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Tax Credits Finance Update - March 27, 2018

Tax Credits Finance Update
March 27, 2018
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Tax Credits Finance Update


Submit Your Proposal to Present at the 2018 CDFA National Summit
CDFA needs your help to source deals, projects and programs and will be accepting submissions for potential deals, projects and program presentations. If selected, each speaker will be given one complimentary registration to attend the CDFA National Summit.

Omnibus Spending Bill Contains Housing Tax Credit Provisions
Congressional leaders today released a fiscal year (FY) 2018 omnibus appropriations bill that includes several tax provisions, including an expansion of the low-income housing tax credit (LIHTC).

LIHTC Prices Expected to Drop as Market Adjusts to Tax Rate
Low-income housing tax credit (LIHTC) prices are expected to drop in the first half of the year as the market adjusts to the sweeping changes made under the recent tax reform legislation. While the market may eventually regain its strength by the end of the year, it's going to have to first reset at a lower corporate tax rate.

$13.3M in LIHTC Awarded in WI
The Wisconsin Housing and Economic Development Authority (WHEDA) awarded $13.3M in tax credits to 31 different applicants. Learn more about WHEDA's Low Income Housing Tax Credit process and awardees in the link.

Red Stone Equity Partners Raises Record $650M of Tax Equity in 2017
The $650 million of tax credit raised in 2017 was comprised of $641 million of LIHTC equity and $9 million of renewable energy tax equity. Red Stone Equity also expanded its LIHTC portfolio of investments from 32 to 36 states.

2018 AL Historic Rehabilitation Tax Credit Announced
Alabama Historical Commission announced $20M in their state Historic Rehabilitation Tax Credit to 12 different projects. Along with the 12 recipients, 14 projects remain on the wait list for allocation.

HTCs, NMTCs Create Permanent Home for Art Museum in St. Paul, MN
A 125-year-old institution in St. Paul, Minn., almost went extinct. That is until historic tax credits (HTCs) and new markets tax credits (NMTCs) helped to bring life back to the Minnesota Museum of American Art (the M). 

Manufacturer Hungry to Become More Environmentally Friendly
Monogram Foods Solutions completed construction of a clean energy plant adjacent to the production facility that uses an anaerobic digester (AD) to treat its wastewater. The development was financed with equity from both NMTCs and ITCs. U.S. Bank provided $4 million in NMTC equity.

WA R&D Tax Credit Affected by New Tax Law
The new tax law, called the Tax Cuts and Jobs Act (TCJA), will have a significant impact on Washington state companies and owners. An overview of the changes impacting taxpayers that perform research and development can be found in the article.

NJ Announces 2018 Round of 9% LIHTC
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) announced it is now accepting applications from developers for approximately $28 million in federal 9% LIHTC, which are expected to help finance an estimated 1,400 affordable rental apartments in the state.

Upcoming Events
Intro EB-5 Finance WebCourse

CDFA Federal Financing Webinar Series: U.S. Department of Transportation (DOT)
April 12, 2018 - 2:00 PM Eastern
In this webinar, CDFA will convene transportation and infrastructure experts to discuss the financing tools available through the DOT. The main focus of the webinar will be on the Transportation Infrastructure Finance and Innovation Act (TIFIA), Transportation Investment Generating Economic Recovery (TIGER) Grants, and the Bicycle and Pedestrian Program.

More Headlines

Affordable Housing Bill Moves Forward in CO House
Denver Business Journal | Mar. 20 | Legislative | Tax Credits

Construction Underway on Senior Housing Project
The Joplin Globe | Mar. 19 | Tax Credits

New Orleans Charter School Financed Through NMTC
New Orleans City Business | Mar. 19 | Access to Capital | Tax Credits

Greystone Affordable Development Closes Financing of $38.5M Transaction
GlobeNewswire | Mar. 19 | Access to Capital | Bond Finance | Tax Credits

Boynton Beach, FL Moves Forward with $118M Redevelopment
The Palm Beach Post | Mar. 15 | Bond Finance | Redevelopment | Tax Credits | Tax Increment Finance (TIF)

NM Governor Vetoes Solar Tax Credit Bill
KRQE | Mar. 9 | Legislative | Tax Credits

Affordable Housing for Adults Recovering from Addiction Opens in PA
Affordable Housing Finance | Mar. 8 | Access to Capital | Tax Credits

Adding Batteries to Existing Rooftop Solar Could Qualify for Tax Credit
Inside Climate News | Mar. 6 | Energy Finance | Tax Credits

OH House Considers Doubling State's Motion Picture Tax Credit
WCPO Cincinnati | Mar. 5 | Legislative | Tax Credits

IRS Releases Adjusted 2018 Caps for LIHTCs, PABs
Novogradac & Company | Mar. 5 | Access to Capital | Bond Finance | Federal | Tax Credits

WNC Raises $94.2M for Institutional LIHTC Fund
PE Hub Network | Mar. 1 | Access to Capital | Tax Credits

New Additions to the Online Resource Database

Historic Preservation: An Overlooked Economic Driver, A Study of the Impacts of Historic Preservation in Rhode Island
Historic Preservation | Tax Credits
Historic preservation pays dividends for Rhode Island – its economy, its environment, and its quality of life. The pages that follow identify the ways and the means that Rhode Island benefits.

Understanding Whom the LIHTC Serves: Data on Tenants in LIHTC Units as of December 31, 2015
Tax Credits | U.S. Dept. of Housing & Urban Development (HUD)
This report summarizes data received from the state housing finance agencies (HFAs) that administer the Low Income Housing Tax Credit. The HFAs are required by the Housing and Economic Recovery Act (HERA) of 2008 to submit certain demographic and economic information on tenants in LIHTC units to the HUD.

Annual Report of HTC FY 2017
Historic Preservation | Tax Credits | U.S. Dept. of Interior - National Park Services (NPS)
Over $5.8 billion in private investment in historic preservation and community revitalization. Along with an estimated 106,846 jobs created in the 2017 fiscal year.

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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