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Forum Journal (Winter 2014): Glossary

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This document is enhanced content for "'Extra Credit' Rehabs" the Winter 2013 Forum Journal. To learn more about Preservation Leadership Forum and how you can become a member visit: …

This document is enhanced content for "'Extra Credit' Rehabs" the Winter 2013 Forum Journal. To learn more about Preservation Leadership Forum and how you can become a member visit: http://www.preservationnation.org/forum

Published in: Real Estate
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  • 1. Winter 2014 Forum Journal: “Extra Credit” Rehabs Enhanced Content: Glossary Brownfields: Defined by EPA as “real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presences of a hazardous substance, pollutant, or contaminant.” Community Development Entity (CDE): A domestic corporation or partnership that is the intermediary between investors and project; receives an allocation and exchanges it for investor equity. Environmental Assessment: Official report required by lenders which evaluates a piece of property to determine whether the site many have been contaminated by hazardous wastes. Historic Tax Credits (HTC): A federal income tax for the rehabilitation of eligible, incomeproducing properties. A 20 percent credit for National Register or contributing buildings in National Register Historic Districts and a 10 percent credit for pre-1936 buildings is available. Low- and Moderate- Income Household: A household whose income is less than 80 percent of the county’s median income for a given family size. Low-Income Housing Tax Credits (LIHTC): Federal income tax credit for owners of rental housing that has rents affordable to families with incomes under 60 percent of median income. Owners invest equity in the property in return for tax credits reducing their tax liability. New Markets Tax Credits (NMTC): The New Markets Tax Credit (NMTC) is a 39 percent federal credit that is earned on a Qualified Equity Investment (QEI) made in a certified Community Development Entity (CDE). Qualified Allocation Plans (QAP): A plan that details the selection criteria and application requirements for housing credits. Qualified Rehabilitation Expenditures (QRE): Expenses that contribute toward the calculations for the 20 percent historic tax credit. In general, only those costs that are directly related to the repair or improvement of structural and architectural features of the historic building will qualify. Refundability: When the holder of a tax credit has the option of claiming a refund from the state in the amount by which the credit exceeds that holder’s tax liability to the state. Tax Credits: Tax benefit, granted for engaging in particular activities, that are subtracted on a dollar-for-dollar basis from taxes owed.

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