be returning to the Taj Hotel (formerly the Ritz-Carlton) for our Annual Boston Fall Developers Forum November 2-3, 2009. This is a can’t miss event for developers and affordable housing professionals looking to get the latest updates on state-of-the-art transactions and breaking news from the Congress, HUD and HFAs.
Online registration is now open and the hotel is taking reservations at our group rate. Click here to register online.

Tax Credit Advisor, July 2009: The Historic Tax Credit Coalition, an advocacy group, has crafted a package of proposed legislative changes to the federal historic rehabilitation tax credit program it hopes Congress will pass later this year. The prospects for passage are currently unclear.

The US House of Representative passed the American Clean Energy and Security Act of 2009 (HR 2454) on June 26th. This far reaching climate change legislation includes an important section on building energy retrofits (Section 202). Additionally, the legislation incorporates Representative Ed Perlmutter’s (D-Colo.) Green Resources for Energy Efficient Neighborhoods (GREEN) Act (Subtitle H).

Senate Banking, Housing, and Urban Affairs Committee Chairman Chris Dodd (D-CT), along with fellow Committee members Robert Menendez (D-NJ), Jeff Merkley (D-OR), Michael Bennet (D-CO), Dan Akaka (D-HI) and Charles Schumer (D-NY), introduced legislation to help areas across the country plan and implement development projects that better integrate their community’s needs for transportation, housing, land use, and economic development.

Thanks to everyone that made the 2009 Summer Institute a great success! We were blown away by all of the compliments about the quality of the program and networking. I especially want to thank all the great speakers! Its not every day that so many industry leaders and innovators can come together to share ideas and innovations. In such a tough business environment it was inspirational to see how our members are creating new opportunities to close transactions. If you didn’t make out to Vermont here are a few things that you missed…