IRS/Tax Issues

ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.

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!

We are pleased to announce that we will be returning to Chicago for this years Affordable Housing Underwriting Forum & NCAHMA Annual Meeting. We will be convening November 9-10 at the Doubletree Hotel Chicago Magnificent Mile. If you are a market analyst, appraiser, debt or equity underwriter or developer, join your colleagues to discuss critical underwriting and market study developments in affordable housing.

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.

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.

The Internal Revenue Service (IRS) recently released a notice inviting public comments on Form 8586, Low-Income Housing Tax Credit.

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…

NH&RA has uploaded new video excerpts from the 2009 Spring Developers Forum, May 11-12 in Los Angeles, California. If you missed these great sessions you can view video excerpts from the meeting on HousingOnline’s You Tube Channel. The session explored new funding sources made available by the American Recovery & Reinvestment Act including the Tax Credit Exchange and TCAP Programs and in particular issues pertaining to the recent guidance provided by HUD, the Department of Treasury and the IRS on the implementation of these programs. Featured speakers include Peter Bell (NH&RA), Ronne Thielen (Centerline Capital), Joel Rubenzahl (Community Economics Group), Tom Capp (Gorman & Company) and Jeanne Peterson (Reznick Group).

The Internal Revenue Service has issued a new notice that allows for the use of a utility allowance for rent-restricted units in a low-income housing tax credit project where utility sub-metering is used, and lays out the conditions that must be met for this treatment to apply. The new guidance, in Notice 2009-44, clarifies and is retroactive to the effective date of the final utility allowance regulation published on July 29, 2008.

The Internal Revenue Service (IRS) recently issued Notice 2009-52, which describes the procedures taxpayers must follow in order to make the election to receive the energy investment tax credit (IRC Section 48) instead of the production tax credit (IRC Section 45).