The Novogradac Journal of Tax Credits Today Honors 13 as Developments of Distinction

Outstanding Achievements in the Development of Tax Credit Projects Recognized

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Each year we gather to honor the best and the brightest in the tax credit industry, and each year I’m amazed at the caliber of so many deserving projects; this year’s winners truly are members of an elite group.

San Francisco, Calif. (PRWEB) January 13, 2012

The Novogradac Journal of Tax Credits today honored the winners of its third annual Developments of Distinction at a breakfast banquet held in Miami, Fla. The award presentations were made before a large audience of affordable housing professionals attending Novogradac & Company LLP’s 18th annual Tax Credit Developers Conference.

“Each year we gather to honor the best and the brightest in the tax credit industry, and each year I’m amazed at the caliber of so many deserving projects; this year’s winners truly are members of an elite group,” said Michael J. Novogradac, managing partner of Novogradac & Company LLP. “It is heartening that there are so many deserving housing, historic and renewable energy tax credit developments being built to serve residents in need and, more broadly, serve communities in which they are located. I congratulate this year’s winners and invite all with a housing, historic and renewable energy development to enter next year.”

The awards recognize outstanding achievement in the development of projects using the low-income housing tax credit (LIHTC), historic tax credit (HTC), renewable energy tax credit (RETC), Section 1602 Exchange Program grant funds and/or tax credit projects using U.S. Department of Housing and Urban Development (HUD) program financing. Award-winning tax credit projects, seven winners and six honorable mentions, were placed in service in 2010/2011 and were recognized in one of six categories:

Most Meaningful and Distinctive Historic Tax Credit Project That Has Served as a Major Catalyst for Further Community Development

  • (Tie) Appleton Mills, Lowell, Mass.
o Developed by Trinity Financial Inc.
  • (Tie) St. Thomas Community Health Center, New Orleans, La.
o Developed by St. Thomas Community Health Center
  • Honorable Mention: The Historic Park Inn & City National Bank Bldg., Mason City, Iowa
o Developed by Wright on the Park Inc.

Most Innovative Use of U.S. Department of Housing and Urban Development Financing in a Project

  • St. Giles, Pinellas Park, Fla.
o Developed by BREC Development LLC    
  • Honorable Mention: West 135th Street Apartments, New York, N.Y.
o Developed by Jonathan Rose Companies

Low-Income Housing Tax Credit (LIHTC) Project That Best Exemplifies Major Community Impact

  • Piquette Square, Detroit, Mich.
o Developed by Southwest Housing Solutions
  • Honorable Mention: Appleton Mills, Lowell Mass.
o Developed by Trinity Financial Inc.

LIHTC Project That Best Reflects Market Success in Overcoming Significant Obstacles

  • Dahlia Square Senior Apartments, Denver, Colo.
o Developed by McDermott Properties LLC
  • Honorable Mention: Temple Landing, New Bedford, Mass.
o Developed by Preservation of Affordable Housing and UFDC

LIHTC Project That Best Demonstrated Financial Innovation

  • Fort View and Webster Gardens Apartments, Washington, D.C.
o Developed by THC Affordable Housing Inc. and Somerset Development Company LLC
  • Honorable Mention: Park Place City Center, Sault Ste. Marie, Mich.
o Developed by G. A. Haan Development LLC

Most Effective and Innovative Renewable Tax Credit Energy Project That Has Had a Positive Impact on Job Creation and its Community’s Energy Footprint

  • HASB-Maplewood Homes, San Bernardino, Calif.    
o Developed by HelioPower Inc.    
  • Honorable Mention: Use of Digester Gas in Fuel Cells, San Diego, Calif.
o Developed by Biofuels Energy LLC

Full descriptions of the 13 projects are available at http://www.novoco.com/dod.php.

The Novogradac Journal of Tax Credits is a leading national publication read by affordable housing and tax credit professionals who turn to its pages for industry information and news. This comprehensive, 80-page full-color publication covers not only the LIHTC, LIHTC compliance, valuation, and tax-exempt housing bond industries but also includes coverage of new markets, renewable energy and historic tax credits and HUD programs.

For further information on the Novogradac Journal of Tax Credits or the Developments of Distinction Awards, please contact Jane Bowar Zastrow at jane(dot)zastrow(at)novoco(dot)com.

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