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 25, 2011
Low Impact Development: Managing Stormwater Runoff
Earn 1.0 AIA/CES HSW/SD learning units by studying this article and successfully passing the online exam.
| May 25, 2011
Register today for BD+C’s June 8th webinar on restoration and reconstruction projects
Based on new and award-winning building projects, this webinar presents our “expert faculty” to examine the key issues affecting project owners, designers and contractors in case studies ranging from gut renovations and adaptive reuses to restorations and retrofits.
| May 25, 2011
Hotel offers water beds on a grand scale
A semi-submerged resort hotel is the newest project from Giancarlo Zema, a Rome-based architect known for his organic maritime designs. The hotel spans one kilometer and has both land and sea portions.
| May 25, 2011
Smithsonian building $45 million green lab
Thanks to a $45 million federal appropriation to the Smithsonian Institution, the Smithsonian Environmental Research Center in Edgewater, Md., has broken ground on what is expected to be one of the most energy-efficient laboratories in the country. The 69,000-sf lab is targeting LEED Gold and is expected to use 37% less energy and emit 37% less carbon dioxide than a similar building.
| May 25, 2011
World’s tallest building now available in smaller size
Emaar Properties teamed up with LEGO to create a miniature version of the Burj Khalifa as part of the LEGO Architecture series. Currently, the LEGO Burj Khalifa is available only in Dubai, but come June 1, 2011, it will be available worldwide.
| May 25, 2011
Developers push Manhattan office construction
Manhattan developers are planning the city's biggest decade of office construction since the 1980s, betting on rising demand for modern space even with tenants unsigned and the availability of financing more limited. More than 25 million sf of projects are under construction or may be built in the next nine years.
| May 25, 2011
Olympic site spurs green building movement in UK
London's environmentally friendly 2012 Olympic venues are fuelling a green building movement in Britain.
| May 25, 2011
TOTO tests universal design at the AIA conference
If you could be 80 years old for 30 minutes—and have to readjust everything you think you know about your own mobility—would you do it?
