Recent Articles

Legislation Introduced for National Affordable Housing Trust Fund

December 04, 2008 22:48

Last week, the House introduced H.R. 2895 for the creation of a National Affordable Housing Trust Fund ("Trust Fund"). The idea of creating a trust fund is interesting enough in its own right, but this legislation contains some restrictions and aspirations that deserve some discussion.First, the...

State Tax Credits to Supplement Federal New Markets Tax Credits

December 04, 2008 22:48

Mississippi recently enacted a credit for equity investments in Community Development Entities (CDEs) that use the capital to make qualified low-income community investments in Mississippi. This Mississippi tax credit, by supplementing investments made under the federal New Markets Tax Credits...

Congress Passes Suspension of Some HUD Form 2530 Filings

December 04, 2008 22:47

At the end of May, both houses of Congress passed H.R. 1675 suspending "all filing requirements under the Previous Participation Certificate process with respect to limited liability corporate investors who own or expect to own an interest in entities which are allowed or are expected to be allowed...

Change Coming to the Federal Low-Income Housing Tax Credit

December 04, 2008 22:47

The House is looking at possible changes to the Low-Income Housing Tax Credit (LIHTC). According to news services, the Chair of the Select Revenue Measures Subcommittee of the House Ways and Means Committee, Representative Richard Neal, said that support for the current LIHTC program continues, but...

Congress Seeks Relief from HUD Form 2530 Requirements

December 04, 2008 22:46

Finally -- It looks like Congress may act to relieve low-income housing tax credit (LIHTC) investors from the burdensome HUD Form 2530 requirements. Those requirements require "principals" or investors owing 25% or more in a property receiving HUD financing to provide their complete history of...

Housing and Economic Recovery Act of 2008

December 04, 2008 22:36

The Housing and Economic Recovery Act of 2008 (the “Act”), which became law on July 30, 2008, includes significant changes to the Low-Income Housing Tax Credit (“LIHTC”) and the Historic Rehabilitation Tax Credit (“HRTC”). While these modifications are likely to impact developers, investors, and adv...

Rural Areas and NMTC

August 31, 2007 16:38

In a letter this month, leaders of the Senate finance committee urged the Treasury Department and the CDFI Fund to ensure that rural areas receive a proportional share of New Markets Tax Credits (NMTC). In the 2005 round, the Senators pointed out that only 10% of NMTC allocations went to...

Reportable Transactions and the "Forgotten" Historic Rehabilitation Tax Credit

June 12, 2007 18:16

The Internal Revenue Service recently released Revenue Procedure 2007-20 to the cheers of the low-income housing tax credit (LIHTC) and New Markets Tax Credit (NMTC) investment community. Revenue Procedure 2007-20 specifically excluded LIHTC transactions from being considered reportable...

Duffley to be Panelist at New Markets Tax Credit Conference

May 31, 2007 13:54

Peter Duffley will serve as a panelist at the New Markets Tax Credit Conference to be held in Washington, D.C. (June 6-8). Sponsored by Womble Carlyle, the conference will feature workshops on new markets tax credit compliance.Click here for more information on this important event.