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
| Dec 18, 2013
Architecture Billings Index takes step back in November
After six months of steadily increasing demand for design services, the Architecture Billings Index paused in November, dipping below 50 for just the second time in 2013.
| Dec 17, 2013
Kahn appoints Alan Cobb President and CEO
Cobb is the tenth president in the firm’s 118-year history. As President, Cobb is responsible for ensuring that all of the firm’s client issues are effectively address and that overall project team performance meets or exceeds client expectations for each and job the firm undertakes.
| Dec 17, 2013
CBRE's Chris Bodnar and Lee Asher named Healthcare Real Estate Executives of the Year
CBRE Group, Inc. announced today that two of its senior executives, Chris Bodnar and Lee Asher, have been named Healthcare Real Estate Executives of the Year by Healthcare Real Estate Insights.
| Dec 16, 2013
Is the metal building industry in a technology shift?
Automation is the future you can’t avoid, though you may try. Even within the metal building industry—which is made up of skilled tradesmen—automation has revolutionized, and will continue revolutionizing, how we work.
| Dec 16, 2013
Why employees don’t trust their leaders
Trust, one of the key elements to productive business relationships, is in short supply these days. An Associated Press-GfK poll discovered that only one-third of Americans say most people can be trusted and nearly two-thirds says “you can’t be too careful” in dealing with people.
| Dec 16, 2013
Construction materials prices remain stable in November
Overall, construction materials prices fell 0.5 percent in November and are up only 1.1 percent year over year, according to the Department of Labor’s Dec. 13 Producer Price Index.
| Dec 16, 2013
Helene Combs Dreiling, FAIA, inaugurated 2014 AIA President
Helene Combs Dreiling, FAIA, executive director of the Virginia Center for Architecture, was inaugurated as the 90th president of the American Institute of Architects (AIA) during ceremonies held on December 12th at the Andrew W. Mellon Auditorium. She succeeds Mickey Jacob, FAIA, in representing nearly 83,000 AIA members.
| Dec 13, 2013
GRW acquires West Virginia design firm Chapman Technical Group
GRW is expanding its capabilities through the recent acquisition of Chapman Technical Group, a 36-person West Virginia-based firm.
| Dec 13, 2013
AIA, MIT issue joint report on impact of design on public health
The research looks at the health of eight U.S. cities and lays out a path for translating the research into meaningful findings for policy makers and urban planners.
| Dec 11, 2013
Wyndham unveils hotel prototype for its Hawthorn Suites chain
The extended-stay hotel prototype reduces development costs by 46% for franchisees and enhances the overall guest experience.
