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CDFA Tax Credits Finance Update - May 23, 2023

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Tax Credits Finance Update
May 23, 2023
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Tax Credits Finance Update


Join CDFA for Our Upcoming Intro Tax Increment Finance Course!
Register for CDFA's Intro Tax Increment Finance (TIF) Course taking place on June 14-15 to learn the guiding principles and appropriate application of TIF. Our panel of expert speakers will discuss TIF deal-making and best practices highlighted by projects from around the country.

How ERC Bridge Loans Provide Faster Funding to Your Cannabis Business
Canna Business Resources, a leading provider of innovative financial solutions for the cannabis industry, offers Employee Retention Credit (ERC) bridge loans to provide quick access to capital for established cannabis businesses seeking short-term financing for projects such as inventory expansion. The ERC is a refundable tax credit against certain employment taxes equal to 50% of up to $10,000 in qualified wages.

State of Illinois Launches Blue Collar Jobs Act Construction Tax Credits for Businesses
Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity announced the launch of the Blue Collar Jobs Act (BCJA) Tax Credit application for eligible companies. BCJA is a bipartisan legislative package designed to promote economic expansion and growth in Illinois by incentivizing construction projects. The legislation makes $20 million in tax credits available per year for eligible companies.

$416M Mixed-Income Development Breaks Ground in New York's Upper Manhattan Neighborhood
Two interconnected, mixed-income residential towers with nearly 700 apartments, including 281 affordable units, are being built in Upper Manhattan's Inwood neighborhood. The $461 million mixed-use development at 405 and 407 W. 206th St. is part of New York Gov. Kathy Hochul's $25 billion housing plan.

$338M Aspire Tax Credit will Create 728 Housing Units in New Jersey Communities
Three residential development projects representing a combined $338 million in investment in underserved New Jersey communities were approved for support by the Board of the New Jersey Economic Development Authority (NJEDA).

U.S. Treasury Releases Guidance to Boost American Clean Energy Manufacturing
The U.S. Department of the Treasury released guidance that provides detailed information about the domestic content bonus under the Inflation Reduction Act for clean energy projects and facilities that meet American manufacturing and sourcing requirements. The domestic content bonus applies to facilities built using the required amounts of domestically produced steel, iron, and manufactured products.  All steel and iron manufacturing must happen in the United States to receive the bonus.

Bipartisan Legislation Introduced to Expand Low-Income Housing Tax Credit
U.S. Representatives Darin LaHood (IL-16) and Suzan DelBene (WA-01), and Senators Maria Cantwell (WA) and Todd Young (IN) introduced bipartisan legislation to build nearly 2 million new affordable homes over the next decade. The Affordable Housing Credit Improvement Act would support the financing of more affordable housing by expanding and strengthening the Low-Income Housing Tax Credit.

Governor Hochul Announces $875M in Financing for Affordable Homes Across New York
Governor Kathy Hochul announced $875 million in financing has been awarded through bonds, tax credits, and subsidies to create or preserve 3,100 affordable, sustainable, and supportive homes in 27 developments across New York State.

Upcoming Events
Intro Tax Increment Finance Course

CDFA // BNY Mellon Development Finance Webcast Series: Advancing Equitable Economic Development with Affordable Housing
June 20, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will demonstrate how investment in affordable housing advances equitable economic development with a discussion of innovative financing approaches that can help these projects succeed.

CDFA Food Systems Finance Webinar Series: Targeted Tools & Food Systems
June 27, 2023 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we will highlight unique financing structures that drive food systems investment within a geographic footprint.

More Headlines

Just One Project in Hamilton County, OH will Get a LIHTC in 2023
WVXU News | May. 23 | Federal | Housing Finance | Tax Credits

Minnesota Council Voices Support for New Low- to Moderate-Income Apartments
Albert Lea Tribune | May. 23 | Housing Finance | Tax Credits

Tracking Threats And Opportunities in Federal Funding to Cities, States
The Bond Buyer | May. 22 | Tax Credits

UB Community Development LLC Announces Funding for Healthcare in Chipley, Florida
Cision PR Newswire | May. 18 | Healthcare | Tax Credits

$101M in Funding will Support Construction of 1,400+ Housing Units Across Rhode Island
WUN | May. 18 | Economic Development | Federal | Housing Finance | State Finance Program | Tax Credits

Rep. Anthony Daniels Discusses Innovate Alabama Bill
Alabama Political Reporter | May. 18 | Economic Development | Housing Finance | Legislative | Tax Credits

Tax Credits Key to Affordable Housing Project in Sun Valley, Nevada
Northern Nevada Business Weekly | May. 17 | Federal | Housing Finance | State Finance Program | Tax Credits

$11M in LIHTC Equity for Disabled Community Apartments in Florida
Businesswire | May. 17 | Housing Finance | Tax Credits

Multifaceted Tax Credit Package Including Nearly 30 Bills Advances with Little Objection
Nebraska Examiner | May. 16 | Legislative | Tax Credits

Oklahoma Legislature Reaches Deal on School Funding, Teacher Pay, and Tax Credits
The Oklahoman | May. 15 | Education | Legislative | Tax Credits

National Coalition Applauds Legislation to Expand, Strengthen Affordable Housing Tax Credit
Mile High CRE | May. 11 | Housing Finance | Legislative | Rural Development | Tax Credits

Big Rapids Products Expanding Mt. Sterling, KY Facility with $4.5M Investment
The Lane Report | May. 9 | Economic Development | Infrastructure Finance | Legislative | Tax Credits | Planning & Land Use | State Job Creation Tax Credits

Connecticut Housing Finance Authority Awards $9.6M in LIHTCs
Affordable Housing Finance | May. 9 | Community Development | Housing Finance | Legislative | Tax Credits | Urban Development

Utica, NY Housing Projects Get $101M in State Financing
WKTV | May. 8 | Bond Finance | Housing Finance | Tax Credits

Wisconsin Housing and Economic Development Authority Announces $32M in Tax Credits
WisPolitics | May. 3 | Federal | Housing Finance | Rural Development | State Finance Program | Tax Credits | Urban Development

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


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