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
| May 17, 2013
40 Under 40 winners: Meet the architects
Of the up-and-coming AEC professionals to be named 40 Under 40 winners by the editors of Building Design+Construction, 18 make their living in the architecture profession.
| May 17, 2013
5 things AEC pros need to know about low-e glass
Low-emissivity glasses are critical to making today’s buildings brighter, more energy-efficient, and more sustainable. Here are five tips to help AEC professionals understand the differences among low-e glasses and their impact on building performance.
| May 17, 2013
University labs double as K-12 learning environments
Increasingly, college and university research buildings are doing double duty as homes for K-12 STEM programs. Here’s how to create facilities that captivate budding scientists while keeping faculty happy.
| May 17, 2013
LEED v4 has provision to reduce water use in cooling towers
The next version of the U.S. Green Building Council's LEED rating system will expand water-savings targets to appliances, cooling towers, commercial kitchen equipment, and other areas.
| May 16, 2013
Chicago unveils $1.1 billion plan for DePaul arena, Navy Pier upgrades
Hoping to send a loud message that Chicago is serious about luring tourism and entertainment spending, Mayor Rahm Emanuel has released details of two initiatives that have been developing for more than a year and that it says will mean $1.1 billion in investment in the McCormick Place and Navy Pier areas.
| May 16, 2013
Michael R. Bohn named Executive VP at Gilbane
Gilbane has promoted Michael R. Bohn to executive vice president. With over 28 years of service to the company and leadership roles on such high-profile projects as the University of Michigan Biomedical Science Building and the University of Chicago Medical Center, Bohn will now have responsibility for Gilbane’s New York and Midwest business units.
| May 15, 2013
Schneider Electric announces Global Xperience Efficiency Events for 2013
Schneider Electric’s Xperience Efficiency series will begin with events in the United States, China, Colombia, Brazil and Russia.
| May 15, 2013
Center for Green Schools, Architecture for Humanity release new tool for green schools
The 70-page guide demystifies the processes of identifying building improvement opportunities and finance and implementation strategies.
| May 14, 2013
Paints and coatings: The latest trends in sustainability
When it comes to durability, a 50-year building design ideally should include 50-year coatings. Many building products consume substantial amounts of energy, water, and petrochemicals during manufacture, but they can make up for it in the operations phase. The same should be expected from architectural coatings.
