MADISON, Wis. â 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. Â 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.
âNMTC and LIHTC are important vehicles for investment in communities and meeting critical housing needs in our nation,â said Terri Preston, a Baker Tilly transactions team principal specializing in commercial and real estate finance. âThe 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.â
The NMTC program provides tax credits for investment into operating businesses and development projects located in qualifying âdistressedâ communities. Using the 2006-2010 American Community Survey data, this mapping tool, available at bakertilly.com/tax-credit-
Baker Tillyâs 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 Tillyâs 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 (âTop 100 Firmsâ 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.
Â
Related Stories
Architects | Feb 17, 2016
Developing a strategy for getting paid on time
Though talking about money can be difficult, creating and following a clear plan for getting paid is essential for your firm to thrive, writes Steve Whitehorn of Whitehorn Financial.Â
Architects | Feb 11, 2016
Stantec agrees to acquire VOA Associates
This deal reflects an industry where consolidation is a strategic necessity for more firms.
Market Data | Feb 11, 2016
AIA: Continued growth expected in nonresidential construction
The American Institute of Architectsâ semi-annual Consensus Construction Forecast indicates a growth of 8% in construction spending in 2016, and 6.7% the following year.
Architects | Feb 11, 2016
AIA elevates 149 members and eight international architects to the College of Fellows
AIA Fellowship recognizes significant contributions to profession of architecture and society. Â
Architects | Feb 9, 2016
Architect faces prison sentence for VA medical center contract conspiracy
Admits to using inside information to gain VA contracts in Cleveland Â
Game Changers | Feb 5, 2016
Londonâs âshadowlessâ towers
Using advanced design computation, a design team demonstrates how to âeraseâ a buildingâs shadows.
High-rise Construction | Feb 2, 2016
This tall tower will lower your heart rate
Matthias Olt, Associate Vice President at CallisonRTKL, discusses new ways to improve individual health and well-being through tower design.
Multifamily Housing | Feb 1, 2016
Top 10 kitchen design trends for 2016
Charging stations, built-in coffeemakers, and pet stationsâthese are among the top kitchen design trends for the coming year, according to a new survey of kitchen and bath designers by the National Kitchen & Bath Association.
Architects | Jan 28, 2016
25-year-old architect wins competition for World War I memorial in Pershing Park
Joe Weishaar and sculptor Sabin Howard were selected from among five finalists and over 350 entries overall.
| Jan 28, 2016
AIA CES class: The rainscreen approach to a better building envelope
Building envelope expert Bradley Carmichael of Hoffmann Architects explains how rainscreen wall systems work and evaluates the effectiveness of various rain-control methods, including mass walls, perfect barriers, and masonry veneers. This AIA/CES class is worth 1.0 learning unit.