Fall 2009 issue of Horizons

INDUSTRY u REAL ESTATE

Additional Guidance Provided on 2009 Stimulus

Tax Credit Programs as States

Begin to Take Advantage of Incentives Declining economic conditions continue to impact affordable housing as the credit market has undergone a significant drop in both new equity investments and the equity pricing on credits that accompany these investments. Pricing for affordable housing credits has been severely deflated over the last year, leaving virtually no market for deals to be made or closed. Many developers have been forced to turn to private individuals and smaller regional banks for equity support. Likewise, the uncertainty in the banking community, coupled with foreclosures, has not only brought about a substantial decrease in lending By Bryan C. Keller, CPA, and Maureen M. Pardo, CPA

53 u fall 2009 issue