Recent Features

Senate Finance Committee Passes Extension of the 9 Percent Credit Floor and Fixes the 4 Percent Credit Floor

April 7th, 2014

On April 3, the Senate Finance Committee approved the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act of 2014, which would extend dozens of expired and expiring tax provisions.  The legislation passed by a voice vote which evidenced virtually unanimous bipartisan support.  The next step for the bill is consideration by the full Senate the timing of which is still up in the air.

Among the provisions included in the bill Is the extension of the minimum 9 percent Housing Credit rate for Credit allocations made before January 1, 2016. The bill would also enact a minimum 4 percent Housing Credit rate applicable to buildings placed in service after the date of enactment with respect to Credit allocations made before January 1, 2016.  The inclusion of both provisions was the result of a bipartisan effort led by Senators Maria Cantwell (D-WA) and Pat Roberts (R-KS). AHTCC has been working closely with Senator Cantwell in pursuing legislation which would make these floors permanent. AHTCC continues to be grateful for the bipartisan support the Senate Finance Committee has shown for the Housing Credit.

The legislation also includes a two-year extension of a provision that excludes military housing allowances from income for the purposes of determining Housing Credit income eligibility. This provision only applies to certain military bases.

New Finance Committee Chairman Ron Wyden (D-OR) was determined to take early Committee action on the extenders, but most observers believe that final enactment of an extenders bill will have to wait until the House and Senate agree on a bill, which is not likely to occur until after November. House Ways and Means Chairman Dave Camp (R-MI) has announced that he will not take the same approach as Chairman Wyden but will instead hold hearings to determine which of the extenders should be permanent and which should remain expired.  He then could mark up legislation which will include only a small number of provisions to be made permanent.  The Coalition will be working with the Ways and Means Committee in an effort to make both the 9 and percent Credit floors permanent provisions in the Internal Revenue Code.  It will be up to Chairman Camp and Chairman Wyden to reconcile their two very different approaches.

Note that the focus on extenders in the two tax writing Committees assumes that tax reform will not take place this year or even next year.  Chairman Wyden said at the beginning of the April 3 markup of the extenders bill, however, that this would be the last such bill he would mark up as Chairman.   Like Chairman Camp, he is determined to advance tax reform with the understanding that it will be a very long process.

If you have questions concerning AHTCC’s legislative efforts in general, please contact Coalition legislative counsel Jim Miller (202-489-3711 or jmiller@taxlegislativesolutions.com) or Coalition legal counsel Rick Goldstein (202-585-8730 or rgoldstein@nixonpeabody.com).  Stay up to date on important industry information. Follow us on Twitter, Facebook and LinkedIn.

House Ways and Means Committee Chairman Dave Camp (R-MI) Protects Housing Credit in Tax Reform Discussion Draft

February 26th, 2014

The Affordable Housing Tax Credit Coalition is pleased to see that House Ways and Means Committee Chairman Dave Camp (R-MI) has retained the Low Income Housing Tax Credit (Housing Credit) program in the tax reform discussion draft released today, February 26th.

While there are modifications to the program included in the discussion draft which AHTCC feels require further analysis we are thrilled that Chairman Camp recognizes the importance of the Housing Credit in securing safe, affordable, and stable housing for low- and moderate-income Americans.

Click here to view AHTCC’s media release on the tax reform discussion draft for more information. Click here to view the Ways and Means discussion draft packet.

AHTCC Congratulates 2014 Board of Directors

February 4th, 2014

At its recent Annual Meeting, AHTCC elected a new Board of Directors for 2014. AHTCC congratulates all the new officers and is looking forward to working with each of them to advance the Low Income Housing Tax Credit program.

AHTCC would also like to thank Jeff Whiting from City Real Estate Advisors for his year’s of service as the AHTCC President. His contributions to and leadership of the group were invaluable.

2014 Board of Directors

President
Todd Crow, PNC Real Estate

First Vice President
Anthony Alfieri, RBC Capital Markets

Vice Presidents
Richard Burns, The NHP Foundation
John P. Casey, Meridian Investments, Inc.
Alan Cohen, Nixon Peabody LLP
Larry Curtis, Winn Companies
Michael Gaber, WNC, Inc.
Jeff Kittle, Herman & Kittle Properties
Scott Kotick, Alliant Companies
Daniel Kraus, Greenburg Traurig
Sarah Laubinger, Boston Financial Investment Management
James McDermott, Holland & Knight LLP
Beth Mullen, CohnReznick LLP
Michael Novogradac, Novogradac & Company LLP
Joe Purcell, The Michaels Organization
Beth Stohr, U.S. Bancorp CDC
Marianne Votta, Bank of America Merrill Lynch
Jeffrey Woda, The Woda Group, Inc.
John Zeiler, Hudson Housing Capital LLC

Secretary
Scott Hoekman, Enterprise Community Investment

Treasurer
Bryan Keller, RubinBrown LLP

Immediate Past President and Chairman of the Board
Jeffrey A. Whiting, City Real Estate Advisors

President Emeriti
Joseph Hagan, National Equity Fund, Inc.
Ronne Thielen, R4 Capital LLC