IRS/Tax Issues

A recent tax court ruling finds that state historic tax credit investors are partners and that transactions between investors and the partnership are not disguised sales.

While tax credit equity remains the biggest industry concern, debt financing is also elusive for many developers. 2010 promises to be a challenging year–originations are down, underwriting standards are only becoming stricter and, with then end of the TCAP program and declining state budgets, gap financing will become even more difficult to obtain. NH&RA can help!

The U.S. Department of Treasury and Internal Revenue Service (IRS) yesterday jointly announced their 2009-2010 Priority Guidance Plan.

Last night (November 18), Representative Bill Pascrell (D-NJ) introduced legislation that would increase the carryback period for low-income housing tax credits (LIHTCs). Representative Pascrell is a member of the majority party in the House and sits on the House Ways & Means Committee. The measure would implement the following changes…

Did you miss the NH&RA Fall Developers Forum? For a limited time only we are making available for purchase select conference recordings and materials including…

NH&RA recently surveyed our membership to find out more about their experiences to date with the TCAP and Exchange programs. As of October 15, respondents to our survey are working on or have closed more than 100 transactions involving nearly 7,500 units of affordable housing. These projects range dramatically in size from 20 to 200+ units with an average size of 66 units. Nearly 80 percent of our respondent’s transactions are new construction. There are several themes, trends and issues that are worth highlighting…

National Council of Affordable Housing Market Analysts (NCAHMA) has made available the PowerPoint slides presented during its recent 2009 Affordable Housing Underwriting Forum & Annual Meeting, held November 9-10, 2009 at the Doubletree Hotel Magnificent Mile in Chicago, IL.

The Internal Revenue Service (IRS) recently announced in Revenue Procedure 2009-50 the inflation-adjusted low-income housing tax credit (LIHTC) and private activity bond caps for 2010.

CEFAH has been working with Representative Mary Jo Kilroy (D-Ohio) and are pleased to report that she is well along in drafting “CEFAH legislation”. The draft legislation addresses a good portion of our legislative agenda (as laid out in our white paper from earlier this year)

NH&RA’s Historic Preservation Development Council is working to extend expiring Tax Incentives for historic rehabilitation projects in the Gulf Opportunity Zone in Louisiana, Mississippi and Alabama. These benefits are currently due to expire at the end of 2009. As a result of our efforts we expect legislation to be introduced shortly that will be co-sponsored by Congressman Artur Davis (D-Ala.) and Congressman Charles Boustany (R-La.).

We are pleased to announce NH&RA has launched a Twitter Feed. Twitter is a free social networking and micro-blogging service that enables its users to send and read short messages known as tweets. We’ll be using Twitter to let our members know about the projects we are working on, provide updates on industry news and developments, live report from NH&RA and other industry meetings and much more…

NH&RA is pleased to announce that it has extended its early registration for the 2009 Fall Developers Forum, November 2-3, 2009 at the Taj Hotel in Boston. Register by Wednesday, September 30 and save $100 off your conference registration fee.