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
| Feb 7, 2014
Bernards announces executive leadership realignment
Changes reflect long-term growth plans as builder enters its fifth decade.
| Feb 7, 2014
Zaha Hadid's 'white crystal' petroleum research center taking shape in the desert [slideshow]
Like a crystalline form still in the state of expansion, the King Abdullah Petroleum Studies and Research Center will rise from the desert in dramatic fashion, with a network of bright-white, six-sided cells combining to form an angular, shell-like façade.
| Feb 6, 2014
First look: Gensler ups the ante on airport design with new SFO boarding area
The new terminal features a yoga room, award-winning arts program, and an interactive play area for kids.
| Feb 6, 2014
End of the open workplace?
If you’ve been following news about workplace design in the popular media, you might believe that the open workplace has run its course. While there’s no shortage of bad open-plan workplaces, there are two big flaws with the now common claim that openness is bad.
| Feb 6, 2014
New Hampshire metal building awes visitors
Visitors to the Keene Family YMCA in New Hampshire are often surprised by what they encounter. Liz Coppola calls it the “wow factor.” “Literally, there’s jaw dropping,” says Coppola, director of financial and program development for the Keene Family YMCA.
| Feb 5, 2014
M&A activity down in 2013 among architecture, engineering firms: Report
In 2013, consultant Morrissey Goodale observed 168 sales of U.S.-based architecture and engineering (“A/E”) firms – down nearly 7% from the record 180 sales of U.S.-based A/E firms in 2012.
| Feb 5, 2014
BIA Opens Entries for 25th Annual Brick in Architecture Awards
Entries open on February 10 for the Brick Industry Association's (BIA) Brick in Architecture Awards. Celebrating its silver anniversary, BIA's annual honors spotlight outstanding, innovative and sustainable architecture that incorporates clay brick products as the predominant exterior building or paving material.
| Feb 5, 2014
Multifamily Housing, Green Building, Market Trends, Innovation to be Prime Topics at MBI’s World of Modular
More than 600 developers, contractors, architects, builders, dealers and equipment/service suppliers are expected at the event, slated for March 21-24 in San Antonio, Texas, and hosted by the Modular Building Institute.
| Feb 5, 2014
7 towers that define the 'skinny skyscraper' boom [slideshow]
Recent advancements in structural design, combined with the loosening of density and zoning requirements, has opened the door for the so-called "superslim skyscraper."
| Feb 4, 2014
World's fifth 'living building' certified at Smith College [slideshow]
The Bechtel Environmental Classroom utilizes solar power, composting toilets, and an energy recovery system, among other sustainable strategies, to meet the rigorous performance requirements of the Living Building Challenge.