Novogradac & Company Llp

Today is June 3rd, 2008 and this week we will discuss legislation introduced in Congress that would allow more lowincome members of the armed forces to qualify to live in tax credit financed rental housing. We will also examine changes to the state historic tax credit program approved recently in Georgia, and we'll discuss American Samoa's first steps toward participation in the federal low-income housing tax credit program. Finally, we'll share some statistics on the audit status of the new market tax credit program.

Today is May 27th, 2008 and this week we will review a recent ruling from the IRS that provides guidance on structuring renewable energy tax credit transactions. But first, let's discuss the current status of the housing stimulus bill and the tax extender legislation, both of which are making their way through Congress.

This week we will review key points of HUD's 2008 Super NOFA. But first, let's discuss the progress that tax extender and housing stimulus legislation are making in Congress.

Today is May 13th, 2008 and this week we will discuss the challenges of preparing market studies in light of the HUD AMGI revisions. We'll also update you on the status of legislation introduced in California to allow the California state housing tax credit to be bifurcated from the federal low-income housing tax credit. Also, as a reminder, it is not too late to register for our New Orleans conference. We have a Washington Wire panel where we will discuss the details of the LIHTC modernization bill, which is the most significant LIHTC legislation in nearly a decade. I hope to see you there, the conference is later this week.

This week we will share an update on the recent activity of the New Market Tax Credit Technical Working Group. We will also review the bonus depreciation provisions included in the Senate's Foreclosure Prevention Act.

In this week's podcast we will review the details of the Neighborhood Stabilization Act of 2008, legislation being discussed in the house that would create a 15 billion dollar, HUD-administered loan and grant program for the purchase and rehabilitation of owner-vacated, foreclosed homes. This week will also discuss the approximate size of the 2008 low-income housing tax credit equity market and the key dynamics at play in determining the pricing for low-income housing tax credits. This podcast is presented each week by Novogradac & Company LLP, a national accounting and consulting firm that specializes in the fields of affordable housing, community development and renewable energy. We encourage you to learn more about our firm by visiting us online at www.novoco.com.

This week we will discuss the developments at the state level regarding several tax credit programs, including Rhode Island's Historic Tax Credit Program, Ohio's historic preservation tax credit and Missouri's state low-income housing tax credit. We will also review new reports in the media about the effect that the credit crisis is having on the development of affordable housing throughout the country. But first, we have several breaking news items to share. First, the White House last week announced President Bush's choice to replace former HUD Secretary Alphonso Jackson who resigned earlier this month.

This week we will discuss the status of housing stimulus legislation, particularly a number of provisions being considered to enhance the low-income housing tax credit. We will also share some new information that we've learned about HUD Area Median Gross Income calculations and how this new information will affect the operation of LIHTC properties. Finally, we will review the findings of a national review of green building criteria for LIHTC projects. This podcast is a bit longer than our normal broadcasts as we wanted to be sure to give detailed attention to the enhancements to the low-income housing tax credit that passed the Ways and Means Committee in the U.S. House of Representatives last week.

This week we will discuss the status of low-income housing tax credit, energy and new markets tax credit legislation, as well as the status of Treasury regulations for the new markets tax credit and LIHTC programs. Our first topic this week is the status of housing, energy and NMTC legislation.

This week we focus on tax credit topics developing at the state level. We'll review how the Colorado Housing Finance Agency is responding to the changes in the LIHTC equity market. We'll review why the affordable housing community in New York is concerned about recent developments in the state's prevailing wage law, and we'll review what a proposal to alter the state historic tax credit could mean for community development in Rhode Island.

This week we will discuss a draft of legislation being circulated in Congress that would coordinate the use of HUD programs with the low-income housing tax credit.

This week we will discuss policy modifications that some state housing agencies are considering to address the volatility in the LIHTC equity market. We'll also consider what effect the changes in the price of housing tax credits could have on the prices of new markets tax credits. Finally we'll share reports from the field regarding the impact that turbulence in the debt market is having on affordable rental housing.

This week we will discuss key compliance dates for new market tax credit applicants, we'll also review more information about the status of the low-income housing tax credit modernization bill, and provide an update on the current range of pricing for housing tax credits.

This week's discussion will focus on two topics: the current efforts in Congress to craft and pass a Housing Stimulus Bill, and a report published last month that examines the leverage measures used by programs such as the Low-Income Housing Tax Credit and the New Markets Tax Credit.

Today in the Novogradac Report on Tax Credits, we'll focus on two topics: additional analysis on the effect of HUD'S 2008 income limits on low-income housing tax credit properties, and second, the current status of legislation to modernize the housing tax credit.

Today in the Novogradac Report on Tax Credits, we'll focus on two topics: First, we'll touch on a recent Senate hearing about reforming the housing GSEs, or government sponsored entities, and we'll share with you news about their investments in affordable housing last year. Then we will review some details of Clean Renewable Energy Bond financing that the IRS announced last week.

This week we'll examine the federal funding suggestions featured in the Bush Administration's final budget proposal for 2009.

This week we'll replay some of the highlights of CDFI Fund Director Donna Gambrell's keynote address at Novogradac's New Markets Tax Credit Conference in San Diego a couple of week ago.

This week's discussion focuses on what the community development, affordable housing and renewable energy communities might see included in the economic stimulus package being crafted by Congress.

I will discuss three different topics during this week's podcast. First, I will recount the highlights of the Washington Wire panel discussion that kicked off the 14th Annual Tax Credit Developers Conference earlier this month in Miami. Then, I will report on the impact that the subprime loan crisis has had on the debt markets, interest rates and underwriting terms. Finally, I will review some important points from the CDFI Fund's new markets tax credit applications workshops.