The Time Is Now: Coalition Prepares for Introduction of Historic Tax Credit Modernization Bill

By Caitlin Jones
May 17, 2011 1 min read

By John Leith-Tetrault, National Trust Community Investment Corporation

Tax Credit Advisor, May 2011: The Historic Tax Credit Coalition (HTCC) is laying the groundwork for the introduction of legislation this spring to modernize the federal Historic Tax Credit (HTC). This year’s bill will include provisions clustered around the themes of promoting the syndication of small transactions, providing incentives for energy efficiency in historic property rehabilitation, eliminating federal taxation of the proceeds of state HTC transactions, and promoting nonprofit sponsorship of historic rehab in low-income census tracts.

Legislative Background

The federal HTC (IRC Section 47), equal to 20% of the qualified rehabilitation expenditures for eligible historic buildings, was last amended by the Housing and Economic Recovery Act of 2008 (HERA). This legislation, which also amended the federal low-income housing tax credit (LIHTC, Section 42), allowed the federal HTC to offset federal alternative minimum tax (AMT) liability, required state housing finance agencies to give priority points to historic rehabilitation in their LIHTC Qualified Allocation Plans, and increased the threshold for triggering disqualified nonprofit/government lease rules in HTC deals from 35% to 50% of leasable space.

Taxpayer Donations Bolster Affordable Housing

Minnesota State Housing Tax Credit Program and Contribution Fund

Pamela Martineau • April 1, 2024 8 min read

Minnesotans hoping to bolster the state’s affordable housing stock may donate to affordable housing projects, requesting to have their donation allocated to a specific project or a general affordable housing fund and receive a tax credit of 85 percent of their donation through a new state program.

New Program Facilitates Land Purchasing for Affordable Housing

Colorado’s Land Banking Program

Nushin Huq • April 1, 2024 9 min read

A new land banking program in Colorado aims to help developers purchase land for affordable housing, solving the unique problem of not having tax credits to purchase land, as well as creating access to development in rural areas.

Breaking Ground

Will Eckstein, Senior Vice President, Harmony Housing Affordable Development

Darryl Hicks • April 1, 2024 8 min read

For much of the past 14 years, Will Eckstein has led the team responsible for securing new affordable housing development opportunities at Greystone Affordable Development,. Tax Credit Advisor sat down with Eckstein to learn more about HHAD and his priorities for the balance of 2024.