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The Spring Street Brief is your daily intelligence briefing on affordable housing in America. In under 3 minutes, get the news that matters: LIHTC allocations, Section 8 voucher updates, HUD policy changes, private activity bonds, state housing finance agency deals, and emerging trends in affordable housing development. Designed for LIHTC investors, affordable housing developers, syndicators, lenders, and policy makers who need to stay ahead of the curve. AI-powered. Human-curated. Brought t ...
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Each Tax Credit Tuesday, the Novogradac audio broadcast offers an in-depth weekly look at tax credit topics. A new episode is posted here and on the RSS Feed by 1 p.m. Pacific Time every Tuesday.
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Monarch Perspectives is a podcast for investors and developers interested in tax credits and tax equity investing. Led by Monarch Private Capital partners Steve LeClere and Rick Chukas, we’ll be speaking with special guests about important and timely industry topics every month to provide you with the latest updates pertinent to investors, developers and owners.
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December 28, 2025: One Big Beautiful Bill Six Months In, 2026 LIHTC Preview
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Your daily briefing on affordable housing. Today: OBBA six-month mark, 25% PAB threshold goes live January 1st, 2026 LIHTC allocation increases, and Gainesville senior housing expansion.By Spring Street Management Group
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Dec. 16, 2025: So You Want to Be a LIHTC Developer: Treatment of Community Service Areas, Off-Site Costs and Impact Fees
Developers of affordable rental housing using low-income housing tax credits (LIHTCs) want to know what they can include in eligible basis calculations. In the latest installment in the "So You Want to Be a LIHTC Developer" series of the Tax Credit Tuesday podcast, Michael Novogradac, CPA, and Novogradac partner Christina Apostolidis, CPA, discuss …
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December 22, 2025: Section 8 Funding Crisis, Housing Act Passes, HUD Injunction
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In this episode of The Spring Street Brief, we cover the critical developments in affordable housing: Section 8 Funding Crisis: Over 500 PHAs facing shortfall, $700-800M in delayed payments, HUD advises using reserves Housing for the 21st Century Act: House passes major legislation with HOME program updates and streamlined NEPA reviews HUD Injuncti…
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The new markets tax credit (NMTC) incentive commonly is used to subsidize community development projects such as small businesses, day care centers, schools and public transportation, but the credit can also serve as a way to incentivize the development of for-sale housing in distressed neighborhoods. In this episode of Tax Credit Tuesday, Michael …
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The complicated world of renewable energy tax credits (RETCs) can be challenging for even experienced investors to navigate. In this episode of the Renewable Energy Tax Credit Finance Series, Novogradac partners Tony Grappone, CPA, and Tom Boman, CPA, discuss the issues individuals and closely held corporations should be aware of when considering i…
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Nov. 4, 2025: Exploring a New Incentive to Help Nonprofits Finance Renovation, Preservation of Affordable Rental Housing
While changes to the low-income housing tax credit (LIHTC) will help address America's affordable housing shortage, there remains a significant gap to help renovate and preserve affordable rental housing'a gap that could be addressed by a proposed tax incentive that would allow nonprofit developers and property managers to raise capital from indivi…
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The Opportunity Zones (OZ) incentive has seen a number of exciting developments in 2025, in large part due to the One Big Beautiful Bill Act (OBBBA), which made the incentive permanent when the legislation was signed into law July 4. In this episode of Tax Credit Tuesday, Michael Novogradac, CPA, sits down with Novogradac partner Jason Watkins, CPA…
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Oct. 21, 2025: RETC Finance Series: FEOC Deep Dive: What Foreign Entity of Concern Rules Mean for Clean Energy Tax Credits
The One Big Beautiful Bill Act (OBBBA), signed into law July 4, expanded restrictions on Foreign Entity of Concern (FEOC) rules established by the Inflation Reduction Act in 2022. In this latest installment of the Renewable Energy Tax Credit Finance Series, Novogradac partners Tony Grappone, CPA, and Nicolo Pinoli, CPA, dive into the evolution of F…
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The One Big Beautiful Bill Act, approved July 4, introduced sweeping changes to various community development tax credits. In this episode of Tax Credit Tuesday, Michael Novogradac, CPA, sits down with Novogradac partners Brad Elphick, CPA, Tony Grappone, CPA and Dirk Wallace, CPA, to discuss what those changes are and how they are shaping the pres…
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Sept. 30, 2025: Renewable Energy Tax Credit Finance Series: Negotiating the Tax Credit Equity Investment Process
Navigating the process of raising tax credit equity can be a challenge even for experienced renewable energy developers, but it is a critical part of ensuring a project's success. In this latest installment of the Renewable Energy Tax Credit Finance Series, Michael Novogradac, CPA, and Novogradac partner Tony Grappone, CPA, walk through the process…
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With the new markets tax credit (NMTC) made permanent in the One Big Beautiful Bill Act (OBBBA) and a record-breaking $10 billion allocation round nearing, these are heady times in the NMTC world. But administrative actions and the threat of a government shutdown have also led to trepidation. In this episode of the Tax Credit Tuesday podcast, Micha…
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The One Big Beautiful Bill Act (OBBBA), signed into law July 4, lowered the tax-exempt bond financed- by test for low-income housing tax credit (LIHTC) properties from 50% to 25%. In this episode of the Tax Credit Tuesday podcast, Michael Novogradac, CPA, and Novogradac Housing Policy Consultant Mark Shelburne discuss the ways in which state housin…
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The One Big Beautiful Bill Act (OBBBA), signed into law July 4, lowered the tax-exempt bond financed- test for low-income housing tax credit properties from 50% to 25%, giving states the ability to potentially double the amount of bond-financed tax credit transactions that they can finance with the same amount of bond cap. In this episode of the Ta…
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The One Big Beautiful Bill Act (OBBBA), signed into law July 4, made the opportunity zone (OZ) incentive a permanent part of the Internal Revenue Code. In this episode of the Tax Credit Tuesday podcast, Michael Novogradac, CPA, and Novogradac partner Jason Watkins, CPA, review the changes to OZs instituted by the OBBBA. They explore the Opportunity…
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Aug. 19, 2025: So You Want to Be a LIHTC Developer: Understanding Nuances of Partnerships in Raising LIHTC Equity, Part Two
Partnerships provide a mutually beneficial legal structure for developers and investors to create and rehabilitate affordable rental housing with low-income housing tax credits (LIHTC). In the second installment of a two-episode set on LIHTC partnerships, Michael Novogradac, CPA, and Novogradac partner Nicolo Pinoli, CPA, discuss the importance of …
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Aug. 12, 2025: Renewable Energy Tax Credit Finance Series: The Future of Clean Energy Tax Credits Under the One Big Beautiful Bill Act
The One Big Beautiful Bill Act (OB3) signed into law in July has sweeping implications for the clean energy tax credits sector. In this latest installment of the Renewable Energy Tax Credit Finance Series, Michael Novogradac, CPA, and Novogradac partner Tony Grappone, CPA, dive into OB3 and what it means for the rollback of various tax incentives, …
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President Donald Trump on July 4 approved multi-trillion-dollar reconciliation legislation that enacts sweeping reforms to various tax credits, including the low-income housing tax credit (LIHTC). In this week's episode of Tax Credit Tuesday, Michael Novogradac, CPA, and Dirk Wallace, CPA, review various provisions included in the legislation and d…
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Developers of affordable housing that qualifies for the historic rehabilitation tax credit (HTC)'as well as historic property developers who are including affordable homes in their property'can use both the HTC and the low-income housing tax credit to finance their property. In this week's episode of Tax Credit Tuesday, Michael Novogradac, CPA, and…
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July 15, 2025: So You Want to Be a LIHTC Developer: Understanding Nuances of Partnerships in Raising LIHTC Equity, Part 1
Partnerships provide a mutually beneficial legal structure for developers and investors to create and rehabilitate affordable rental housing with low-income housing tax credits (LIHTC). In the first installment of a two-episode set on LIHTC partnerships, Michael Novogradac, CPA, and Nicolo Pinoli, CPA, discuss some of the details about these legal …
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When President Donald Trump signed multi-trillion-dollar reconciliation legislation July 4, it included provisions to expand the low-income housing tax credit (LIHTC), make permanent the opportunity zones (OZ) incentive and new markets tax credit (NMTC) and sharply pare back clean energy tax incentives. On this week's episode of Tax Credit Tuesday,…
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One of the most crucial elements of any property financed by clean energy tax incentives is the begin-construction date. That date'which must be proven through one of two tests'sets the standard for the amount of tax credits and their value. It may also determine eligibility for certain incentives. In this week's podcast, guest host Tony Grappone, …
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June 17, 2025: So You Want to Be a LIHTC Developer: Upsides, Hurdles When Nonprofits Partner With For-Profits
Technical expertise, experience and mentorship are among the reasons a nonprofit affordable housing developer might form a joint venture with a for-profit developer. In this week's episode of the Tax Credit Tuesday podcast, Michael Novogradac, CPA, and Novogradac partner Lance Smith, CPA, discuss these advantages, opportunities, risks and challenge…
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June 10, 2025: Four Tax Law Changes That Could Increase Investor Interest and Boost Credit Pricing
Proposed changes to federal tax law are in the political discussion as Congress works to advance President Donald Trump's One Big, Beautiful Bill, which includes provisions that touch on low-income housing tax credits (LIHTCs), opportunity zones (OZ) and renewable energy tax credits (RETCs). In this week's episode of the Tax Credit Tuesday podcast,…
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June 3, 2025: Renewable Energy Tax Credit Finance Series: Prevailing Wage and Apprenticeship: Strategies for Documenting Compliance
In this episode of Tax Credit Tuesday, Michael Novogradac, CPA, and Tony Grappone, CPA, dive into the intricacies of prevailing wage and apprenticeship (PWA) requirements in the context of renewable energy tax credits. They discuss strategies for ensuring compliance, highlight common pitfalls and explain the importance of early engagement in the co…
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The House of Representatives last week passed budget reconciliation legislation that includes significant tax incentive provisions. In this week's Tax Credit Tuesday podcast, Michael Novogradac, CPA, and Peter Lawrence, Novogradac's chief public policy officer, discuss the bill, including what provisions were included, which were left out (but coul…
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The opportunity zones (OZ) incentive remains a versatile tool in the workshop of community development, housing production and renewable energy generation. In this week's episode of the Tax Credit Tuesday podcast, host Michael Novogradac, CPA, and guest Brent Parker, CPA, discuss the intersection of the OZ incentive with other tax incentives, inclu…
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May 6, 2025: So You Want to Be a LIHTC Developer: For-Profit and Nonprofit Partnerships: Opportunities, Risks and Challenges
Michael Novogradac, CPA, and Novogradac partner Lance Smith, CPA, discuss the opportunities, risks, and challenges faced by for-profit housing developers when partnering with not-for-profit affordable housing developers. Learn about the benefits, such as improved chances of being awarded low-income housing tax credits, lower property taxes and acce…
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The past, present and future are all relevant in new markets tax credits (NMTCs) in the spring of 2025, with multiple issues that touch on each of the three time periods among some of the hottest topics in the tax credit community. In this week's episode of the Tax Credit Tuesday podcast, host Michael Novogradac, CPA, is joined by guests Rebecca Da…
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The U.S. Department of Housing and Urban Development (HUD) released the annual rent and income limits April 1 for property managers to apply when renting properties financed by low-income housing tax credit (LIHTC) equity as well as HUD programs such as Section 8, Section 202 and Section 811. In this week's episode of the Tax Credit Tuesday podcast…
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This Tax Day episode of Tax Credit Tuesday features guest host Tony Grappone, CPA, and guest Reza Karim, CPA. They discuss state and local tax issues vital to renewable energy facilities, including various types of taxes such as property, sales and use taxes. They also delve into tax credit transfers, nexus, apportionment and non-resident withholdi…
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April 8, 2025: What to Know about Changes to Novogradac’s E-Learning Platform and How You Can Benefit
Novogradac's e-learning platform'NovocoTraining'provides webinars and on-demand training for myriad community development tax incentives, with teaching for audiences from beginner to expert. In this week's Tax Credit Tuesday episode, Michael Novogradac, CPA, and Wayne Michael, Novogradac's senior director of external education and e-learning, discu…
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After 10 weeks of the second Trump administration, funding and staffing changes continue to develop for affordable housing funded by the U.S. Department of Housing and Urban Development (HUD) and for the public housing authorities (PHAs) that oversee much of that spending. On this week's episode of Tax Credit Tuesday, host Michael Novogradac, CPA, …
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March 25, 2025: So You Want to Be a LIHTC Developer: Tips to Stay Compliant When Qualifying Tenants for Multiple Affordable Housing Programs
Compliance requirements come in a variety of shapes and sizes for affordable rental housing property managers using incentives such as the low-income housing tax credit (LIHTC), HOME Investment Partnerships Program, tax-exempt bonds, project-based rental assistance (PBRA) programs, public housing and property tax exemptions. In this week's episode …
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In this week's episode of Tax Credit Tuesday, Michael Novogradac, CPA, and Novogradac partner Tony Grappone, CPA, delve into essential strategies for reviewing tax returns for renewable energy partnerships during tax season. They discuss pivotal areas such as comparing tax return drafts to key documents, federal and state tax differences, and prope…
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Twinning or sidecar financing that pairs the federal historic rehabilitation tax credit (HTC) with other tax incentives can be a crucial strategy to finance the renovation and redevelopment of some the nation's historic buildings. In the latest episode of the Tax Credit Tuesday podcast, host Michael Novogradac, CPA, and guest Michael Kressig, CPA, …
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Localities'whether cities, townships or counties'are crucial "partners" in low-income housing tax credit (LIHTC) transactions. While not an actual member of the partnership, localities play a major role in the ability to fund affordable housing properties. In this week's episode of Tax Credit Tuesday, Michael Novogradac, CPA, and Mark Shelburne, a …
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Feb. 25, 2025: So You Want to Be a LIHTC Developer: Four Challenges When Sidecar Financing 4%, 9% LIHTCs
Two important financing options when building affordable housing are 4% and 9% low-income housing tax credits (LIHTCs). In the latest episode of the Tax Credit Tuesday podcast, host Michael Novogradac, CPA, and guest Charlie Rhuda, CPA, discuss developers that chose to combine the incentives in a single development, sometimes called "sidecar financ…
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Feb. 18, 2025: Renewable Energy Tax Credit Finance Series: Structuring, Technology and Investor Trends
Michael Novogradac, CPA, and Tony Grappone, CPA, dive deep into the latest trends in renewable energy tax credit (RETC) financing. In this episode of Tax Credit Tuesday, they discuss the most common structures from 2024, including partnership flips, T flips, and inverted leases and their popularity in the market. They also cover the types of projec…
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Feb. 11, 2025: Opportunity Zones Working Group's Recommendations for Modernization and Renewal of OZs
Legislation to modernize and renew the opportunity zones (OZ) incentive in 2025 is essential to its long-term prospects. In this episode of Tax Credit Tuesday, Michael Novogradac, CPA, and Jason Watkins, CPA, discuss the path forward for OZs under potential tax law changes. They discuss the political outlook and priorities under a Republican Party …
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The 2025 application period for affordable housing properties to receive a 20% "adder" to the 30% investment tax credit (ITC) for solar power opened in January. In this week's Tax Credit Tuesday podcast, Michael Novogradac, CPA, and Novogradac partner Dirk Wallace, CPA, discuss the use of solar-generated electricity at affordable housing properties…
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After chatter about budget cuts during the campaign from several members of President Donald Trump's new administration, stakeholders in the affordable housing community watch attentively as developments arise in Washington, D.C. In this episode of Tax Credit Tuesday, Michael Novogradac, CPA; Rich Larsen, CPA; and Peter Lawrence, Novogradac's direc…
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With a major federal tax bill anticipated in 2025 and a newly seated Congress, Michael Novogradac, CPA, and Novogradac Director of Public Policy and Government Relations Peter Lawrence look ahead to four new federal tax incentives that could be introduced in 2025. In addition to discussing each of the four proposed incentives'the preservation tax i…
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Rental income and operating expenses both set records and increased at rates higher than the consumer price index for housing in 2023, according to data in the 2024 Novogradac Operating Income and Expenses Report. In this week's podcast, Michael Novogradac and report author Kelly Gorman, a partner in Novogradac's Clark, New Jersey, office, discuss …
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Jan. 7, 2025: Renewable Energy Tax Credit Finance Series: 10 Topics to Discuss With Your CPA, Part 2
Michael Novogradac, CPA, and Tony Grappone, CPA, continue their discussion on the top 10 tax issues renewable energy developers and investors should address with their tax accountants with this follow-up to the Dec. 17, 2024, episode. In Part 2, they cover the next five critical topics: assessing positive taxable income, ownership flips, revisiting…
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Michael Novogradac, CPA, and Tony Grappone, CPA, discuss essential topics for renewable energy developers and investors to address with their tax preparers. They cover the first five of 10 key issues for renewable energy developments: placed-in-service date determination, tax depreciation conventions, comparing financial projections with actual res…
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As 2024 nears its conclusion, Michael Novogradac, CPA, interviews Christina Apostolidis, CPA, to discuss year-end financial reassessments for affordable housing professionals. The episode of Novogradac's Tax Credit Tuesday podcast focuses on comparing actual performance to projected tax credit delivery. Novogradac and Apostolidis highlight three ke…
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The Community Development Financial Institutions (CDFI) Fund opened the calendar year 2024-2025 new markets tax credit (NMTC) application period Nov. 19, beginning a process that will result in a record $10 billion in NMTC allocation authority next year.' In this week's Tax Credit Tuesday podcast, guest host Brad Elphick, CPA, and Novogradac partne…
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Nov. 19, 2024: Renewable Energy Tax Credit Finance Series: Effective Strategies for Financial Statement Audit Success
Michael Novogradac, CPA, and Novogradac partner Tony Grappone, CPA, examine the complexities of year-end financial statement audits for renewable energy companies. They outline critical steps to ensure a seamless audit process, including the review of prior audits, identification of common errors to avoid and management of non-recurring items. Addi…
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An apparent sweep by Republicans of the White House and both chambers of Congress in the Nov. 5 election has major implications for community development tax incentives such as the low-income housing tax credit (LIHTC), new markets tax credit (NMTC), historic tax credit (HTC), renewable energy tax credits (RETCs) and the opportunity zones (OZ) ince…
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