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
| Jul 7, 2014
A climate-controlled city is Dubai's newest colossal project
To add to Dubai's already impressive portfolio of world's tallest tower and world's largest natural flower garden, Dubai Holding has plans to build the world's largest climate-controlled city.
Sponsored | | Jul 7, 2014
Channel glass illuminates science at the University of San Francisco
The University of San Francisco’s new John Lo Schiavo Center for Science and Innovation brings science to the forefront of academic life. Its glossy, three-story exterior invites students into the facility, and then flows sleekly down into the hillside where below-grade laboratories and classrooms make efficient use of space on the landlocked campus.
| Jul 7, 2014
How to keep an employee from jumping ship
The secret to keeping your best employees productive and happy isn’t throwing money at them, as studies have continuously shown that money isn’t the top factor in employee happiness. Here are four strategies from leadership coach Kristi Hedges. SPONSORED CONTENT
| Jul 7, 2014
Nothing fixes a bad manager
Companies seem to try everything imaginable to fix their workplaces, says Gallup Chairman and CEO Jim Clifton in a recent blog post, except the only thing that matters: naming the right person manager. SPONSORED CONTENT
| Jul 3, 2014
Gehry edits Canadian skyscraper plan to be 'more Toronto'
After being criticized for the original tower complex, architect Frank Gehry unveils a new design that is more subtle, and "more Toronto."
| Jul 2, 2014
First Look: Qatar World Cup stadium design references nomadic heritage
Organizers of the Qatar 2022 World Cup, the Supreme Committee for Delivery and Legacy, recently unveiled designs for the second stadium.
| Jul 2, 2014
SHoP designs what would be Brooklyn's tallest building
JDS Development partners with SHoP to construct a 70-story building at 775-feet tall, unprecedented for downtown Brooklyn.
| Jul 2, 2014
The doctor is in the firehouse: New clinic to be built in California fire station
Designed by WRNS Studio, the Firehouse Clinic will encourage local residents with limited healthcare access to consider them as an alternative to the emergency room, especially for preventive care.
| Jul 2, 2014
Emerging trends in commercial flooring
Rectangular tiles, digital graphic applications, the resurgence of terrazzo, and product transparency headline today’s commercial flooring trends.
| Jul 2, 2014
Grimshaw's 'kit of parts' design scheme selected for Qatar sports facilities program
The series of projects, called the Al Farjan Recreational Sports Facilities, have been designed in such a way that the same basic design can be adapted to the specific requirements of each site.
