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Novogradac Journal of Tax Credits Volume 15 Issue 4

Abridged version of the April 2024 issue of the Novogradac Journal of Tax Credits. For more content, please subscribe to the Journal.

Journal Cover April 2024

Articles

Arthur Momjian, Esq. and Lily Gao, Esq.

Thursday, April 4, 2024

The development of a building in a low-income community with both commercial and residential rental uses presents several issues when considering the use of the federal low-income housing tax credit (LIHTC) and/or new markets tax credit (NMTC) incentives. Navigating the complexities of the LIHTC and NMTC programs requires careful consideration of the composition and intended use(s) of the building, as well as adherence to the specific requirements outlined by the LIHTC and NMTC incentives.

Stephanie Naquin

Wednesday, April 3, 2024

When a tenant of a low-income housing tax credit (LIHTC)-financed property is financially responsible for utilities (other than phone, cable or internet), a utility allowance for that utility must be established. That utility allowance must then be subtracted from the applicable rent limit to determine how much rent can be charged to a low-income tenant. Treasury Regulation (Treas. Reg.) Section 1.42-10 details the process and options for determining how the owner establishes the utility allowance.

Mark Shelburne

Tuesday, April 2, 2024

Policymakers have been interested in creating mixed-income housing for decades. How the federal low-income housing tax credit (LIHTC)–the nation's primary affordable rental production program–promotes this objective is an important question. The first step in answering is to define the term.

Michael J. Novogradac

Monday, April 1, 2024

The shortage of affordable multifamily rental housing in America is persistent and one demonstrated way to address this issue is to expand the use of tax-exempt private activity bonds (PABs) to finance such housing.

Doug Sellers, CPA

Friday, March 29, 2024

What effect does Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 326 have on my subsidiary community development entity’s (CDE’s) financial statements and the notes to the financial statements?


News Briefs

Friday, April 5, 2024

Updates from the CDFI Fund and the Department of the Treasury in April 2024.

Friday, April 5, 2024

Historic tax credits news briefs for April 2024 from Alabama, Georgia, Arizona, Connecticut, Colorado and more.

Friday, April 5, 2024

Renewable energy tax credits news briefs from the Internal Revenue Service and the American Clean Power Association for April 2024.

Thursday, April 4, 2024

U.S. Department of Housing and Urban Development news briefs for April 2024 about the Federal Housing Finance Agency, grant funding for seniors, bicameral federal legisation and more.

Wednesday, April 3, 2024

Property compliance news for April 2024 from the U.S. Department of Housing and Urban Development and the state of Mississippi.

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