July 29, 2008
Articles on Workforce Housing and Government Supported Creative Finance Development
The Urban Lawyer just published two articles of interest, though I have not found the public access so you will have to use Lexis or Westlaw, the abstracts from the Urban Lawyer website are below:
Alan Woolever, Tax Increment Financing, Government Grants, and Developer Tax Consequences: An Analysis of Statutes, Regulations, Case Law, and Related Policy Considerations, 40 URB. LAW. 299 (Spring 2008). This article deals with the tax implications for developers involved in TIF redevelopment projects (government subsidized projects that use potential future appreciation in taxes to finance current improvements in blighted areas). When a developer takes on a TIF project, the governmental body financing the project grants the developer substantial amounts (potentially millions of dollars) of money and property. Under the tax code, these grants may be includible in the developer’s gross income, which presents substantial tax burden on the developer and may kill the deal. The author discusses three possible ways that the developer may have these grants exempted from gross income: General Welfare Exclusion, Dominion and Control Exclusion Doctrine, or through Code Section 118 (and related case law).
Michael Kroopnick, Affording Baltimore: Public-Private Approaches to Workforce Housing, 40 URB. LAW. 331(Spring 2008). This article examines the problem of quality housing shortages for middle to low income families in urban and suburban communities. The author specifically looks at the Baltimore housing market as an example of the larger trend and examines ways in which the city government has tried to address the problem, as well as suggesting ways in which those solutions might be applied to other communities.
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