The U.S. Department of Housing and Urban Development (HUD) released 2024 rent and income limits earlier this month'limits that determine renter eligibility for HUD-assisted programs and for properties financed by low-income housing tax credit (LIHTCs). The limits also determine the maximum rents that owners of LIHTC properties can charge tenants. In this week's podcast, Michael Novogradac, CPA, and Novogradac partner Thomas Stagg, CPA, discuss the rent and income limits. They look at key takeaways, how the new 10% ceiling affected limits, what geographic areas saw income limit growth that was ..read more

In the latest installment in Tax Credit Tuesday's recurring Renewable Energy Tax Credit Finance series, Michael Novogradac, CPA, is joined by Tony Grappone, CPA to discuss final regulations concerning the elective pay option for certain renewable energy investment tax credits. The Internal Revenue Service published the final regulations in the March 11 Federal Register to adopt and codify temporary regulations issued in June 2023, with slight modifications. Learn about the elective pay final regulations, how they differ from the temporary regulations, potential penalties for excessive payments ..read more

Affordable housing and community development finance can be dense, layered, complex topics to understand. In the latest episode of the Novogradac Tax Credit Tuesday podcast, Michael Novogradac, CPA , and Wayne Michael, CPA , Novogradac's senior director of education, discuss Novogradac's e-learning platform,' Novoco Training , which seeks to bridge the gaps between novice and knowledgeable when it comes to developing affordable rental housing and financing community development using such incentives as the low-income housing tax credit (LIHTC), historic tax credit (HTC), new markets tax credit ..read more

Many in the affordable rental housing development community may think they know what is meant by the term "mixed income," but, in fact, the phrase has many different interpretations depending on person, jurisdiction, property type, ownership structure and more. In the latest installment in the Tax Credit Tuesday podcast's So You Want to Be a LIHTC Developer series, Michael Novogradac, CPA , and Mark Shelburne , Novogradac housing policy consultant, discuss six different ways the term can be interpreted. Later, the pair discusses three potential impacts these terms can have on investor interest ..read more

In this episode of the Tax Credit Tuesday podcast, Michael Novogradac, CPA, and Brad Elphick, CPA, discuss four hot topics in the new markets tax credit (NMTC) community. First, they discuss upcoming qualified equity investment issuance and reporting deadlines for prior allocatees. Second, they talk about recommendations to combine the next two allocation rounds into a single $10 billion allocation round. Third, they discuss what's new and notable with the 2024 NMTC application that was released for public comment. They conclude with important updates in the NMTC Compliance FAQs document ..read more

The United States Tax Court ruled in a Feb. 20 decision that a taxpayer was correct to include bond issuance costs in eligible basis for a 4% low-income housing tax credit (LIHTC) property in New York City. That decision ran counter to more than two decades of practice that followed Internal Revenue Service (IRS) guidance from as far back as 2000 that said including such costs was disallowed. In the latest installment of Tax Credit Tuesday, Michael Novogradac, CPA, and Nicolo Pinoli, CPA, discuss the details of the case in question before the court as well as the possible ramifications of the ..read more

In the latest installment in Tax Credit Tuesday's recurring Renewable Energy Tax Credit Finance series, Michael Novogradac, CPA, is joined by Tony Grappone, CPA, and Peter Lawrence to discuss four legislative and regulatory hot topics of concern for those in the renewable energy development community in early 2024. First, the trio discusses the Tax Relief for American Families and Workers Act of 2024, which contains green and clean energy provisions and could see passage this month during several rounds of congressional budgetary discussions. Next, the group discusses Basel III regulations and ..read more

The fiscal year (FY) 2024 round of the Capital Magnet Fund (CMF) opened Feb. 15. Approximately $250 million in cash awards is available to Community Development Financial Institutions and qualified nonprofit housing groups to fund the development, renovation and preservation of affordable rental housing and homeownership. In this week's episode of Tax Credit Tuesday, host Michael Novogradac, CPA, and guests Brent Parker, CPA, and Amanda Read, CPA, discuss the 2024 round of the CMF. The group provides basic information for prior awardees, prior unsuccessful applicants and those curious about ap ..read more

Over the past 10 years, the number of state-level low-income housing tax credit (LIHTC) incentives has increased from 13 to 30 as more states recognize the value of a state LIHTC to help fill financing gaps for affordable multifamily rental housing. In this week's episode of Tax Credit Tuesday, Michael Novogradac, CPA, and Novogradac partner Aaron Sherrard, CPA, discuss state housing credits as part of the ongoing "So You Want to Be a LIHTC Developer" podcast series. They review the basics of state LIHTCs, then discuss the differences and opportunities for certificated and allocated credits be ..read more

Affordable multifamily rental housing property developers and managers can apply now for roughly $2 billion in grants and direct-, below-market loans via the Green and Resilient Retrofit Program (GRRP). Introduced via the Inflation Reduction Act of 2022, GRRP is a federal program that provides green and clean-energy support to rental properties that receive support from the U.S. Department of Housing and Urban Development (HUD). In this week's episode of Tax Credit Tuesday, host Michael Novogradac, CPA , and guests Dirk Wallace, CPA , and Karie McMillen, CPA , discuss the multi-wave applicatio ..read more