Novogradac & Company Llp

Today is Tuesday, September 8th, 2009. I hope that all our listeners had a nice Labor Day holiday. This week we will examine the details of the awards made by Treasury last week under the Recovery Act's Section 1603 program. Under the Section 1603 program, the Treasury Department provides cash grants in lieu of taxpayers claiming renewable energy tax credits. We will also detail the results of the 2009 low-income housing tax credit National Pool allocations. These were announced by the IRS on September 2nd. And finally we'll discuss two announcements about tax credit funds. The first is an announcement from Advantage Capital about a fund it recently closed that is dedicated to investing in Illinois. The second fund was announced relates to Citi Bank and a debt and equity fund for investing in low-income housing tax credits. Now, let's get started with our renewable energy discussion.

Today is Tuesday, September 1st, 2009. I am back in beautiful San Francisco. My family and I are back from our trip to Peru and the Galapagos Islands. This week we will review a recently released status update from the chairman of the CDFI Fund's Community Development Advisory Board. Then we will review a report released last month that evaluates two housing programs funded by Proposition 1C, a $2.85 billion dollar California housing bond measure. But first, we have breaking news about the LIHTC exchange program.

Today is Tuesday, August 25th, 2009. I am in Central America this week, and I apologize in advance if the audio recording quality is not as good as usual. Next week I am back in the United States and the audio quality should improve. This week we have several major topics to cover. First, we will discuss the most recent edition of the Joint Center for Housing Studies' annual report on the state of the nation's housing. We'll also examine a recent law approved in Oregon that sunsets all but four of the state's tax credits. Then we will review the provisions of the Wind Energy Promotion Act. This measure was introduced in Congress last month and would make changes to the renewable energy production tax credit that would make more potential wind power projects financially feasible.

Today is Tuesday, August 18th, 2009. I am recording this podcast from Cusco, Peru. Apologies in advance if the recording clarity is not as good as usual. My family and I will be visiting Machu Picchu later this week. This week we have several major topics to cover. First, we will discuss the new 2.3 billion dollar Advanced Energy Manufacturing Tax Credit program. This program was officially opened for applications last week. We'll also examine legislation introduced in the House of Representatives last month that would create new categories of tax-exempt private activity bonds for. These bonds would be for renewable energy projects. The legislation would also allow companies to use both taxexempt bond and federal tax credit financing on the same renewable energy project. Then we will review a report from the Congressional Budget Office that lists 66 ways for Congress to create more' revenue. The options include changes that could significantly affect renewable energy and affordable housing. And finally, we wi

Today is Tuesday, August 11th, 2009. This week we will review the Department of Energy's recent announcement that billions of dollars in loan guarantees are available for renewable energy projects. Then we'll examine the proposed 2010 fair market rents that were released last week by the Department of Housing and Urban Development. We will also review the improvements to the New York State Historic Preservation Tax Credit that were signed into law late last month. And finally, we will review the CDFI Fund's request for comments on the allocation application for new markets tax credits. But first, we have a few breaking news items.

Today is Tuesday, August 4th, 2009. This week we have another update on the Tax Credit Assistance Program, also known as TCAP, and the tax credit exchange program, also known as the Section 1602 program. Then we will examine the new Section 48C Qualifying Advanced Energy Project Investment Tax Credit. We will also share some of the comments the NMTC Working Group is preparing to send to the CDFI Fund about its compliance guidance. And we have an update on last week's discussion about the status of housing appropriations legislation. But first, we have two breaking news items.

Today is Tuesday, July 28th, 2009. This week we will review the status of the Housing appropriations bills being considered in Congress. Then we will share an update from the Treasury Department about the Build America Bonds program. We also have news from Fannie Mae about its multifamily financing activities through the first half of 2009. And finally, we will review a report about developments in the wind power market issued last week by the Department of Energy. But first, we have an update on guidance for the Section 1602 tax credit exchange program.

Today is Tuesday, July 21st, 2009. This week we will review the highlights of a Financial Services subcommittee hearing in the House of Representatives about preserving affordable housing. Then we will examine the latest proposal to codify the economic substance doctrine and we'll discuss what that could mean for the tax credit community. And finally, we will summarize some of the many staffing changes that have happened at HUD. But first, we have an update on a topic from last week's discussion regarding the Treasury Department's guidance for the Section 1602 tax credit exchange program.

Today is Tuesday, July 14th, 2009. This week we have a lot of exciting developments to share. First, we have a summary of Treasury Department guidance for the Section 1602 low-income housing tax credit exchange program, as well as a summary of guidance for the Section 1603 grant exchange program for renewable energy investment tax credits. We will also update you on the status of proposed regulations for the new markets tax credit program regarding the new markets tax credit operating income redemption safe harbor as well as targeted populations. And finally, we will share information about the recent activities of the Novogradac LIHTC Working Group. Let's get started with the highly anticipated Section 1602 LIHTC exchange guidance.

Today is Tuesday, July 7th, 2009. This week we will discuss House Financial Services Committee Chairman Barney Frank's proposal to use TARP dividends to fund the Affordable Housing Trust Fund. We will also share a letter submitted by the Affordable Housing Tax Credit Coalition to Chairman Frank and Senate Banking Committee Chairman Chris Dodd regarding a rumored secondary market LIHTC transaction by Freddie Mac. And finally, we will consider the recent announcement that MuniMae will sell its LIHTC unit.

Today is Tuesday, June 30th, 2009. This week we will discuss a legislative effort to clarify that GO Zone and disaster tax credits are eligible for the Section 1602 exchange program of the Recovery Act. We will also review some of the highlights of last week's Financial Services Committee hearing on affordable housing preservation.

Today is Tuesday, June 23rd, 2009. This week we have news about the low-income housing tax credit programs created by the Recovery Act. We will also review last week's congressional committee hearing about the new markets tax credit program.

Today is Tuesday, June 16th, 2009. I am in Los Angeles today, speaking at the National Council of State Housing Agencies (or NCSHA's) annual low-income housing tax credit conference. I am also speaking at the Affordable Housing Investors Council or AHIC meeting, as AHIC members are meeting before the public sessions of the NCSHA meeting. Representatives from the Department of Housing and Urban Development and the Internal Revenue Service are here and will be speaking on a couple of the public NCSHA panels, one of which I am also participating in. Next week, on the Tax Credit Tuesday podcast, I will share with you any breaking news from HUD or the IRS that comes out of the NCSHA conference regarding the TCAP or Credit Exchange program. This week we will share some highlights from our 8th Annual New Markets Tax Credit Spring Conference that was held in Washington D.C. last week.

Today is Tuesday, June 9th, 2009. This week we have news about a recent report released by the GAO that examines minority entities' participation in the new markets tax credit program. We also have several updates about the Treasury Department's LIHTC exchange program and HUD's Tax Credit Assistance Program, or TCAP. But first, I would like to mention a quick update related to last week's discussion about tax patents and I'd like to share breaking news from the U.S. Senate regarding the use of TCAP or Tax Credit Assistance Program funds.

Today is Tuesday, June 2nd, 2009. This week we will review the new markets tax credit awards that were announced last week as part of the American Recovery and Reinvestment Act of 2009. We will also examine a legislative proposal to prohibit tax patents. And finally, we will discuss an invitation to comment about using FHA-insured multifamily mortgages with low-income housing tax credits and tax-exempt bonds. Let's' get started with a look at last week's new markets tax credit allocation announcement.

Today is Tuesday, May 26th, 2009. This week we will examine two proposals that would change carry back rules ' one for net operating losses and another for low-income housing tax credits. We also have an update to share regarding the renewable energy grant program created by the Recovery Act of 2009. Let's get started with a look at the Net Operating Loss Carryback Act.

Today is Tuesday, May 19th, 2009. This week we will share highlights from the LIHTC conference we held last week in New Orleans. We will also discuss the details of the Green Book, which is a description of the Obama administration's proposals to raise taxes to help offset spending increases and reduce the deficit. But first, we have news about the seventh round of new markets tax credit allocation applications.

Today is Tuesday, May 12th, 2009. This week we will discuss the Department of Housing and Urban Development's recent announcement about its Neighborhood Stabilization Program. Then we will share some good news from the IRS about utility allowances for low-income housing tax credit properties. We will also examine the recently-approved state new markets tax credit in Florida. But first, we have an update on the Tax Credit Assistance Program, or TCAP, and the tax credit exchange program created by the Recovery Act of 2009.

Today is Tuesday, May 5th, 2009. This week we will discuss a letter from the Treasury Department regarding the lowincome housing tax credit exchange program that was created by the Recovery Act of 2009. We will also review a report from the Joint Committee on Taxation about tax expenditures for renewable energy conservation and production. And finally, we'll bring you up to speed on the latest new markets tax credit compliance guidance from by the CDFI Fund.

Today is Tuesday, April 28th, 2009. This week we will examine a proposal to create a national entity called the Green Bank, which would provide financial support for qualified clean energy projects and qualified energy efficiency projects. We will also review the status of legislative efforts in a number of states to create or amend state historic tax credit programs. And finally, we have another update in our ongoing coverage of the implementation of the LIHTC provisions of the Recovery Act of 2009.