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Tax Credits Finance Update - September 26, 2017

Tax Credits Finance Update
September 26, 2017
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Tax Credits Finance Update

Features

Making the Case for Preserving the LIHTC Program
The housing credit should be expanded, not "killed." Currently more than one in four renters pays more than half of their income on housing costs, and waiting lists for affordable housing are already years long—many aren't even open to new applicants, the backlog is so enormous. Without building more affordable housing with the housing credit, these problems will only grow worse. 

Work on Pittsburgh 'Highline' at Historic Terminal Gets Boost from $15M Tax Credits
A local developer has been awarded $15 million in new markets tax credits to help finance a major overhaul of a historic cargo warehouse on the South Side. Pennsylvania Housing Finance Agency and the Urban Redevelopment Authority supported the effort to secure the tax credits.

IL Angel Investor Tax Credit Signed Into Law
The credit gives investors into early-stage companies the chance to take a credit of 25 percent on an investment of at least $10,000 in small businesses that have to have fewer than 100 employees and, for the most part, be in innovation or technology work.

Modernizing State Historic Preservation Tax Credits
Typically, state-level historic preservation credits are based primarily on the federal tax credit. States that have enacted similar credits but tailor the requirements to their own needs by broadening or decreasing eligibility and amounts.

$1.7B MA Housing Bond to Include Tax Credit Extensions
A $1.7 billion long-term spending bill for housing in Massachusetts is expected to be released by the Housing Committee, and will likely include extensions of a number of tax credit programs for low-income housing and brownfield redevelopment.

Move America Act Would Expand PABs for Infrastructure
The Move America Act of 2017, introduced by Sens. Ron Wyden (D-OR) and John Hoeven (R-ND) would expand tax-exempt private activity bonds and create a new infrastructure tax credit, to help finance infrastructure projects through private-public partnerships. 

Novogradac Awards Demonstrate Flexibility of Historic Tax Credit
The Novogradac Journal of Tax Credits has announced the recipients of the 2017 Historic Rehabilitation Awards, which recognize historic rehabilitation development teams for exceptional and creative use of the historic tax credit (HTC). Winners will be honored Sept. 28 at the Novogradac Historic Tax Credit Conference in Denver.

Creative Solutions to CA's Affordable Housing Crisis
Financing for the $18.9-million development includes of $3.6 million in HOME Funds provided by the City of Garden Grove through HUD and a Housing Authority Loan, $4.8 million in permanent financing from the California Community Reinvestment Corporation and $7.449 million tax credit equity invested by Boston Financial Investment Management.

Historical Tax Credit Uncertainty Halts Redevelopment Projects in WI
Gov. Walker wants to put a $10 million cap on the credits and add a provision that would take way any credits promised to a developer if certain job requirements aren't met. Uncertainty has already halted two projects in Green Bay.

AZ Legislation Funds Angel Investment Tax Credit and More
While there were several individual wins including the funding of the Angel Investment Tax Credit (HB2191), one bill stood out. SB1416, referred to as "The Quality Jobs Bill." The bill, which gives individual private-equity investors state credits on qualifying investments, was signed into law this spring.

Upcoming Events
CDFA National Development Finance Summit

Brownfields In-Person Project Marketplace
November, 16, 2017 - Atlanta, GA
CDFA is bringing a unique technical assistance opportunity to Georgia in conjunction with this year's National Development Fianace Summit. During the Project Marketplace, communities will be presenting their current redevelopment projects to our audience and advisors in exchange for financing recommendations specific to their projects. Summit attendees are encouraged to listen to the community presentations and engage in constructive discussions and networking. Participating communities are eligible to receive free registration for the Summit.

More Headlines

EDA Board Action Encourages Growth in Advanced Food Manufacturing
New Jersey Economic Development Authority | Sep. 14 | Food Systems Finance | Tax Credits

Historic Tax Credits Assist OH Awning Factory
EnhancedCapital | Sep. 13 | Historic Preservation | Tax Credits

WHEDA Provides $652K LIHTC's to Milwaukee Development
Affordable Housing Finance | Sep. 8 | Community Development | Tax Credits

Chicago's Pullman Park Continues to Build, Create Jobs
Next City | Sep. 7 | Community Development | Community Reinvestment Act (CRA) | Tax Credits

Lenders Play Key Role in Area Construction Projects
Rochester Business Journal | Sep. 7 | Access to Capital | Redevelopment | Tax Credits

Logan County, CO Considers Boosting Small Business Tax Credit
Journal-Advocate | Sep. 6 | Access to Capital | Tax Credits

OH Tax Credits to Create $115M in New Payroll
Office of the Governor of the State of Ohio | Aug. 30 | Tax Credits

$7.8M Tax Credit Will Support Amazon Project in North Randall, OH
cleveland.com | Aug. 30 | Tax Credits

People Inc, City of Buffalo Break Ground on Jefferson Avenue Apartments
WBFO | Aug. 29 | Brownfield Financing | Tax Credits

Senior Affordable Housing Complex Opens in Pomona, CA
Affordable Housing Finance | Aug. 28 | Community Development | Tax Credits

Renovation Funds OK'd for one Newport News Housing Complex in VA
Daily Press | Aug. 24 | Tax Credits | State Finance Program

SC Boatmaker Using Tax Credits to Expand
The Post and Courier | Aug. 24 | Incentives | Tax Credits | Economic Development

OK Gov. Candidate Wanting to Reduce Tax Credits for Oil and Gas Industry
McAlester News-Capital | Aug. 22 | Tax Credits | Energy Finance

Mercy Housing Closes First Deal With CA Certificated Credits
Affordable Housing Finance | Aug. 22 | Tax Credits



The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net


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