JCAR Postpones Full Decision on New DED Historic Preservation Tax Credit Rules in MO
The Joint Committee on Administrative Rules (JCAR) scrutinized new regulations from DED regarding its Historic Preservation Tax Credit application and program. The committee held a lengthy and technical hearing earlier this week but postponed some of its decision making until Friday. Ultimately, JCAR failed to block any of the proposed new rules, which were related to qualified census tracts, applications for excess credits, phased projects, and developer fees.
10-Year Project Returns Ancestral Lands to Yurok Tribe
The Yurok Tribe, Green Diamond Resource Company and Western Rivers Conservancy celebrate a decade-long effort to preserve and place into tribal ownership approximately 50,000 acres of forest. Financial support included: Hoopa-Yurok Settlement Act; the New Market Tax Credits program; other private, state and federal grants; loans from the California State Water Quality Control Board and Indian Land Capital Company; and the sale of carbon offsets.
Milwaukee County, WI Task Force Signs Off on $66M Plan to Overhaul Domes
The report recommends raising $13.5 million worth of private money for the overhaul of the Mitchell Park Horticultural Conservatory domes. The most expensive part of the project, expected to cost about $39 million, would be paid for using federal offerings such as Opportunity Zone incentives and historic tax credits. Milwaukee County would then kick in $13.5 million.
Rosina Plans to Add 40 Jobs with $58M Expansion
Rosina Food Products is planning to build a plant in West Seneca as part of a $58 million expansion that is expected to create 40 new jobs. Under the Brownfield Cleanup Program, the company could receive a tax credit equal to half of its cleanup costs and a 20% tax credit for qualified investments in the property.
Chicago Streamlines Process for Building Affordable Housing
Chicago will update and revise the way it directs federal money for affordable housing making it easier for developers to apply for tax credits. The city has released a new Qualification Allocation Plan (QAP), which details the application process that developers must follow to get Low Income Housing Tax Credits (LIHTC).
End-of-Year Tax Planning for LIHTC Properties
With five months remaining in the year, it is time to start thinking about tax-planning strategies, especially for owners of low-income housing tax credit (LIHTC) properties. Outlined in this article are some items to consider as 2020 approaches.
Senate Bill Offers Tax Credit For Conversion Of Waste Heat
A bill that has been introduced in the U.S. Senate would provide tax credits for systems that convert waste heat into electricity. The Waste Heat to Power Investment Tax Credit Act, S. 2283, would amend Section 48 of the Internal Revenue Code to offer investment tax credits to systems that generate electricity through recovered qualified heat waste resources. The bill was proposed July 25 by Sen. Tom Carper, D-Del.
D.C. Provides $32M in Financing for Affordable Housing Project in Deanwood
The D.C. Housing Finance Agency announced Friday it provided $19.5M in bond financing and underwrote $12M in Low-Income Housing Tax Credit equity for the project that will create 86 affordable apartments. The $37.6M project, branded as The Strand Residences, is being led by The Warrenton Group, The NHP Foundation and WA Metropolitan CDC, with PGN Architects designing the building.
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