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 18, 2011
Addition provides new school for pre-K and special-needs kids outside Chicago
Perkins+Will, Chicago, designed the Early Learning Center, a $9 million, 37,000-sf addition to Barrington Middle School in Barrington, Ill., to create an easily accessible and safe learning environment for pre-kindergarten and special-needs students.
| May 18, 2011
Raphael Viñoly’s serpentine-shaped building snakes up San Francisco hillside
The hillside location for the Ray and Dagmar Dolby Regeneration Medicine building at the University of California, San Francisco, presented a challenge to the Building Team of Raphael Viñoly, SmithGroup, DPR Construction, and Forell/Elsesser Engineers. The 660-foot-long serpentine-shaped building sits on a structural framework 40 to 70 feet off the ground to accommodate the hillside’s steep 60-degree slope.
| May 18, 2011
New center provides home to medical specialties
Construction has begun on the 150,000-sf Medical Arts Pavilion at the University Medical Center in Princeton, N.J.
| May 18, 2011
Improvements add to Detroit convention center’s appeal
Interior and exterior renovations and updates will make the Detroit Cobo Center more appealing to conventioneers. A new 40,000-sf ballroom will take advantage of the center’s riverfront location, with views of the river and downtown.
| May 18, 2011
One of Delaware’s largest high schools seeks LEED for Schools designation
The $82 million, 280,000-sf Dover (Del.) High School will have capacity for 1,800 students and feature a 900-seat theater, a 2,500-seat gymnasium, and a 5,000-seat football stadium.
| May 18, 2011
Carnegie Hall vaults into the 21st century with a $200 million renovation
Historic Carnegie Hall in New York City is in the midst of a major $200 million renovation that will bring the building up to contemporary standards, increase educational and backstage space, and target LEED Silver.
| May 17, 2011
Redesigning, redefining the grocery shopping experience
The traditional 40,000- to 60,000-sf grocery store is disappearing and much of the change is happening in the city. Urban infill sites and mixed-use projects offer grocers a rare opportunity to repackage themselves into smaller, more efficient, and more convenient retail outlets. And the AEC community will have a hand in developing how these facilities will look and operate.
| May 17, 2011
Architecture billings index fell in April, hurt by tight financing for projects
The architecture billings index, a leading indicator of U.S. construction activity, fell in April, hurt by tight financing for projects. The architecture billings index fell 2.9 points last month to 47.6, a level that indicates declining demand for architecture services, according to the American Institute of Architects.