Novogradac & Company Llp

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.

Today is Tuesday, September 22nd, 2009. This week we will talk about President Obama's nomination of Michael F. Mundaca to be Treasury Assistant Secretary for Tax Policy. We will also discuss last week's Financial Services Committee hearing on the Community Reinvestment Act as well as two related topics concerning financial regulatory reform. The two related topics are ' one - the Federal Housing Finance Agency's most recent proposal regarding Fannie Mae and Freddie Mac's duty to serve underserved markets and ' two - 10 key principles published last week that an industry-wide task force says will help the federal government maintain its critical role in the housing finance system. We'll top off our housing discussion with a preview of the 16th Annual Affordable Housing Conference to be held in San Francisco next week.' Then we will discuss a bipartisan congressional proposal to accelerate offshore drilling and use the government revenue from that drilling to extend several energy tax credits. And finally, we

Today is Tuesday, September 15th, 2009. I am in Washington D.C. this week to attend a housing tax credit association board meeting and conference. I am also meeting with several members of Congress and their staff. This week we have breaking news about a proposal from the U.S. Department of Housing and Urban Development. The proposal is to discontinue, yes, discontinue, its hold harmless policy in calculating income limits for the Section 8 program. While the income limits for low-income housing tax credit and tax exempt bond properties wouldn't be directly affected by this proposal, several other federal housing programs might feel the effect.' This week we will also provide a summary of a mortgagee letter issued by the Department of Housing and Urban Development. This letter encourages the use of housing tax credits in combination with HUD FHA-insured loans. This week we will also present a quick update on the industry consensus group that formed to support the lowincome housing tax credit program. And fina

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.