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
Sponsored | Reconstruction & Renovation | Jan 25, 2022
Concrete buildings: Effective solutions for restorations and major repairs
Architectural concrete as we know it today was invented in the 19th century. It reached new heights in the U.S. after World War II when mid-century modernism was in vogue, following in the footsteps of a European aesthetic that expressed structure and permanent surfaces through this exposed material. Concrete was treated as a monolithic miracle, waterproof and structurally and visually versatile.
Urban Planning | Jan 25, 2022
Retooling innovation districts for medium-sized cities
This type of development isn’t just about innovation or lab space; and it’s not just universities or research institutions that are driving this change.
Sponsored | Resiliency | Jan 24, 2022
Norshield Products Fortify Critical NYC Infrastructure
New York City has two very large buildings dedicated to answering the 911 calls of its five boroughs. With more than 11 million emergency calls annually, it makes perfect sense. The second of these buildings, the Public Safety Answering Center II (PSAC II) is located on a nine-acre parcel of land in the Bronx. It’s an imposing 450,000 square-foot structure—a 240-foot-wide by 240-foot-tall cube. The gleaming aluminum cube risesthe equivalent of 24 stories from behind a grassy berm, projecting the unlikely impression that it might actually be floating. Like most visually striking structures, the building has drawn as much scorn as it has admiration.
Sponsored | Resiliency | Jan 24, 2022
Blast Hazard Mitigation: Building Openings for Greater Safety and Security
Coronavirus | Jan 20, 2022
Advances and challenges in improving indoor air quality in commercial buildings
Michael Dreidger, CEO of IAQ tech startup Airsset speaks with BD+C's John Caulfield about how building owners and property managers can improve their buildings' air quality.
Architects | Jan 17, 2022
OSPORTS adds Robert Hayes to lead operational and business development efforts
Hayes will guide the OSPORTS organization in its mission to offer a unique perspective to designing world-class facilities.
Architects | Jan 13, 2022
Hollywood is now the Stream Factory
Insatiable demand for original content, and its availability on a growing number of streaming platforms, have created shortages — and opportunities — for new sound stages.
Architects | Jan 13, 2022
Robert Eisenstat and Paul Mankins receive 2022 AIA Award for Excellence in Public Architecture
The award recognizes architects, public officials, or other individuals who design distinguished public facilities and advocate for design excellence.
3D Printing | Jan 12, 2022
Using 3D-printed molds to create unitized window forms
COOKFOX designer Pam Campbell and Gate Precast's Mo Wright discuss the use of 3D-printed molds from Oak Ridge National Lab to create unitized window panels for One South First, a residential-commercial high-rise in Brooklyn, N.Y.
Engineers | Jan 12, 2022
Private equity: An increasingly attractive alternative for AEC firm sellers
Private equity firms active in the AEC sector work quietly in the background to partner with management, hold for longer periods, and build a win-win for investors and the firm. At a minimum, AEC firms contemplating ownership transition should consider private equity as a viable option. Here is why.
