State Tax Credits

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

The Arizona Department of Housing (ADOH) is requesting input for its 2014 Qualified Allocation Plan (QAP).

The Housing Authority of Baltimore City (HABC) requests qualifications from experienced low-income housing developers to partner with HABC in submitting an application to HUD for the Rental Demonstration Program (RAD). HABC intends to enter an agreement with one or more selected developer(s) selected under this RFQ to jointly redevelop one ore more public housing development(s) under the RAD program or by other means available to HABC under its Moving to Work (“MTW”) authority or otherwise.

The U.S. Government Accountability Office (GAO) issued a new report entitled “Corporate Tax Expenditures: Information on Estimated Revenue Losses and Related Federal Spending Programs.” The report comes out as the U.S. Congress begins more serious consideration of tax reform. Presumably the data will be used to inform decisions as the topic is debated further and could have an impact on various programs utilized by NH&RA members. The report does not make any policy recommendations or endorsements regarding specific programs but does outline costs, revenue forgone and provides a basis for comparison acorss budget functions.

U.S. Senator Ben Cardin (D-MD) recently introduced the Creating American Prosperity through Preservation (CAPP) Act (S. 1141) which would expand Section 47 of the Internal Revenue Code of 1986 which governs the federal Historic Tax Credit (HTC) program.

The Massachusetts Department of Housing and Community Development (DHCD) announced the start of their summer 2013 affordable housing competition for rental projects. The DHDC will accept applications from sponsors whose projects were pre-approved in June 2013 through DHCD’s pre-application process.

The Texas Legislature this week approved H.B. 500, a measure which would create a tax credit for certified rehabilitation of certified historic structures.

In his State of the City speech earlier this year, Washington, DC Mayor Vincent Gray pledged $100 million towards affordable housing for the District of Columbia. The plan that will guide the administration’s affordable housing efforts was recently unveiled. “Bridges to Opportunity: A New Housing Strategy for DC” was produced by a task force appointed by the Mayor in 2012 and proposes three broad strategic goals and 24 Action Items to achieve those goals.

The Louisiana House of Representatives recently approved H.B. 726 by a vote of 66-33, a measure to create a state New Markets Jobs Tax Credit to provide incentives for private businesses to invest in low-income rural and “emerging urban” communities.

Iowa Governor Terry Branstad yesterday signed Senate File 436 into law to modify the rules for the state Historic Preservation and Cultural and Entertainment District Tax Credit, making the program easier to use and expanding eligibility.

NH&RA hosted nearly 150 professionals at the 2013 Spring Developers Forum May 7-8 in Marina del Rey, CA. All conference materials, Power Point presentations, relevant articles, reports, memos, etc. are available for review.

Wisconsin Representative Chad Weininger (R-Green Bay) recently introduced legislation that streamlines and expands Wisconsin’s current historic tax credit program and raises the state match of the supplemental historic preservation credit from 5 percent to 20 percent.

The National Housing & Rehabilitation Association, in association with the National Trust Community Investment Corporation, honored developers, architects and historic preservation professionals that brought new life to ten historic buildings through its awarding of the 2012 J. Timothy Anderson Awards for Excellence in Historic Rehabilitation.