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Summer 2016

Welcome to Development Incentives Quarterly

As you know, we at Vorys are continually educating ourselves regarding economic development incentives, including tax credit changes and opportunities.  We created the Development Incentives Quarterly to provide you relevant information that you need in the changing landscape of this area.  Our economic development incentives clients include developers, political subdivisions and growing businesses, so you’ll see information from a variety of perspectives. That diverse perspective has allowed us to grow to be one of the largest economic development incentives practices in the state of Ohio. As we’ve grown, we have also expanded our geographic reach and now advise on projects across the country.

We welcome any article ideas you would like us to pursue.  If you have an idea, please contact your Vorys attorney or one of the attorneys listed to the right.  We also welcome your feedback regarding this newsletter; we are willing to adapt in order to make it as beneficial to you as possible. 

Banking Regulators Clarify Application of the CRA to Historic Tax Credit Projects 

By Jeffery E. Smith and Nicholas R. House

The banking industry has received long sought-after clarification as to whether Community Reinvestment Act (CRA) credit is available for Historic Tax Credit (HTC) financed projects.  Recent regulatory guidance has clarified that HTC financed projects otherwise meeting CRA requirements are eligible for CRA credit, potentially making investments and loans to HTC financed projects more attractive to banks and other financial institutions.  Read more.

Long Awaited 50(d) Income Regulations Released

By Joseph B. Mann and Kelly B. Bissinger

On July 22, 2016, the Internal Revenue Service (IRS) and Department of Treasury published long awaited temporary and proposed regulations (Regulations) regarding so-called “50(d) income” affecting historic tax credit (HTC) transactions and energy tax credit (ETC) transactions.  The Regulations are applicable to projects placed in service on or after September 19, 2016.  Read more.

Bissinger Appointed to Heritage Ohio Board

Vorys attorney Kelly Bissinger was recently appointed to the Board of Heritage Ohio. Heritage Ohio is Ohio’s official historic preservation and Main Street organization. The organization fosters economic development and sustainability through preservation of historic buildings, revitalization of downtowns and neighborhood commercial districts, and promotion of cultural tourism.

Around the Web

Developer: Market Studies Can Make or Break a ProjectAffording Housing Finance

Bill Would Allow Tax Exemptions on State, Local Government Contributions to PartnershipsNovogradac & Company

Getting Comfortable With Creativity: An Expanded Role for Banks in Affordable Housing Affording Housing Finance



William D.G. Baldwin

Aaron S. Berke

Kelly B. Bissinger

Bryan H. Falk

Nicholas R. House

Joseph B. Mann

Jacinto A. Núñez

J. Theodore Smith

Kristin L. Woeste

Scott J. Ziance



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This newsletter is for general information purposes and should not be regarded as legal advice. As always, please let us know if you want more information or have questions about how these developments apply to your situation.