MADISON, Wis. – Accounting and advisory firm Baker Tilly Virchow Krause (Baker Tilly) has launched a new, interactive online mapping tool that helps users determine if a business or development project may qualify under various criteria for the New Markets Tax Credit (NMTC) or Low-Income Housing Tax Credit (LIHTC) program.
The NMTC made more than $30 billion in direct NMTC investments from 2003 to 2012 to businesses in low-income areas and leveraged a total of $60 billion, with the majority of these investments being in communities exhibiting severe economic distress. A total of 310 applications received under the 2013/2014 round of the program, requesting an aggregate total of $25.8 billion in allocation authority, are competing for a share of the $3.5 billion authorized. Through the LIHTC program, more than two million housing units have been placed in service between 1987 and 2011, with an average of more than 105,000 units placed in service each year.
“NMTC and LIHTC are important vehicles for investment in communities and meeting critical housing needs in our nation,” said Terri Preston, a Baker Tilly transactions team principal specializing in commercial and real estate finance. “The programs also provide vital capital our clients need to achieve their growth objectives while investing in transactions that will enrich communities throughout the U.S.”
The NMTC program provides tax credits for investment into operating businesses and development projects located in qualifying “distressed” communities. Using the 2006-2010 American Community Survey data, this mapping tool, available at bakertilly.com/tax-credit-
Baker Tilly’s transactions team works closely with owners, developers, community leaders, lenders, investors and Community Development Entities to select the right projects to invest in and meet ongoing compliance requirements for key stakeholders. For more information about Baker Tilly’s transaction advisory services, visit bakertilly.com/services/
###
About Baker Tilly Virchow Krause, LLP (bakertilly.com)
With more than 1,600 employees, Baker Tilly Virchow Krause, LLP (Baker Tilly) provides a wide range of accounting, tax and advisory services. Ranked as one of the 20 largest firms in the United States by Accounting Today (“Top 100 Firms” 2014), Baker Tilly serves clients from offices in Chicago, Detroit, Minneapolis, New York, Washington D.C. and throughout Wisconsin. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 137 countries, with more than 26,000 professionals. The combined worldwide revenue of independent member firms is $3.4 billion.
Related Stories
MFPRO+ News | Aug 14, 2024
Report outlines how Atlanta can collaborate with private sector to spur more housing construction
A report by an Urban Land Institute’s Advisory Services panel, commissioned by the city’s housing authority, Atlanta Housing (AH), offered ways the city could collaborate with developers to spur more housing construction.
Adaptive Reuse | Aug 14, 2024
KPF unveils design for repositioning of Norman Foster’s 8 Canada Square tower in London
8 Canada Square, a Norman Foster-designed office building that’s currently the global headquarters of HSBC Holdings, will have large sections of its façade removed to create landscaped terraces. The project, designed by KPF, will be the world’s largest transformation of an office tower into a sustainable mixed-use building.
Sustainability | Aug 14, 2024
World’s first TRUE Zero Waste for Construction-certified public project delivered in Calif.
The Contra Costa County Administration Building in Martinez, Calif., is the world’s first public project to achieve the zero-waste-focused TRUE Gold certification for construction. The TRUE Certification for Construction program, administered by Green Business Certification Inc. (GBCI), recognizes projects that achieve exceptional levels of waste reduction, reuse, and recycling.
Modular Building | Aug 13, 2024
Strategies for attainable housing design with modular construction
Urban, market-rate housing that lower-income workers can actually afford is one of our country’s biggest needs. For multifamily designers, this challenge presents several opportunities for creating housing that workers can afford on their salaries.
University Buildings | Aug 12, 2024
Planning for growing computer science programs
Driven by emerging AI developments and digital transformation in the business world, university computer science programs are projected to grow by nearly 15% by 2030.
Energy Efficiency | Aug 9, 2024
Artificial intelligence could help reduce energy consumption by as much as 40% by 2050
Artificial intelligence could help U.S. buildings to significantly reduce energy consumption and carbon emissions, according to a paper by researchers at the Lawrence Berkeley National Laboratory.
Sponsored | Healthcare Facilities | Aug 8, 2024
U.S. healthcare building sector trends and innovations for 2024-2025
As new medicines, treatment regimens, and clinical protocols radically alter the medical world, facilities and building environments in which they take form are similarly evolving rapidly. Innovations and trends related to products, materials, assemblies, and building systems for the U.S. healthcare building sector have opened new avenues for better care delivery. Discussions with leading healthcare architecture, engineering, and construction (AEC) firms and owners-operators offer insights into some of the most promising directions. This course is worth 1.0 AIA/HSW learning unit.
Office Buildings | Aug 8, 2024
6 design trends for the legal workplace
Law firms differ from many professional organizations in their need for private offices to meet confidentiality with clients and write and review legal documents in quiet, focused environments
Data Centers | Aug 8, 2024
Global edge data center market to cross $300 billion by 2026, says JLL
Technological megatrends, including IoT and generative AI, will require computing power to be closer to data generation and consumption, fueling growth of edge IT infrastructure, according to a new JLL report.
K-12 Schools | Aug 8, 2024
New K-12 STEM center hosts robotics learning, competitions in Houston suburb
A new K-12 STEM Center in a Houston suburb is the venue for robotics learning and competitions along with education about other STEM subjects. An unused storage building was transformed into a lively space for students to immerse themselves in STEM subjects. Located in Texas City, the ISD Marathon STEM and Robotics Center is the first of its kind in the district.