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The Ten Minute Guide to the 2008 Housing Act Forrest Milder
© Forrest Milder, 2008 What are the Problems? Fewer Investors than in prior years Varying credit rates and price per credit make it difficult to assure that projects have enough cash Shortage of Projects Too many restrictions on financing
© Forrest Milder, 2008 The Solutions – 1. More Credits 10% more credits for two years $11B more bonds Can designate any building to be a 130% building Remember that these are available, not automatic $1.00m of credits x 95 ¢ = $950,000 $1.27m of credits x 75 ¢ = $952,500
© Forrest Milder, 2008 The Solutions – 2. Easier Computations Fixed 9% rate (for new construction and rehabs only) till What about lock-ins? Credits from tax exempt bonds still float Eliminate Alternative Minimum Tax Problem (remember that there are 10 years worth of LIHTCs)
© Forrest Milder, 2008 The Solutions – 3. Make it Easier to Roll Over Old Properties No recapture bonds makes it more likely that old projects will be transferred Significant loosening of the related party test for acquisition credits, from 10% to 50% 10 year last placed in service rule eliminated if the building is substantially financed, assisted, or operated under many federal and similar state programs There s still a 15-year rule for rolled-over LIHTC projects
© Forrest Milder, 2008 The Solutions – 4. Ease Financing Rules No more below market federal loans (but tax exempt bonds are still a problem) Grants that are turned into loans are okay Operating subsidies don t affect basis – but does this rule apply to existing projects?
© Forrest Milder, 2008 Miscellaneous Changes Special needs, federal or state program and artists and literary housing are all okay Bond and tax credit rules are conformed. Changes to computation of permitted rents -- e.g., new rural area median and hold harmless rules Recycling Bonds
HOUSING TAX CREDIT AND MULTIFAMILY BOND PROVISIONS OF HR 3221 (AS OF JULY 21, 2008) Richard S. Goldstein July 24, 2008.
Housing Tax Credit and Multifamily Bond Provisions of HR 3221 Housing Tax Credit and Multifamily Bond Provisions of HR 3221 THE HOUSING AND ECONOMIC RECOVERY.
Combining Historic and Affordable Housing Credits Forrest David Milder , IPED February 5, 2009 © Forrest David.
Qualifying for the Acquisition Tax Credit - Who Can You Sell To? When Can You Sell? IPED Boston, October 2007 Forrest David Milder
The Basics of Solar Tax Credits Forrest Milder Herb Stevens © 2008.
2008 REAL ESTATE UPDATE December 10-12, 2008 San Juan, Puerto Rico REVIEW OF THE RECENT HOUSING AND ECONOMIC RECOVERY ACT OF 2008 Monica Hilton Sussman,
IPED HOUSING TAX CREDITS 101 Chicago, Illinois March 5-6, 2009 Molly R. Bryson Thomas A. Giblin.
Laying the Foundation The Basic Rules Governing Todays Housing Tax Credit Projects.
ACQUISITION/REHABILITATION: THE 50% ANTI-CHURNING RULE James F. Duffy, Esquire Nixon Peabody LLP 100 Summer Street Boston, MA (617)
IPED Tax Credit Property Disposition 2008: Obligations and Opportunities Through Year 15 and Beyond Boston, Massachusetts, November 20-21, 2008 Forrest.
IPED HOUSING TAX CREDITS 101 San Francisco, California July 24-25, 2008 Molly R. Bryson Thomas A. Giblin.
Fourteen Things We Learned Today Forrest Milder
Sophisticated Tax Issues By Forrest David Milder Nixon Peabody LLP
IPED HOUSING TAX CREDITS 101 Boston, Massachusetts June 7-8, 2007 Molly R. Bryson Thomas A. Giblin.
IPED HOUSING TAX CREDITS 101 Arlington, Virginia October 18-19, 2007 Molly R. Bryson Thomas A. Giblin.
SOLAR TAX CREDITS James F. Duffy, Esquire Nixon Peabody LLP 100 Summer Street Boston, MA (617) LEARNING THE.
TAX BENEFITS FOR THE GO ZONE Richard S. Goldstein IPED March 29, 2007 St. Petersburg, Florida.
HOUSING TAX CREDIT MODERNIZATION PROPOSALS Richard S. Goldstein Nixon Peabody LLP October 19, 2007.
ENERGY INVESTMENT TAX CREDITS James F. Duffy, Esquire Nixon Peabody LLP 100 Summer Street Boston, MA (617)
IPED HOUSING TAX CREDITS 101 COMBINING SOLAR AND HOUSING TAX CREDITS Thomas A. Giblin Nixon Peabody LLP 100 Summer Street Boston, MA (617)
SOLAR ENERGY TAX CREDIT BASICS James F. Duffy, Esquire Nixon Peabody LLP 100 Summer Street Boston, MA (617)
IPED AFTER THE CLOSING: Maximizing Value and Avoiding Pitfalls at Tax Credit Properties Pre-Conference Workshop: Tax Credit Basics San Diego, California.
1 Learning the Basics, Housing Tax Credits 101 Blackstone Hotel March 5-6, 2009 Susan Pristo Reaman.
IPED HOUSING TAX CREDITS 101 Phoenix, Arizona February 22-23, 2007 Molly R. Bryson Thomas A. Giblin.
COMBINING SOLAR TAX CREDITS AND LOW-INCOME HOUSING TAX CREDITS IPED May 22, 2009 Jeffrey S. Lesk Nixon Peabody LLP.
CURRENT DEVELOPMENTS IN RURAL HOUSING PRESERVATION.
.1 Conditional object incentives: more value for UK housing subsidies? Michael Oxley HSA York April
Tax-Exempt Use Property Aleks Frimershtein (213)
1 The Development Process An Overview Forming the development concept Forming the development concept Evaluating your capacity and the needs of your community.
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