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Tax Credits Finance Update - November 27, 2018

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Tax Credits Finance Update
November 27, 2018
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Tax Credits Finance Update


Fannie Mae to Invest in LIHTC Funds
Fannie Mae has committed up to $145 million for investments in three low-income housing tax credit (LIHTC) funds that will focus on underserved markets in rural areas. The investment is part of Fannie Mae's ongoing commitment to provide a reliable source of capital for affordable rental housing in underserved markets.

CA LIHTC Deal Utilizes Income-Averaging Option
Because the project is so large, it took shifting 50 units from 60% to 50% of the AMI to move the average affordability several percentage points, which Eden Housing saw as a positive risk mitigant. The overall project, including the acquisition of the developments, is estimated to cost approximately $97 million, with the rehab work estimated at about $26 million.

Kroger Announces $15M NMTC Allocation for Atlanta, GA Food Bank
The $15 million NMTC allocation aligns with The Kroger Co.'s national Zero Hunger | Zero Waste initiative. Through the social impact plan, Kroger has set a vision to end hunger in the places it calls home and to eliminate waste – especially food waste – in the company by 2025.

The Impact of Tax Reform on the Federal Historic Tax Credit One Year Later
One year after tax reform, the HTC program is enjoying continued high demand from both developers and investors. NPS stats verify the incentive's continued popularity and concerns that lowering corporate tax rates would dampen investor appetite have not materialized.

The Big Five: Key Tax Credits and Public Incentives
When planning a new facility, accessing public incentives can help a company to leverage capital and receive a higher return on its investment. The five most relevant public finance programs are Property Assessed Clean Energy (PACE) financing, Opportunity Zones, Historic Tax Credits, New Markets Tax Credits, and Tax Increment Financing. 

PA to Provide $36M in Tax Credits for Investments in Distressed Neighborhoods
More than a dozen other states, including New Jersey, Delaware, and Virginia, also give tax credits to businesses through similar initiatives, although amounts vary. New Jersey awards up to $12 million in credits through its Neighborhood Revitalization Tax Credit Program, while Virginia's annual cap is $17 million.

$425M in NJ Film and TV Tax Credits to Spur Film Economy
The program, which took effect in July, allocates $75 million annually for film and TV projects and $10 million for digital media projects. Supporters say it will add predictability to an industry the state needs.

OR Offers Tax Credit on Gifts to Venture Development Fund
As 2018 comes to a close, the University of Oregon is hoping a 60 percent state tax credit will inspire donors to give to the fund and help put innovation to work for Oregon. For Oregonians with a state tax liability, it may be a great way to support inventive startups while reducing their taxes.

4,000 Jobs Linked to OK Affordable Housing Tax Credit
The Oklahoma Affordable Housing Act was signed into law by Gov. Mary Fallin on June 3, 2014. It allocates $4 million per year in state low-income housing tax credits. The credits can't be used in Oklahoma, Tulsa, or Cleveland counties. The housing has to be for people who make 60 percent or less of the area median income.

Upcoming Events
Intro Property Assessed Clean Energy (PACE) Finance WebCourse

CDFA - PFM Capital Markets Webinar Series
November 28, January 10, February 7, March 14, April 16, May 7 - Monthly: 2:00 - 3:30 PM Eastern
The Webinar Series will feature the industry's top leaders discussing case studies, challenges, opportunities and critical issues in today's capital markets. Topics covered include bond market insights, understanding the regulatory environment, refunding and structuring strategies, effects of tax reform, and tips for engaging municipal advisors.

More Headlines

Columbus, OH Awards Tax Incentives for Call Center
The Columbus Dispatch | Nov. 27 | Incentives | Tax Credits | Tax Increment Finance (TIF)

‘Space Jam 2' Awarded Nearly $22M CA Tax Credit
Cartoon Brew | Nov. 27 | Tax Credits

Trucking Company Plans New Building in Ankeny, IA
The Telegraph | Nov. 26 | Infrastructure Finance | Tax Increment Finance (TIF)

Proposed HI Biofuel Plant Faces $100M Deadline
Honolulu Civil Beat | Nov. 26 | Energy Finance | Tax Credits

St. Louis, MO Approves Tax Incentives for Soccer Stadium
St. Louis Post Dispatch | Nov. 19 | Incentives | Tax Credits

NJEDA Approves 61 Applications for Angel Investor Tax Credit
ROINJ | Nov. 19 | Innovation Finance | Tax Credits

Harbor Project Takes Step Forward
The Timberjay | Nov. 15 | Infrastructure Finance | Tax Credits | Urban Development | Water Finance

NJEDA Approves $39M Tax Credit to Software Company GoBrands
NJBIZ | Nov. 12 | Tax Credits

Low-Income Housing Development Planned in Kalamazoo, MI
M Live | Nov. 1 | Brownfield Financing | Tax Credits

Historic Fort Worth, TX Building Gets Go-Ahead for Redevelopment
Bis Now | Nov. 1 | Community Development | Tax Credits | Tax Increment Finance (TIF)

Nuclear Company Readies $130M Investment in Northeast OH
Crain's Cleveland Business | Oct. 31 | Community Development | Incentives | Tax Credits

OH Projects Expected to Create More than $889 Million in New Investments
Office of the Governor of Ohio | Oct. 30 | Tax Credits

Mclaughlin Body Settles in Rock Island, IL with $10M Deal
WAQD | Oct. 25 | Infrastructure Finance | Public-Private Partnership (P3) Financing | Tax Credits

Keybank Provides $39.4M for Redevelopment of Site in Cleveland, OH
Rebusiness Online | Oct. 24 | Community Development | 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

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