Brownfield Tax Credits

In 2003, brownfield tax credits (“BTCs”) were created as part of the 2003 Brownfield Law. Because BTCs are very different from low income housing tax credits (LIHTCs), there has been confusion in the community development industry as to how BTCs can be applied, and how BTCs work on projects which also involve LIHTCs.  To assist in an analysis of the BTCs, NPCR retained the law firm, Hirschen Singer & Epstein LLP.  This firm was selected for its strong reputation in representing not-for-profit and for-profit developers in the affordable housing industry and for its creativity in developing strategies to utilize federal low income housing tax credits. In November 2005, the report,  “A Baseline Analysis on the Use of Brownfield Tax Credits by Nonprofit Organizations” was jointly released  by NPCR and Hirschen Singer & Epstein LLP after receiving input from a wide range of brownfield stakeholders and various State officials. The Analysis was updated in May 2007, after the State legislature enacted an amendment to the statute that clarified several open issues regarding the applicability and use of BTC. In July 2008, the law was amended again, and this Final Draft Analysis been updated to reflect those changes to the statute.   

Draft Analysis on the Use of Brownfield Tax Credits by Not-for-Profit Organizations, November 2008

NPCR is now accepting feedback on this Analysis which can be submitted on the attached form.

Link to an earlier version of the analysis is below:

Analysis on the Use of Brownfield Tax Credits by Not-for-Profit Organizations, May 2007

NPCR also produced a report on Brownfield Tax Credits, Missing the Target: Making Brownfields Tax Credits work for Communities, May 2007