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Response to GAO's Recommendations for the NMTC; Detailed Review of 2011 Budget Proposals for Affordable Housing, Community Development and Renewable Energy

Rehabilitation of Historic Schools Act; GAO's Report on NMTC Program; Proposed Federal Budget Freeze; Update on State Tax Credits; Green Building Incentives in QAPs

Congressional Update; Financial Crisis Responsibility Fee; Capital Magnet Fund; 2008 LIHTC Utilization Figures

HFA Initiative; Accounting Guidance for Tax Credit Investors; Report on Community Wind and the Recovery Act; Treasury FAQs for Section 1603; Iowa State Tax Credit Review; JCT Tax Expenditure Estimates

Breaking News Roundup; FASB Guidance on Book Consolidation Issues; Disguised Sale Case; Congressional Concerns about Section 1603 Program

Michael J. Novogradac, CPA, take a look at the year 2010 in review for the low-income housing tax credit, new markets tax credit, renewable energy tax credits and historic tax credits. He also discusses a little of what lies ahead for these tax credits in 2011.

Today is Tuesday, December 29th, 2009. This week I bring you greetings from Chiang Mai, Thailand. This is the last podcast of the year, and I hope you're enjoying your holidays. In this week's podcast I will share some of the recommendations contained in a report that was prepared by the Iowa Department of Management detailing the use and cost of Iowa's 30 state tax credit programs. Then, I will discuss the Kentucky Housing Corporation's announcement last week regarding its plans to collect tenant data on all projects that receive funding from the state housing agency. This is required by the Housing and Economic Recovery Act, or HERA. You remember HERA don't you? It contained numerous enhancements to the LIHTC program and passed about a year and a half ago. With all that has been happening in the LIHTC equity markets, many forget about the significant LIHTC enhancements contained in HERA. For my final topic for the podcast this week I will review the most recent Recovery Act funding news from the Treasury De

Today is Tuesday, December 22nd, 2009. I am in Bangkok, Thailand today, for a tropical holiday vacation. We have many client transactions however yet to close this year, so the miracles of modern technology, combined with a strong team of professionals at Novogradac, allow us to provide the assistance our clients need to meet their yearend deadlines. This week I will discuss some highlights of the omnibus appropriations bill that President Obama signed on December 16th. The term "Omnibus Appropriations Bill" is Washington speak for the bills passed by Congress to approve the federal budget for various federal agencies. I will also share an update on the status of potential jobs legislation that I discussed in last week's podcast. Then, I will review some plans for the NMTC program that CDFI Fund Director Donna Gambrell announced earlier this month. And finally, I will explain how corporate taxpayers receiving Section 1603 cash grants in lieu of renewable energy tax credits may be subject to the alternative mi

Today is Tuesday, December 15th, 2009. This week I will talk about jobs legislation being developed in Congress and more importantly the role that jobs legislation may play in expanding various community development tax credits. I will also share an update about the tax reform subgroup of the President's Economic Recovery Advisory Board. But first, I have several breaking news items. Regarding tax extenders legislation that we discussed in last week's podcast, there is good news.

This week I will share the results of the Journal of Tax Credit Housing's Developments of Distinction competition. These awards were created to honor outstanding achievement in the development of affordable rental tax credit housing. We announced the winners last week at the annual Las Vegas Novogradac Tax Credit Housing Finance Conference. This week I'll also review a report that' on the Recovery Act Job Creation. This job creation report was released a week ago, on November 30th, by the Congressional Budget Office. I will wrap up this week's podcast with an update on the latest legislative developments of interest to the housing, community development and renewable energy communities in the area of legislation. Included in this update is breaking news about the low-income housing tax credit cash grant exchange program.' It is, that's right, it is part of the tax extenders legislation introduced by Ways & Means Chair Charlie Rangel.

In this week's podcast I will discuss a proposal to amend the historic rehabilitation tax credit so that it can be used to redevelop the nation's aging public schools. I will also review a measure introduced in the House that would create market-based incentives to increase the energy efficiency of federally assisted housing. Then I will share details of two legislative proposals related to renewable energy. The first would provide a tax credit for utilities to integrate more wind and solar into their energy portfolios. The second plan would double the amount of tax credits available for the Advanced Energy Manufacturing Tax Credit created by the Recovery Act and as detailed in Internal Revenue Code Section 48C. I will also share a quick update about objections raised by Senator Chuck Schumer last month regarding funds allocated to foreign companies under the Section 1603 renewable energy taxcredit program that provides cash grants in lieu of federal energy tax credits.

Today is Tuesday, November 24th, 2009. This week I have a lot of legislative updates to share. First, I will discuss tax extender and financial reform legislation. Second, I will follow up on last week's discussion about renewable energy legislation. Third, I have news about legislation introduced last week to extend the carryback for the low-income housing tax credit. Then I will share some new markets tax credits news in our Project Profile Segment. And finally, I will review the initial description of a proposal to end state oversight of public housing in Hawaii.

Today is Tuesday, November 17th, 2009. This week I will look at a publication released last week by the Federal Reserve Board and the Federal Reserve Bank of St. Louis that features a collection of brief articles that examine innovative ways to revitalize the low-income housing tax credit market. I will also share news regarding the self-professed financial outlook for the Federal Housing Administration or FHA. FHA is the most important facilitator of debt for affordable rental housing today; as such, its financial health has a direct impact on the availability of affordable rental housing across America. Then, I will discuss two renewable energy topics. First, I will share details Senator Chuck Schumer's request that the Department of Energy review all energy projects that have asked for funding under the Section 1603 cash grant program. That is the cash grant program that allows taxpayers to receive cash

Today is Tuesday, November 10th, 2009. This week I will touch on three affordable housing topics. First, I will share some of the highlights of a debate I participated in last week regarding the strengths of the low-income housing tax credit as compared to direct federal grants. Second, I will examine the findings of a recent report by the Congressional Budget Office that compared funding levels for rental housing with the funding levels for home ownership. And third, I will review a recent congressional hearing about HUD section 202 and 811 housing funding programs. Then, I will shift gears and discuss a proposal being considered in Missouri that would subject all state credits to an annual appropriations process.' And finally, in our Project Profile Segment, I will highlight a recent new markets tax credit transaction in St. Louis, Missouri. This project combined new markets tax credits with public housing capital funds.

Today is Tuesday, November 3rd, 2009. This week I will provide an update on the progress of A.C.T.I.O.N. and the tax credit housing consensus proposals. I will also discuss two renewable energy topics. First, I will examine a recent Chief Counsel Advice or CCA document regarding grants under section 1603 of the Recovery Act. Then I will review the details of the recent allocation of $2.2 billion in new Clean Renewable Energy Bonds.

Today is Tuesday, October 27, 2009. This week I will share with you the names of the winners of the Novogradac Community Development Foundation's Second Annual Community Development Awards, as well as the well-deserved recognition of the Federal Home Loan Bank's Affordable Housing Program and three banks that received outstanding evaluations from the Office of the Comptroller of the Currency, or the OCC. I will also review a comment letter that the New Markets Tax Credit Working Group has submitted to the CDFI fund on the 2009 NMTC Allocation Application. Finally, I'll discuss a recent audit of the tax-exempt private activity bond program and the details of several affordable housing and tax credit bills making their way through Congress.

This week I will discuss HUD's proposal to conform its regulations to a 2008 law that prohibits the Federal Housing Administration from requiring that tax credit proceeds be escrowed in order to qualify for FHA insured loans. Then I will address tax extenders legislation and two expiring tax incentive programs: conservation easements and empowerment zones. And I will wrap up today's 100th podcast with an outline of the Solar Energy Industries Association's request for guidance on power purchase agreements, and a summary of a recently released study that found that a five-year carryback of LIHTCs, low-income housing tax credits, if enacted, would significantly increase LIHTC investment.

Today is Tuesday, October 13th, 2009. This week I will discuss the new difficult development areas and qualified census tracts that the U.S. Department of Housing and Urban Development designated last week. Then I will review HR 3715, that's the Community Restoration and Revitalization Act of 2009, which was recently introduced in Congress and includes enhancements to the federal historic tax credit. And last, I have an update on the timing of the announcement by the CDFI Fund of its 2009 NMTC allocation awardees.

Today is Tuesday, October 6th, 2009. This week I will discuss the current legislative climate in Washington, D.C. and what's in store for the low-income housing tax credit. Then I will review job reporting requirements for grantees under the Tax Credit Assistance Program. I will also share some of the comments submitted by the National Council of State Housing Agencies about the GSEs, namely Fannie Mae and Freddie Mac, and their duties to serve underserved markets. And, finally, I will discuss legislation that would allow more enlisted personnel stationed at U.S. military installations to qualify for low-income housing tax credit housing. But first there is breaking news about the state and federal response to recent flooding in the Atlanta, Georgia area.

On our podcast this week we will review recently released updated guidance regarding the IRS safe harbor for allocating Section 45 production tax credits among partners in a wind energy partnership. On a related subject, we will review the details of proposed legislation that would expand the existing Section 45L tax credit for builders of energy-efficient new homes to cover residential rental housing. We also will review an IRS request for public comment on a recent notice about the qualifying advanced energy tax credit under Section 48C that was created by the Recovery Act. Then, we'll share updates from the Treasury Department about the housing and energy programs it administers under the Recovery Act. We also have related news from state housing agencies about their implementation of the Recovery Act's programs. And finally, we'll summarize the most recent round of bank evaluations conducted by the Office of the Comptroller of the Currency.