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CDFA Tax Credits Finance Update - January 23, 2024

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Tax Credits Finance Update
January 23, 2024
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Tax Credits Finance Update

Features

Join CDFA for the Return of the Fundamentals of Economic Development Finance Course
Join CDFA as we kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 24-25, 2024! This course is the foundation for all of CDFA's educational offerings and will help attendees understand the variety of development finance tools available, including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, and access to capital lending resources.

Indiana Makes Historic $557M Affordable Housing Investment
The Indiana Housing and Community Development Authority (IHCDA) recently announced the award of over $212 million in 9% Low-Income Housing Tax Credits (LIHTC) for 19 developments across the state. IHCDA also approved over $118 million in 4% tax credits, $145 million in tax-exempt bonds, and $59 million in Affordable and Workforce Housing Tax Credits (AWHTC) for 10 additional developments.

Recently Modernized CRA Expected to Increase Investor Demand for Tax Credits
On October 24, 2023, representatives of the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation released their final rule with respect to the Community Reinvestment Act (CRA), which is intended to strengthen and modify current regulations. Per the most recent update, which will apply to banks beginning on January 1, 2026, community development financing activities are more favorable to federal Low-Income Housing Tax Credit (LIHTC) and New Markets Tax Credit (NMTC) developments.

CDFA is Hiring a New Vice President of Development Finance
The Council of Development Finance Agencies is now accepting applications for Vice President, Development Finance. This position leads CDFA's development finance practice and is responsible for ensuring CDFA delivers on its research projects, resource collection, educational offerings, partnerships, and content creation. Want to join the CDFA family in Columbus, Ohio? Email your cover letter, resume, salary request, and three professional references to jobs@cdfa.net.

U.S. Energy Tax Credit Trading Grows to $9B
Developers of renewable energy projects selling unused U.S. tax credits to other companies now account for a market worth between $7 billion and $9 billion - buoyed by legislation in 2022 that made these trades possible - as shown by a new study on the new clean energy transferable tax credit market that includes in-depth market analysis.

Post-IRA Clean Energy Projects Driving $20B in Private Investments, 67K New Jobs
Large-scale clean energy and clean vehicle projects in the first year of the Inflation Reduction Act (IRA) are projected to drive $20 billion in private-sector investments and create more than 67,000 new direct and indirect jobs to rural U.S. counties often bypassed by previous economic transitions, according to a new economic analysis by BW Research Partnership released by the national nonpartisan business group E2.

First Solar's $700M Tax Credit Transfer Agreement on Section 45X
Thin film solar module manufacturer First Solar has entered into two separate tax credit transfer agreements to sell $500 million and up to $200 million of advanced manufacturing production tax credits to finance tech company Fiserv. This marks the first significant credit transfer of its kind in the solar manufacturing industry.

Cinnaire Closes Funds Totaling $193M in LIHTC Financing
Cinnaire has announced the closing of two Low-Income Housing Tax Credit (LIHTC) funds totaling $193 million. These multi-investor funds – Cinnaire Fund for Housing (Fund 40) and Cinnaire Fund for Housing Mid-Atlantic 8 (MA8) – will support the creation or preservation of 1,849 affordable homes across 22 projects in nine states.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

CDFA Tribal Finance Webinar Series: Federal Funding for Tribal Communities
February 13, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, speakers from federal agencies will discuss financing tools and programs available to tribal nations to promote community health, restore local economies, and protect our environment.

CDFA Food Systems Finance Webinar Series: Exploring Bonds as the Foundational Financing Tool
February 27, 2024 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, speakers will explore the potential for leveraging this foundational financing tool to cultivate resilient and thriving local and regional food systems.

More Headlines

More Than $4B in NMTC Investments in 2023, Highest Total in Six Years
Novogradac | Jan. 10 | Tax Credits | Federal New Markets Tax Credits (NMTCs)

Treasury, IRS Release Additional Guidance for EV Charging Infrastructure Incentives
American Public Power Association | Jan. 22 | Energy Finance | Federal | Tax Credits

Massachusetts State Funds, LIHTC Boost Affordable Housing Projects
Daily Hampshire Gazette | Jan. 22 | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Treasury, IRS Issue Guidance for Section 45V Hydrogen Production Tax Credit
McGuireWoods | Jan. 17 | Energy Finance | Federal | Tax Credits

Congress Announces $78B Bipartisan Tax Deal
NBC News | Jan. 16 | Bond Finance | Legislative | Tax Credits | Exempt Facility Bonds | Low Income Housing Tax Credits (LIHTCs)

Update on Treasury's Approach to Equitable Community Finance
U.S. Department of the Treasury | Jan. 16 | Energy Finance | Federal | Housing Finance | Social Finance | State Small Business Credit Initiative (SSBCI) | Tax Credits

NYSERDA Reports on the Impacts of the Inflation Reduction Act
JD Supra | Jan. 15 | Energy Finance | Incentives | Tax Credits

KeyBank Closes $571M for Rochester, NY Senior Affordable Housing
ConnectCRE | Jan. 11 | Bond Finance | Historic Preservation | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs) | Federal Historic Rehab Tax Credits | State Historic Tax Credits

List of EVs Eligible for Federal Tax Credit Drastically Shrinks
Yahoo! Sport | Jan. 8 | Energy Finance | Green Finance | Tax Credits

Partners Break Ground on Michigan's First Multifamily Passive Housing Project
Crain's Grant Rapids Business | Jan. 8 | Disaster Recovery & Relief | Energy Finance | Housing Finance | Revolving Loan Funds (RLFs) | Tax Credits | Tribal Finance | COVID-19 | Low Income Housing Tax Credits (LIHTCs)

IRA Tax Credits Fund School Facilities Upgrades, Reduce School District Energy Bills
U.S. Treasury | Jan. 4 | Education | Energy Finance | Infrastructure Finance | Legislative | Tax Credits

Company Building Louisiana Solar Panel Factory Sells $700M in Tax Credits
Louisiana Illuminator | Jan. 3 | Energy Finance | Tax Credits | U.S. Dept. of Treasury

The Inflation Reduction Act - A Giant Leap Forward on Climate Justice
Colorado Politics | Jan. 3 | Energy Finance | Tax Credits | U.S. Dept. of Treasury

CMS Issues Revised Guidance Implementing Medicare Inflation Rebates Under the IRA
JD Supra | Jan. 3 | Energy Finance | Tax Credits

KeyBank Provides $90.7M for Affordable Housing Property Near Pittsburgh, PA
ReBusiness Online | Jan. 2 | Bond Finance | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Rural Finance Authority Supports Beginning Farmers in Minnesota
Successful Farming | Jan. 2 | Access to Capital | Agriculture Finance | State Finance Program | Tax Credits

Environmental, Social, and Governance Principles and the Inflation Reduction Act
ADP | Dec. 27, 2023 | Energy Finance | Green Finance | Incentives | Social Finance | Tax Credits

Missouri is Implementing Tax Credits to Boost Urban Farming
stlpr | Dec. 27, 2023 | Access to Capital | Agriculture Finance | State Finance Program | Tax Credits

Church, Developer Break Ground on $42M Affordable Housing Project in Mango, FL
Business Observer | Dec. 21, 2023 | Housing Finance | 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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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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