Apartment Trends Magazine October 2015 | Página 57

Keeping the World Safe
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the minimum 9 percent LIHTC for allocations made prior to
2017. It also establishes a minimum 4 percent LIHTC for the
acquisition of existing properties that are not federally subsidized
for buildings placed in service after the date of enactment with
respect to which credit allocations are made before 2017.
• Deduction for Energy Efficient Commercial Buildings:
Through 2014, the tax code provided for a $1.80 per square
foot tax deduction for properties that exceed the efficiency
standards set out in the 2001 American Society of Heating,
Refrigerating and Air-Conditioning Engineers (ASHRAE)
Standard 90.1 by 50 percent. The Senate Finance
Committee’s tax extenders package renews the provision
through 2016 and resets the ASHRAE standard to 2007
requirements. Additionally, tax-exempt non-profits could
allocate the deduction to the entity primarily responsible for
designing the property.
• New Energy Efficient Home Credit: This tax credit allows
some low-rise apartment communities (three stories or less)
to qualify for a $2,000 per-unit tax credit for new residences
that achieve a 50 percent energy savings for heating and
cooling over the 2006 International Energy Conservation
Code and supplements. The Senate Finance Committee’s tax
extenders package would renew the provision for 2015 and
2016.
• New Markets Tax Credit (NMTC): The NMTC provides a
tax incentive for qualified equity investments in economically
distressed areas that can be used for mixed-use projects. The
law permitted $3.5 billion in new investments for 2014.
The Senate Finance Committee’s tax extenders package
renews the NMTC through 2016, but also increases annual
allocations to $3.94 billion.

INDUSTRY BRIEFS OBAMA ADMINISTRATION
OFFICIALS AT TREASURY AND HUD
NAA/NMHC were provided with the opportunity this month
to discuss issues of importance to the apartment housing industry
with Administration officials at both HUD and the Treasury
Department. Specifically, the discussions took place at key meetings
dedicated to expanding affordable apartment housing opportunities. These meetings enabled us to brief related decision-makers
on the current state of play in our industry.
We highlighted the fact that we are not only a competitive
robust $1.3 trillion industry, but also alerted them to the historic
growth in renter households in recent years. In addition, we outlined
the need for public policies that support our industry and that don’t
make it harder for renters and their families to find housing that
makes sense for them.

NAA/NMHC also alerted HUD officials to concerns the
industry has about unanswered questions brought about by the
recent U.S. Supreme Court ruling on fair housing disparate impact.
Additionally, we discussed concerns we have regarding the negative
consequences associated with underfunding HUD’s assisted housing portfolio for FY 2016.
The Treasury meeting allowed for in-depth discussions on ways
to leverage low-income housing tax production, financing for and
the preservation of small apartment properties, and effective strategies to preserve and develop affordable housing.

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For more Apartment Advocate articles, please visit www.naahq.org
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OCTOBER 2015 • TRENDS | 55