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Tax Credit Advisor
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Published since 1991, this monthly print publication gives you with the critical information and analysis you need to successfully develop, finance, manage, and invest in projects funded by the:
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Federal Low-Income Housing Tax Credit
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Federal Historic Rehabilitation Tax Credits
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Federal New Markets Tax Credit
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State Housing and Historic Tax Credits
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Federal Energy Tax Credits
Tax Credit Advisor provides comprehensive coverage of all aspects of these tax incentives, including profiles of real-life affordable housing, historic preservation, and economic development projects. Stay on top of the latest news, trends, resources, and emerging opportunities, through articles on:
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New and proposed legislation and IRS/HUD regulations
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In-depth “case studies” on actual tax credit projects, including funding sources and uses and deal structure traits
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Current housing tax credit pricing and investor yields
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Green and sustainable building standards and projects
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Guidance on tax credit compliance issues
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State LIHTC funding round application deadlines & allocation activity, compiled from exclusive surveys
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Advice from industry experts on deal structuring and tax credit compliance
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Alerts on new and overlooked subsidy sources
Table of Contents:
February, 2009
Issue Theme: Debt Funding for Tax Credit Projects
Debt Financing More Challenging to Secure for LIHTC Projects
In addition to having a tough time securing equity for new low-income housing tax credit projects, developers are having it harder lining up construction loans, in the midst of the nation’s financial crisis and banking consolidation. Still, permanent financing is still available, and there are some bright spots. Tax-exempt variable-rate bond financing paired with a rate cap is an attractive execution still for 4% deals, and low long-term interest rates offer a good opportunity to refinance older tax credit properties, as industry sources explain.
LIHTC Help Possible as Congress Writes Economic Stimulus Bill
The new, 111th Congress and incoming Obama Administration have rolled up their sleeves to hammer out a major economic stimulus bill, and the final product could include one or more provisions to help the battered low-income housing tax credit industry. Tax components in the initial House and Senate packages propose different types of aid, and industry advocates are pushing for additional provisions. The federal historic rehabilitation and new markets tax credit programs are also addressed in the legislation.
LIHTC Industry Participants Discuss Market, Plans, Outlook for 2009
At a recent Washington conference, syndicators, equity investors, state housing agencies and others affirmed the challenging current conditions in trying to package and invest in new housing credit deals. At the same time, they described how investors and state agencies are responding to today’s challenges and peered into their crystal ball regarding 2009.
Case Study: Albuquerque Housing Credit Project Funded in Part from Carbon Offset Dollars
In the first transaction of its type, the development firm Romero Rose LLC has received proceeds from the sale of “carbon offsets” as part of the funding sources for Silver Gardens Apartments, a new housing credit project under construction in Albuquerque, NM. The monies came from the new carbon offset program operated by Enterprise Community Partners.
IRS Official Discusses LIHTC Compliance Issue, Current Guidance Projects
Speaking at a recent conference, a senior IRS official clarified the application of the tenant income certification rules to existing tax credit projects that are being syndicated, as well as reported on forthcoming new tax credit compliance publications that the Service will be rolling out that will provided updated, crucial information for developers, owners, and managers.
Understanding the LIHTC General Public Use Requirements and Recent Changes
The Housing and Economic Recovery Act of 2008, enacted last summer, contained an unexpected “clarification” of the housing credit program’s “general public use” rules. The provision appeared to affirm the validity of certain projects such as those giving preference to artists as tenants. But wait a minute, writes compliance expert A. J. Johnson, who notes the bill may have raised more questions than it answered.
Upcoming State LIHTC Application Deadlines
Numerous state housing credit agencies will be holding new low-income housing tax credit application cycles in February through May 2009. The specific states and their application deadlines for near-term rounds are listed.
MarketSketch: Houston Area Still Attractive Market for LIHTC Development
Houston, TX continues to have strong demand for additional low-income housing tax credit units, boosted by a healthy local economy and other positive forces. This profile of the Houston metro area reports on current trends and future projects regarding job growth, multifamily rental vacancies and rents, and other areas, mixed with observations and predictions by key industry sources.
North Carolina Makes Large-Scale Credit Exchange to Aid Challenged Deals
Like many other state agencies, the North Carolina Housing Finance Agency has had many proposed projects with 2007 and 2008 housing credit awards struggle to secure equity and fill funding gaps so that they can get built. In radical shift from the past, NCHFA recently approved 64 “recycling” awards, in which they allowed developers to exchange 2007 or 2008 credits for new 2009 credits to win more time to finalize their funding sources and move forward.
New Paper Recommends Steps for Enhancing LIHTC Program of Massachusetts, Other States in Tough Current Market
In a paper commissioned by the Massachusetts Housing Partnership, the Boston-based firm Recapitalization Advisors offers 10 recommendations to Massachusetts – and to other states – on steps to modify and improve their low-income housing tax credit program in order to address current market conditions and maximize the number of tax credit deals that will actually get built.
Developer Profile: Gerry Joseph
Washington, DC area nonprofit developer Gerry Joseph is overseeing three major multifamily preservation projects in the District of Columbia, all the while trying to cope with a “new world” in affordable housing finance. Calling on more than 30 years’ experience in affordable housing and economic development, he is doing just that.
Historic Rehabilitation
Incorporating Green Features in Historic Projects Growing in Popularity
The use of green building features and practices in historic rehabilitation tax credit projects is becoming more popular. Industry experts explain why, outline the advantages to developers, and talk about different possible strategies.
Article Explains About State QAPs and Historic Preservation
A new article describes how state agencies must now consider the historic nature of a building in allocating housing tax credits, and provides details for 17 states on the specific points and preferences their qualified allocation plans have in this area.
New Markets Tax Credit
CDFI Fund Opens Seventh Funding Round for New Markets Tax Credit Program
The Community Development Financial Institutions Fund has announced the opening of the seventh and last scheduled funding round for the new markets tax credit program. Community development entities will be competing for some $3.5 billion in new markets investment authority. The Fund has released a variety of materials providing details and guidance about the new round.
NMTC Financing Being Used for Development of ‘Green’ Film Studio
New markets tax credits are being used to help finance the first “green” film studio in New Orleans, LA.
Other Stories in the February Issue
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Census Bureau Issues Revised State Population Estimates
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HUD Publishes Contract Adjustment Factors
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RHS Solicits Proposals for Section 538 Guaranteed Loans
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Donovan, Vilsack Confirmed by U.S. Senate
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Maryland’s Affordable Housing Trust Solicits Applications
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California Proposes More Changes
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New Historic Credit Group Formed