Tax Credit Advisor Article Archives

Tax Credit Advisor February, 2006: For rehabilitation projects involving more than one certified historic structure where the structures are judged by the Secretary to have been functionally related historically to serve an overall purpose, such as a mill complex or a residence and carriage house, rehabilitation certification will be issued on the merits of the overall project rather than for each structure or individual component.

Tax Credit Advisor February, 2006: The National Park Service had recent welcome news for the Corky McMillin Companies, as the developer works to complete its part of the Liberty Station project, the redevelopment of a huge former naval boot camp in San Diego, Calif. The NPS has agreed to allow McMillin, which is leasing one part of the Liberty Station property, to separately apply for historic tax credits.

Tax Credit Advisor February, 2006: As every tax credit developer and manager knows, there is no shortage of complex rules for the program, any one of which can threaten the credits of a property when incorrectly applied. But two issues have been recurring problems in 2005 and deserve special attention as we move into the New Year. They involve the incorrect inclusion of common area in eligible basis and failure to include mandatory charges to residents in gross rent.

Tax Credit Advisor February, 2006: Many cities and counties hope to reverse the growing scarcity of affordable housing through mandates. Most common is inclusionary housing, which requires developers to set aside a certain percentage of completed units for low and moderate-income households. The pot is often sweetened with offers of low-interest rate loans and zoning flexibility.

Tax Credit Advisor January, 2006: Developers who skimp on spending when rehabilitating affordable housing properties may face serious problems in renting those properties post-rehab, according to a recent study from Paramount Financial Group.

Tax Credit Advisor January, 2006: The U.S. Department of Housing and Urban Development (HUD) has identified an increase in households with severe housing needs in its latest report on the subject, documenting a worrisome trend.

Tax Credit Advisor January, 2006: After 13 straight years of annual increases in purchases of Low Income Housing Tax Credits (LIHTC), Freddie Mac’s investments in these credits finally leveled off in 2005.

Tax Credit Advisor January, 2006: A bill was recently introduced in the U.S. House of Representatives that seeks to correct what preservationists believe is a serious flaw in the facade easement reform provisions included in the Senate’s tax reconciliation bill.

Tax Credit Advisor January, 2006: The CDFI Fund recently announced that it has accepted 13 additional applications for its 4th round allocation of New Markets Tax Credits (NMTCs). The applicants, located in areas affected by Hurricanes Katrina and Rita, asked for $2.38 billion in NMTCs, raising the number of applications to 254, and the amount of requested tax credits to $28.37 billion, according to the Fund’s December 2005 e-newsletter.

Tax Credit Advisor January 2006 This summer’s hurricanes could add significantly to hard construction expenses in 2006, affecting the costs of multifamily building more than those in the single-family sector.

Tax Credit Advisor January 2006: The outlook for multifamily housing is bright in 2006, according to Greg Willett, Vice President, Research and Analysis, at Carrolton, Tex.-based M/PF YieldStar.

Tax Credit Advisor December, 2008: A recent study quantifies the economic benefits generated by North Carolina’s state historic rehabilitation tax credit. The study, A Profit Past, A Price Future, was prepared by Rebecca Holton as part of an independent study at the University of North Carolina at Chapel Hill. The study obtained data through the North Carolina State Historic Preservation Office, and was based on interviews with experts in the field and a review of other statewide tax credit studies.