Tax CreditAdvisorservices.housingonline.com/nhra_images/TCA 2012-13 Media... · 2013-07-02 · For...

2013 Media Kit

TaxCreditAdvisorP U B L I S H E D I N A S S O C I A T I O N W I T H T H E N A T I O N A L H O U S I N G & R E H A B I L I T A T I O N A S S O C I A T I O N

April 2012 | Volume XXIV No. 4

Debt Financing SourcesPAGE 8Asheboro Historic Mills Take on New Life

PAGE 4Creative Development in Uncertain TimesPAGE 22A Look Behind the

Latest NMTC AwardsPAGE 35

Bluewater Workforce Housing, Florida Keys

Developer: Gorman & Company


Pooling for Successin WisconsinPAGE 2

IRS’ Final QualifiedContract RulesPAGE 6

Preparing Your Project for Re-SyndicationPAGE 22

Shepherd Park ApartmentsHartford, ConnecticutDeveloper: Retirement Housing Foundation/Schochet Associates, Inc.

Owner: Retirement Housing Foundation

Preservation Transactions &OpportunitiesPAGE 10

June 2012 | Volume XXIV No. 6

TaxCreditAdvisor

P U B L I S H E D I N A S S O C I A T I O N W I T H T H E N A T I O N A L H O U S I N G & R E H A B I L I T A T I O N A S S O C I A T I O N

March 2

012 | Vo

lume XX

IV No. 3

Managing

for SuccessPAGE 18

Saving an

Atlanta TreasurePAGE 2

HUD’s Diffic

ult

Budget ChoicesPAGE 12

David A. Smith on

Virtual Property

ManagementPAGE 26

© epantha - Fotolia.com

TaxCreditAdvisor

P U B L I S H E D I N A S S O C I A T I O N W I T H T H E N A T I O N A L H O U S I N G & R E H A B I L I T A T I O N A S S O C I A T I O N

New Light on Tax Credit

Tenant Incomes & RentsPAGE 6

‘Crazy Times’ in the

LIHTC MarketPAGE 26

New Markets Funding

Round OpensPAGE 41

Bob Greer, President of Michaels Development Company

in front of Living Springs Senior Residences, Burlington, New Jersey

Photo by Jennifer Midberry/Novus Select

Partnering on Deals

How to Mix It Up

PAGE 10

August 2012 | Volume XXIV No. 8

A Golden Record

The Fabulous Career

of Bob Greer

PAGE 22


February 2012 | Volume XXIV No. 2

Tax Credit Equity SourcesPAGE 16

Sounding the Alarm for

the Housing Credit

PAGE 6

Demystifying the

Investor Watch ListPAGE 28

California’s

Redevelopment BluesPAGE 8

TaxCreditAdvisor

Published since 1990, Tax Credit Advisor magazine is the must-readpublication for professionals in the affordable housing, historic preservation,and community/economic development fields. It’s the only national

publication that provides readers – every month and in one convenient place –in-depth coverage of the federal Low-Income Housing, Historic Rehabilitation,and New Markets Tax Credits, plus federal multifamily housing programsadministered by the U.S. Department of Housing and Urban Developmentand USDA Rural Development.

Tax Credit Advisor has a paid readership (subscriptionscost $329/year) that includes the key decision-makers atcompanies and organizations throughout the U.S. Our readers include for-profit and nonprofit developers, generalcontractors, multifamily owners, property managers, housingfinance agencies, government officials, nonprofits, and otherprofessionals involved in tax credit transactions – syndicators,investors, lenders, attorneys, accountants, market analysts,consultants, etc.

Tax Credit Advisor recognizes that in a time of rising costs and intense competition for tax credits and other subsidies, an informed understanding of the

federal housing, historic, and new markets tax credits canmean the difference between a

project that moves forward and one that doesn’t. Historic rehabilitation projects often combine theuse of historic and low-income tax credits, helpingfinance affordable rental housing. Community and economic development projectsoften pair new markets and historic credits, while mixed-usedevelopments may utilize as manyas all three of these tax credits. Andincreasingly, renewable energy tax

credits are being used in projects as well.With articles written by seasoned journalists and industry experts,

Tax Credit Advisor provides a mix of breaking news, trend analysis,expert advice, and project case studies to help readers successfully

develop, finance, manage, market, and invest in tax credit projects, and to keep up with new developments in the area of green building.

For ad information/orders, contact Scott Oser at 301.279.0468 or [email protected]

2

TAX CREDIT ADVISOR About Us

Proud Partner to Housing Authorities.

RBC Capital Markets’ Tax Credit Equity Group is proud to have partnered with local housing authorities in advancing

affordable housing projects across the country, including Washington Beech with the Boston Housing Authority. Recent

partnerships have produced 17 affordable housing developments and resulted in 1,890 affordable homes, along with

creating a projected 2,263 jobs in the local communities. Put our affordable housing experience to work for you in 2012.

Washington Beech Boston Housing Authority

Trinity Financial, Inc.

Take Confi dence in Our Approach

Stacie Altmann DirectorWest [email protected]

Brian FlanaganDirectorSoutheast Regionbrian.fl [email protected]

Dan Kierce Director Central [email protected]

Dave Urban Director Gulf Coast [email protected]

Craig Wagner Managing Director Tax Credit [email protected]

Source: NAHB Housing Policy Dept: The Local Economic Impact of Typical Housing Tax Credit Developments, 03/2010. This advertisement is for informational purposes only. RBC Capital Markets is a registered trademark of Royal Bank of Canada. RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its affi liates, including RBC Capital Markets, LLC (member FINRA, NYSE and SIPC); RBC Dominion Securities Inc. (member IIROC and CIPF) and RBC Europe Limited (authorized and regulated by Financial Services Authority). ® Registered trademark of Royal Bank of Canada. Used under license. © Copyright 2012. All rights reserved.

Contact us at 1.888.875.9223 | rbccm.com/tceg

> affordable housing debt> affordable housing equity

> asset management> mortgage banking

Centerline Capital Group provides real estate financing and asset management services, focused on affordable

and conventional multifamily housing. Centerline offers both debt and equity financing to developers, owners, and

investors. Centerline is structured to originate, underwrite, service, manage, refinance or sell through all phases of

an asset’s life cycle. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline has raised more

than $10 billion in equity across 136 funds, and invested in more than 1,200 assets spanning 47 states. The firm’s

multifamily lending platform services more than $11 billion in loans. Founded in 1972, Centerline is headquartered in

New York City, with ten offices throughout the United States.

> MULTIFAMILY LEADER

affordable housing debt Philip Melton 972 868 [email protected]

affordable housing equity Michael Riechman 704 887 [email protected]

asset managementMichael J. Curran 212 521 6385 [email protected]

mortgage banking William T. Hyman 212 317 [email protected]

www.centerline.com

To learn how Centerline can help you, contact:

!@#

Are you getting the most out of the

Low Income Housing Tax Credit?

At Ernst & Young, we’ve been providing real estate, tax and syndicator due diligence

services to the tax credit investment industry for more than 15 years. That’s why we

are the trusted business and tax advisors to developers, investors, syndicators and

government agencies. In addition to our due diligence services, we provide a broad array

of LIHTC services including transaction structuring, federal and state tax analysis, tax

credit investment planning, best practices consulting, tax return compliance, fi nancial

statement audits, and industry leading research.

We can help you solve your most challenging issues and achieve your fi nancial and

community development goals.

Contact us today:

Brian Herman Kristen Walsh

+1 502 585 6468 +1 617 585 0405

[email protected] [email protected]

© 2

012

Erns

t & Y

oung

LLP

. All

Righ

ts R

eser

ved.

NY

1207

-137

8119

CPAs and advisors specializing

in the affordable housing industry

Denver | Kansas City | St. Louis

www.rubinbrown.com

For 30 years, RubinBrown’s Real Estate Services Group has built an admired

reputation nationally as a premier accounting firm in the real estate industry,

focused almost entirely on affordable housing and tax credits.

Our specialized experts can help with the complexities related to audit, tax,

and consulting, including complex deal structuring for LIHTC, historic tax

credits, NMTC, renewable energy tax credits, HUD, state housing finance

agencies, and much more.

Your source...for affordable housing

and tax credit services.

Bryan Keller, CPA

Partner-In-Charge

Real Estate Services Group

[email protected]

314.290.3300

Our specialized experts can help with the complexities related to audit, tax, focused almost entirely on affordable housing and tax credits.reputation nationally as a premier accounting firm in the real estate industry,


Our specialized experts can help with the complexities related to audit, tax, focused almost entirely on affordable housing and tax credits.reputation nationally as a premier accounting firm in the real estate industry,


www.rubinbrown.com

agencies, and much more.credits, NMTC, renewable energy tax credits, HUD, state housing finance



B ry y a n Ke e l l e r , C P A

Bryan Keller, CPA

Parttnerr-In-CharrgePartner-In-Charge

R e a l E Est t at at e S e r v i c e s G r o u p

[email protected] Estate Services Group

in the affordable housing industryCPAs and advisors specializing

D e nv nve

e r | Ka Ka n s a s C i t ity ty | S St . Lo Lo u i s

Denver | Kansas City | St. Louis

credits, NMTC, renewable energy tax credits, HUD, state housing finance



Full SpeedAhead

We closed $325 million of LIHTC equity with our valued Investor and Developer partners.Come on board in 2012.

Save the Date

N o v e m b e r 1 6 - 1 8 , 2 0 1 1 N YC

Spectrum Tax Credit Symposium

Discounts available for early

and group registrations!

Contact Us: (207) 767-8000

www.spectrumseminars.com

[email protected]

Sheraton NY Hotel & Towers

811 7th Avenue at 53rd Street

New York, New York 10019

(212) 581-1000

28%

18%28%

18%

8%

Developers / Builders / PropertyManagers

Syndicators / Lenders / Investors

Attorneys / Accountants /Consultants / Market Analysts

Housing Agencies / PublicOfficials

Other

Tax Credit Advisor reaches more than 400 of themost important decision makers involved in the useof housing, historic, and new markets tax credits.

This broad spectrum of readers includes:

• Developers and Owners• Builders and Property Managers• Housing Finance/Credit Agencies• Syndicators and Lenders• Corporate Investors• Attorneys, Accountants, Consultants• Nonprofits• Public Housing Authorities• Housing Bond Issuers• Appraisers and Market Analysts• Congressional, IRS, and HUD Staff• Federal, State & Local Officials

Composition of Subscribers

Principal Activity of Firm/Organization


3

TAX CREDIT ADVISOR Readership

Key Statistics

Some of the characteristics of our readersinclude:

• 73% notice the ads in the publication.

• 67% have authority to purchase products and professional services, or to decide how to finance their deals.

• 85% rate the Tax Credit Advisor a valuable business tool.

• 63% spend over 31 minutes with each issue of the publication.

• 66% have read 4 of the last 4 issues of the publication.

• 75% report that two or more people besides themselves usually read their copy of the Tax Credit Advisor — more than 25% of readers say 5 or more.

• 83% keep each issue of the publication for future reference.

Tax Credit Advisor ’s Readers Are Involved In:

LIHTC Rental Housing ........................................98%

Other Affordable Rental Housing ......................71%

Preservation of Existing Housing .......................68%

Historic Rehabilitation .........................................63%

Affordable Owner-Occupied Housing ..............46%

Public Housing Redevelopment ........................44%

New Markets Tax Credit Program .....................34%

Economic Development .....................................27%

Tax Credit Advisor is written to ensure that ourreaders get the most out of each and every page ofeach and every issue. Each issue covers key subjectareas based on our readers’ critical areas of need.These include coverage of federal low-incomehousing, historic rehabilitation, new markets, andrenewable energy tax credits, and federal multi-family housing programs of HUD & USDA RuralDevelopment. We also report on green buildingnews and trends. Tax Credit Advisor provides atleast one detailed case study per issue.

Following are additional details on key subjectareas of coverage, showing why our subscribersread a huge amount of every issue we produce.

Low-Income Housing Tax CreditsWe report on the many dimensions of Low-IncomeHousing Tax Credits (LIHTCs), beginning with howCongress and the federal agencies (HUD, IRS)shape their use, and the award of LIHTCs under thequalified allocation plans of state housing agencies.We also provide full details of how developers putLIHTCs to work in multi-layer financings that fundaffordable housing, including the use of tax-exemptbonds. Our coverage of LIHTC equity pricingincludes the widely-followed Corporate Tax CreditFund Watch, prepared exclusively for Tax CreditAdvisor by Ernst & Young, LLP.

New Markets Tax CreditsWe cover the fast-paced regulatory developmentsaffecting the use of these credits – from the CDFIFund’s allocations and rulemaking, to the IRS’s clarification of tax structures. We describe the complex investment strategies involving NMTCs,including leveraged loan structures and the combination of NMTCs and historic credits.

Historic Rehabilitation Tax CreditsThe administration and use of Historic RehabilitationTax Credits is also a main area of coverage. Thisincludes reporting on the role of the National ParkService and state historic preservation offices inoverseeing certification of these credits, changingdeal structures, and pending legislation.

Case StudiesTax Credit Advisor identifies and dissects cutting-edge transactions that break new ground and serveas “best practices” models. These case studies provide details on funding sources, deal structures,and the challenges faced by the developers plustheir solutions that our readers can tailor and adaptto their own situations.

Green Building Our coverage of this important area of real estatedevelopment reports on new occurrences in greenbuilding rating systems, the use of renewable ener-gy, and incentives and funds to owners to makebuildings more energy efficient and sustainable.

Federal and State UpdateWe provide readers a quick overview of the regula-tory and legislative activity important to affordablehousing and community development at the federal,state, and local levels.

NH&RA NewsWe report on current news and future events of theNational Housing & Rehabilitation Association andits councils.


4

TAX CREDIT ADVISOR’S Editorial Coverage


2013 Editorial Calendar

I S S U E T H E M E

January 2013 Senior Housing

February 2013 Debt Financing Sources

March 2013 Green Building & Retrofits

April 2013 Preservation Transactions & Opportunities

May 2013 Tax Credit Equity Sources

June 2013 Historic Rehabilitation

July 2013 Effective Property Management

August 2013 Resident Services

September 2013 Public Housing Revitalization

October 2013 Historic Rehabilitation

November 2013 Niche Development Opportunities

December 2013 New Markets Tax Credits

Bonus Distribution

Tax Credit Advisor is distributed year-round toattendees at a number of events attended by devel-opers and other tax credit industry participants.

Among these are conferences of the:

• National Housing & Rehabilitation Association

• National Council of State Housing Agencies

• Affordable Housing Tax Credit Coalition

• Council for Affordable and Rural Housing

• National Association of Home Builders’ Housing Credit Group

• Select state housing credit agency events

5

TAX CREDIT ADVISOR’S Editorial Calendar

TCA Keeps You Up-To-Date

• Coverage of IRS, HUD, and CDFI Fund rules and federal/state legislation affecting housing,historic, new markets, and renewable energy tax credits

• The latest market prices for housing credits, and current yields to investors

• Corporate Tax Credit Fund Watch. A quarterly survey of LIHTC funds with pricing/yield data,prepared by Ernst & Young LLP exclusively forTax Credit Advisor

• News on “green” and sustainable building standards and practices and energy retrofits

• Advice from industry experts on tax credit structuring and compliance

• Information on new state qualified allocation plans for housing credits, state credit supply andawards, and application deadlines

• Incentives for making properties more energy-efficient

• Coverage of key issues affecting projects, including property tax assessments, market stud-ies, industry “best practices,” and other areas

• Tips on competing for housing or new markets credits, and getting approval for historic credits

• How tax credits can be used to reposition older or underutilized properties

• How to best manage tax credit properties and avoid compliance mistakes

• Debt financing trends and sources

• New gap financing and subsidy sources

• Information on state tax credits

EDITORIAL CONTACTGlenn Petherick, EditorPhone: 202-939-1774 | Email: [email protected]

Edition Space Reservation Deadline Materials Due

January 2013 December 10 December 14

February 2013 January 14 January 18

March 2013 February 13 February 19

April 2013 March 14 March 19

May 2013 April 15 April 19

June 2013 May 13 May 17

July 2013 June 14 June 19

August 2013 July 15 July 19

September 2013 August 13 August 16

October 2013 September 16 September 19

November 2013 October 14 October 18

December 2013 November 8 November 15

1x 3x 6x 12x

Full Page 4-color (bleed or standard size) $2,200 $2,070 $1,995 $1,645 (Standard: 7.5”W X 9.75”H) (Bleed: 8.75”W x 11.25”H, trims at 8.5”W x 11”H)

Jr. Page 4-color $1,740 $1,635 $1,585 $1,325(4.875”W X 9.75”H)

1/2 Page 4-color $1,280 $1,215 $1,170 $995(Horizontal: 7.5”W X 4.625”H) (Vertical: 3.5”W X 9.75”H)

1/4 Page 4-color $925 $890 $865 $750 (3.5”W X 4.625”H)

* Black & White ads are available. Please contact Scott Oser for information, 301-279-0468.

Advertising Closing Dates: January 2013-December 2013

Please note: The publisher reserves the right to place the word “Advertisement” next to advertising copy thatresembles editorial material.

Advertising Submission SpecificationsTax Credit Advisor accepts ads in black-and-white (grayscale)or full color (CMYK). Advertisers should supply one of thefollowing: (1) press-ready PDF file with fonts embedded; (2) Illustrator eps with fonts outlined; (3) high res jpeg, min.300 dpi; or (4) Quark file with fonts + links.

6

TAX CREDIT ADVISOR’S Advertising Rates & Specs

ProofsA color proof is required for all color ads. We are notresponsible for color inconsistency if a color proof is not provided.

Please submit all artwork/proofs to:Glenn [email protected] Credit Advisor1400 16th St., NW, Suite 420 • Washington, DC 20036202-939-1774 (tel.)

Company Name: _____________________________________________________________________________________________________

Contact Name: ______________________________________________________________________________________________________

Phone: _______________________________________________ Email: _____________________________________________________

SIZE 1x 3x 6x 12x

Full Page 4-color (bleed or standard size) $2,200 $2,070 $1,995 $1,645

Jr. Page 4-color $1,740 $1,635 $1,585 $1,325

1/2 Page 4-color $1,280 $1,215 $1,170 $995

1/4 Page 4-color $925 $890 $865 $750

* Black and White ads available. Contact Scott Oser, [email protected], 301-279-0468

7

ORDER INFORMATION:

ISSUES: � Jun 13 � Jul 13 � Aug 13 � Sep 13 � Oct 13 � Nov 13 � Dec 13 � Jan 14� Feb 14 � Mar 14 � Apr 14 � May 14 � Jun 14 � Jul 14 � Aug 14 � Sep 14

FREQUENCY: � 1X � 2X � 3X � 4X � 5X � 6X � 12X

AD SIZES: � Full page (Bleed: 8.75”w x 11.25”h, trims at 8.5”w x 11”h)

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� Half page Horizontal (7.5”w x 4.625”h)

� Half page Vertical (3.5”w x 9.75”h)

� Quarter page (3.5”w x 4.625”h)

Your signature on this ad insertion order will reserve your company’s advertising program in the Tax Credit Advisor. Please fax a signed copy to Glenn Petherick at 202-265-4435. (Problem faxing? Contact: Glenn Petherick, tel. 202-939-1774, [email protected]).

Accepted By: __________________________________________________ Date: ______________________________________________

BILLING INFORMATION:

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TAX CREDIT ADVISOR Advertising Insertion Order

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