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
| Sep 27, 2013
ASHRAE/IES publish first standard focused on commissioning process
ANSI/ASHRAE/IES Standard 202, Commissioning Process for Buildings and Systems, identifies the minimum acceptable commissioning process for buildings and systems as described in ASHRAE’s Guideline 0-2005, The Commissioning Process. Standard 202 is ASHRAE’s first standard focused on the commissioning process.
| Sep 26, 2013
6 ways to maximize home-field advantage in sports venue design
Home-field advantage can play a significant role in game outcomes. Here are ways AEC firms can help create the conditions that draw big crowds, energize the home team to perform better, and disrupt visiting players.
| Sep 26, 2013
Literature review affirms benefits of daylighting, architectural glazing
The use of glass as a building material positively impacts learning, healing, productivity and well-being, according to a white paper published by Guardian Industries and the University of Michigan Taubman College of Architecture and Urban Planning. The findings highlight the significant influence daylighting and outside views have on employees, workers, students, consumers and patients.
| Sep 26, 2013
Mobilizing your job site to achieve a paperless project: fact or fiction?
True mobility in the field has rapidly evolved from lock-box kiosks on each floor to laptops on rolling carts to tablets and iPads loaded with drawings sets stored in the cloud. And WiFi-ready job sites have gone from “nice to have” to “must have” status in just a little over a year.
| Sep 26, 2013
Leading in the face of change
As AEC firms navigate toward an uncertain future, the most effective leaders are those who eagerly adapt to change. Here are three attitudes that drive leaders who are of most value to their firms.
| Sep 23, 2013
The art of rewarding employees
What’s the best way to reward those employees who go the extra mile, particularly when it’s not always feasible to give large financial bonuses? According to author and “recognition expert” Dr. Bob Nelson, the most effective employee rewards are also the least expensive.
| Sep 23, 2013
Six-acre Essex Crossing development set to transform vacant New York property
A six-acre parcel on the Lower East Side of New York City, vacant since tenements were torn down in 1967, will be the site of the new Essex Crossing mixed-use development. The product of a compromise between Mayor Michael Bloomberg and various interested community groups, the complex will include ~1,000 apartments.
| Sep 20, 2013
August housing starts reveal multifamily still healthy but single-family stagnating
Peter Muoio, Ph.D., senior principal and economist with Auction.com Research, says the Census Bureau's August Housing Starts data released yesterday hints at improvements in the single-family sector with multifamily slowing down.
| Sep 19, 2013
What we can learn from the world’s greenest buildings
Renowned green building author, Jerry Yudelson, offers five valuable lessons for designers, contractors, and building owners, based on a study of 55 high-performance projects from around the world.
| Sep 19, 2013
6 emerging energy-management glazing technologies
Phase-change materials, electrochromic glass, and building-integrated PVs are among the breakthrough glazing technologies that are taking energy performance to a new level.
