America First Tax Exempt Investors L.P. ... - Investment and financing

OMAHA, Neb., Oct. 22, 2012 (GLOBE NEWSWIRE) ? The Company acquired 100% of the $9.5 million tax-exempt mortgage revenue bonds issued by the North Carolina Housing Finance Agency as part of a plan of financing for the acquisition and rehabilitation of the Greens at Pine Glen property on October 18, 2012. The tax-exempt mortgage revenue bonds secured by the property were acquired by the Company at par and consist of two series that mature in October 2047. The Series A bond has a par value of $8.5 million and bears interest at an annual rate of 6.5%. The Series B bond has a par value of $950,000 and bears interest at an annual interest rate of 12.0%.

The Company had previously acquired a 99% interest in the Greens of Pine Glen property as part of its strategy of acquiring existing multifamily apartment properties that it expects will be partially financed with new tax-exempt mortgage bond at the time the properties become eligible for the issuance of additional low-income housing tax credits. In connection with the issuance of the new tax-exempt bonds, the limited partnership that owns the Greens of Pine Glen property admitted two new limited partner members which then purchased the low-income housing tax credits. The new limited partner members own 99% of the partnership that owns the Greens of Pine Glen property and are obligated to invest approximately $3.2 million of capital into the property. Once sufficient equity has been invested into the property by the new limited partners, which is expected to occur in the next twelve months, the Company will record the sale of the Greens of Pine Glen property. As part of the October 18, 2012 transaction closing, the $4.6 million mortgage on the Greens of Pine Glen property was paid off.

Chad Daffer, Fund Manager, stated, ?The acquisition of the tax-exempt bonds secured by the Greens of Pine Glen property is another example that the Company?s strategy of identifying quality multifamily properties represents a future opportunity for the Company to make tax-exempt bond investments in accordance with its investment strategy.?

Due to strong local real estate market conditions, the Company sold the Commons at Churchland property in August 2012 for approximately $8.1 million, net of closing fees. This resulted in a gain of approximately $1.3 million recognized in the third quarter of 2012. The $6.0 million mortgage on the property was paid off as part of the sale.

About America First Tax Exempt Investors, L.P.

America First Tax Exempt Investors, L.P. was formed for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of federally tax-exempt mortgage revenue bonds which have been issued to provide construction and/or permanent financing of multifamily residential apartments. The Company is pursuing a business strategy of acquiring additional tax-exempt mortgage revenue bonds on a leveraged basis in order to: (i) increase the amount of tax-exempt interest available for distribution to its investors; (ii) reduce risk through asset diversification and interest rate hedging; and (iii) achieve economies of scale. The Company seeks to achieve its investment growth strategy by investing in additional tax-exempt mortgage revenue bonds and related investments, taking advantage of attractive financing structures available in the tax-exempt securities market and entering into interest rate risk management instruments. America First Tax Exempt Investors, L.P. press releases are available on the World Wide Web at www.ataxfund.com.

The America First Tax Exempt Investors, L.P. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5190

Safe Harbor Statement

Information contained in this press release contains ?forward-looking statements,? including statements related to the offering and the expected use of the net proceeds, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, bond investment valuations and the overall negative economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Company with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2011. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Tags: america, america-first, exempt, exempt-investors, greens, housing-finance, issuance, manager, north, press, property, real-estate, time

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NewsDaily: Analysis: Some investors open to higher U.S. tax to ...

Analysis: Some investors open to higher tax to trim deficit

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By Steven C. JohnsonPosted 2012/10/22 at 5:53 am EDT

NEW YORK, Oct. 22, 2012 (Reuters) ? Nobody likes taxes, and much of Wall Street has poured money into Mitt Romney campaign coffers to avoid paying higher ones.

Lloyd Blankfein, Chairman and CEO of Goldman Sachs, participates in a group discussion on "Business by Design: Business with Integrity" during the second day of the Clinton Global Initiative 2012 (CGI) in New York on September 24, 2012. REUTERS/Lucas Jackson

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Yet a surprising number of top money managers say they are willing to pay modestly higher rates. They reason that revenue-raising measures are an essential complement to the spending cuts they say are needed to curb the massive U.S. budget deficit.

"It's kind of like taking a distasteful medicine. On the way down, it may not be pleasant," said Ron Florance, who helps manage assets worth $169 billion at Wells Fargo Private Bank. "But in the end, it contributes to longer-term health, and that's what we're looking for at this point."

In recent weeks, Goldman Sachs CEO Lloyd Blankfein and JPMorgan's Jamie Dimon became the latest Wall Street heavyweights to say they would be willing to pay more in exchange for a deal to balance the country's books.

Conventional wisdom in the world of finance and investing says higher taxes, particularly in today's fragile economic climate, would stifle wealth creation, suppress hiring and condemn the economy to an extended stretch of slow growth.

Hedge fund managers like Lee Cooperman and private equity heads such as Stephen Schwarzman have been especially vocal critics of President Barack Obama, accusing him of inciting class warfare. Obama wants to let Bush-era tax cuts on income, capital gains and dividends expire for households earning more than $250,000.

Romney advocates cutting taxes by 20 percent and broadening the tax base by closing loopholes, though he's offered few details. The financial services industry had contributed some $16 million to Romney through October, compared with $4 million for Obama, according to the nonprofit Center for Responsive Politics.

Yet many who manage money for investors with at least $1 million in assets said in recent conversations they do not believe a modest rise in taxes on high-income earners would upend the economy, markets or individual portfolios.

"It only really impacts the higher income taxpayer," said Joseph Balestrino, who helps oversee $360 billion in assets at Federated Investment Management. "They won't like it, but they're not going to be worried about putting food on the table, and I don't think it will significantly alter their spending patterns."

Some said raising taxes might even be a much-needed first step toward deficit reduction. Congress has been too bitterly divided to compromise on a long-term fiscal repair plan.

"My belief is the positive benefits of dealing with the long-term deficit problem would well outweigh any negative consequences of higher taxes," said Jim McDonald, chief investment strategist at Northern Trust, which runs assets worth $704 billion.

SIMPLE MATH

The U.S. deficit in 2012 will top $1 trillion for a fourth straight year, pushing the national debt past $16 trillion. While the United States currently borrows at record low interest rates, investors worry this will change.

"We must stabilize, then reduce the national debt, or we could spend $1 trillion a year in interest alone by 2020," warned the authors of a 2010 Congressional committee's deficit-reduction plan known as Simpson-Bowles. Neither Obama nor Romney has embraced the plan in its entirety.

The issue will come to a head even before the winner of the November 6 election is sworn in. In January, $500 billion of Bush-era tax cuts for all earners will expire and about $100 billion of automatic spending cuts will kick in.

Markets expect Congress will avoid letting all of this happen at once for fear it would plunge a fragile economy back into recession. But many say they want lawmakers to draft a long-term plan to reduce the deficit gradually over time.

"It has to be a balancing act," Balestrino said. "You're not going to just cut taxes like Romney wants to do or just increase spending like Obama seems to want to do."

Most investors agree long-term deficit reduction would require painful spending cuts, including for programs such as Social Security and Medicare struggling to keep up with an aging population.

But many also say taxes should be on the table too, especially for top earners whose effective tax rates are at the lowest level in decades.

According to the nonpartisan Tax Policy Center, federal tax revenue in 2010 fell to levels not seen since shortly after World War II, the result of slow growth and the sweeping but temporary tax cuts passed when George W. Bush was president.

"Simple math says the U.S. government will have to increase revenues to make a dent in the deficit," strategists at BlackRock, a giant in the U.S. investment world with $3.68 trillion in assets, said in a recent note to clients.

Bill Stone, who helps manage $110 billion as chief investment strategist at PNC Wealth Management, said the debt crises in Greece and other European countries have opened some of his clients' eyes to the danger of unchecked deficits.

"I get the sense that people think there should be some degree of shared sacrifice to close the fiscal gap," he said

Mark Lamkin, head of Louisville, Kentucky-based Lamkin Wealth Management, said most of his clients -- small business owners and retirees with up to $5 million in investable assets -- would accept higher rates, too, even though he says the majority intend to vote for Romney over Obama on November 6.

"From an investment standpoint, you always hate to see higher taxes. I'm a low-tax guy but I would be happy with a modest tax increase in exchange for cuts in spending and a move toward fiscal sanity," he said.

Obama claims letting Bush-era tax cuts for the wealthy expire would raise $850 billion over 10 years. Top marginal income tax rates would rise to 39.6 percent and 36 percent, where they stood under Bill Clinton, from 35 and 33 percent. Capital gains taxes would rise to 20 percent from 15 percent for the top two income brackets.

DEALING WITH DIVIDENDS

One ticklish area involves taxes on dividends, which would revert from 15 percent to at least 40 percent if the Bush tax cuts expire.

Andy Busch, global currency and public policy strategist at BMO Capital Markets, said that would be "highly disruptive" for the stock market at a time when record low interest rates have driven investors toward dividend stocks to generate return.

Higher dividend taxes were less disruptive in the 1990s, he said, when higher interest rates and a strong economy made growth stocks more attractive.

Wells Fargo's Florance said such a large jump would "change the way companies reward investors who have put faith in those companies. It's a big deal."

But some investors said record-low bond yields will keep dividends in vogue even at higher tax rates. And many said they expect a compromise that pushes the rate up to 20 to 25 percent rather than 40 percent.

That would keep dividend-paying stocks "attractive to those in the highest income brackets," BlackRock strategists said.

Jeffrey Gundlach, chief executive officer at DoubleLine Capital, which oversees $41 billion, said he expects taxes to rise but adds the focus on what rate the rich pay is too narrow and by itself would do very little to reduce the deficit.

A more credible approach, he said, would also include painful benefit cuts and overhauling a tax code filled with more than 100 credits and deductions. Some, such as those for mortgage interest and charitable donations, are very popular.

"People are attracted to the idea of a more just code without so many tax breaks, but of course, it's only attractive until you learn your breaks are the ones getting discontinued," PNC's Stone said.

Both Obama and Romney say they support an overhaul but have been vague about the crucial details.

Gundlach also said lawmakers should at least consider raising corporate taxes.

Obama and Romney want to cut corporate taxes, which the Tax Policy Center said accounted for 1.3 percent of gross domestic product in 2010, down from 5 percent to 6 percent in 1950.

"I'm not necessarily advocating we do this, but let's at least talk honestly about what the situation is," Gundlach said.

(Editing by David Gaffen and David Gregorio)

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Source: http://www.newsdaily.com/stories/bre89l03i-us-usa-investors-taxes/

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Home Remodeling ? Ideas You Need To Know! | Information

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When remodeling your house, you should always keep close to the home?s original character. Should your street is lined with Victorian-period tudors and you choose to turn your home in a window-fronted honor to contemporary architecture, it will get noticed uncomfortably and annoy your neighbors. Also, the more you are different from the home?s authentic structure, the better the price of the reconstruction and also the significantly less the chance to getting a return.

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Video: Cramer's Six in 60: Panera Bread Remains 'Strong'

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Extra - Toes Cat (Hemingway Polydactyl) - Polly - Medium - Baby ...

Extra - Toes Cat (Hemingway Polydactyl) - Polly - Medium - Baby

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Why Is Romney Campaigning on Medical Quackery?

A close up of an adult female, an adult male, nymph and larva ticks. Ticks do cause Lyme disease, which is treatable with antibiotics, but some doctors prescribe mega-doses of antibiotics to patients who they say suffer from "chronic Lyme disease."

Photo By Getty Images

Let?s play doctor. A patient comes to you with joint pain, difficulty concentrating, anxiety, poor attention, and mood swings. You might run a series of tests to rule out a persistent infection or other disorder. If your patient lives in a tick- and Lyme-disease-infested area, you would be wise to test for the bacterium Borrelia burgdorferi and, if detected, prescribe a course of antibiotics. But suppose the tests come back negative and there is little evidence that your patient was bitten by a tick or was infected with the Lyme disease bacterium. If you are a good doctor, and you are, you might explore a diagnosis of depression, a disease that afflicts almost 10 percent of the population at any given time.

If you are a doctor who believes that the CDC and NIH have misrepresented carefully vetted clinical trial data about the diagnosis and treatment of Lyme disease, however, you might diagnose your patient with chronic Lyme disease and prescribe an intensive, long-term, side-effect-laden, mega-dose of antibiotics.

And who would be the biggest supporter of your and your patient?s right to pursue a worth-testing-but-found-wanting treatment? Mitt Romney and Paul Ryan.

A Weekly Standard tipper sent in a campaign mailer from northern Virginia titled: ?Romney-Ryan: Doing More To Fight the Spread of Lyme Disease.? It?s a little more tightly focused than most campaign mailers, maybe, but I admire them for thinking about the local angle: The D.C. suburbs are filthy with ticks, and Lyme disease and other tick-borne illnesses are a huge public health problem.

But the details are delicious. The mailer promises that Romney and Ryan will:

IMPROVE SYNERGY
Ensure that government agencies have an open line of communication and work with patients, researchers, doctors, and businesses in an objective, comprehensive manner.

SUPPORT TREATMENT
Encourage increased options for the treatment of Lyme Disease and provide local physicians with protection from lawsuits to ensure they can treat the disease with the aggressive antibiotics that are required.

Here?s a translation: Forget the science, just channel your legitimate fear of a dangerous disease and your misguided fear of the medical establishment into a vote for us.

As a Slate story pointed out years ago, chronic Lyme disease?not the persistent effects of a long-term bacterial infection but a collection of mysterious symptoms?has powerful supporters. Advocates for the diagnosis tend to blame the medical establishment for not taking them seriously enough. In 2008, the attorney general of Connecticut investigated the Infectious Diseases Society of America, a 50-year-old organization with more than 9,000 physician and scientist members, for misrepresenting the science of Lyme disease.? Not to be outdone, Virginia Gov. Bob McDonnell assembled a governor?s task force on Lyme disease. He appointed Michael Farris as its chair. Farris is a lawyer and the chancellor of Patrick Henry College, aka God?s Harvard, whose motto is ?For Christ and for Liberty? and whose ?Statement of Faith? holds that the ?Bible in its entirety? is ?inerrant.?. The school isn?t known for its biology department.

The task force?s report (PDF) makes some reasonable suggestions. People should be warned about the dangers of ticks. They should shower and do a tick-check after walking in tick habitat. We should shoot more deer. But the task force seems to have bought into the conspiracy theory that the infectious disease establishment is maliciously interfering with proper treatment. It states: ?There is no scientific basis for concluding that 30 days or less of antibiotics is sufficient treatment for every case of Lyme disease.? Again, tell it to the Centers for Disease Control and Prevention.

Another treatment point is telling: ?We received substantial testimony from lay witnesses that they had been successfully treated with long-term antibiotics.? Pro tip: the plural of anecdote is not data. Just because someone signed up to address a public portion of the task force meeting does not mean their understanding or explanation of their own medical care is accurate or relevant.

I don?t mean to make fun of people who are suffering from what they think is chronic Lyme disease. Their symptoms are real, and they deserve help. But giving them a phantom diagnosis and making them part of a crusade to bring truth to medicine just perpetuates the idea that the symptoms they describe must be part of a complex, classic disease. It?s much more likely to be depression, and depression is treatable. As the CDC gently points out, mentioning other diagnoses that have been favorite catch-alls, ?Your doctor may want to treat you in ways similar to patients who have fibromyalgia or chronic fatigue syndrome. This does not mean that your doctor is dismissing your pain or saying that you have these conditions. It simply means that the doctor is trying to help you cope with your symptoms using the best tools available.?

Disregarding my own advice about not taking an anecdote as data, I have my own story about chronic Lyme disease. A friend of one of my brothers had been suffering for years from headaches, fatigue, a sense of despair, a belief that she wasn?t worthy of her job or her boyfriend. She was diagnosed with chronic Lyme disease and was treated with antibiotics, which were ineffective. What she wasn?t treated for, and could have been, was severe depression. She killed herself.

Listen up, Mitt Romney, Paul Ryan, and Bob McDonnell: Medical research and treatment save lives. Please do not perpetuate a mistrust of them in vulnerable, confused people.

Source: http://feeds.slate.com/click.phdo?i=02b2986dfb9a57ce54c0f1743c4081ec

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