The recent five-year extension of the New
|
|
- Melvin Lambert
- 8 years ago
- Views:
Transcription
1 News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits May 2016 Volume VII Issue V Published by Novogradac & Company LLP NMTC Extension Eases Minds of Industry Participants MARK O MEARA, STAFF WRITER, NOVOGRADAC & COMPANY LLP The recent five-year extension of the New Markets Tax Credit (NMTC) program provided an important thing: time. NMTC stakeholders can be proactive in our long-term goals because we don t have to dedicate our collective efforts toward the mere survival of the program, said National New Markets Fund President Deborah La Franchi. We have a great opportunity because of the five-year extension. Rather than expending an intensive amount of time and energy garnering congressional support for a one- or two-year extension, we can focus more effort on improving the program and of course making the program permanent. Others agree. Robert Poznanski, senior vice president, chief operating officer of Local Initiatives Support Corporation s (LISC s) NMTC subsidiary, said, We are so appreciative of the extension. It s a relief to have a five-year window to operate in. This gives us an opportunity to see how we can improve the program. And Ryanne Shuey, NMTC relationship manager at PNC, said, With the extension we can put more energy into finding even more impactful deals. Each year the quality of transactions is getting higher. Kevin Goldsmith, program manager for Chase s NMTC Group, agrees with Shuey, saying, The five-year extension gives us more of a runway to plan with high-impact projects that have longer timelines. Demand With fewer question marks about the program comes increased demand. Demand is certainly very robust. Totally oversubscribed, said Poznanski. LISC has received NMTC allocations in all but two rounds of awards, with total allocations of $908 million. Increased competition can make it hard for new investors and community development entities (CDEs) to enter the market. There is a limited amount of new equity investors entering the market, said Poznanski. Poznanski added that LISC typically works with a number of the major investors, including U.S. Bank, JPMorgan Chase, Wells Fargo, Bank of America, Capital One and PNC Bank. These top investors do 85 to 90 percent of our work, said Poznanski. There is more demand among those large investors than there are credits. In the most recent round, LISC received $70 million in NMTC allocation. This was the third-largest allocation in the 2014 round, behind Rural Development Partners continued on page 2
2 NEW MARKETS TAX CREDIT May continued from page 1 LLC and AMCREF Community Capital LLC, both of which received $75 million in allocations. A portion of LISC s allocation authority goes into its Healthy Futures Fund, which is run by director Emily Chen. The fund, which received $47 million in NMTC allocation to date, seeks to improve community health by expanding health care access through a co-location model for health centers and affordable housing developments. The fund combines NMTCs and lowincome housing tax credits (LIHTCs) with grants and technical assistance to get developments financed. After recently closing its first fund, the Healthy Futures Fund is looking to compile $50 million in NMTC allocations for its second. Chen said the NMTC allocations come from LISC and other CDEs. Others are seeing the same level of competition for credits among CDEs and investors. The application pool continues to be strong, which makes it challenging for new CDEs to be awarded allocations, said La Franchi. The application process is very intense given the level of detail on track record, impacts and prospective projects that is required not only must the organization be highly qualified, as a start, but they must be ready to make a very substantial time commitment to pull a strong application together. As a result, La Franchi sees more potential applicants scrutinize before pulling the trigger on undertaking an application whether their organization and track record are a strong fit. La Franchi said the new applicants seeking awards are very aware of how competitive it is to be selected for an allocation; thus, some drop out before applying if they determine they do not have a compelling alignment or track record. Those that move forward seem to put forth stronger applications compared to previous rounds. There seems to be more self-screening now compared to earlier years in the program potential applicants have a better understanding of the need for strong financing alignment as well as the extensive time and effort that must be committed to the application process, she said. NMTC Legislation Through the Years DEC DEC DEC FEB OCT DEC DEC JAN DEC DEC Source: Novogradac & Company LLP Community Renewal Tax Relief Act of 2000 signed into law by President Bill Clinton. It included the new markets tax credit. Final NMTC regulations published in the Federal Register. President George W. Bush signs Tax Relief and Health Care Act of 2006, with language to ensure that non-metro communities secure proportional allotment of NMTC investments. Legislation extends NMTC through President Barack Obama signs the American Recovery and Reinvestment Act (ARRA), which provided an additional $3 billion in NMTC authority to be split equally between the 2008 (retroactively) and 2009 allocation rounds. NMTC extended through end of 2009, as part of Emergency Economic Stabilization Act of NMTC extended through Dec. 31, 2011 as part of Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of NMTC program expires. NMTC is retroactively renewed from 2012 through January 2014 as part of fiscal-cliff package. NMTC extended retroactively through end of Then it expires 12 days later, on Dec. 31, NMTC program extended for five years at $3.5 billion annually through continued on page 3
3 continued from page 2 PNC s Shuey said this is a very mature market. She said there are few new investors entering the market because there is an experienced core group of investors providing significant investment across the country. She also said the program s steep learning curve makes it tough for new investors to enter. However, Shuey asked, With the five-year extension, will other investors dip their toe in? The extension gives the industry more certainty about the program, which is attractive to potential investors and CDEs looking to enter the market, she said. Matthew Philpott, senior vice president of NMTC production at U.S. Bank, said demand for credits continues to increase. The supply of credits continues to be considerably less than the demand, he said. It s unfortunate that the full $5 billion hasn t been awarded. The last time the CDFI Fund awarded $5 billion in NMTC allocation authority was the seventh round in Demand is pent up because of an availability issue. Obviously, there was much more supply when the full $5 billion was issued, said Philpott. As a result, CDEs have to make hard choices between viable projects. There are a lot of experienced folks that do not win an award every year, said Eric Rosen, NMTC program director at SunTrust Community Capital. Those CDEs that receive an allocation are receiving smaller amounts on average. Rosen said CDEs are no longer getting that $100 million allocation and are rarely getting around $75 million. He said CDEs are seeing average allocations of about $45 million. With the average project needing about $8 million in allocation, Rosen said each CDE s award can only go to a few developments. SunTrust has won seven allocations over the past nine rounds. SunTrust provides allocation to a variety of different developments, from charter schools to outpatient health care facilities to hospitals to developments that create jobs or promote health and wellness. With smaller average allocations, it s more difficult for a single CDE to provide enough allocation to larger developments. As a result, the industry is seeing more multi-cde developments. Poznanski said that 50 percent of LISC s developments are multi-cde transactions. While some prefer to be the sole CDE in order to minimize transaction costs, most CDEs work on these multi-cde deals. That being said, Mike Morrell, vice president of Sunrise Banks, said multi- CDE projects allow CDEs to participate in more projects. In our experience, investor competition and businesses on the West Coast have shown the highest demand for NMTCs, Philpott said. At the other end of the supplydemand continuum, there is demand in areas with fewer or no local CDEs covering these service areas, but they have difficulty attracting NMTCs due to lack of service area coverage and existing NMTC infrastructure. The CDFI Fund s focus on directing some NMTCs to underserved states has helped to increase awareness, availability and infrastructure in these areas. Pricing Industry leaders have found NMTC pricing to be as high and competitive as ever. The strength of the market has increased gradually over the past 18 months, said Goldsmith. Compared to several years ago, pricing is much higher, he said. Goldsmith has seen very few additional investors enter the market, but current investors have a stronger appetite for credits. Rosen said that investor appetite for credits is very strong and growing. This is made evident by the increase in pricing. Rosen says credits go from the low- to high-80s. Morrell is seeing between 82 and 85 cents per credit. Morrell said, The competition for credits is driving price up. Prices are much higher than when we first got into the business. Morrell said the bank has been an active CDE since 2011 and a leverage lender since LISC reports credits going for the mid-80s. Others agree, seeing credits go for between 80 and 89 cents. continued on page 4 MARKETS TAX CREDIT Novogradac Journal of Tax Credits May NEW
4 NEW MARKETS TAX CREDIT continued from page 3 La Franchi has seen a tighter window of credits from 84 to 86 cents per credit. Shuey reaffirmed that pricing really depends on the quality of the deal, and she notes that Community Reinvestment Act (CRA) needs of an investor is one driver of pricing. Improvements and Outlook Goldsmith said the industry would benefit from more clarity about when applications are due and when awards come out. There is a lot of pent-up demand and the timing of projects is hard as a result, said Goldsmith. Shuey agreed, adding, It is hard to educate projects of when awards come out. Shuey said this uncertainty can force owners to take the risk of moving forward with the development before NMTC financing is fully secured. While pleased with the five-year extension, investors and CDEs alike are pushing for permanency. Obviously, program permanency would be huge, said Morrell. The five-year extension was very good for the industry, but permanency is what everyone is hoping for. Rosen said, Our primary focus despite the five-year extension is program permanency. Philpott agreed. We have a five-year runway now. That is going to help the industry stabilize and work on its operating efficiency. To that end, practitioners recommend sharing developments with members of Congress to demonstrate the program s good work. Looking forward, the industry will have its eyes on the upcoming election as Congress and the new president could have a large impact on the future of the NMTC. ; This article first appeared in the May 2016 issue of the Novogradac Journal of Tax Credits. Novogradac & Company LLP All Rights Reserved May 2016 Notice pursuant to IRS regulations: Any U.S. federal tax advice contained in this article is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties under the Internal Revenue Code; nor is any such advice intended to be used to support the promotion or marketing of a transaction. Any advice expressed in this article is limited to the federal tax issues addressed in it. Additional issues June exist outside the limited scope of any advice provided any such advice does not consider or provide a conclusion with respect to any additional issues. Taxpayers contemplating undertaking a transaction should seek advice based on their particular circumstances. This editorial material is for informational purposes only and should not be construed otherwise. Advice and interpretation regarding property compliance or any other material covered in this article can only be obtained from your tax advisor. For further information visit 4
5 EDITORIAL BOARD PUBLISHER Michael J. Novogradac, CPA EDITORIAL DIRECTOR Alex Ruiz TECHNICAL EDITORS Michael G. Morrison, CPA James R. Kroger, CPA Owen P. Gray, CPA COPY ASSIGNMENT EDITOR Brad Stanhope SENIOR WRITER Teresa Garcia CONTENT MANAGEMENT ASSOCIATE Elizabeth Orfin CONTRIBUTING WRITERS Peter Lawrence Casey Lyn Little Melissa Ly ART CARTOGRAPHER David R. Grubman PRODUCTION Alexandra Louie James Matuszak CONTACT CORRESPONDENCE AND EDITORIAL SUBMISSIONS Alex Ruiz Thomas Boccia, CPA Daniel J. Smith, CPA STAFF WRITER Mark O Meara Thomas Stagg John Tess Jesse Barredo ADVERTISING INQUIRIES Carol Hough carol.hough@novoco.com EDITORIAL MATERIAL IN THIS PUBLICATION IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED OTHERWISE. ADVICE AND INTERPRETATION REGARDING THE LOW-INCOME HOUSING TAX CREDIT OR ANY OTHER MATERIAL COVERED IN THIS PUBLICATION CAN ONLY BE OBTAINED FROM YOUR TAX ADVISOR. ADVISORY BOARD LOW-INCOME HOUSING TAX CREDITS Bud Clarke Jana Cohen Barbe Tom Dixon Rick Edson Richard Gerwitz Rochelle Lento John Lisella Philip Melton Thomas Morton Mary Tingerthal Rob Wasserman PROPERTY COMPLIANCE Michael Kotin Michael Snowdon Gianna Solari Kimberly Taylor BOSTON FINANCIAL INVESTMENT MANAGEMENT DENTONS BOSTON CAPITAL HOUSING CAPITAL ADVISORS INC. CITI COMMUNITY CAPITAL DYKEMA GOSSETT PLLC BELLWETHER ENTERPRISE PILLSBURY WINTHROP SHAW PITTMAN LLP MINNESOTA HOUSING FINANCE AGENCY KAY KAY REALTY HIGHRIDGE COSTA HOUSING PARTNERS SOLARI ENTERPRISES INC. HOUSING DEVELOPMENT CENTER HOUSING AND URBAN DEVELOPMENT Flynann Janisse Ray Landry Denise Muha Monica Sussman NEW MARKETS TAX CREDITS Frank Altman Merrill Hoopengardner Scott Lindquist Matthew Philpott Matthew Reilein Ruth Sparrow Elaine DiPietro HISTORIC TAX CREDITS Jason Korb John Leith-Tetrault Bill MacRostie John Tess Novogradac & Company LLP 2016 All rights reserved. ISSN X RAINBOW HOUSING DAVIS-PENN MORTGAGE CO. NATIONAL LEASED HOUSING ASSOCIATION NIXON PEABODY LLP COMMUNITY REINVESTMENT FUND NATIONAL TRUST COMMUNITY INVESTMENT CORP. DENTONS JPMORGAN CHASE BANK NA FUTURES UNLIMITED LAW PC ENTERPRISE COMMUNITY INVESTMENT INC. CAPSTONE COMMUNITIES RENEWABLE ENERGY TAX CREDITS Bill Bush Ben Cook Jim Howard Forrest Milder NATIONAL TRUST COMM. INVESTMENT CORP. MACROSTIE HISTORIC ADVISORS LLC HERITAGE CONSULTING GROUP BORREGO SOLAR SOLARCITY CORPORATION DUDLEY VENTURES NIXON PEABODY LLP Novogradac Journal of Tax Credits May CREDITS Reproduction of this publication in whole or in part in any form without written permission from the publisher is prohibited by law.
In recent decades, seniors in the Minneapolis suburbs
News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits May 2015 Volume VI Issue V Published by Novogradac & Company LLP Tax Credits Expand Senior Housing
More informationThe completion of Hillside West Seniors Apartments
News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits July 2014 Volume V Issue VII Published by Novogradac & Company LLP Tax Credits, HUD Funding Finance
More informationChicago is a city with a plan. Although it is just
News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits February 2015 Volume VI Issue II Published by Novogradac & Company LLP FOCUS ON: CHICAGO TERESA
More informationIn order to provide Burlington Township, N.J. with
News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits January 2014 Volume V Issue I Published by Novogradac & Company LLP Financing Trifecta Graduates
More informationHigh School Finds New Home in Renovated Historic Building
News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits August 2014 Volume V Issue VIII Published by Novogradac & Company LLP High School Finds New Home
More informationFinding affordable housing in the San Francisco
News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits July 2014 Volume V Issue VII Published by Novogradac & Company LLP Affordable Housing for Disabled
More informationMany affordable housing properties will require some
News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits May 2012, Volume III, Issue V Published by Novogradac & Company LLP The Complexities of LIHTC
More informationPart one of this article outlined four significant areas
News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits June, Volume III, Issue VI Published by Novogradac & Company LLP The Complexities of LIHTC Unit
More informationSan Francisco s scenic views, temperate climate
News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits January 2014 Volume V Issue I Published by Novogradac & Company LLP Focus On: San Francisco,
More informationResidents of New Orleans Mid-City neighborhood
News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits July 2013, Volume IV, Issue VII NMTCs Offer Fresh Start for Healthy Food Hub Published by Novogradac
More informationSSection 8 is comprised of two major components: those
News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits May 2012, Volume III, Issue V Published by Novogradac & Company LLP A Review of Section 8 By
More informationCommercial solar energy use has grown significantly
May 2009, Volume II, Issue V Published By Novogradac & Company LLP Assessing Solar Incentives By Jason C. Vargelis, Carle Mackie Power & Ross LLP, and David W. Kunhardt, Solar Power Partners Inc. Commercial
More informationThis is the second of two articles addressing issues
November 2009, Volume VIII, Issue XI Published By Novogradac & Company LLP Tax Issues With an Insolvent or Bankruptcy QALCIB By Thomas Stephens, Sonnenschein Nath & Rosenthal LLP This is the second of
More informationYou ve decided on new office space. You ve picked
News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits May 2011, Volume II, Issue V Published by Novogradac & Company LLP How to Fit Contemporary Office
More informationShortly before midnight on
News, Analysis and Commentary On Affordable Housing, Community Development and Renewable Energy Tax Credits May 2011, Volume II, Issue V Published by Novogradac & Company LLP WASHINGTON WIRE Debt Limit
More informationNovogradac Report on Tax Credits Transcript: August 25, 2009
Total Word Count: 1620 (Intro music) Hello! It s Tax Credit Tuesday and I m Michael Novogradac. You are listening to the Novogradac Report on Tax Credits, a weekly podcast presented by Novogradac & Company
More informationNovogradac Report on Tax Credits Summary: December 6, 2011
Michael J. Novogradac, CPA, discusses Congress s agenda for the remainder of the year; IRS guidance about state tax credits; a task force in Oklahoma charged with evaluating state tax credits programs;
More informationNovogradac Report on Tax Credits Summary: June 29, 2010
Michael J. Novogradac, CPA, shares and update on tax extenders legislation, reviews the NMTC Coalition s Progress Report 2010, announces new guidance for the Section 1603 renewable energy tax credit cash
More informationNovogradac Report on Tax Credits Transcript: May 12, 2009
Total Word Count: 2,478 (Intro music) Novogradac Report on Tax Credits Hello! I m Michael Novogradac and welcome to another Tax Credit Tuesday. Each week on Tuesday, Novogradac & Company presents this
More informationNovogradac Report on Tax Credits Transcript: January 5, 2010
Total Word Count: 2269 (Intro music) Happy New Year! I m Michael Novogradac and it s Tax Credit Tuesday. Today is Tuesday, January 5th, 2010. This week I will discuss a recent federal tax court decision
More informationNovogradac Report on Tax Credits Summary: March 15, 2011
Michael J. Novogradac, CPA, reviews the status of tax patent legislation as well a new bill introduced last week to extend the Section 1602 exchange program and improve the new markets tax credit. Then
More informationNew Markets Tax Credit: An Introduction
Donald J. Marples Section Research Manager December 20, 2012 CRS Report for Congress Prepared for Members and Committees of Congress Congressional Research Service 7-5700 www.crs.gov RL34402 Summary The
More informationNew Markets Tax Credit Program Overview
New Markets Tax Credit Program Overview Presented to May 5, 2014 Agenda The TD Community Development Corporation Team New Markets Tax Credit Program New Markets Tax Credit Program & Legislative Update
More informationSummary: February 16, 2016
In this week s Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, begins with the general news section, where he provides a detailed description of the president s proposed budget for fiscal year
More informationNew Portability Rules: A Cure for Incomplete Estate Planning
New Portability Rules: A Cure for Incomplete Estate Planning Many CPAs are involved in representing estates of decedents who died in 2011 and 2012. In dealing with such estates, it is important to focus
More informationCommunity Investments Vol 15, Issue 2 Making the New Markets Tax Credit Count
Community Investments Vol 15, Issue 2 Making the New Markets Tax Credit Count Author(s): Robert Rapoza, President, Rapoza Associates August 2003 The New Markets Tax Credit (NMTC) program was enacted in
More informationNew Sessions Added Daily
New Sessions Added Daily STUDENT LENDING FORUM FORUM SPONSOR: ReliaMax 2:45 PM 3:55 PM Monday, March 23, 2015 Refinancing & Loan Modification: New Products for Qualified Borrowers This session will review
More informationThe New Markets Tax Credit Program
Investing in Distressed Communities The New Markets Tax Credit Program A CohnReznick White Paper JANUARY 2010 Investing in Distressed Communities The New Markets Tax Credit Program by Gary Perlow, CPA,
More informationNovogradac Report on Tax Credits Transcript: May 11, 2010
Total Word Count: 2843 (Intro music) Novogradac Report on Tax Credits Hello! I m Michael Novogradac and this is Tax Credit Tuesday. I m in New Orleans this week at the Novogradac tax credit conference.
More informationNovogradac Report on Tax Credits Transcript: July 22, 2008
Total Word Count: 1442 (Intro music) Novogradac Report on Tax Credits Hello. It s Tax Credit Tuesday and I m Michael Novogradac. This is the Novogradac Report on Tax Credits, a podcast presented each week
More informationNEW MARKETS TAX CREDIT PROGRAM: Subsidized Rate Model. 2008 National Interagency Community Reinvestment Conference April 2008
NEW MARKETS TAX CREDIT PROGRAM: Subsidized Rate Model 2008 National Interagency Community Reinvestment Conference April 2008 JPMorgan Chase and the NMTC Program JPMorgan Chase is an active leader in the
More informationCommunity Development Financial Institutions (CDFI) Fund
Community Development Financial Institutions (CDFI) Fund Leveraging Federal Resources for Community Development: Greg Bischak, CDFI Fund, 2010 National Interagency Community Reinvestment Conference, New
More informationPresident s Report Collaborating for Maximum Impact
Community Reinvestment Fund, USA President s Report Collaborating for Maximum Impact Fiscal Year 2014 CREATING IMPACT Funders Local Partners CRF Investors Collaboration Impact Small Businesses Flourishing
More informationNovogradac Report on Tax Credits Transcript: October 14, 2008
Total Word Count: 1120 (Intro music) Novogradac Report on Tax Credits Hello. It s Tax Credit Tuesday. I m Michael Novogradac. Today is Tuesday, October 14th, 2008 and you are listening to the Novogradac
More informationWhat is a Community Development Entity?
Overview What are New Markets Tax Credits? > First federal tax credit program to stimulate commercial investment in low-income communities > The program is administered by the US Treasury Department through
More informationBefore the Door Closes
Before the Door Closes With significant tax provisions set to expire at year end, planning now can capture these unique opportunities before they may disappear by Richard James and Steven Lavner The temporary
More informationCommunity Development Financial Institutions (CDFIs) Participation in the New Markets Tax Credit (NMTC) Program.
Community Development Financial Institutions (s) Participation in the New Markets Tax Credit (NMTC) Program. A Coalition Analysis of the First Three Rounds of New Markets Tax Credit Allocations June 2005
More informationGAO NEW MARKETS TAX CREDIT. The Credit Helps Fund a Variety of Projects in Low-Income Communities, but Could Be Simplified
GAO United States Government Accountability Office Report to Congressional Committees January 2010 NEW MARKETS TAX CREDIT The Credit Helps Fund a Variety of Projects in Low-Income Communities, but Could
More informationIntroduction to the New Markets Tax Credit Program
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND Introduction to the New Markets Tax Credit Program The CDFI Fund is an equal opportunity provider. PREPARED ON July 31, 2014 Presentation Roadmap Overview
More informationTalking Points: Leasehold Depreciation
Talking Points: Leasehold Depreciation Current Law: Beginning January 1, 2015, tenant improvements must be depreciated on a 39-year depreciation schedule. BOMA Position: Depreciating leasehold improvements
More informationCommunity Reinvestment Fund, USA
Community Reinvestment Fund, USA Presented by: Claudette Konola, Director, Manager Partner Services Community Reinvestment Fund, USA Using New Markets Tax Credits Introductions A national non-profit financial
More informationClient Alert. Real Estate Activities Under the Framework of the Bank Holding Company Act: Limits and Opportunities
January 14, 2009 Client Alert Jointly Prepared by Goodwin Procter s Financial Services and RE, REITs & RE Capital Markets Groups Real Estate Activities Under the Framework of the Bank Holding Company Act:
More informationRecently Expired Community Assistance- Related Tax Provisions ( Tax Extenders ): In Brief
- Related Tax Provisions ( Tax Extenders ): In Brief Sean Lowry Analyst in Public Finance August 24, 2015 Congressional Research Service 7-5700 www.crs.gov R43541 Contents Introduction... 1 New Markets
More informationHUD Update. Novogradac & Company Affordable Housing Preservation: Challenges and Opportunities
HUD Update Novogradac & Company Affordable Housing Preservation: Challenges and Opportunities Ritz Carlton South Beach Miami, FL January 12-13, 2012 Monica H. Sussman, Esq. Nixon Peabody LLP 401 9th Street,
More informationNew Markets Tax Credits 101 Affordable Housing Finance Workshop February 14, 2013
Affordable Housing Finance Workshop February 14, 2013 Al Shehadi Director, Originations Enterprise Community Investment, Inc. ashehadi@enterprisecommunity.com Enterprise Community Investment, Inc. National
More informationThe Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
Advisory Estates, Trusts & Tax Planning Tax March 3, 2011 New Estate and Gift Tax Laws for 2011-2012 and Transfer Tax Provisions of the President's Proposed Budget for 2012 by Jennifer Jordan McCall, Ellen
More informationNEW MARKETS TAX CREDIT PROGRAM SUMMARY
NEW MARKETS TAX CREDIT PROGRAM SUMMARY Introduction The New Markets Tax Credits (NMTC) program was enacted in December 2000 to facilitate investments that generate employment and other community benefits
More informationGovernment Deal Funding
$97 00 Government Deal Funding for Real Estate Investors and Developers with Sean Carpenter -- -- Program Guide to Profits The US Government Has Set Aside Literally BILLIONS For Savvy Real Estate Investors.
More informationVERY FEW SMALL BUSINESS OWNERS WOULD FACE TAX INCREASES UNDER PRESIDENT S BUDGET Vast Majority Would Benefit From Other Key Proposals
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org February 28, 2009 VERY FEW SMALL BUSINESS OWNERS WOULD FACE TAX INCREASES UNDER PRESIDENT
More informationSuccessful Community Development Investments - Issue 2 IMPACT Seeks Alliance
Community Investments Vol. 11, Issue 2 IMPACT Seeks Alliance with California's Banking Industry Author(s): Daniel F. Sheehy, President, IMPACT Community Capital September 1999 With billions to invest,
More informationRe: Policy Recommendations to create jobs using existing Administration authority
August 30, 2011 Don Graves, Jr. Executive Director President's Council on Jobs and Competitiveness The White House 1600 Pennsylvania Avenue Washington, DC 20500 Re: Policy Recommendations to create jobs
More informationPROGRAM-RELATED INVESTMENTS IN PRACTICE
PROGRAM-RELATED INVESTMENTS IN PRACTICE Luther M. Ragin Jr. * I have been asked to talk for a few moments on the issue of program-related investments (PRIs) from a foundation perspective and particularly
More informationFinancing Resources for Community Health Centers February 12, 2014
Financing Resources for Community Health Centers February 12, 2014 Presented by Emily Chen, Director, Health Center Lending & Healthy Futures Fund Victor Abla, Director, Lending, Detroit LISC Robert Poznanski,
More informationObama Tax Compromise APPROVED by Congress
December 17, 2010 Obama Tax Compromise APPROVED by Congress on Thursday, December 16, 2010 The $858 billion tax deal negotiated by President Obama and Republican leadership was overwhelmingly approved
More informationThe Dodd-Frank Wall Street Reform and Consumer Protection Act: Impact, Issues and Concerns in Implementing the Volcker Rule
July 2010 The Dodd-Frank Wall Street Reform and Consumer Protection Act: Impact, Issues and Concerns in Implementing the Volcker Rule BY KEVIN L. PETRASIC Introduction The Dodd-Frank Wall Street Reform
More informationPresident Obama Announces New Efforts to Improve Access to Credit for Small Businesses
President Obama Announces New Efforts to Improve Access to Credit for Small Businesses Improving access to credit by small businesses is a crucial step in supporting economic recovery and job creation.
More informationTo welcome in the new year, the Internal Revenue. In the Historic Boardwalk case, the Third Circuit
Partnership Tax Bulletin February 2014 IRS Issues Long-Promised Guidance Following Historic Boardwalk Decision Thomas D. Morton To welcome in the new year, the Internal Revenue Service (the IRS ) issued
More information1035 Exchanges: Requirements, Benefits and Planning Considerations
1035 Exchanges: Requirements, Benefits and Planning Considerations ii \ 1035 Exchanges: Requirements, Benefits and Planning Considerations Overview of 1035 Exchanges Internal Revenue Code (IRC) 1035 provides
More informationDEFINING OUR ROLE IN A CHANGING LANDSCAPE
DEFINING OUR ROLE IN A CHANGING LANDSCAPE North American report October 2013 Disclaimer Table of Contents Introduction...1 Outlook for Internal Audit Remains Strong...3 Strategic Business Risk: Opportunity
More informationTax Law Changes for Individuals and Businesses
TAX & BUSINESS PLANNING IN THE NEWS January 2011 Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 A Tax and Business Planning Update The Tax and Business Planning group
More informationNovogradac 2016 Affordable Housing Conference Westin St. Francis, San Francisco, Calif. www.novoco.com. May 26-27, 2016
Novogradac 2016 Affordable Housing Conference www.novoco.com 1 LIHTC Acq/Rehab Issues MODERATOR Thomas Stagg Novogradac & Company LLP PANELISTS Levi Brooker JLL Eugene Cowan Bocarsly Emden Cowan Esmail
More informationFOR IMMEDIATE RELEASE November 7, 2013 MEDIA CONTACT: Lisa Gagnon 703-903-3385 INVESTOR CONTACT: Robin Phillips 571-382-4732
FOR IMMEDIATE RELEASE MEDIA CONTACT: Lisa Gagnon 703-903-3385 INVESTOR CONTACT: Robin Phillips 571-382-4732 FREDDIE MAC REPORTS PRE-TAX INCOME OF $6.5 BILLION FOR THIRD QUARTER 2013 Release of Valuation
More information2014 ANNUAL REPORT. annual report
2014 2014 ANNUAL REPORT annual report COMPANY Walter Investment Management Corp. TICKER WAC (NYSE) MARKET CAP $623 million, as of March 26, 2015 EMPLOYEES 6,100 OPERATIONS BUSINESS SERVICING VOLUME ORIGINATIONS
More informationNovogradac Affordable Housing Tax Credit Conference Hotel Monteleone, New Orleans, La. May 15-16, 2014. www.novoco.com 1
www.novoco.com 1 Year 15 Dispositions & Capital Accounts Moderator: Charles A. Rhuda III Novogradac & Company LLP Thomas Morton Pillsbury Winthrop Shaw Pittman LLP Panelists: Barry Palmer Coats Rose Dave
More informationLegislative Brief: PAY OR PLAY PENALTIES LOOK BACK MEASUREMENT METHOD EXAMPLES. EmPowerHR
EmPowerHR Legislative Brief: PAY OR PLAY PENALTIES LOOK BACK MEASUREMENT METHOD EXAMPLES The Affordable Care Act (ACA) imposes a penalty on applicable large employers (ALEs) that do not offer health insurance
More informationStatement of Chairman Deborah Platt Majoras, Commissioner William E. Kovacic, and Commissioner J. Thomas Rosch
Statement of Chairman Deborah Platt Majoras, Commissioner William E. Kovacic, and Commissioner J. Thomas Rosch Study of Insurance Scores Pursuant to Section 215 of the Fair and Accurate Transactions Act
More informationHighlights of Allocation Round
Highlights of Allocation Round 14 2011 New Markets Tax Credit Program Allocation: Ninth Round Highlights On February 23, 2012, the Community Development Financial Institutions Fund (CDFI Fund) announced
More informationNMTC SERVICES. Knowledge Experience Service
NMTC SERVICES An established leader in the new markets tax credit industry with expert technical knowledge of key transaction structuring, accounting and compliance issues. Knowledge Experience Service
More informationBUILDING COMMUNITIES. Knowledge. Service. Experience. Unparalleled Leadership in the Complex and Multifaceted World of New Markets Tax Credits
BUILDING COMMUNITIES Knowledge. Service. Experience. Unparalleled Leadership in the Complex and Multifaceted World of New Markets Tax Credits About the Firm Novogradac & Company LLP has advised its clients
More informationREITs and infrastructure projects The next investment frontier?
REITs and infrastructure projects The next investment frontier? 2 Coming out of the economic downturn, private investors are seeking new avenues to generate tax-efficient returns on their invested funds.
More informationRenewable Energy Finance Fundamentals
Renewable Energy Finance Fundamentals The US Partnership for Renewable Energy Finance (US PREF) has prepared the following brief summary of the basics of renewable energy project finance. An appreciation
More informationCHOOSING A BUSINESS ENTITY: PRACTICAL CONSIDERATIONS
CHOOSING A BUSINESS ENTITY: PRACTICAL CONSIDERATIONS Dean P. Cazenave KEAN, MILLER, HAWTHORNE, D ARMOND, MCCOWAN & JARMAN, L.L.P. One American Place Baton Rouge, Louisiana 70825 I. THE CHOICES The decision
More informationDecember 2010 Special Edition. Edited by Henry J. Leibowitz
December 2010 Special Edition A monthly report for wealth management professionals. Edited by Henry J. Leibowitz As part of our ongoing efforts to keep wealth management professionals informed of recent
More informationCorporate Bond Strategy
Corporate Bond Strategy FIRM OVERVIEW Established more than a decade ago by the former CIO of a major money manager and a research analyst in Buffalo, NY. $650 million in AUM for private clients, foundations,
More informationFixed-income securities have had an extraordinary run, but don t call it a bubble
Wells Fargo Advantage Funds January 2011 Fixed-income securities have had an extraordinary run, but don t call it a bubble Jim Kochan, Chief Fixed-Income Strategist Jim Fuson, CFA Christopher Kennedy Wells
More informationHow To Get Health Insurance Coverage For Low Income People
www.healthaffairs.org 1 Health Policy Brief november 15, 2012 Basic Health Program. The Affordable Care Act offers states another option besides Medicaid and the exchanges for health coverage for low-income
More informationNew Markets Tax Credits for Developers Presented by Tim Favaro, Esq. and Steven Weiss, Esq. Cannon Heyman & Weiss, LLP
New Markets Tax Credits for Developers Presented by Tim Favaro, Esq. and Steven Weiss, Esq. Cannon Heyman & Weiss, LLP I. Background a. Codified in Section 45D of the Internal Revenue Code, the New Markets
More informationReauthorization: Regulatory Considerations in Today s Postsecondary Market and their Impact on your Investment
Reauthorization: Regulatory Considerations in Today s Postsecondary Market and their Impact on your Investment Education Industry Investment Forum March 28, 2007 Moderator: Peter Leyton, Shareholder Ritzert
More informationColliers International Valuation & Advisory Services SOUTHERN CALIFORNIA. Industry Leading Services That Set You Apart
Colliers International Valuation & Advisory Services SOUTHERN CALIFORNIA Industry Leading Services That Set You Apart THE VALUE OF VALUATION Delivering top results for clients depends on accurate valuations
More informationTAX SAVINGS IN THE STIMULUS BILL
By Jason Tang and Michael Burzynski, CPA The American Recovery and Reinvestment Act of 2009 was signed into law on February 17, 2009 in an effort to stimulate economic development. This bill is one of
More informationStonegate Capital Partners
Stonegate Capital Partners 40 year track record of successfully working with public companies and institutional investors Our Business Stonegate Capital Partners SCP is dedicated to serving the needs of
More informationFinancial Engines to Acquire The Mutual Fund Store to Expand Independent Advisory Services for 401(k) Plan Participants
FOR IMMEDIATE RELEASE: November 5, 2015, 4:04 p.m. (EST) Financial Engines to Acquire The Mutual Fund Store to Expand Independent Advisory Services for 401(k) Plan Participants Adds comprehensive financial
More informationNew COBRA Rules Require Immediate Action
March 3, 2009 The Employee Benefits Practice Group at Murtha Cullina is pleased to provide clients and friends with information about topics of interest in the employee benefits area. If you have any questions
More informationTAX CREDIT ADVISORY SERVICES
TAX CREDIT ADVISORY SERVICES In-depth experience. Forward thinking solutions. With one of the largest tax credit practices in the country, CohnReznick can help you take advantage of the many federal and
More informationCost Basis Reporting: What You Need to Know for 2014 1
Cost Basis Reporting: What You Need to Know for 2014 Next Phase Covers Fixed Income and Options Executive Summary Starting in 2014, Phase III of the new cost basis reporting requirements will be implemented
More informationAn Introduction to the Community Reinvestment Act. John Meeks Atlanta Region FDIC Community Affairs
An Introduction to the Community Reinvestment Act John Meeks Atlanta Region FDIC Community Affairs What is the CRA? CRA stands for: The Community Reinvestment Act of 1977 revised in 1989, 1995, and 2005.
More informationCommunity Development Financial Institutions Fund. New Markets Tax Credit CDE Certification Glossary of Terms
Community Development Financial Institutions Fund New Markets Tax Credit CDE Certification Glossary of Terms GLOSSARY OF TERMS Affiliate Allocation Agreement Applicant CDE Authorized Representative CDE
More informationStates Served. CDFI Fund 601 Thirteenth Street, NW, Suite 200, South, Washington, DC 20005 (202) 622-8662 25
s Served CDFI Fund 601 Thirteenth Street, NW, Suite 200, South, Washington, DC 20005 (202) 622-8662 25 New Markets Tax Credit Program Sixth Round (2008) s Served NOTES: (1) Allocatees that are italicized
More informationTop 10 Estate Planning Ideas for Year-End: Tax Savings Available in 2010 May Not Last
Advisory Estates, Trusts & Tax Planning October 28, 2010 Top 10 Estate Planning Ideas for Year-End: Tax Savings Available in 2010 May Not Last by Jennifer Jordan McCall, Kim T. Schoknecht, Ellen K. Harrison
More informationYear-End Financial Planning Letter: Business Edition 2 14
Year-End Financial Planning Letter: Business Edition 2 14 The Patient Protection and Affordable Care Act of 2010 (the PPACA) added several key tax provisions this year for individuals and employers, including
More informationEVALUATION OF BANK/CDFI PARTNERSHIP OPPORTUNITIES
IV. EVALUATION OF BANK/CDFI PARTNERSHIP OPPORTUNITIES Banks should carefully review prospective relationships with CDFIs. In particular, they should evaluate the CDFI s service area relative to the bank
More informationSouth Carolina EPC Workshop Financing Options with Financial Institutions and Market Overview
South Carolina EPC Workshop Financing Options with Financial Institutions and Market Overview Geoff Culm SVP Banc of America Public Capital Corp Energy Services February 20, 2014 1 Table of Contents South
More informationWhat You Need to Know About Roth IRA Conversions in 2010
What You Need to Know About Roth IRA Conversions in 2010 Your Guide to THE 2010 IRA Tax Law Changes From the editors at SmartMoney Custom Solutions Dear Reader, The year 2010 offers you an unprecedented
More informationCommercial Real Estate Investment: Opportunities for Income Generation in Today s Environment
Commercial Real Estate Investment: Opportunities for Income Generation in Today s Environment Prepared by Keith H. Reep, CCIM Real Estate Investment Consultant In this white paper 1 Advantages of investing
More informationAudit Report. Office of Inspector General. Department of the Treasury. November 15, 2006
Audit Report OIG-07-011 Audit of the Community Development Financial Institutions Fund's Fiscal Years 2006 and 2005 Financial Statements November 15, 2006 Office of Inspector General Department of the
More informationTax Management. Assessment/Collection
Tax Management Weekly State Tax Report Reproduced with permission from Tax Management Weekly State Tax Report, Volume: 21 Issue: 5, 01/31/2014. Copyright 2014 by The Bureau of National Affairs, Inc. (800-372-1033)
More information2013 Compliance Outreach Program Boston Regional Office - May 16, 2013
2013 Compliance Outreach Boston Regional Office - May 16, 2013 BIOGRAPHIES Melissa Clough Assistant Regional Director, Investment Adviser/ Investment Company Examination () Melissa Clough is an Assistant
More informationDebt Modifications: Tax Planning Options Including New 10-Year Potential Deferral Ann Galligan Kelley, Providence College, USA
Debt Modifications: Tax Planning Options Including New 10-Year Potential Deferral Ann Galligan Kelley, Providence College, USA ABSTRACT With the recent decline in the real estate market, many taxpayers,
More informationBank of America Merrill Lynch Legislative and Regulatory Brief
RETIREMENT & BENEFIT PLAN SERVICES Bank of America Merrill Lynch Legislative and Regulatory Brief July 2014 www.baml.com/publicpolicyinsights DOL Regulatory Project Plan Revised Status On May 27, 2014,
More informationT h e B o t t o m L i n e
T h e B o t t o m L i n e E x e c u t i v e a n d D i r e c t o r B e n e f i t s a n d B O L I V o l u m e 3 3 A u g u s t 2 0 1 3 Highlights of this Issue S&P Revises Outlooks on Six Insurance Groups
More information