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NOVOCO.COM
FLORIDA GOVERNOR SIGNS LAW EXPANDING PORTION OF LIHTC Florida Gov. Ron DeSantis signed legislation that makes certain low-income housing tax credit (LIHTC) property exempt from property taxes. H.B. 7061 increases the previous 50% exemption from taxes to 100% for properties with at least 70 units of affordable housing.The Novogradac Introduction to Low-Income Housing Tax Credits booklet provide the basics of the LIHTC incentive, TAX CREDIT PERCENTAGES 2021 As enacted by the Consolidated Appropriations Act 2021, under Section 42 (b) (3), the applicable percentage for LIHTC allocations made after Dec. 31, 2020, shall not be less than 4%. This applies to any building that receives an LIHTC allocation after Dec. 31, 2020, and in the case of any building any portion of which is financed with an BILL WOULD REQUIRE FHLBANKS TO INCREASE INVESTMENT IN Legislation introduced in both houses of Congress would require the 11 Federal Home Loan Banks (FHLBanks) to increase their investments in affordable housing and community development. The Federal Home Loan Banks’ Mission Implementation Act (S. 1684, H.R. 3323), would double the FHLBanks’ investment in affordable housing through the Affordable Housing Program (AHP), include a 2% set HUD ANNOUNCES NEARLY $700 MILLION IN 2021 HOUSING TRUST The U.S. Department of Housing and Urban Development (HUD) announced April 6 the allocation of nearly $700 million through the national Housing Trust Fund (HTF). This compares to $326.5 million in 2020 HTF funding, for a year-over-year increase of $367 million. This historic allocation through HTF for affordable housing will help states produce more affordable homes for extremely low-income FY 2021 SECTION 8 INCOME LIMITS TABLES state:alabama -----s e c t i o n 8 i n c o m e l i m i t s----- program 1 person 2 person 3 person 4 person 5 person 6 person 7 person8 person
AHFC LOSS OF INCOME DUE TO COVID-19 APPLICATION (FORM) PW13t 03/23/2020 Page 1 of 4 Loss of Income due to COVID-19 Application If you haven’t already applied, please apply for Alaska Unemployment Insurance benefits at GROSS RENT FLOOR ALLOCATION AND PLACED-IN-SERVICE DEFAULT The election of the gross rent floor is a commonly misunderstood concept because there really is no election required. The Internal Revenue Service (IRS) automatically provides two rent floors, one at carryover (reservation date for bond developments) under Revenue Procedure 94-57 and one at placed in service under Internal Revenue Code (IRC) Section 42 and 142. Owners do not need to NOVOGRADACCOMPANYPARTNERSNEWS AND ANALYSISCAREERSMY ACCOUNTSUBSCRIBE Novogradac is a national professional services organization that consists of affiliates and divisions providing professional services that include certified public accounting, valuation and consulting with more than 25 offices nationwide. Our clients represent a broad range of industries, with a major emphasis in the real estate sector. OCC ANNOUNCES IT WILL RECONSIDER FINAL RULE ON CRA The Office of the Comptroller of the Currency (OCC) today announced that it will reconsider its final rule to modernize the agency’s regulations for the Community Reinvestment Act (CRA) and will not implement much of the evaluation criteria in the May 2020 rule. The announcement, in OCC Bulletin 2021-24, says the OCC will continue to implement certain provisions that had a compliance date of 2021 AFFORDABLE HOUSING CREDIT IMPROVEMENT ACT COULDSEE MORE ONNOVOCO.COM
FLORIDA GOVERNOR SIGNS LAW EXPANDING PORTION OF LIHTC Florida Gov. Ron DeSantis signed legislation that makes certain low-income housing tax credit (LIHTC) property exempt from property taxes. H.B. 7061 increases the previous 50% exemption from taxes to 100% for properties with at least 70 units of affordable housing.The Novogradac Introduction to Low-Income Housing Tax Credits booklet provide the basics of the LIHTC incentive, TAX CREDIT PERCENTAGES 2021 As enacted by the Consolidated Appropriations Act 2021, under Section 42 (b) (3), the applicable percentage for LIHTC allocations made after Dec. 31, 2020, shall not be less than 4%. This applies to any building that receives an LIHTC allocation after Dec. 31, 2020, and in the case of any building any portion of which is financed with an BILL WOULD REQUIRE FHLBANKS TO INCREASE INVESTMENT IN Legislation introduced in both houses of Congress would require the 11 Federal Home Loan Banks (FHLBanks) to increase their investments in affordable housing and community development. The Federal Home Loan Banks’ Mission Implementation Act (S. 1684, H.R. 3323), would double the FHLBanks’ investment in affordable housing through the Affordable Housing Program (AHP), include a 2% set HUD ANNOUNCES NEARLY $700 MILLION IN 2021 HOUSING TRUST The U.S. Department of Housing and Urban Development (HUD) announced April 6 the allocation of nearly $700 million through the national Housing Trust Fund (HTF). This compares to $326.5 million in 2020 HTF funding, for a year-over-year increase of $367 million. This historic allocation through HTF for affordable housing will help states produce more affordable homes for extremely low-income FY 2021 SECTION 8 INCOME LIMITS TABLES state:alabama -----s e c t i o n 8 i n c o m e l i m i t s----- program 1 person 2 person 3 person 4 person 5 person 6 person 7 person8 person
AHFC LOSS OF INCOME DUE TO COVID-19 APPLICATION (FORM) PW13t 03/23/2020 Page 1 of 4 Loss of Income due to COVID-19 Application If you haven’t already applied, please apply for Alaska Unemployment Insurance benefits at GROSS RENT FLOOR ALLOCATION AND PLACED-IN-SERVICE DEFAULT The election of the gross rent floor is a commonly misunderstood concept because there really is no election required. The Internal Revenue Service (IRS) automatically provides two rent floors, one at carryover (reservation date for bond developments) under Revenue Procedure 94-57 and one at placed in service under Internal Revenue Code (IRC) Section 42 and 142. Owners do not need to 2021 AFFORDABLE HOUSING CREDIT IMPROVEMENT ACT COULD Today Sens. Maria Cantwell, D-Washington; Todd Young, R-Indiana; Ron Wyden, D-Oregon; and Rob Portman, R-Ohio, introduced the Affordable Housing Credit Improvement Act (AHCIA) of 2021.As detailed below, Novogradac estimates the primary affordable rental home financing provisions of this bill would finance as much as 2 million additional affordable rental homes over 10 years. NOVOGRADAC 2021 AFFORDABLE HOUSING VIRTUAL CONFERENCE Expansion of the LIHTC Critical to Serving the Most Vulnerable Households. COVID-19 has exacerbated existing affordable housing shortages and stresses. The low-income tax credit (LIHTC) can be used to fill in gaps and help to address the needs of the most vulnerable populations. Strengthening the LIHTC would provide the resources necessary to address the affordable housing needs of all lower NOVOGRADAC RENT & INCOME LIMIT CALCULATOR The Rent & Income Limit Calculator© is available with the compliments of Novogradac. For a forward-looking estimate of rent and income limits, see the Novogradac Rent and Income Limit Estimator©.The Rent & Income Limit Calculator© has been updated for the FY 2021 HUD Income Limits and is being released in Beta form. Before using the numbers from the Novogradac Rent & Income NOVOGRADAC 2021 LIHTC BASICS IN PUERTO RICO ONLINE The low-income housing tax credit (LIHTC) world can be confusing. This workshop helps you navigate it in Puerto Rico and the USVI. Learn about the island’s credit allocating agency, partnership roles, types of tax credits, ownership structures, development timelines, compliance issues, how to avoid recapture and more, including unique opportunities for funding on the island. NOVOGRADAC 2021 NMTC BASICS IN PUERTO RICO ONLINE WORKSHOP Community development can make a huge difference in Puerto Rico and the USVI. This workshop will help you learn the fundamentals of the New Markets Tax Credit (NMTC) program. The workshop includes information on the background, roles of significant players, the alphabet soup of CDEs, QEIs, QLICIs and QALICBs, how to avoid recapture and more, from experts with years of ILLINOIS PROPOSES FIVE-YEAR EXTENSION OF STATE LIHTC The Illinois Legislature sent last week the COVID-19 Affordable Housing Grant Program Act to the desk of Gov. J.B. Pritzker. H.B. 2621 would extend the state’s low-income housing tax credit (LIHTC) five years through Dec. 31, 2026. The bill authorizes grant funding to bolster construction and rehabilitation of as many as 3,500 affordable homes by Dec. 31, 2024, in areas disproportionatelySTATE NMTC PROGRAMS
State NMTC Programs. The links in the map above take users to the program descriptions below, which is maintained by Novogradac & Company. We will update this list as new information becomes available. If you would like to correct or update the information listed above please email cpas@novoco.com. IOWA UPDATES GUIDANCE, APPLICATION FOR SOLAR ENERGY SYSTEM The Iowa Department of Revenue clarified its tax guidance Monday to better define its wait list and expiration dates for the Iowa Solar Energy System Tax Credit. For residential installations completed after Dec. 31, 2021, the credit expires and is unavailable. Those on the wait list in 2021 who are not awarded credits before the deadline are not allowed to carry them forward for construction MAXIMIZING EQUITY WITH FIRST-YEAR COMPLIANCE First-year compliance with low-income housing tax credits (LIHTC) rules can have a significant effect on LIHTC equity, both good and bad. Partnership agreements are drafted with investor equity based on total tax credits delivered, as well as the IRS PUBLISHES UPDATED FAQ DOCUMENT FOR HTC The Internal Revenue Service (IRS) this week published an updated frequently asked questions (FAQ) document concerning the federal historic tax credit (HTC). The questions addressed include eligibility and definitions, qualified rehabilitation expenditures, basis and several other key aspects surrounding HTC. The FAQ provides a quick overview of the HTC incentive, as well as NOVOGRADACCOMPANYPARTNERSNEWS AND ANALYSISCAREERSMY ACCOUNTSUBSCRIBE Novogradac is a national professional services organization that consists of affiliates and divisions providing professional services that include certified public accounting, valuation and consulting with more than 25 offices nationwide. Our clients represent a broad range of industries, with a major emphasis in the real estate sector. OCC ANNOUNCES IT WILL RECONSIDER FINAL RULE ON CRA The Office of the Comptroller of the Currency (OCC) today announced that it will reconsider its final rule to modernize the agency’s regulations for the Community Reinvestment Act (CRA) and will not implement much of the evaluation criteria in the May 2020 rule. The announcement, in OCC Bulletin 2021-24, says the OCC will continue to implement certain provisions that had a compliance date of TAX CREDIT PERCENTAGES 2021 As enacted by the Consolidated Appropriations Act 2021, under Section 42 (b) (3), the applicable percentage for LIHTC allocations made after Dec. 31, 2020, shall not be less than 4%. This applies to any building that receives an LIHTC allocation after Dec. 31, 2020, and in the case of any building any portion of which is financed with an FY 2021 SECTION 8 INCOME LIMITS TABLES state:alabama -----s e c t i o n 8 i n c o m e l i m i t s----- program 1 person 2 person 3 person 4 person 5 person 6 person 7 person8 person
BILL WOULD REQUIRE FHLBANKS TO INCREASE INVESTMENT IN Legislation introduced in both houses of Congress would require the 11 Federal Home Loan Banks (FHLBanks) to increase their investments in affordable housing and community development. The Federal Home Loan Banks’ Mission Implementation Act (S. 1684, H.R. 3323), would double the FHLBanks’ investment in affordable housing through the Affordable Housing Program (AHP), include a 2% set NOVOGRADAC RENT & INCOME LIMIT CALCULATOR The Rent & Income Limit Calculator© is available with the compliments of Novogradac. For a forward-looking estimate of rent and income limits, see the Novogradac Rent and Income Limit Estimator©.The Rent & Income Limit Calculator© has been updated for the FY 2021 HUD Income Limits and is being released in Beta form. Before using the numbers from the Novogradac Rent & Income AHFC LOSS OF INCOME DUE TO COVID-19 APPLICATION (FORM) PW13t 03/23/2020 Page 1 of 4 Loss of Income due to COVID-19 Application If you haven’t already applied, please apply for Alaska Unemployment Insurance benefits at POST YEAR-15 COMPLIANCE MONITORING Question: What are the Internal Revenue Service (IRS) compliance requirements for low-income housing tax credit (LIHTC) properties that are beyond the 15-year compliance period? Answer: The IRS requires LIHTC properties to have an extended use period with the state housing agency for an additional 15 years after the 15-year compliance period, for at least 30 years of 42(M) REVIEW PROCESS 11/14/2017 Page 1 42(m) Review Process The IRC §42 Low Income Housing Tax Credit Program (LIHTC) was enacted by Congress as part of the Tax Reform Act of 1986 to encourage new construction and rehabilitation ofexisting
PRINCIPLES OF LIHTC ELIGIBLE BASIS Principles of LIHTC Eligible Basis . MODERATOR PANELISTS . Brent Parker . Novogradac & Company LLP . Catherine Talbot . Candeur Group,LLC . William Leach
NOVOGRADACCOMPANYPARTNERSNEWS AND ANALYSISCAREERSMY ACCOUNTSUBSCRIBE Novogradac is a national professional services organization that consists of affiliates and divisions providing professional services that include certified public accounting, valuation and consulting with more than 25 offices nationwide. Our clients represent a broad range of industries, with a major emphasis in the real estate sector. OCC ANNOUNCES IT WILL RECONSIDER FINAL RULE ON CRA The Office of the Comptroller of the Currency (OCC) today announced that it will reconsider its final rule to modernize the agency’s regulations for the Community Reinvestment Act (CRA) and will not implement much of the evaluation criteria in the May 2020 rule. The announcement, in OCC Bulletin 2021-24, says the OCC will continue to implement certain provisions that had a compliance date of TAX CREDIT PERCENTAGES 2021 As enacted by the Consolidated Appropriations Act 2021, under Section 42 (b) (3), the applicable percentage for LIHTC allocations made after Dec. 31, 2020, shall not be less than 4%. This applies to any building that receives an LIHTC allocation after Dec. 31, 2020, and in the case of any building any portion of which is financed with an FY 2021 SECTION 8 INCOME LIMITS TABLES state:alabama -----s e c t i o n 8 i n c o m e l i m i t s----- program 1 person 2 person 3 person 4 person 5 person 6 person 7 person8 person
BILL WOULD REQUIRE FHLBANKS TO INCREASE INVESTMENT IN Legislation introduced in both houses of Congress would require the 11 Federal Home Loan Banks (FHLBanks) to increase their investments in affordable housing and community development. The Federal Home Loan Banks’ Mission Implementation Act (S. 1684, H.R. 3323), would double the FHLBanks’ investment in affordable housing through the Affordable Housing Program (AHP), include a 2% set NOVOGRADAC RENT & INCOME LIMIT CALCULATOR The Rent & Income Limit Calculator© is available with the compliments of Novogradac. For a forward-looking estimate of rent and income limits, see the Novogradac Rent and Income Limit Estimator©.The Rent & Income Limit Calculator© has been updated for the FY 2021 HUD Income Limits and is being released in Beta form. Before using the numbers from the Novogradac Rent & Income AHFC LOSS OF INCOME DUE TO COVID-19 APPLICATION (FORM) PW13t 03/23/2020 Page 1 of 4 Loss of Income due to COVID-19 Application If you haven’t already applied, please apply for Alaska Unemployment Insurance benefits at POST YEAR-15 COMPLIANCE MONITORING Question: What are the Internal Revenue Service (IRS) compliance requirements for low-income housing tax credit (LIHTC) properties that are beyond the 15-year compliance period? Answer: The IRS requires LIHTC properties to have an extended use period with the state housing agency for an additional 15 years after the 15-year compliance period, for at least 30 years of 42(M) REVIEW PROCESS 11/14/2017 Page 1 42(m) Review Process The IRC §42 Low Income Housing Tax Credit Program (LIHTC) was enacted by Congress as part of the Tax Reform Act of 1986 to encourage new construction and rehabilitation ofexisting
PRINCIPLES OF LIHTC ELIGIBLE BASIS Principles of LIHTC Eligible Basis . MODERATOR PANELISTS . Brent Parker . Novogradac & Company LLP . Catherine Talbot . Candeur Group,LLC . William Leach
2021 AFFORDABLE HOUSING CREDIT IMPROVEMENT ACT COULD Today Sens. Maria Cantwell, D-Washington; Todd Young, R-Indiana; Ron Wyden, D-Oregon; and Rob Portman, R-Ohio, introduced the Affordable Housing Credit Improvement Act (AHCIA) of 2021. As detailed below, Novogradac estimates the primary affordable rental home financing provisions of this bill would finance as much as 2 million additional affordable rental homes over 10 years. Reps. Suzan NOVOGRADAC RENT & INCOME LIMIT CALCULATOR The Rent & Income Limit Calculator© is available with the compliments of Novogradac. For a forward-looking estimate of rent and income limits, see the Novogradac Rent and Income Limit Estimator©.The Rent & Income Limit Calculator© has been updated for the FY 2021 HUD Income Limits and is being released in Beta form. Before using the numbers from the Novogradac Rent & Income 2020 STATE TAX CREDIT INFORMATION * Please note this content refers to to state low-income housing tax credit programs - not the federal LIHTC program. The following chart is intended for summary purposes only. As state LIHTC programs vary widely, we recommend that you gather complete details from the appropriate state agency. Some of the information listed below is based on estimates.Please e-mail NOVOGRADAC 2021 LIHTC BASICS IN PUERTO RICO ONLINE 16 hours ago · The low-income housing tax credit (LIHTC) world can be confusing. This workshop helps you navigate it in Puerto Rico and the USVI. Learn about the island’s credit allocating agency, partnership roles, types of tax credits, ownership structures, development timelines, compliance issues, how to avoid recapture and more, including unique opportunities for funding on the island. NOVOGRADAC 2021 NMTC BASICS IN PUERTO RICO ONLINE WORKSHOP 16 hours ago · Community development can make a huge difference in Puerto Rico and the USVI. This workshop will help you learn the fundamentals of the New Markets Tax Credit (NMTC) program. The workshop includes information on the background, roles of significant players, the alphabet soup of CDEs, QEIs, QLICIs and QALICBs, how to avoid recapture and more, from experts with years ofCOMPLIANCE AUDITOR
1 day ago · Yardi is a global software company providing innovative property management solutions and services in every real estate market. We are focused on providing our customers with superior products and outstanding customer service. We are passionate about technology and believe work should be fulfilling and fun! We are committed to our customers, employees and the communities where welive.
JUNE 8, 2021: STATE TAX CREDIT STRATEGIES 1 day ago · In this week’s Tax Credit Tuesday podcast, Michael Novogradac, CPA, is joined by his partner Michael Kressig, CPA, to explore the topic of state tax credits, which are often a critical part of the capital stack that can make affordable housing, community development and historic preservation developments financially feasible. They discuss the structural features associated with statetax
NOVOGRADAC JOURNAL OF TAX CREDITS Free monthly excerpts from the Novogradac Journal of Tax Credits. Includes brief news items as well as in-depth articles. THE CURRENT: WHAT IS ‘BACK LEVERAGE’ AND WHAT DO I NEED TO Consider the implications of using back leverage: 1. Accuracy of the Financial Projections and Review of MM’s Potential Obligations. If the MM does the borrowing, then the lender is going to want confidence that there will be cash available to the MM to repay its loan. Similarly, the MM will want to know that distributions to the MM willbe
MAXIMIZING EQUITY WITH FIRST-YEAR COMPLIANCE First-year compliance with low-income housing tax credits (LIHTC) rules can have a significant effect on LIHTC equity, both good and bad. Partnership agreements are drafted with investor equity based on total tax credits delivered, as well as the NOVOGRADACCOMPANYPARTNERSNEWS AND ANALYSISCAREERSMY ACCOUNTSUBSCRIBE Novogradac is a national professional services organization that consists of affiliates and divisions providing professional services that include certified public accounting, valuation and consulting with more than 25 offices nationwide. Our clients represent a broad range of industries, with a major emphasis in the real estate sector. OCC ANNOUNCES IT WILL RECONSIDER FINAL RULE ON CRA The Office of the Comptroller of the Currency (OCC) today announced that it will reconsider its final rule to modernize the agency’s regulations for the Community Reinvestment Act (CRA) and will not implement much of the evaluation criteria in the May 2020 rule. The announcement, in OCC Bulletin 2021-24, says the OCC will continue to implement certain provisions that had a compliance date of TAX CREDIT PERCENTAGES 2021 As enacted by the Consolidated Appropriations Act 2021, under Section 42 (b) (3), the applicable percentage for LIHTC allocations made after Dec. 31, 2020, shall not be less than 4%. This applies to any building that receives an LIHTC allocation after Dec. 31, 2020, and in the case of any building any portion of which is financed with an FY 2021 SECTION 8 INCOME LIMITS TABLES state:alabama -----s e c t i o n 8 i n c o m e l i m i t s----- program 1 person 2 person 3 person 4 person 5 person 6 person 7 person8 person
BILL WOULD REQUIRE FHLBANKS TO INCREASE INVESTMENT IN Legislation introduced in both houses of Congress would require the 11 Federal Home Loan Banks (FHLBanks) to increase their investments in affordable housing and community development. The Federal Home Loan Banks’ Mission Implementation Act (S. 1684, H.R. 3323), would double the FHLBanks’ investment in affordable housing through the Affordable Housing Program (AHP), include a 2% set NOVOGRADAC RENT & INCOME LIMIT CALCULATOR The Rent & Income Limit Calculator© is available with the compliments of Novogradac. For a forward-looking estimate of rent and income limits, see the Novogradac Rent and Income Limit Estimator©.The Rent & Income Limit Calculator© has been updated for the FY 2021 HUD Income Limits and is being released in Beta form. Before using the numbers from the Novogradac Rent & Income AHFC LOSS OF INCOME DUE TO COVID-19 APPLICATION (FORM) PW13t 03/23/2020 Page 1 of 4 Loss of Income due to COVID-19 Application If you haven’t already applied, please apply for Alaska Unemployment Insurance benefits at POST YEAR-15 COMPLIANCE MONITORING Question: What are the Internal Revenue Service (IRS) compliance requirements for low-income housing tax credit (LIHTC) properties that are beyond the 15-year compliance period? Answer: The IRS requires LIHTC properties to have an extended use period with the state housing agency for an additional 15 years after the 15-year compliance period, for at least 30 years of 42(M) REVIEW PROCESS 11/14/2017 Page 1 42(m) Review Process The IRC §42 Low Income Housing Tax Credit Program (LIHTC) was enacted by Congress as part of the Tax Reform Act of 1986 to encourage new construction and rehabilitation ofexisting
PRINCIPLES OF LIHTC ELIGIBLE BASIS Principles of LIHTC Eligible Basis . MODERATOR PANELISTS . Brent Parker . Novogradac & Company LLP . Catherine Talbot . Candeur Group,LLC . William Leach
NOVOGRADACCOMPANYPARTNERSNEWS AND ANALYSISCAREERSMY ACCOUNTSUBSCRIBE Novogradac is a national professional services organization that consists of affiliates and divisions providing professional services that include certified public accounting, valuation and consulting with more than 25 offices nationwide. Our clients represent a broad range of industries, with a major emphasis in the real estate sector. OCC ANNOUNCES IT WILL RECONSIDER FINAL RULE ON CRA The Office of the Comptroller of the Currency (OCC) today announced that it will reconsider its final rule to modernize the agency’s regulations for the Community Reinvestment Act (CRA) and will not implement much of the evaluation criteria in the May 2020 rule. The announcement, in OCC Bulletin 2021-24, says the OCC will continue to implement certain provisions that had a compliance date of TAX CREDIT PERCENTAGES 2021 As enacted by the Consolidated Appropriations Act 2021, under Section 42 (b) (3), the applicable percentage for LIHTC allocations made after Dec. 31, 2020, shall not be less than 4%. This applies to any building that receives an LIHTC allocation after Dec. 31, 2020, and in the case of any building any portion of which is financed with an FY 2021 SECTION 8 INCOME LIMITS TABLES state:alabama -----s e c t i o n 8 i n c o m e l i m i t s----- program 1 person 2 person 3 person 4 person 5 person 6 person 7 person8 person
BILL WOULD REQUIRE FHLBANKS TO INCREASE INVESTMENT IN Legislation introduced in both houses of Congress would require the 11 Federal Home Loan Banks (FHLBanks) to increase their investments in affordable housing and community development. The Federal Home Loan Banks’ Mission Implementation Act (S. 1684, H.R. 3323), would double the FHLBanks’ investment in affordable housing through the Affordable Housing Program (AHP), include a 2% set NOVOGRADAC RENT & INCOME LIMIT CALCULATOR The Rent & Income Limit Calculator© is available with the compliments of Novogradac. For a forward-looking estimate of rent and income limits, see the Novogradac Rent and Income Limit Estimator©.The Rent & Income Limit Calculator© has been updated for the FY 2021 HUD Income Limits and is being released in Beta form. Before using the numbers from the Novogradac Rent & Income AHFC LOSS OF INCOME DUE TO COVID-19 APPLICATION (FORM) PW13t 03/23/2020 Page 1 of 4 Loss of Income due to COVID-19 Application If you haven’t already applied, please apply for Alaska Unemployment Insurance benefits at POST YEAR-15 COMPLIANCE MONITORING Question: What are the Internal Revenue Service (IRS) compliance requirements for low-income housing tax credit (LIHTC) properties that are beyond the 15-year compliance period? Answer: The IRS requires LIHTC properties to have an extended use period with the state housing agency for an additional 15 years after the 15-year compliance period, for at least 30 years of 42(M) REVIEW PROCESS 11/14/2017 Page 1 42(m) Review Process The IRC §42 Low Income Housing Tax Credit Program (LIHTC) was enacted by Congress as part of the Tax Reform Act of 1986 to encourage new construction and rehabilitation ofexisting
PRINCIPLES OF LIHTC ELIGIBLE BASIS Principles of LIHTC Eligible Basis . MODERATOR PANELISTS . Brent Parker . Novogradac & Company LLP . Catherine Talbot . Candeur Group,LLC . William Leach
2021 AFFORDABLE HOUSING CREDIT IMPROVEMENT ACT COULD Today Sens. Maria Cantwell, D-Washington; Todd Young, R-Indiana; Ron Wyden, D-Oregon; and Rob Portman, R-Ohio, introduced the Affordable Housing Credit Improvement Act (AHCIA) of 2021. As detailed below, Novogradac estimates the primary affordable rental home financing provisions of this bill would finance as much as 2 million additional affordable rental homes over 10 years. Reps. Suzan NOVOGRADAC RENT & INCOME LIMIT CALCULATOR The Rent & Income Limit Calculator© is available with the compliments of Novogradac. For a forward-looking estimate of rent and income limits, see the Novogradac Rent and Income Limit Estimator©.The Rent & Income Limit Calculator© has been updated for the FY 2021 HUD Income Limits and is being released in Beta form. Before using the numbers from the Novogradac Rent & Income 2020 STATE TAX CREDIT INFORMATION * Please note this content refers to to state low-income housing tax credit programs - not the federal LIHTC program. The following chart is intended for summary purposes only. As state LIHTC programs vary widely, we recommend that you gather complete details from the appropriate state agency. Some of the information listed below is based on estimates.Please e-mail NOVOGRADAC 2021 LIHTC BASICS IN PUERTO RICO ONLINE 15 hours ago · The low-income housing tax credit (LIHTC) world can be confusing. This workshop helps you navigate it in Puerto Rico and the USVI. Learn about the island’s credit allocating agency, partnership roles, types of tax credits, ownership structures, development timelines, compliance issues, how to avoid recapture and more, including unique opportunities for funding on the island. NOVOGRADAC 2021 NMTC BASICS IN PUERTO RICO ONLINE WORKSHOP 15 hours ago · Community development can make a huge difference in Puerto Rico and the USVI. This workshop will help you learn the fundamentals of the New Markets Tax Credit (NMTC) program. The workshop includes information on the background, roles of significant players, the alphabet soup of CDEs, QEIs, QLICIs and QALICBs, how to avoid recapture and more, from experts with years ofCOMPLIANCE AUDITOR
1 day ago · Yardi is a global software company providing innovative property management solutions and services in every real estate market. We are focused on providing our customers with superior products and outstanding customer service. We are passionate about technology and believe work should be fulfilling and fun! We are committed to our customers, employees and the communities where welive.
NOVOGRADAC JOURNAL OF TAX CREDITS Free monthly excerpts from the Novogradac Journal of Tax Credits. Includes brief news items as well as in-depth articles. THE CURRENT: WHAT IS ‘BACK LEVERAGE’ AND WHAT DO I NEED TO Consider the implications of using back leverage: 1. Accuracy of the Financial Projections and Review of MM’s Potential Obligations. If the MM does the borrowing, then the lender is going to want confidence that there will be cash available to the MM to repay its loan. Similarly, the MM will want to know that distributions to the MM willbe
MAXIMIZING EQUITY WITH FIRST-YEAR COMPLIANCE First-year compliance with low-income housing tax credits (LIHTC) rules can have a significant effect on LIHTC equity, both good and bad. Partnership agreements are drafted with investor equity based on total tax credits delivered, as well as the POST YEAR-15 COMPLIANCE MONITORING Question: What are the Internal Revenue Service (IRS) compliance requirements for low-income housing tax credit (LIHTC) properties that are beyond the 15-year compliance period? Answer: The IRS requires LIHTC properties to have an extended use period with the state housing agency for an additional 15 years after the 15-year compliance period, for at least 30 years of NOVOGRADACCOMPANYPARTNERSNEWS AND ANALYSISCAREERSMY ACCOUNTSUBSCRIBE Novogradac is a national professional services organization that consists of affiliates and divisions providing professional services that include certified public accounting, valuation and consulting with more than 25 offices nationwide. Our clients represent a broad range of industries, with a major emphasis in the real estate sector. NOVOGRADAC RENT & INCOME LIMIT CALCULATOR The Rent & Income Limit Calculator© is available with the compliments of Novogradac. For a forward-looking estimate of rent and income limits, see the Novogradac Rent and Income Limit Estimator©.The Rent & Income Limit Calculator© has been updated for the FY 2021 HUD Income Limits and is being released in Beta form. Before using the numbers from the Novogradac Rent & Income OCC ANNOUNCES IT WILL RECONSIDER FINAL RULE ON CRA The Office of the Comptroller of the Currency (OCC) today announced that it will reconsider its final rule to modernize the agency’s regulations for the Community Reinvestment Act (CRA) and will not implement much of the evaluation criteria in the May 2020 rule. The announcement, in OCC Bulletin 2021-24, says the OCC will continue to implement certain provisions that had a compliance date of TAX CREDIT PERCENTAGES 2021 As enacted by the Consolidated Appropriations Act 2021, under Section 42 (b) (3), the applicable percentage for LIHTC allocations made after Dec. 31, 2020, shall not be less than 4%. This applies to any building that receives an LIHTC allocation after Dec. 31, 2020, and in the case of any building any portion of which is financed with an BILL WOULD REQUIRE FHLBANKS TO INCREASE INVESTMENT IN Legislation introduced in both houses of Congress would require the 11 Federal Home Loan Banks (FHLBanks) to increase their investments in affordable housing and community development. The Federal Home Loan Banks’ Mission Implementation Act (S. 1684, H.R. 3323), would double the FHLBanks’ investment in affordable housing through the Affordable Housing Program (AHP), include a 2% set NOVOGRADAC OPPORTUNITY ZONES MAPPING TOOL Now Identifying 2020 Census Tract Boundary Changes About the Novogradac Opportunity Zone Mapping Tool This tool displays designated qualified opportunity zones as published by the CDFI Fund as of June 15, 2018, as well as areas that may be eligible for OZ designation. Designated opportunity zones displayed in the Novogradac Opportunity Zones Mapping tool are those that were nominated by thoseMARK SHELBURNE
Mark Shelburne is a housing policy consultant with Novogradac. He is based in Raleigh, N.C., and works nationally. His work includes consulting with state agencies, local governments, equity providers, lenders, attorneys and developers on topics including allocation, compliance, HOME, revitalization, supportive housing and tax-exemptbonds. Mr.
GROSS RENT FLOOR ALLOCATION AND PLACED-IN-SERVICE DEFAULTLIHTC GROSS RENT FLOOR ELECTIONLIHTC RENT INCREASE NOTICELIHTC RENT LIMITRENT TAX CREDITRENT TAX CREDIT MN The election of the gross rent floor is a commonly misunderstood concept because there really is no election required. The Internal Revenue Service (IRS) automatically provides two rent floors, one at carryover (reservation date for bond developments) under Revenue Procedure 94-57 and one at placed in service under Internal Revenue Code (IRC) Section 42 and 142. Owners do not need to 42(M) REVIEW PROCESS 11/14/2017 Page 1 42(m) Review Process The IRC §42 Low Income Housing Tax Credit Program (LIHTC) was enacted by Congress as part of the Tax Reform Act of 1986 to encourage new construction and rehabilitation ofexisting
LIST OF CODE NUMBERS FOR SOUTH CAROLINA COUNTIES Title: List of Code Numbers for South Carolina Counties: Author: NichL Created Date: 12/23/2009 9:28:52 AM NOVOGRADACCOMPANYPARTNERSNEWS AND ANALYSISCAREERSMY ACCOUNTSUBSCRIBE Novogradac is a national professional services organization that consists of affiliates and divisions providing professional services that include certified public accounting, valuation and consulting with more than 25 offices nationwide. Our clients represent a broad range of industries, with a major emphasis in the real estate sector. NOVOGRADAC RENT & INCOME LIMIT CALCULATOR The Rent & Income Limit Calculator© is available with the compliments of Novogradac. For a forward-looking estimate of rent and income limits, see the Novogradac Rent and Income Limit Estimator©.The Rent & Income Limit Calculator© has been updated for the FY 2021 HUD Income Limits and is being released in Beta form. Before using the numbers from the Novogradac Rent & Income OCC ANNOUNCES IT WILL RECONSIDER FINAL RULE ON CRA The Office of the Comptroller of the Currency (OCC) today announced that it will reconsider its final rule to modernize the agency’s regulations for the Community Reinvestment Act (CRA) and will not implement much of the evaluation criteria in the May 2020 rule. The announcement, in OCC Bulletin 2021-24, says the OCC will continue to implement certain provisions that had a compliance date of TAX CREDIT PERCENTAGES 2021 As enacted by the Consolidated Appropriations Act 2021, under Section 42 (b) (3), the applicable percentage for LIHTC allocations made after Dec. 31, 2020, shall not be less than 4%. This applies to any building that receives an LIHTC allocation after Dec. 31, 2020, and in the case of any building any portion of which is financed with an BILL WOULD REQUIRE FHLBANKS TO INCREASE INVESTMENT IN Legislation introduced in both houses of Congress would require the 11 Federal Home Loan Banks (FHLBanks) to increase their investments in affordable housing and community development. The Federal Home Loan Banks’ Mission Implementation Act (S. 1684, H.R. 3323), would double the FHLBanks’ investment in affordable housing through the Affordable Housing Program (AHP), include a 2% set NOVOGRADAC OPPORTUNITY ZONES MAPPING TOOL Now Identifying 2020 Census Tract Boundary Changes About the Novogradac Opportunity Zone Mapping Tool This tool displays designated qualified opportunity zones as published by the CDFI Fund as of June 15, 2018, as well as areas that may be eligible for OZ designation. Designated opportunity zones displayed in the Novogradac Opportunity Zones Mapping tool are those that were nominated by thoseMARK SHELBURNE
Mark Shelburne is a housing policy consultant with Novogradac. He is based in Raleigh, N.C., and works nationally. His work includes consulting with state agencies, local governments, equity providers, lenders, attorneys and developers on topics including allocation, compliance, HOME, revitalization, supportive housing and tax-exemptbonds. Mr.
GROSS RENT FLOOR ALLOCATION AND PLACED-IN-SERVICE DEFAULTLIHTC GROSS RENT FLOOR ELECTIONLIHTC RENT INCREASE NOTICELIHTC RENT LIMITRENT TAX CREDITRENT TAX CREDIT MN The election of the gross rent floor is a commonly misunderstood concept because there really is no election required. The Internal Revenue Service (IRS) automatically provides two rent floors, one at carryover (reservation date for bond developments) under Revenue Procedure 94-57 and one at placed in service under Internal Revenue Code (IRC) Section 42 and 142. Owners do not need to 42(M) REVIEW PROCESS 11/14/2017 Page 1 42(m) Review Process The IRC §42 Low Income Housing Tax Credit Program (LIHTC) was enacted by Congress as part of the Tax Reform Act of 1986 to encourage new construction and rehabilitation ofexisting
LIST OF CODE NUMBERS FOR SOUTH CAROLINA COUNTIES Title: List of Code Numbers for South Carolina Counties: Author: NichL Created Date: 12/23/2009 9:28:52 AM 2021 AFFORDABLE HOUSING CREDIT IMPROVEMENT ACT COULD Today Sens. Maria Cantwell, D-Washington; Todd Young, R-Indiana; Ron Wyden, D-Oregon; and Rob Portman, R-Ohio, introduced the Affordable Housing Credit Improvement Act (AHCIA) of 2021. As detailed below, Novogradac estimates the primary affordable rental home financing provisions of this bill would finance as much as 2 million additional affordable rental homes over 10 years. Reps. Suzan LIHTC PRICING TRENDS 2020-10. 2020-11 2020-12. Price per credit 3-Month avg. price per credit. Disclaimer: This low-income housing tax credit equity pricing chart is presented for general information purposes only. Per credit equity pricing is based on syndicator Letter of Intent (LOI) pricing provided to Novogradac by NMTC PARTICIPANTS EXPECT MORE INVESTORS TO RETURN AHEAD OF After months of pandemic-induced volatility, there is cautious optimism in the new markets tax credit (NMTC) community as investors return to the marketplace, following a large-scale slowdown in investment during the second half of 2020. OPPORTUNITY ZONES RESOURCE CENTER Wednesday, April 21, 2021. Qualified opportunity funds (QOFs) tracked by Novogradac reported an increase of more than $1 billion in investment since the end of 2020. QOFs tracked by Novogradac reported an equity raise of $16.34 billion for investment in opportunity zones (OZs) as of April 12, up from $15.16 billion reported at the end of2020.
BIDEN ADMINISTRATION RELEASES $6 TRILLION FY 2022 BUDGET The Biden Administration May 28 released a summary, fact sheet and Treasury’s Greenbook of tax proposals on President Joe Biden’s proposed $6 trillion budget for fiscal year (FY) 2022. The FY 2022 budget request incorporates not only annual discretionary spending and estimates of mandatory spending, but also the American Jobs Plan and American Families Plan, the administration’s key NOVOGRADAC JOURNAL OF TAX CREDITS Free monthly excerpts from the Novogradac Journal of Tax Credits. Includes brief news items as well as in-depth articles. MAXIMIZING EQUITY WITH FIRST-YEAR COMPLIANCE 21 hours ago · First-year compliance with low-income housing tax credits (LIHTC) rules can have a significant effect on LIHTC equity, both good and bad. Partnership agreements are drafted with investor equity based on total tax credits delivered, as well as the STATE TAX CODE CONFORMITY A state’s conformity with the federal opportunity zones provisions is an important factor investors should consider. Investors in states that do conform with the federal opportunity zones provisions may receive state tax incentives similar to those available at the federal level. Conversely, investors residing in nonconforming states may be unable to defer and reduce state taxation on the FY 2021 SECTION 8 INCOME LIMITS TABLES state:alabama -----s e c t i o n 8 i n c o m e l i m i t s----- program 1 person 2 person 3 person 4 person 5 person 6 person 7 person8 person
HOW TO MAXIMIZE LIHTC EQUITY: FOCUS ON INVESTOR GOALS One of the greatest challenges facing developers of affordable rental housing is raising sufficient financing to enable a development tomove forward.
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* Affordable Housing Resource Center * New Markets Tax Credit Resource Center * Tax Reform Resource Center * Historic Tax Credit Resource Center * Renewable Energy Tax Credit Resource Center * HUD Resource Center * CRA Resource Center * Opportunity Zones Resource Center Accounting Services and Solutions Based on Innovative Thinking Novogradac is a national professional services organization that consists of affiliates and divisions providing professional services that include certified public accounting, valuation and consulting with more than 25 offices nationwide. Our clients represent a broad range of industries, with a major emphasis in the real estate sector. We provide publicly and privately held national enterprises with a full spectrum of audit, tax, valuation, expert witness and litigation support, property compliance and general consulting services and we work extensively in the affordable housing, community development, historic preservation, opportunity zones and renewable energy fields. We offer assistance with such specific issues as construction cost studies, the wine industry and defeasance, as well as broader guidance with tax credit developments. Our 30-plus years in business give us unique experience and insight into the issues that matter most to our clients. Whether you seek tax credit guidance or general accounting and audit assistance, Novogradac is prepared to meet your needs. Our value-added solutions are based on innovative thinking and effective implementation and are the foundation on which we have developed the critical resources necessary to provide outstanding professional services. We are dedicated to meeting client needs in a thorough and efficient manner. Learn more about our services >> NOVOGRADAC JOURNAL OF TAX CREDITS Read more in the April issue.Learn More >>
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RECENT UPDATES
Novogradac Principles of LIHTC Eligible Basis Webinar (MAR 2020)On--Demand
April 21, 2020 5:40pm Novogradac Developer-Syndicator Relationship Webinar (April 2020)On-Demand
April 21, 2020 5:33pm Novogradac 2020 HUD Rent and Income Limits and Your Tax CreditProperty Webinar
April 21, 2020 5:12pm Novogradac Private Activity Bond and 4 Percent LIHTC Overview Webinar- May 2020
April 21, 2020 5:12pm COVID-19 Resources for the Affordable Housing, Community Development and Renewable Energy Communities April 21, 2020 3:23pmView More
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REPORTS AND SOFTWARE Novogradac LIHTC Financial Forecast Model on CD-ROM Novogradac Multifamily Rental Housing Operating Expense Report, 2019Edition
Novogradac Rent and Income Limit Estimator ©View More
TRAINING
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