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
AEC Innovators | Aug 27, 2019
7 AEC industry disruptors and their groundbreaking achievements
From building prefab factories in the sky to incubating the next generation of AEC tech startups, our 2019 class of AEC Innovators demonstrates that the industry is poised for a shakeup. Meet BD+C’s 2019 AEC Innovators.
Giants 400 | Aug 16, 2019
2019 Healthcare Giants Report: The ‘smart hospital’ is on the horizon
These buildings perform functions like a medical practitioner. This and more healthcare sector trends from Building Design+Construction's 2019 Giants 300 Report.
AEC Innovators | Aug 15, 2019
Oracle’s replica of a construction jobsite creates an immersive environment for AEC professionals
The Oracle Construction and Engineering Innovation Lab allows visitors to walk through five different stages of construction work, to test new AEC technologies and training techniques.
Giants 400 | Aug 15, 2019
Top 140 Multifamily Sector Architecture Firms for 2019
Humphreys & Partners, KTGY, SCB, CallisonRTKL, and Perkins Eastman top the rankings of the nation's largest multifamily sector architecture and architecture engineering (AE) firms, as reported in Building Design+Construction's 2019 Giants 300 Report.
Giants 400 | Aug 13, 2019
2019 Science + Technology Giants Report: Operational flexibility is a must for S+T buildings
The science and technology (S+T) sector is arguably the industry’s most complex because it caters to a diverse clientele with specific priorities and imperatives, according to Building Design+Construction's 2019 Giants 300 Report.
Architects | Aug 12, 2019
AIA, NCARB help launch coalition to represent complex professions and licensing boards
Architects, registration boards, and others join effort to ensure a unified voice for professions in growing debate around licensure, regulation, and public safety.
AEC Innovators | Aug 9, 2019
Improving architectural designs through iteration
Computational design lets ZGF Architects see patterns that renderings and even models can’t show.
Giants 400 | Aug 8, 2019
Top 200 Office Sector Architecture Firms for 2019
Gensler, AECOM, Perkins+Will, Stantec, and HOK top the rankings of the nation's largest office sector architecture and architecture engineering (AE) firms, as reported in Building Design+Construction's 2019 Giants 300 Report.
Giants 400 | Aug 8, 2019
2019 Office Giants Report: Demand for exceptional workplaces will keep the office construction market strong
Office space consolidation and workplace upgrades will keep project teams busy, according to BD+C's 2019 Giants 300 Report.
Museums | Jul 29, 2019
A new museum debuts inside the Empire State Building
A $165 million, 10,000-sf museum opened on the second floor of the Empire State Building in New York City, completing the second of a four-phase “reimagining” of that building’s observatory experience, which draws four million visitors annually.
