THE FEDERAL LOW-INCOME HOUSING TAX CREDIT AND HISTORIC REHABILITATION TAX CREDIT

Size: px
Start display at page:

Download "THE FEDERAL LOW-INCOME HOUSING TAX CREDIT AND HISTORIC REHABILITATION TAX CREDIT"

Transcription

1 THE FEDERAL LOW-INCOME HOUSING TAX CREDIT AND HISTORIC REHABILITATION TAX CREDIT This outline provides an overview of the federal low-income housing tax credit and historic rehabilitation tax credit. I. LOW-INCOME HOUSING TAX CREDIT A. Generally. The federal low-income housing tax credit is an indirect federal subsidy to support investment in the development and operation of affordable multi-family rental housing for lower-income people. The credit is a dollar-for-dollar credit against federal income tax due. Initially established under the Tax Reform Act of 1986, it is now one of the longestrunning federal housing programs. The credit is provided for in Section 42 of the Internal Revenue Code. 1 B. Amount of Credit. Generally, the amount of tax credit for a taxable year is equal to the applicable percentage of the qualified basis of a qualified low-income building. The low-income housing tax credit may generally be claimed annually over a ten-year period (the Credit Period ) beginning with the year that a building is placed in service or, at the election of the taxpayer/owner of the building, the year thereafter. An averaging convention applies to the first year of the Credit Period pursuant to which a certain portion of the tax credits that would otherwise be allowable in that year are deferred until the first year following the end of the Credit Period. 1 Unless otherwise indicated, all Section references are to the Internal Revenue Code of 1986, amended, as in effect on the date hereof.

2 The credit is designed so that, in the case of a new building that is not federally subsidized and that is occupied solely by qualified low-income tenants, the owner of the building will generally receive, in present value terms, tax credits equal to 70 percent of the costs of construction. In the case of a building that is considered to be federally subsidized (generally, building financed with tax-exempt bonds or with below-market loans financed with certain kinds of federal funds), the credit is generally equal, in present value terms, to 30 percent of the cost of construction. The credit is in addition to the other tax benefits associated with the ownership of residential rental property such as depreciation deductions. C. What Buildings Qualify. A qualified low-income building is a building in a qualified low-income project. A qualified low-income project is generally defined as a project for residential rental property that meet the (i) Minimum Set-Aside Test and (ii) the Rent Restriction Test. 1. The Minimum Set-Aside Test. A project must set aside a minimum number of residential units for qualified low-income tenants at restricted rents. A project owner may elect either the Test or the Test. The Test requires that 20 percent or more of the residential units in the project must be both rent-restricted and occupied by individuals whose income is 50 percent or less of area median gross income. The Test requires that 40 percent or more of the residential units in the project must be both rent-restricted and occupied by individuals whose income is 60 percent or less of area median gross income. 2

3 The election, which is made on IRS Form 8609, is irrevocable. The minimum set-aside requirement must be met at all times from the close of the first year of the Credit Period through the end of the 15-year Compliance Period. 2. The Rent-Restriction Test. A residential unit is generally considered to be rent-restricted if the gross rent with respect to such unit does not exceed 30 percent of the imputed income limitation applicable to such unit. The imputed income limitation applicable to a residential unit that is in a project that satisfies the test is generally 60 percent of area median income, adjusted for family size based the following assumptions: (i) in the case of a studio apartment that does not have a separate bedroom, the unit is occupied by one individual, and (ii) in the case of a unit that has one or more rooms, 1.5 individuals occupy the unit for each bedroom. Detailed tenant income certification requirements apply. Gross rent includes the applicable utility allowance, which is generally determined using local public housing authority utility allowances. Thus, the maximum allowable rent must take into account and be reduced by the applicable utility allowance. D. Qualified Basis. The qualified basis of a qualified low-income building for any taxable year is an amount equal to the applicable fraction of the building s eligible basis. The applicable fraction is the smaller of the unit fraction or the floor space fraction and is determined at the close of each taxable year. The unit fraction is a fraction, the numerator of which is the number of low-income units in the building and the denominator of which is the number of residential rental units in the building. The floor space fraction is a fraction the numerator of which is the total floor space of low-income units in the building and the denominator of which is the total floor space of the residential rental units in the building. 3

4 1. Eligible Basis. The eligible basis of a new building is generally its adjusted basis for federal income tax purposes (including the adjusted basis of depreciable property used in common areas or provided as comparable amenities to all residential rental units in the building but excluding the adjusted basis of any portion of the property that is not considered residential rental property ) as of the close of the first taxable year for which lowincome housing credits are claimed with respect to the building. The adjusted basis of commercial space is not included in eligible basis. a. 30 Percent Basis Step-Up for Projects in Qualified Census Tracts and Difficult Development Areas. In the case of a new building located in a qualified census tract or a difficult development area, the eligible basis of the building will be 130 percent of what it would otherwise be. A qualified census tract is a census tract designated as such by Secretary of Housing and Urban Development and is generally a census tract with a concentration of low-income households. A difficult development area is generally any area designated by the Secretary of Housing and Urban Development as an area which has high construction, land or utility costs relative to area median gross income. b. Federal Grants Excluded from Eligible Basis. If, during any year of the 15-year Compliance Period, a grant is made with respect to any building or the operation thereof and any portion of the grant is funded with federal funds, the eligible basis of the building for such taxable year and all succeeding taxable years shall be reduced by the portion of the grant so funded. 4

5 2. Low-Income Unit. A low-income unit generally means a residential rental unit that (a) meets the income and rent restrictions of the applicable minimum set-aside test; (b) is suitable for occupancy (complies with local health, safety and building codes) and (c) is used on other than a transient basis. Generally, a unit is considered to be leased on other than a transient basis if the term of the initial lease is at least six months. E. Applicable Percentage. For property placed in service in 1988 and thereafter, the applicable percentage is adjusted monthly by the Internal Revenue Service. The percentages are to be adjusted to reflect the present values of 70 percent or 30 percent, respectively, determined on a discounted after-tax basis based on the average of the annual applicable federal rates for mid-term and long-term obligations for the month. The applicable percentage varies depending on whether the building is a new building and whether the building is federally subsidized. In the case of a new building which has never been previously placed in service, the 70 percent rate applies unless the building is federally subsidized for the taxable year. The 30 percent rate applies to existing buildings that qualify for the credit and to new buildings that are considered to be federally subsidized for the taxable year. A new building is treated as federally subsidized for any taxable year if, at any time during such taxable year or any prior taxable year, there is or was outstanding any obligation, the interest on which is tax-exempt or any below-market federal loan, the proceeds of which are or were used (directly or indirectly) with respect to such building or operation thereof. A below-market federal loan generally means any loan funded, in whole or in part, with federal funds if the interest rate payable on such loan is less than the applicable federal rate in effect under Section 1274(d)(1) as of the date on which the loan was made. 5

6 The applicable percentage is generally the percentage determined for the month in which the building is placed in service. However, the taxpayer may elect to use the applicable percentage as of the time the housing agency enters into a binding agreement to allocate credits to the building rather than the applicable percentage that is in effect as of the time the building is later placed in service. The applicable percentage for July 2001 for new buildings receiving no federal subsidy was 8.28 percent. The applicable percentage for July 2001 for buildings that are considered to be federally-subsidized was 3.55 percent. F. Compliance Period. A project is generally required to be operating in compliance with the requirements of Section 42 for a period of 15 years beginning with the first year of the Credit Period. This 15-year period is referred to as the Compliance Period. Failure to comply with the requirements of Section 42 throughout the Compliance Period may result in a disallowance of credits, the ineligibility of the Project for tax credits in future years, or the recapture of a portion of the credits claimed. G. Extended Low-Income Housing Commitment. Generally, no tax credits under Section 42 are allowable with respect to a building for a taxable year unless an extended lowincome housing commitment is in effect with respect to that building as of the end of that taxable year. An extended low-income housing commitment is an agreement between the taxpayer/owner of the project and the applicable state agency that meets the requirements of Section 42(h)(6)(B). The commitment must be recorded pursuant to state law as a restrictive covenant on the property by no later than the end of the first year of the Project s Credit Period. The amount of credit allowed in any taxable year may not exceed the amount necessary to support the applicable fraction specified in the low-income housing commitment for such 6

7 building. However, in the case of a building financed with volume cap bonds, the low-income housing commitment may be amended to increase the applicable fraction. H. Tax Credit Allocations. 1. Projects That Are Not More Than 50 Percent Financed With Tax-Exempt Bonds Require a Tax Credit Allocation. Generally, in order for a building to be eligible for low-income housing tax credit, the building must receive an allocation of the housing credit dollar amount from the state or local agency in whose jurisdiction the project is located. In Oregon, the allocating agency is the Oregon Housing and Community Services Department. The amount of low-income housing tax credit that may be claimed with respect to any building in any taxable year may not exceed the housing credit dollar amount allocated to the building. The aggregate amount of credits that may be allocated within any state is limited by the state's annual low-income housing credit authority limitation. The credit allocations which may be made by the applicable agency for each state are generally limited to $1.75 ($1.50 for 2001) for each resident of the state, as determined by the most recent estimate of the state's population released by the Census Bureau before the beginning of the year to which the limitation applies. For years after 2002, the state tax credit ceiling will be increased by a cost-of-living adjustment factor. 2. Nonprofit Set-Aside. Ten percent of a state's housing credit ceiling for any calendar year is reserved for projects involving qualified nonprofit organizations. A qualified nonprofit organization generally means an organization exempt from federal income taxation under Section 501(c)(3) or (4) of the Internal Revenue Code, one of the exempt purposes of which includes fostering low-income housing and which is determined by the state 7

8 housing credit agency not to be affiliated with or controlled by a for-profit organization. Furthermore, in order for a project to qualify for the set-aside, the nonprofit organization must materially participate in the development and operation of the project throughout the fifteen-year compliance period. 3. Timing of Tax Credit Allocation. Credits may be allocated only during the calendar year in which the building is placed in service except where: a. credits are claimed on additions to qualified basis; b. credits are allocated in a later year pursuant to an earlier binding commitment made no later than the year in which the building was placed in service; or c. an allocation made with respect to a qualified building which is placed in service not later than the close of the second calendar year following the calendar year in which the allocation is made is timely (a carryover allocation ). The term qualified building means a building which is part of a project in which the taxpayer's basis, as of the later of (i) the date which is six months after the date on which the allocation is made or (ii) the close of the calendar year in which the allocation is made, is more than 10 percent of the taxpayer's reasonably expected basis in the project (as of the close of the second calendar year after the year in which the allocation is made). This requirement is referred to as the 10 percent test. For purposes of the 10 percent test, the taxpayer's basis in the project includes the adjusted basis of land and depreciable property, whether or not such amounts are includible in eligible basis. The cost of construction services is included in the basis of an accrual method taxpayer when the services are performed. 8

9 I. Tax Credit Allocation Must be Made Pursuant to State Qualified Allocation Plan. Under Section 42(m), the housing credit dollar amount allocated with respect to any building shall be zero unless (i) such amount was allocated pursuant to a qualified allocation plan of the housing credit agency which is approved by the governmental unit of which the agency is a part, (ii) the agency notifies the chief executive officer of the local jurisdiction within which the building is located of the project and provides that individual a reasonable opportunity to comment on the project, (iii) a comprehensive market study of the housing needs of low-income individuals in the area to be served by the project is conducted by a disinterested individual at the developer s expense, and (iv) a written explanation is made available to the public for any allocation that is made by the agency that is not in accordance with the established priorities and selection criteria of the agency. A qualified allocation plan is a plan which (i) sets forth selection criteria to be used to determine housing priorities of the housing credit agency which are appropriate to local conditions, (ii) gives preference in allocating housing credit dollar amounts among selected projects to projects serving the lowest income tenants and projects obligated to serve qualified tenants for the longest periods, (iii) projects located in qualified census tracts, the development of which contributes to a concerted community revitalization plan; and (iv) which provides a procedure that the agency will follow in notifying the Internal Revenue Service of noncompliance with the provisions of Section 42 of which the Agency becomes aware. In addition, certain selection criteria are required to be included in a qualified allocation plan. J. Tax Credit Allocation May Not Exceed the Amount Needed for the Project to be Financially Feasible. The housing credit dollar amount allocated to a project may not exceed the amount the housing credit agency determines is necessary for the financial feasibility of the 9

10 project and its viability as a qualified low-income project throughout the credit period. The housing credit agency is required to make this determination as of each of the following times: (i) the application for the housing credit dollar amount, (ii) the allocation of the housing credit dollar amount, and (iii) the date on which the building is placed in service. Thus, the housing tax credit dollar amount ultimately allocated to a building on a Form 8609 may be less than the housing credit dollar amount allocated to such building in a carryover allocation. K. Bond-Financed Projects. A tax credit allocation from the state s credit allocating agency is not required for any portion of a building financed by volume cap bonds. If at least 50 percent of the aggregate basis of a building and land is financed with volume cap bonds, the building is entirely exempt from the allocation requirement. Bond-financed projects are required to satisfy the requirements of the state credit allocating agency s credit allocation plan. Furthermore, the agency issuing the bonds must make a determination that the Tax Credits for the Project do not exceed the amount necessary to assure Project feasibility. In making this determination, the agency must take into account various criteria, such as the reasonableness of the development and operating costs of the project. Furthermore, the agency may use an applicable percentage that is less, but not greater than, the applicable percentage applicable for projects requiring a tax-credit allocation. L. Tax Credit Recapture. Generally, any disposition of a taxpayer s interest in a building or any reduction in a building s qualified basis during the building s Compliance Period may result in tax credit recapture. The recapture amount generally equals the accelerated portion of the credit plus an interest penalty. During the ten-year Credit Period, the accelerated potion of the credit is generally one-third of the credits claimed in each 10

11 year so that if a building is disposed of during the Credit Period, that is the portion of the credit that is subject to recapture. A taxpayer may avoid tax credit recapture upon the disposition of a building or an interest therein during the Compliance Period by posting a bond with the U.S. Treasury that meets certain requirements specified by the Internal Revenue Service. M. Tax Credit Investors. The use of low-income housing tax credits by individuals is strictly limited under the Internal Revenue Code. As a result, in nearly all cases, the tax credits are sold to syndicators of tax credit funds. The syndicators in turn sell the tax credits to large institutional investors. For federal tax purposes, the tax credits follow the ownership of the project. Therefore, projects are typically owned by a limited partnership or limited liability company in which the investor holds a 99.9 or percent interest. Typically, investors make staged investments over the course of a few years. Although last year, investors were often paying over $0.80/tax credit dollar, the price has since dropped due to increased product availability. The yields to tax credit investors are currently between 7 and 9 percent. N. Development Fees. Low-income housing tax credit projects can generate substantial development fees. Typically, a portion of the development fee is deferred for at least a few years with the deferred portion often paid from the later staged investor payments. II. HISTORIC REHABILITATION TAX CREDIT A. Generally. The federal rehabilitation tax credit provides an indirect federal subsidy for the rehabilitation of certain older structures. B. Amount of Credit. 11

12 1. 10 Percent Credit. The credit is equal to 10 percent of the qualified rehabilitation expenditures incurred with respect to any qualified rehabilitated building other than a certified historic structure Percent Credit. The credit is equal to 10 percent of the qualified rehabilitation expenditures incurred with respect to a certified historic structure. C. Eligibility. A qualified rehabilitated building is any building that: 1. has been substantially rehabilitated; 2. was placed in service before the beginning of the rehabilitation; 3. is a structure with respect to which depreciation (or amortization in lieu of depreciation) is allowable; and 4. in the case of a building other than an historic structure, complies with certain requirements regarding the percentage of walls and internal structural framework retained AND the building was placed in service before D. Certified Historic Structure. A certified historic structure is any building that is listed in the National Register or that is located in a registered historic district and certified by the Secretary of the Interior (National Park Service) as being of historic significance to the district E. Substantial Rehabilitation. A building is generally considered to be substantially rehabilitated only if the qualified rehabilitation expenditures during the 24-month period selected by the taxpayer in accordance with the applicable Treasury Regulations and ending with or within the taxable year exceed the greater of (i) the adjusted basis of the building (including structural components) or (ii) $5,000. The adjusted basis of the building (including structural components) is determined as of the beginning of the first day of 12

13 the 24-month period or the holding period of the building, whichever is later. The determination of the beginning of the holding period is made without regard to any reconstruction by the taxpayer in connection with rehabilitation. F. Qualified Rehabilitation Expenditure. The term qualified rehabilitation expenditure generally means any amount properly chargeable to capital account: (i) for property which is depreciable for federal income tax purposes and which is (a) nonresidential real property, (b) real property with a class life of more than 12.5 years, or (c) an addition or improvement to property in one of the above-described classes, and (ii) in connection with the rehabilitation of the qualified rehabilitated building. The term qualified rehabilitation expenditure does not include the cost of acquiring the building, the cost of any enlargements to the building or, in the case of a certified historic structure, any expense unless the rehabilitation is certified by the Secretary of the Interior (National Park Service) as being consistent with the historic structure of the property. The term qualified rehabilitation expenditure also does not include any expenditure in connection with the rehabilitation of a building that is allocable to the portion of the property which is, or may be reasonably expected to be, tax-exempt use property as defined in Section 168(h) of the Internal Revenue Code. Generally, real property may be classified as tax-exempt use property, in whole or in part, either if it is leased to a tax-exempt entity pursuant to a disqualified lease or if it is owned by a partnership composed of both taxable and one or more tax-exempt entities and the partnership s tax allocations are not qualified allocations. G. Timing of Credit. The rehabilitation tax credit can be claimed only in the year in which the rehabilitated property is placed in service. 13

14 H. Depreciable and Low-Income Housing Tax Credit Eligible Basis Reduced by Amount of Rehabilitation Tax Credit Claimed. If a taxpayer claims a rehabilitation tax credit with respect to a building, the depreciable basis of the qualified rehabilitation expenditures incurred with respect to the building is reduced by the amount of the rehabilitation tax credit claimed. The eligible basis of the rehabilitation expenditures is also reduced for purposes of determining the low-income housing tax credit based on those expenditures. I. Recapture. The rehabilitation tax credit is subject to recapture in the event of early disposition (including destruction from casualty or condemnation) of an historic credit property. If, within five years after the date the building is placed in service, the building is disposed of, the owner s tax for the year will be increased by an amount equal to the amount of the rehabilitation tax credit originally allowed, multiplied by a recapture percentage determined on the basis of the holding period of the building. The recapture percentage is 100 percent for a disposition within the first year after the building is placed in service and decreased by 20 percent for each full year that elapses thereafter such that no recapture occurs in the event of a sale occurring more than five years after the building is placed in service. For purposes of determining recapture of the rehabilitation tax credit, a disposition is deemed to occur in any sale exchange, transfer, distribution, involuntary conversion or gift of the building, or the occurrence of any other event which causes the building to cease to qualify for the rehabilitation tax credit. 14

Housing Tax Credit Essentials

Housing Tax Credit Essentials Housing Tax Credit Essentials 1 Background Part of 1986 Tax Reform to encourage the construction and rehabilitation of low-income rental housing Contained in Section 42 of the tax code Emphasis on private

More information

A PRIMER ON THE HISTORIC REHABILITATION TAX CREDIT

A PRIMER ON THE HISTORIC REHABILITATION TAX CREDIT COMBINING HISTORIC PRESERVATION AND BROWNFIELD DEVELOPMENT INCENTIVES AND TAX CREDITS: CASE STUDIES IN CREATIVE DEAL MAKING A PRIMER ON THE HISTORIC REHABILITATION TAX CREDIT John H. Gadon Lane Powell

More information

NlXONPEABODYaP. Suite 900 401 9th Street, N.W. Washington, D.C. 20004-2128 (202) 585-8000 Fax: (202)585-8080

NlXONPEABODYaP. Suite 900 401 9th Street, N.W. Washington, D.C. 20004-2128 (202) 585-8000 Fax: (202)585-8080 NlXONPEABODYaP A T T O R N E Y S AT LAW Suite 900 401 9th Street, N.W. Washington, D.C. 20004-2128 (202) 585-8000 Fax: (202)585-8080 THE LOW-INCOME HOUSING TAX CREDIT PROGRAM By: Richard S. Goldstein,

More information

A BRIEF DESCRIPTION OF LOW-INCOME HOUSING TAX CREDITS. Joseph P. McCarthy

A BRIEF DESCRIPTION OF LOW-INCOME HOUSING TAX CREDITS. Joseph P. McCarthy A BRIEF DESCRIPTION OF LOW-INCOME HOUSING TAX CREDITS Joseph P. McCarthy The Low-Income Housing Tax Credit is a federal income tax credit that is available each year for ten years and results in a dollar-for-dollar

More information

FEDERAL AND STATE HOUSING TAX CREDIT PROGRAMS

FEDERAL AND STATE HOUSING TAX CREDIT PROGRAMS CALIFORNIA TAX CREDIT ALLOCATION COMMITTEE 915 Capitol Mall, Suite 485 MEMBERS Sacramento, CA 95814 JOHN CHIANG, CHAIRMAN p (916) 654-6340 State Treasurer f (916) 654-6033 BETTY YEE ctcac@treasurer.ca.gov

More information

Instructions for Form 8609 (Rev. December 2013)

Instructions for Form 8609 (Rev. December 2013) Instructions for Form 8609 (Rev. December 2013) Low-Income Housing Credit Allocation and Certification Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue

More information

MSSP. Market Segment Specialization Program. Low-Income Housing Credit

MSSP. Market Segment Specialization Program. Low-Income Housing Credit MSSP Market Segment Specialization Program Low-Income Housing Credit The taxpayer names and addresses shown in this publication are hypothetical. They were chosen at random from a list of names of American

More information

Asset Management Outcomes Logic Model Outcomes Asset Management Outcomes Indicators Activities Timing Frequency Who is Accountable Financial Management Process Roles Other Relevant Persons Mission/Housing

More information

Sec. 143. - Mortgage revenue bonds: qualified mortgage bond and qualified veterans' mortgage bond (a) Qualified mortgage bond (1) Qualified mortgage

Sec. 143. - Mortgage revenue bonds: qualified mortgage bond and qualified veterans' mortgage bond (a) Qualified mortgage bond (1) Qualified mortgage Sec. 143. - Mortgage revenue bonds: qualified mortgage bond and qualified veterans' mortgage bond (a) Qualified mortgage bond (1) Qualified mortgage bond defined For purposes of this title, the term ''qualified

More information

Internal Revenue Code, Section 47

Internal Revenue Code, Section 47 REHABILITATION CREDIT This Act became law on November 5, 1990 (Public Law 101-508; 26 U.S.C. 47). It is the current version of the certified rehabilitation section previously contained in Section 48(g)

More information

FEDERAL HISTORIC REHABILITATION TAX CREDITS

FEDERAL HISTORIC REHABILITATION TAX CREDITS FEDERAL HISTORIC REHABILITATION TAX CREDITS July 24, 2013 Roundtable Breakfast Hunton & Williams LLP 200 Park Avenue, 52 nd Floor New York, New York Cameron N. Cosby Hunton & Williams LLP Riverfront Plaza,

More information

Federal Tax Credits for Historic Preservation

Federal Tax Credits for Historic Preservation Federal Tax Credits for Historic Preservation Introduction The Federal Historic Preservation Tax Incentive is described here in general terms only. More detailed information, including copies of application

More information

IHDA 47 ILLINOIS ADMINISTRATIVE CODE 355 TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY

IHDA 47 ILLINOIS ADMINISTRATIVE CODE 355 TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY IHDA 47 ILLINOIS ADMINISTRATIVE CODE 355 TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY PART 355 ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM SUBPART A:

More information

LOW-INCOME HOUSING TAX CREDIT PROGRAM OVERVIEW

LOW-INCOME HOUSING TAX CREDIT PROGRAM OVERVIEW LOW-INCOME HOUSING TAX CREDIT PROGRAM OVERVIEW September 2015 TAX CREDIT OVERVIEW The credit is a 10-year tax incentive to encourage the development of residential rental housing at or below 60% of area

More information

LOW INCOME HOUSING TAX CREDIT PROGRAM COMPLIANCE MONITORING MANUAL. **September 9, 2013**

LOW INCOME HOUSING TAX CREDIT PROGRAM COMPLIANCE MONITORING MANUAL. **September 9, 2013** LOW INCOME HOUSING TAX CREDIT PROGRAM COMPLIANCE MONITORING MANUAL **September 9, 2013** Includes all updates through September 9, 2013 2015 Grand Avenue Des Moines, IA 50312 Telephone: (515) 725 4900

More information

Affordable Housing: LIHTC Accounting Overview. July 30, 2014

Affordable Housing: LIHTC Accounting Overview. July 30, 2014 Affordable Housing: LIHTC Accounting Overview July 30, 2014 Tax Credits 101 TOPIC Welcome and Overview Project Proforma Roles, Motivations and Responsibilities of Developer and Investor 10% Test 50% Test

More information

IRC 42, Low-Income Housing Credit. Audit Technique Guide

IRC 42, Low-Income Housing Credit. Audit Technique Guide IRC 42, Low-Income Housing Credit The scope of this guide is limited to guidelines for IRS examiners conducting audits of taxpayers owning IRC 42, low-income housing projects. Audit Technique Guide This

More information

State of Minnesota. Housing Tax Credit 2016 Qualified Allocation Plan (QAP)

State of Minnesota. Housing Tax Credit 2016 Qualified Allocation Plan (QAP) State of Minnesota Housing Tax Credit 2016 Qualified Allocation Plan (QAP) The Minnesota Housing Finance Agency does not discriminate on the basis of race, color, creed, national origin, sex, religion,

More information

MINNEAPOLIS/SAINT PAUL HOUSING FINANCE BOARD 2015 LOW INCOME HOUSING TAX CREDIT PROCEDURAL MANUAL

MINNEAPOLIS/SAINT PAUL HOUSING FINANCE BOARD 2015 LOW INCOME HOUSING TAX CREDIT PROCEDURAL MANUAL MINNEAPOLIS/SAINT PAUL HOUSING FINANCE BOARD 2015 LOW INCOME HOUSING TAX CREDIT PROCEDURAL MANUAL Published May, 2014 TABLE OF CONTENTS Page I. INTRODUCTION...1 II. ROLE OF THE SUBALLOCATORS...2 III. POLICIES

More information

830 CMR 63.38R.1: Massachusetts Historic Rehabilitation Tax Credit Corporate Excise

830 CMR 63.38R.1: Massachusetts Historic Rehabilitation Tax Credit Corporate Excise 830 CMR 63.38R.1: Massachusetts Historic Rehabilitation Tax Credit Corporate Excise 830 CMR: DEPARTMENT OF REVENUE 830 CMR 63.00: TAXATION OF CORPORATIONS 830 CMR 63.00 is amended by adding the following

More information

Low Income Housing Tax Credit Program

Low Income Housing Tax Credit Program Low Income Housing Tax Credit Program By Ed Gramlich, Director of Regulatory Affairs, National Low Income Housing Coalition Administering Agency: Internal Revenue Service (IRS) of the Department of the

More information

Affordable Housing Tax Credit Program Compliance Manual

Affordable Housing Tax Credit Program Compliance Manual WISCONSIN HOUSING AND ECONOMIC DEVELOPMENT AUTHORITY Affordable Housing Tax Credit Program Compliance Manual PREFACE This manual is a training and reference guide for the compliance monitoring of the Low-

More information

Prepared by Mark Primoli Internal Revenue Service October 2000

Prepared by Mark Primoli Internal Revenue Service October 2000 i Prepared by Mark Primoli Internal Revenue Service October 2000 Summary of Questions Answered Question Page Who can claim a rehabilitation tax credit? 1 How can property owned by a tax exempt entity utilize

More information

HOUSING CREDIT PROGRAM COMPLIANCE MONITORING MANUAL

HOUSING CREDIT PROGRAM COMPLIANCE MONITORING MANUAL HOUSING CREDIT PROGRAM COMPLIANCE MONITORING MANUAL 1 TABLE OF CONTENTS CHAPTER 1 CHAPTER 6 Preface... 3 Continuing Compliance Introduction.. 4 Recertification of Tenant Eligibility.. 20 Rhode Island Housing

More information

HAWAII HOUSING FINANCE AND DEVELOPMENT CORPORATION. Low Income Housing Tax Credit Compliance Manual

HAWAII HOUSING FINANCE AND DEVELOPMENT CORPORATION. Low Income Housing Tax Credit Compliance Manual HAWAII HOUSING FINANCE AND DEVELOPMENT CORPORATION Low Income Housing Tax Credit Compliance Manual Effective January, 2010 HAWAII COMPLIANCE MANUAL TABLE OF CONTENTS 1. Introduction to Manual 1-1. The

More information

CHAPTER 1 INTRODUCTION 1.1 PROGRAM BACKGROUND

CHAPTER 1 INTRODUCTION 1.1 PROGRAM BACKGROUND CHAPTER 1 INTRODUCTION 1.1 PROGRAM BACKGROUND The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) required that the Resolution Trust Corporation (FDIC) develop a program for

More information

OWNER S COMPLIANCE MANUAL

OWNER S COMPLIANCE MANUAL LOW-INCOME HOUSING TAX CREDIT AND HOME INVESTMENT PARTNERSHIPS PROGRAM OWNER S COMPLIANCE MANUAL FEBRUARY 2012 JOHN E. HALL, DIRECTOR 1800 Martin Luther King, Jr., Avenue, SE Washington, DC 20020 202.442.7200

More information

Introduction. Capitalized terms used in this Manual are defined in Appendix A, Glossary at the end of this Manual.

Introduction. Capitalized terms used in this Manual are defined in Appendix A, Glossary at the end of this Manual. Introduction This Low-Income Housing Tax Credit Compliance Manual (the Manual ) is intended to provide a basic description and explanation of the rules and regulations to maintain compliance for properties

More information

Housing Tax Credit Program Compliance Manual

Housing Tax Credit Program Compliance Manual Housing Tax Credit Program Compliance Manual Revised 11/2013 The Minnesota Housing Finance Agency does not discriminate on the basis of race, color, creed, national origin, sex, religion, marital status,

More information

TECHNICAL EXPLANATION OF THE TAX PROVISIONS IN SENATE AMENDMENT 4594 TO H.R

TECHNICAL EXPLANATION OF THE TAX PROVISIONS IN SENATE AMENDMENT 4594 TO H.R TECHNICAL EXPLANATION OF THE TAX PROVISIONS IN SENATE AMENDMENT 4594 TO H.R. 5297, THE SMALL BUSINESS JOBS ACT OF 2010, SCHEDULED FOR CONSIDERATION BY THE SENATE ON SEPTEMBER 16, 2010 Prepared by the Staff

More information

LOW INCOME HOUSING TAX CREDIT MONITORING AND COMPLIANCE MANUAL

LOW INCOME HOUSING TAX CREDIT MONITORING AND COMPLIANCE MANUAL LOW INCOME HOUSING TAX CREDIT MONITORING AND COMPLIANCE MANUAL Revised 06/11 i TABLE OF CONTENTS Page Preface vi I. Introduction to the Delaware State Housing Authority (DSHA) 1 II. DSHA as an Allocating

More information

CAPITAL AREA HOUSING FINANCE CORPORATION

CAPITAL AREA HOUSING FINANCE CORPORATION CAPITAL AREA HOUSING FINANCE CORPORATION APPLICATION FOR FINANCING QUALIFIED RESIDENTIAL RENTAL PROJECTS INSTRUCTIONS AND APPLICATION FORM EFFECTIVE JUNE 1, 2013 4101 Parkstone Heights Drive, Suite 280

More information

Tax-Exempt Housing Bond Basics

Tax-Exempt Housing Bond Basics Tax-Exempt Housing Bond Basics This handout contains excerpts from the LIHTC Basics workshop presented by Novogradac & Company LLP. Contact Wayne Michael at wayne.michael@novoco.com, or 415.356.8073 for

More information

HOUSING FINANCE AND LOW-INCOME HOUSING TAX CREDITS. September 2012 With gratitude to Kathleen Foster

HOUSING FINANCE AND LOW-INCOME HOUSING TAX CREDITS. September 2012 With gratitude to Kathleen Foster BASIC AFFORDABLE HOUSING FINANCE AND LOW-INCOME HOUSING TAX CREDITS September 2012 With gratitude to Kathleen Foster Public Housing Finance Today Conventional Public Housing Finance: Capital and operating

More information

DESCRIPTION OF THE PLAN

DESCRIPTION OF THE PLAN DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing

More information

GOLDEN STATE FINANCE AUTHORITY MULTI-FAMILY HOUSING BOND PROGRAM APPLICATION

GOLDEN STATE FINANCE AUTHORITY MULTI-FAMILY HOUSING BOND PROGRAM APPLICATION Golden State Finance Authority (GSFA) 1215 K Street, Suite 1650 Sacramento, California 95814 Phone: (855) 740-8422 Fax: (916) 444-3219 www.chfloan.org GOLDEN STATE FINANCE AUTHORITY Section 4 PROGRAM GUIDELINES

More information

Sec. 8-30g page 1 (7-05)

Sec. 8-30g page 1 (7-05) Department of Economic and Community Development Sec. 8-30g page 1 (7-05) TABLE OF CONTENTS Affordable Housing Land Use Appeals Procedures Definitions... 8-30g-1 Promulgation of list of municipalities

More information

CITY OF CHICAGO 20[ ] LOW-INCOME HOUSING TAX CREDIT QUALIFIED ALLOCATION PLAN (Approved as of [ ], 20[ ])

CITY OF CHICAGO 20[ ] LOW-INCOME HOUSING TAX CREDIT QUALIFIED ALLOCATION PLAN (Approved as of [ ], 20[ ]) CITY OF CHICAGO 20[ ] LOW-INCOME HOUSING TAX CREDIT QUALIFIED ALLOCATION PLAN (Approved as of [ ], 20[ ]) I. INTRODUCTION A. General Information The Low-Income Housing Tax Credit Program (the Program )

More information

This revenue ruling answers certain questions about the low-income housing credit under ' 42 of the Internal Revenue Code.

This revenue ruling answers certain questions about the low-income housing credit under ' 42 of the Internal Revenue Code. Part I Section 42.--Low-Income Housing Credit (Also 1.42-5, 1.42-15, 1.103-8.) Rev. Rul. 2004-82 PURPOSE This revenue ruling answers certain questions about the low-income housing credit under ' 42 of

More information

FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FORE SILVER CREEK LIMITED PARTNERSHIP DECEMBER 31, 2011

FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FORE SILVER CREEK LIMITED PARTNERSHIP DECEMBER 31, 2011 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FORE SILVER CREEK LIMITED PARTNERSHIP DECEMBER 31, 2011 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT 3 FINANCIAL STATEMENTS BALANCE SHEET 4 STATEMENT

More information

Community Developments

Community Developments Office of the Comptroller of the Currency Washington, DC 20219 MARCH 2014 [Revised APRIL 2014] Community Developments COMMUNITY AFFAIRS DEPARTMENT Insights Low-Income Housing Tax Credits: Affordable Housing

More information

State of Georgia Commercial Revitalization Deduction Program Qualified Allocation Plan for Calendar Year 2006

State of Georgia Commercial Revitalization Deduction Program Qualified Allocation Plan for Calendar Year 2006 State of Georgia Commercial Revitalization Deduction Program Qualified Allocation Plan for Calendar Year 2006 Officially adopted by the Board of Directors of The Georgia Department of Community Affairs

More information

Page 271 TITLE 26 INTERNAL REVENUE CODE 47. the building was first placed in service before

Page 271 TITLE 26 INTERNAL REVENUE CODE 47. the building was first placed in service before Page 271 TITLE 26 INTERNAL REVENUE CODE 47 [formerly I.R.C. 1954] (as added by subsection (c)) [subsec. (e) of this section] applies. 47. Rehabilitation credit (a) General rule For purposes of section

More information

Spin-Off of Time Warner Cable Inc. Tax Information Statement As of March 19, 2009

Spin-Off of Time Warner Cable Inc. Tax Information Statement As of March 19, 2009 Spin-Off of Time Warner Cable Inc. Tax Information Statement As of March 19, 2009 On March 12, 2009, Time Warner Inc. ( Time Warner ) completed the spin-off (the Spin-Off ) of Time Warner s ownership interest

More information

COMPLIANCE ISSUES. Important Compliance Factors. Income eligible and rent restricted

COMPLIANCE ISSUES. Important Compliance Factors. Income eligible and rent restricted Important Compliance Factors Income eligible and rent restricted Note: Keep key documents available to everyone involved in keeping your property in compliance. These include but are not limited to: 8609s

More information

MISSOURI HOUSING DEVELOPMENT COMMISSION LOW-INCOME HOUSING TAX CREDIT 2009 QUALIFIED ALLOCATION PLAN

MISSOURI HOUSING DEVELOPMENT COMMISSION LOW-INCOME HOUSING TAX CREDIT 2009 QUALIFIED ALLOCATION PLAN MISSOURI HOUSING DEVELOPMENT COMMISSION LOW-INCOME HOUSING TAX CREDIT 2009 QUALIFIED ALLOCATION PLAN This plan, as amended, was approved and adopted by the Missouri Housing Development Commission Board

More information

South Carolina General Assembly 121st Session, 2015-2016 A BILL

South Carolina General Assembly 121st Session, 2015-2016 A BILL South Carolina General Assembly 121st Session, 2015-2016 Bill 3725 A BILL TO AMEND SECTION 12-67-120, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS IN REGARD TO THE SOUTH CAROLINA ABANDONED

More information

Financial Statements December 31, 2014 and 2013 Josephine Commons, LLC

Financial Statements December 31, 2014 and 2013 Josephine Commons, LLC Financial Statements Josephine Commons, LLC www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Financial Statements Balance Sheets... 3 Statements of Operations and Members Equity...

More information

NEW YORK CITY HOUSING DEVELOPMENT CORPORATION 100 PERCENT LOW INCOME HOUSING TAX CREDIT PROJECTS

NEW YORK CITY HOUSING DEVELOPMENT CORPORATION 100 PERCENT LOW INCOME HOUSING TAX CREDIT PROJECTS NEW YORK CITY HOUSING DEVELOPMENT CORPORATION 2015 OWNER CERTIFICATION OF COMPLIANCE 100 PERCENT LOW INCOME HOUSING TAX CREDIT PROJECTS CERTIFICATION PERIOD: January 1, 2015 through December 31, 2015 BUILDING

More information

MISSOURI HOUSING DEVELOPMENT COMMISSION LOW-INCOME HOUSING TAX CREDIT PROGRAM COMPLIANCE MONITORING MANUAL

MISSOURI HOUSING DEVELOPMENT COMMISSION LOW-INCOME HOUSING TAX CREDIT PROGRAM COMPLIANCE MONITORING MANUAL MISSOURI HOUSING DEVELOPMENT COMMISSION LOW-INCOME HOUSING TAX CREDIT PROGRAM COMPLIANCE MONITORING MANUAL REVISED September 2006 MISSOURI HOUSING DEVELOPMENT COMMISSION 4625 Lindell, Suite 300 St. Louis,

More information

Incentives for Historic Preservation

Incentives for Historic Preservation Incentives for Historic Preservation Historic places help define the character of our communities by providing a tangible link with the past. Today, historic districts around the country are experiencing

More information

Partner's Instructions for Schedule K-1 (Form 1065)

Partner's Instructions for Schedule K-1 (Form 1065) 2014 Partner's Instructions for Schedule K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. (For Partner's Use Only) Department of the Treasury Internal Revenue Service Section references

More information

Texas State Affordable Housing Corporation

Texas State Affordable Housing Corporation The has approved these policies and request for proposals ( RFP ) for its multifamily tax-exempt bond programs for calendar year 2013. These policies and RFP are updated annually to inform the public of

More information

Village of Ossining Affordable Housing Rules and Regulations (as revised 1/15/13)

Village of Ossining Affordable Housing Rules and Regulations (as revised 1/15/13) Village of Ossining Affordable Housing Rules and Regulations (as revised 1/15/13) Purpose: The Village Board of Trustees adopted an Affordable Housing Policy on April 14, 2006 and Chapter 62 of the Village

More information

Pennsylvania s New Historic Preservation Incentive Tax Credit Program Overview

Pennsylvania s New Historic Preservation Incentive Tax Credit Program Overview Pennsylvania s New Historic Preservation Incentive Tax Credit Program Overview 1. Evolution of PA State Credit 2. Economic Benefit of State Credit 3. State and Federal Program Overview 4. Implementation

More information

STATE OF NEW MEXICO HOUSING TAX CREDIT PROGRAM QUALIFIED ALLOCATION PLAN

STATE OF NEW MEXICO HOUSING TAX CREDIT PROGRAM QUALIFIED ALLOCATION PLAN STATE OF NEW MEXICO HOUSING TAX CREDIT PROGRAM QUALIFIED ALLOCATION PLAN Effective as of January 1, 2014 NEW MEXICO MORTGAGE FINANCE AUTHORITY Approved by the MFA Board of Directors on October 16, 2013

More information

Partner's Instructions for Schedule K-1 (Form 1065-B)

Partner's Instructions for Schedule K-1 (Form 1065-B) 2015 Partner's Instructions for Schedule K-1 (Form 1065-B) Partner's Share of Income (Loss) From an Electing Large Partnership (For Partner's Use Only) Department of the Treasury Internal Revenue Service

More information

Connecticut Housing Finance Authority

Connecticut Housing Finance Authority Connecticut Housing Finance Authority Low-Income Housing Tax Credit Guidelines 2015 Revised as of July 31, 2015 Table of Contents PREFACE... 2 I. BACKGROUND - LOW-INCOME HOUSING TAX CREDITS... 2 II. Pre-Application

More information

Agency of Commerce and Community Development Department of Economic, Housing and Community Development HOUSING DIVISION RULES

Agency of Commerce and Community Development Department of Economic, Housing and Community Development HOUSING DIVISION RULES Agency of Commerce and Community Development Department of Economic, Housing and Community Development HOUSING DIVISION RULES PART IV: ADMINISTRATION OF THE HOUSING INVESTMENT TAX CREDIT PROGRAM 1. PURPOSE

More information

Private Letter Ruling Redacted Version No. 07-017

Private Letter Ruling Redacted Version No. 07-017 Private Letter Ruling Redacted Version No. 07-017 Corporation Income Tax and Franchise Tax and Individual Income Tax Credit for the Rehabilitation of Historic Structures in Downtown Development Districts

More information

Private Letter Ruling Redacted Version No. 08-023

Private Letter Ruling Redacted Version No. 08-023 Private Letter Ruling Redacted Version No. 08-023 Corporation Income Tax and Franchise Tax and Individual Income Tax Credit for the Rehabilitation of Historic Structures in Downtown Development Districts

More information

1. Property with useful life of less than 4 years $ 33 1/3% $ 2. Property with useful life of 4 years or more but less than 6 $ 66 2/3% $

1. Property with useful life of less than 4 years $ 33 1/3% $ 2. Property with useful life of 4 years or more but less than 6 $ 66 2/3% $ SCHEDULE WV/SRDTC-1 STRATEGIC RESEARCH AND DEVELOPMENT TAX CREDIT THIS SCHEDULE IS FOR QUALIFIED INVESTMENT ITEMS PLACED INTO SERVICE BETWEEN JANUARY 1, 2003 AND DECEMBER 31, 2013 WV/SRDTC-1 Rev. 11/14

More information

PENNSYLVANIA HOUSING FINANCE AGENCY COST CERTIFICATION GUIDE TAX CREDIT PROGRAM

PENNSYLVANIA HOUSING FINANCE AGENCY COST CERTIFICATION GUIDE TAX CREDIT PROGRAM PENNSYLVANIA HOUSING FINANCE AGENCY COST CERTIFICATION GUIDE TAX CREDIT PROGRAM NOTE: THIS IS NOT AN AUTHORITATIVE PRONOUNCEMENT ON THOSE COSTS THAT ARE TAX CREDIT ELIGIBLE AND INELIGIBLE. IT SERVES ONLY

More information

UTILIZING THE LOW INCOME HOUSING TAX CREDIT FOR RURAL RENTAL PROJECTS: A GUIDE FOR NONPROFIT DEVELOPERS

UTILIZING THE LOW INCOME HOUSING TAX CREDIT FOR RURAL RENTAL PROJECTS: A GUIDE FOR NONPROFIT DEVELOPERS UTILIZING THE LOW INCOME HOUSING TAX CREDIT FOR RURAL RENTAL PROJECTS: A GUIDE FOR NONPROFIT DEVELOPERS HOUSING ASSISTANCE COUNCIL UTILIZING THE LOW INCOME HOUSING TAX CREDIT FOR RURAL RENTAL PROJECTS:

More information

2010 Partner s Instructions for Schedule K-1 (Form 1065) Partner s Share of Income, Deductions, Credits, etc. (For Partner s Use Only)

2010 Partner s Instructions for Schedule K-1 (Form 1065) Partner s Share of Income, Deductions, Credits, etc. (For Partner s Use Only) 2010 Partner s Instructions for Schedule K-1 (Form 1065) Partner s Share of Income, Deductions, Credits, etc. (For Partner s Use Only) Section references are to the Internal Revenue Code unless otherwise

More information

Partner's Instructions for Schedule K-1 (Form 1065)

Partner's Instructions for Schedule K-1 (Form 1065) 2012 Partner's Instructions for Schedule K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. (For Partner's Use Only) Department of the Treasury Internal Revenue Service Section references

More information

Revenue Procedure Examination of returns and claims for refund, credit, or abatement; determination of correct tax liability.

Revenue Procedure Examination of returns and claims for refund, credit, or abatement; determination of correct tax liability. CLICK HERE to return to the home page Revenue Procedure 87-57 Examination of returns and claims for refund, credit, or abatement; determination of correct tax liability. July 1987 CONTENTS SECTION 1. PURPOSE

More information

OPPORTUNITIES TO REDUCE EFFECTIVE TAX RATE OF GEORGIA PREMIUM TAX

OPPORTUNITIES TO REDUCE EFFECTIVE TAX RATE OF GEORGIA PREMIUM TAX OPPORTUNITIES TO REDUCE EFFECTIVE TAX RATE OF GEORGIA PREMIUM TAX (FORC Journal: Vol. 25 Edition 1 - Spring 2014) Tony Roehl, Esq. (404) 495-8477 The insurance industry views premium taxes as an inevitable

More information

Notice 97-34, 1997-1 CB 422, 6/02/1997, IRC Sec(s). 6048

Notice 97-34, 1997-1 CB 422, 6/02/1997, IRC Sec(s). 6048 Notice 97-34, 1997-1 CB 422, 6/02/1997, IRC Sec(s). 6048 Returns of foreign trusts foreign gift reporting requirements tax This notice provides guidance regarding the new foreign trust and foreign gift

More information

20 Lafayette LLC (A Limited Liability Company) Balance Sheet December 31, 2015

20 Lafayette LLC (A Limited Liability Company) Balance Sheet December 31, 2015 Balance Sheet Contents Page(s) Independent Auditors Report... 1 Financial Statement Balance Sheet... 2 Notes to Balance Sheet... 3 7 Independent Auditors Report To the Members of 20 Lafayette LLC We have

More information

CHAPTER 241 TAXATION OF BANKS AND OTHER FINANCIAL CORPORATIONS

CHAPTER 241 TAXATION OF BANKS AND OTHER FINANCIAL CORPORATIONS TAXATION OF BANKS AND OTHER FINANCIAL CORPORATIONS 241-1 CHAPTER 241 TAXATION OF BANKS AND OTHER FINANCIAL CORPORATIONS Section 241-1 Definitions 241-1.5 Time of application of tax and other provisions

More information

COMPLIANCE & MONITORING AFTER YEAR 15

COMPLIANCE & MONITORING AFTER YEAR 15 COMPLIANCE & MONITORING AFTER YEAR 15 Background IRC Section 1.42-5 contains the regulations for agencies compliance monitoring during the Compliance Period, however, the regulations do not require agencies

More information

Joint Select Committee on Property Tax Relief and Reform. June 4, 2007

Joint Select Committee on Property Tax Relief and Reform. June 4, 2007 Selected Property Tax Relief and Reform Issues Joint Select Committee on Property Tax Relief and Reform June 4, 2007 Selected Issues Tangible Personal Property Low-Income Seniors Working Waterfronts Affordable

More information

SMALL BUSINESS INVESTMENT ACT OF 1958. This Act may be cited as the Small Business Investment Act of 1958.

SMALL BUSINESS INVESTMENT ACT OF 1958. This Act may be cited as the Small Business Investment Act of 1958. This compilation includes P.L. 110-246, enacted 6/18/08. SMALL BUSINESS INVESTMENT ACT OF 1958 (Public Law 85-699, as amended) Sec. 101. SHORT TITLE This Act may be cited as the Small Business Investment

More information

Proposals to Strengthen the Low-Income Housing Tax Credit

Proposals to Strengthen the Low-Income Housing Tax Credit s to Strengthen the Low-Income Housing Tax Credit October 2015 The Low-Income Housing Tax Credit (Housing Credit) is the most successful affordable rental housing production and preservation program in

More information

BANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN

BANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN BANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN This Offering Circular covers common shares of Bank of Montreal (the Bank ) which may be purchased on the open market through

More information

DCA s Affordable Rental Housing Program

DCA s Affordable Rental Housing Program DCA s Affordable Rental Housing Program Presented by: David Bartlett Office of Affordable Housing Program Objective Create and preserve quality,affordable rental housing where it s most needed Augusta

More information

Combining Tax Exempt, Short-Term Bonds with Taxable GNMA Sale and 4% LIHTCs for Affordable Apartment Financings

Combining Tax Exempt, Short-Term Bonds with Taxable GNMA Sale and 4% LIHTCs for Affordable Apartment Financings SWAC Southwest LIHTC Workshop Dallas, TX September 22, 2015 Combining Tax Exempt, Short-Term Bonds with Taxable GNMA Sale and 4% LIHTCs for Affordable Apartment Financings Kent Neumann, Esq. Partner Eichner

More information

Tax Credits 101 CHPC. California Housing Partnership Corporation Zorica Stancevic Program Manager

Tax Credits 101 CHPC. California Housing Partnership Corporation Zorica Stancevic Program Manager California Housing Partnership Corporation Zorica Stancevic Program Manager CHPC Mission CHPC assists nonprofit and government housing agencies to create, acquire and preserve housing affordable to lower

More information

News Flash. September, 2015. Tax guide for property investment in Hungary

News Flash. September, 2015. Tax guide for property investment in Hungary News Flash September, 2015 Tax guide for property investment in Hungary Tax guide for property investment in Hungary In our current newsletter we would like to inform you about the most important taxation

More information

Residential Rehabilitation Loan Program Guidelines

Residential Rehabilitation Loan Program Guidelines Residential Rehabilitation Loan Program Guidelines City of Middletown Department of Planning, Conservation and Development Community Development Division February 1999 Table of Contents Purpose 1 General

More information

Tax Exempt Bond Financing For Affordable Housing Projects

Tax Exempt Bond Financing For Affordable Housing Projects Tax Exempt Bond Financing For Affordable Housing Projects April 9, 2015 Sujyot S. Patel Partner Dinsmore & Shohl LLP (513) 639-9256 Sujyot.patel@dinsmore.com Lewis Diaz Partner Dinsmore & Shohl LLP (513)

More information

SILVER CREEK ST. AUGUSTINE LLLP FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT. December 31, 2015 and 2014

SILVER CREEK ST. AUGUSTINE LLLP FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT. December 31, 2015 and 2014 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: BALANCE SHEET STATEMENT OF OPERATIONS STATEMENT OF PARTNERS' CAPITAL STATEMENT

More information

H. R. ll IN THE HOUSE OF REPRESENTATIVES A BILL

H. R. ll IN THE HOUSE OF REPRESENTATIVES A BILL F:\M\ELLISO\ELLISO_0.XML [HIH] TH CONGRESS ST SESSION... (Original Signature of Member) H. R. ll To amend the Internal Revenue Code of to replace the mortgage interest deduction with a nonrefundable credit

More information

Vacant Properties Rehabilitation Program

Vacant Properties Rehabilitation Program City of Columbus Department of Development Housing Division Vacant Properties Rehabilitation Program Redevelopment for Homeownership/ Lease-Purchase Guidelines Capital Bond Funds Home Funds NSP 1, 2, 3

More information

Impact of the Housing and Economic Recovery Act of 2008 on Current and Future Low-Income Housing Tax Credit Properties

Impact of the Housing and Economic Recovery Act of 2008 on Current and Future Low-Income Housing Tax Credit Properties Impact of the Housing and Economic Recovery Act of 2008 on Current and Future Low-Income Housing Tax Credit Properties Michael J. Novogradac and Glenn A. Graff I. Introduction... 48 II. Investor Incentives...

More information

ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001

ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 PUBLIC LAW 107 16 JUNE 7, 2001 ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 VerDate 11-MAY-2000 03:04 Jun 12, 2001 Jkt 089139 PO 00016 Frm 00001 Fmt 6579 Sfmt 6579 E:\PUBLAW\PUBL016.107 APPS27

More information

FUNDING SOURCES WITH POTENTIAL APPLICABILITY TO AFFORDABLE HOUSING AT HUNTING TOWERS

FUNDING SOURCES WITH POTENTIAL APPLICABILITY TO AFFORDABLE HOUSING AT HUNTING TOWERS FUNDING SOURCES WITH POTENTIAL APPLICABILITY TO AFFORDABLE HOUSING AT HUNTING TOWERS REHABILITATION There are a variety of funding sources that can be used for the rehabilitation (with or without acquisition)

More information

EHDOC Robert Sharp Towers II Limited Partnership (A Florida Limited Partnership) Financial Report October 31, 2014

EHDOC Robert Sharp Towers II Limited Partnership (A Florida Limited Partnership) Financial Report October 31, 2014 EHDOC Robert Sharp Towers II Limited Partnership Financial Report October 31, 2014 Contents Independent Auditor's Report 1 Financial Statements Balance sheet 2 3 Statement of income 4 Statement of changes

More information

Pre-Conference Workshop Historic Tax Credits 101: The Basics

Pre-Conference Workshop Historic Tax Credits 101: The Basics Pre-Conference Workshop Historic Tax Credits 101: The Basics Moderator Thomas Boccia Novogradac & Company LLP Panelists Christina Apostolidis Novogradac & Company LLP Frank Buss Novogradac & Company LLP

More information

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: House File 2453 AN ACT RELATING TO THE ADMINISTRATION OF THE HISTORIC PRESERVATION AND CULTURAL AND ENTERTAINMENT DISTRICT TAX CREDIT PROGRAM BY THE DEPARTMENT OF CULTURAL AFFAIRS, PROVIDING FOR FEES,

More information

Virginia Small Business Financing Authority Industrial Development Bond Allocation Guidelines TABLE OF CONTENTS

Virginia Small Business Financing Authority Industrial Development Bond Allocation Guidelines TABLE OF CONTENTS Industrial Development Bond Allocation Guidelines TABLE OF CONTENTS I. DEFINITIONS 1.1 Definitions II. III. IV. ADMINISTRATION 2.1. Virginia Small Business Financing Authority 2.2. State Allocation 2.3.

More information

Oregon Property Tax Exemptions Related to Affordable Housing

Oregon Property Tax Exemptions Related to Affordable Housing John VanLandingham July 1996; most recent revision October 2006 Oregon Property Tax Exemptions Related to Affordable Housing Introductory Notes: Even with Measures 5 and 50, property taxes remain a significant

More information

REAL ESTATE AND RENTAL INCOME TAXATION WHAT YOU NEED TO KNOW

REAL ESTATE AND RENTAL INCOME TAXATION WHAT YOU NEED TO KNOW ISO 9001:2008 CERTIFIED The Law REAL ESTATE AND RENTAL INCOME TAXATION WHAT YOU NEED TO KNOW Rental income is taxable under Section 3(2) (a) (iii) of the Income Tax Act, Cap 470 Laws of Kenya. In addition,

More information

PASS-THROUGH SHORT-TERM BOND PROGRAM. (Debt Financing Under Section 44c of the Authority's Act)

PASS-THROUGH SHORT-TERM BOND PROGRAM. (Debt Financing Under Section 44c of the Authority's Act) PASS-THROUGH SHORT-TERM BOND PROGRAM (Debt Financing Under Section 44c of the Authority's Act) The Authority s Act permits the Michigan State Housing Development Authority (the Authority ) to participate

More information

APPENDIX G H.R. 5662

APPENDIX G H.R. 5662 PUBLIC LAW 106 554 APPENDIX G 114 STAT. 2763A 587 APPENDIX G H.R. 5662 SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE. (a) SHORT TITLE. This Act may be cited as the Community Renewal Tax Relief Act of

More information

LEX HELIUS: THE LAW OF SOLAR ENERGY Tax Issues

LEX HELIUS: THE LAW OF SOLAR ENERGY Tax Issues LEX HELIUS: THE LAW OF SOLAR ENERGY Tax Issues Charles S. Lewis, III 600 University Street, Suite 3600 Seattle, WA 98101-4109 206-386-7688 cslewis@stoel.com Kevin T. Pearson 900 SW Fifth Avenue, Suite

More information

L. IRC 501(c)(15) - SMALL INSURANCE COMPANIES OR ASSOCIATIONS

L. IRC 501(c)(15) - SMALL INSURANCE COMPANIES OR ASSOCIATIONS L. IRC 501(c)(15) - SMALL INSURANCE COMPANIES OR ASSOCIATIONS 1. Introduction The purpose of this section is to provide some background and an update in the area of IRC 501(c)(15) insurance companies or

More information

Small Business Tax Credit for Employee Health Expenses

Small Business Tax Credit for Employee Health Expenses Small Business Tax Credit for Employee Health Expenses Summary: Provides a sliding scale tax credit to small employers with fewer than 25 employees and average annual wages of less than $40,000 that purchase

More information

U.S. Income Tax Return for an S Corporation

U.S. Income Tax Return for an S Corporation Form 1120S U.S. Income Tax Return for an S Corporation Do not file this form unless the corporation has filed or is attaching Form 2553 to elect to be an S corporation. Information about Form 1120S and

More information