The Buzz: Another Perfect Storm Hits Gulf Coast, Midwest
Date Published: 05/07/2009
Author: Buzz Roberts, LISC Senior Vice President for Policy
from the May 2009 issue of Novogradac Journal of Tax Credit Housing.
Another perfect storm has hit the Gulf Coast and the Midwest, threatening the construction of 3,700 low-income rental homes and 5,000 jobs in Louisiana alone, with additional losses in Mississippi, Alabama, Texas, and even parts of the Midwest affected by floods. This time the storm is not hurricanes Katrina, Rita, Ike, or river floods. It is the Treasury Department's rejection of Louisiana's request to exchange for cash grants the low-income housing tax credits (LIHTCs) specially authorized to rebuild disaster areas the recently enacted American Recovery and Reinvestment Act (ARRA) generally provided for LIHTCs.
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This article first appeared in the April 2009 issue of the Novogradac Journal of Tax Credit Housing and is reproduced here with
the permission of Novogradac & Company LLP.
© Novogradac & Company LLP 2009 - All Rights Reserved.
Notice pursuant to IRS regulations: Any U.S. federal tax advice contained in this article is not intended to be used, and cannot
be used, by any taxpayer for the purpose of avoiding penalties under the Internal Revenue Code; nor is any such advice
intended to be used to support the promotion or marketing of a transaction. Any advice expressed in this article is limited to
the federal tax issues addressed in it. Additional issues may exist outside the limited scope of any advice provided – any such
advice does not consider or provide a conclusion with respect to any additional issues. Taxpayers contemplating undertaking
a transaction should seek advice based on their particular circumstances.
This editorial material is for informational purposes only and should not be construed otherwise. Advice and interpretation
regarding property compliance or any other material covered in this article can only be obtained from your tax advisor. For
further information visit www.taxcredithousing.com.
Topics: Housing, Policy
Type: Trade Article