By Caitlin Jones & A. J. Johnson
Tax Credit Advisor, March 2009: Ohio Gov. Ted Strickland in his recent “State of the State Address” said as part of his new proposed two-year state budget he will seek passage by Ohio lawmakers of legislation to create a new state new markets tax credit to promote downtown revitalization in urban areas.
By Caitlin Jones & A. J. Johnson
Tax Credit Advisor, March 2009: The federal new markets tax credit will be giving numerous domestic violence survivors in New York City a new start in life, through the transformation of a vacant building into a new service-enriched emergency shelter tailored to address their needs.
By Caitlin Jones & A. J. Johnson
Tax Credit Advisor, March 2009: In his proposed FY 2010 state budget, Maryland Gov. Martin O’Malley (D) said he plans to submit legislation to revise and enhance the state’s Heritage Tax Credit Program, which provides a state income tax credit equal to 20% of the qualified costs of rehabilitation for historic income-producing properties and owner-occupied homes.
By Caitlin Jones & A. J. Johnson
Tax Credit Advisor, March 2009: A Roman Catholic order of nuns in Missouri is partnering in the historic rehabilitation of buildings on its campus into affordable apartments to generate needed housing and income, in an innovative multi-phase deal that could serve as a model for other religious orders.
By Caitlin Jones & A. J. Johnson
Tax Credit Advisor March 2009: After years of lobbying by advocates led by the Michigan Historic Preservation Network (MHPN), Michigan has significantly improved its 25% state historic tax credit. The changes made by the legislation signed 1/9/09 (SB 973, HB 6496) include to increase by as much as 400% the amount of the state credit when combined with the 20% federal historic rehabilitation tax credit.
By Caitlin Jones & A. J. Johnson
By Elizabeth L. Moreland, NCP-E, SCS, HCCP, SHCM, FHC
Tax Credit Advisor, March 2009: Proper compliance is essential for the success of every low-income housing tax credit property. Increasingly, the individuals whose job is to ensure, review, or oversee tax credit compliance – property managers, corporate supervisors, etc. – have one or more compliance professional designations. What are these different designations? How do they differ? Which are most appropriate for a particular individual? Here, compliance expert/trainer Elizabeth L. Moreland provides a road map and guidance through the alphabet soup of multiple designation programs.
By Caitlin Jones & A. J. Johnson
Tax Credit Advisor, March 2009: (Patrick Nash, based in Chicago, is Managing Director of Housing Investments for JPMorgan Capital Corporation, an investor in low-income housing tax credits. He is also president for 2009 of the Affordable Housing Investors Council. In excerpts from an early February interview, Nash spoke about AHIC, his firm’s activities, and the housing credit market.)
By Caitlin Jones & A. J. Johnson
Tax Credit Advisor, March 2009: Just about every neighborhood has a corner school. But when the neighborhood is revitalized, is the school improved as well?
By Caitlin Jones & A. J. Johnson
Tax Credit Advisor, March 2009: Florida developer Debra Koehler is using her past experience in building affordable apartments and renovating office towers to undertake a housing preservation niche – the rehabilitation and preservation of urban high-rise apartment buildings as affordable housing.
By Caitlin Jones & A. J. Johnson
Tax Credit Advisor, March 2009: A New York housing agency has announced the creation of a new equity fund to jumpstart equity investment in low-income housing tax credit (LIHTC) projects in Upstate New York.
By Caitlin Jones & A. J. Johnson
Tax Credit Advisor, March 2009: A new national organization has developed an agenda of proposed federal legislative and policy changes to promote increased energy efficiency in affordable multifamily rental housing projects, and to reward investment for such activities.
By Caitlin Jones & A. J. Johnson
Tax Credit Advisor, March 2009: Affordable housing professionals are both happy and sad about the newly enacted economic stimulus bill. They’re pleased with provisions that will provide billions of dollars in new funds for stalled low-income housing tax credit (LIHTC) projects, and billions more for improvements to public and assisted housing projects. But they’re dismayed that the final bill left out other vital tax proposals designed to address today’s severe shortage of housing credit equity.