Of the 10 largest housing expenditures, by dollar cost, the Low-Income Housing Tax Credit is only 3%, according to an analysis reported by Novogradac yesterday. By contrast, the five largest housing-related tax expenditures combined represent 93% of the ten largest housing-related tax expenditures in FY 2011.
Development
Housing Vermont secures $20 million in private capital for affordable housing development
From our partners at Housing Vermont:
Regional and state financial institutions are providing a critical $20 million boost to the state’s nonprofit affordable housing developers. Housing Vermont announced that a consortium of eight financial institutions is making $20 million in private equity available to developers of affordable apartments through the federal Low Income Housing Tax Credit program.
Treasury announces $35 million in New Markets Tax Credit awards for Vermont
Emphasizing the importance of economic recovery in distressed areas, U.S. Department of the Treasury's announced last week the award of $3.6 billion in New Markets Tax Credit (NMTC) nationwide, including $35 million for Vermont projects.
The NMTC, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making equity investments in vehicles known as Community Development Entities. Vermont Rural Ventures, Inc., operated by Housing Vermont, was selected along with 69 other entities, to distribute the 2011 tax credits. Over 314 entites applied nationwide.
Largest net zero energy community in the U.S. opens
In August 2011, the University of California at Davis welcomed the first residents of UC Davis West Village, a multi-use development that is expected to generate the same amount of energy that it consumes.
The West Village community includes commercial space and apartments for 800 students. When completed, the community will also include an energy research center.
Architectural award goes to Gossen Bachman Architects for Windsor's Union Square
Gossen Bachman Architects, the designers of Union Square, containing 58 affordable and market rate rental apartments in Windsor, Vermont, have been awarded a John M. Clancy Award for Socially Responsible Housing from the Boston Society of Architects for its recent renovation.
VHFA opposes South Burlington's interim zoning proposal
Today VHFA submitted comments to the South Burlington City Council in response to their consideration of a proposed Interim Zoning ordinance. VHFA is opposed to the proposed ordinance for several reasons:
Materials available for next week's QAP public hearing
Next Thursday, February 2, 2012, Vermont's Joint Committee on Tax Credits will conduct a public hearing to discuss changes to the Qualified Allocation Plan (QAP) used to select the projects that will receive state and federal housing tax credits.
Housing tax credits have become the primary source of funding for the development of affordable rental housing in Vermont. As administrator of the state's housing credit program, VHFA awarded nearly $7 million in tax credits to 21 apartment projects in 2011 which will provide much needed housing to low and moderate income renters across the state.
Affordable homes under construction in Manchester
With among the highest average home prices in the state, the town of Manchester, Vermont, seems that perfect the location for New England's largest community of homes built through Habitat for Humanity.
Volunteers and community developers and planners are building 22 homes that will be sold with price tags affordable to moderate and lower income families.