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
| Mar 1, 2012
8 tips for architects to consider before LED installation
Lighting experts offer Building Team members critical information to consider before upgrading lighting systems to LEDs.
| Mar 1, 2012
Reconstruction Awards: Reinvesting in a neighborhood’s future
The reconstruction of a near-century-old derelict public works facility in Minneapolis earns LEED Platinum—and the hearts and minds of the neighboring community.
| Mar 1, 2012
7 keys to ‘Highest value, lowest cost’ for healthcare construction
The healthcare design and construction picture has been muddied by uncertainty over the new healthcare law. Hospital systems are in a bind, not knowing what levels of reimbursement to expect. Building Teams serving this sector will have to work even harder to meet growing client demands.
| Mar 1, 2012
Cornell shortlists six architectural firms for first building on tech campus
Each of the firms will be asked to assemble a team of consultants and prepare for an interview to discuss their team’s capabilities to successfully design the university’s project.
| Mar 1, 2012
Aragon Construction completes 67,000-sf build-out in NYC
Aragon constructed the space in partnership with Milo Kleinberg Design Associates, (MKDA) and the Craven Corp. as the owner’s representative.
| Mar 1, 2012
Bomel completes design-build parking complex at U.C. San Diego
The $24-million facility, which fits into a canyon setting on the university’s East Campus, includes 1,200 stalls in two adjoining garages and a soccer field on a top level.
| Mar 1, 2012
Eidco Construction bolsters Chicago office
Eldco hires Peterson and Vivoda as senior project managers.
| Mar 1, 2012
Reconstruction of L.A.’s Dunbar Hotel underway
Withee Malcolm Architects’ designs for the project include the complete renovation of the Dunbar Hotel and the Somerville Apartments I and II.
| Feb 29, 2012
C.W. Driver opens new office, appoints Castillo regional SVP
Castillo will oversee projects with new and existing clients in northern California within the areas of education, healthcare/biomedical, public sector, military contracting, entertainment, retail, corporate and hospitality.
| Feb 29, 2012
Report says BIPV glass market to reach $6.4 billion by 2016
The report analyzes the opportunities for BIPV glass products using c-Si, thin-film and OPV/DSC materials and provides eight-year forecasts in terms of MW and square footage shipped as well as forecasts of revenue generated.