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
Giants 400 | Feb 6, 2024
Top 80 Religious Facility Architecture Firms for 2023
Parkhill, FGM Architects, GFF, Gensler, and HOK top BD+C's ranking of the nation's largest religious facility architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report.
Modular Building | Feb 6, 2024
Modular fire station allows for possible future reconfigurations
A fire station in Southern California leveraged prefab, modular construction for faster completion and future reconfiguration.
Giants 400 | Feb 5, 2024
Top 30 Entertainment Center, Cineplex, and Theme Park Architecture Firms for 2023
Gensler, JLL, Nelson Worldwide, AO, and Stantec top BD+C's ranking of the nation's largest entertainment center, cineplex, and theme park architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report.
Urban Planning | Feb 5, 2024
Lessons learned from 70 years of building cities
As Sasaki looks back on 70 years of practice, we’re also looking to the future of cities. While we can’t predict what will be, we do know the needs of cities are as diverse as their scale, climate, economy, governance, and culture.
Giants 400 | Feb 5, 2024
Top 90 Shopping Mall, Big Box Store, and Strip Center Architecture Firms for 2023
Gensler, Arcadis North America, Core States Group, WD Partners, and MBH Architects top BD+C's ranking of the nation's largest shopping mall, big box store, and strip center architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report.
Laboratories | Feb 5, 2024
DOE selects design-build team for laboratory focused on clean energy innovation
JE Dunn Construction and SmithGroup will construct the 127,000-sf Energy Materials and Processing at Scale (EMAPS) clean energy laboratory in Colorado to create a direct path from lab-scale innovations to pilot-scale production.
Architects | Feb 2, 2024
SRG Partnership joins CannonDesign to form 1,300-person design giant across 18 offices
SRG Partnership, a dynamic architecture, interiors and planning firm with studios in Portland, Oregon, and Seattle, Washington, has joined CannonDesign. This merger represents not only a fusion of businesses but a powerhouse union of two firms committed to making a profound difference through design.
Giants 400 | Feb 1, 2024
Top 90 Restaurant Architecture Firms for 2023
Chipman Design Architecture, WD Partners, Greenberg Farrow, GPD Group, and Core States Group top BD+C's ranking of the nation's largest restaurant architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report.
Standards | Feb 1, 2024
Prioritizing water quality with the WELL Building Standard
In this edition of Building WELLness, DC WELL Accredited Professionals Hannah Arthur and Alex Kircher highlight an important item of the WELL Building Standard: water.
Luxury Residential | Feb 1, 2024
Luxury 16-story condominium building opens in Chicago
The Chicago office of architecture firm Lamar Johnson Collaborative (LJC) yesterday announced the completion of Embry, a 58-unit luxury condominium building at 21 N. May St. in Chicago’s West Loop.