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CDFA Tax Credits Finance Update - December 27, 2022

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Tax Credits Finance Update
December 27, 2022
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Tax Credits Finance Update

Features

CDFA Food Systems Finance Best Practices Guidebook, Available Now!
Linking development finance and food systems can be a daunting undertaking for any community. Research on the current ecosystem of food systems finance has positioned CDFA to identify key strategies for the path ahead in this work. The Food Systems Finance Best Practices Guidebook defines how traditional development finance tools can be used to launch and expand food and agricultural-related businesses and projects and create successful food systems finance programs at the local and regional levels.

Federal Legislation Would Provide Tax Credits for Renewable Natural Gas
Bipartisan legislation recently introduced in the U.S. House of Representatives would provide a tax credit for renewable natural gas. H.R. 9396, the Renewable Natural Gas Incentive Act, would create a $1 per gallon tax credit for sellers of renewable natural gas used for transportation. The credit would be valid for 10 years.

Announcing the Return of CDFA's Fundamentals of Economic Development Finance Course
CDFA is proud to kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 25-26, 2023! This course will help attendees understand the variety of development finance tools available including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, Opportunity Zones, and access to capital lending resources.

Historical Buildings Around Ohio to Get Facelift with Help of Tax Credit
Numerous buildings in the Valley can expect to see some updates as recipients of a historic preservation tax credit. Ohio Gov. Mike DeWine and Lt. Gov. Jon Husted announced state support for 54 rehabilitation projects that will restore 57 historic buildings across Ohio. The projects are expected to leverage approximately $1.01 billion in private investment.

Developers Secure $317M to Complete Crossings at Brick Church Station in East Orange, NJ
Developers have secured $317 million in financing to complete phase one of The Crossings at Brick Church Station in East Orange, New Jersey. The two-phase development will comprise around 200,000 square feet of retail and commercial space, 820 mixed-income apartments, public outdoor space, a parking garage for 1,200 vehicles, and additional surface-level parking spaces.

Housing Tax Credit Bill Gains Bipartisan Support in Congress
There is bipartisan support in Congress for a bill that would provide tax credits to developers covering a portion of the cost of building or rehabilitating homes in struggling communities. Support for the new bill comes as cities and states throughout the U.S. grapple with an affordable housing crisis, in which the rising cost of buying and renting a home has become out of reach for many.

White House Meets with State Legislative Leaders on Affordable Housing
White House Officials from the National Economic Council, Domestic Policy Council, and Office of Intergovernmental Affairs convened a meeting on housing affordability with state legislative leaders from 10 states. During the meeting, legislative leaders shared how their states successfully passed comprehensive land-use reform policies to increase housing affordability, as well as their plans for advancing land-use reform legislation in the 2023 legislative session. 

Dallas, TX Receives $55M in NMTC Allocation to Spur Investment and Economic Growth
The Dallas Development Fund (DDF), a community development entity (CDE) managed by the Office of Economic Development, was awarded a $55 million allocation in New Markets Tax Credit (NMTC) to continue making impactful investments in underserved areas of Dallas.

Upcoming Events
Fundamentals of Economic Development Finance Course

SSBCI Learning Series - Compliance: Program Reporting Requirements
February 16, 2023 - 2:00 - 4:00 PM Eastern
During the 2023 SSBCI Learning Series, CDFA will elevate conversations and host sessions geared toward successfully implementing new SSBCI programs and financial products, reaching targeted small businesses and business sectors, and effective program reporting and compliance strategies.

Intro Bond Finance WebCourse
March 13-14, 2023 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

More Headlines

New Plans Announced for an Ohio Vacant Downtown Building Pending Tax Credits
Lancaster Eagle Gazette | Dec. 21 | Community Development | Federal | Historic Preservation | Housing Finance | Tax Credits

Fort Smith Housing Authority to Build $10.4M Housing Complex in Arkansas
Talk Business & Politics | Dec. 15 | Community Development | Federal | Housing Finance | Tax Credits

Michigan Governor Signs Bipartisan Affordable Housing Legislation
Michigan Advance | Dec. 14 | Housing Finance | Legislative | Tax Credits | Understanding Housing Finance | Legislative Activities | State Tax Credit Programs

Bill Seeks to Address Restaurant Tax Credit Initiative
Financial Regulation News | Dec. 13 | Federal | Food Systems Finance | Legislative | Tax Credits

Manufacturers Invest $65M To Expand Northwest Ohio Facilities
Business Facilities | Dec. 13 | Economic Development | Tax Credits

$300K Available to Support Success of Pennsylvania Farms
Pennsylvania Pressroom | Dec. 13 | Access to Capital | Agriculture Finance | Bond Finance | Tax Credits

St. Louis, MO Symphony Seeks State Tax Incentives for $100M Expansion
St. Louis Post- Dispatch | Dec. 12 | Incentives | State Finance Program | Tax Credits

Council Discusses Tax Credits for Less-Expensive Rent in Oklahoma
Yahoo.News | Dec. 7 | Federal | Housing Finance | Tax Credits

Southern California Development Secures $25.8M in LIHTC Financing
Affordable Housing Finance | Dec. 7 | Bond Finance | Housing Finance | Tax Credits

Seattle Affordable Housing Project Secures Financing
Nationwide | Dec. 7 | Community Development | Housing Finance | Tax Credits

State Approves $16M Tax Credit for Hall of Fame Village in Canton, OH
The Repository | Dec. 7 | Economic Development | State Finance Program | Tax Credits

Appalachian Solar Finance Fund Adjusts in Response to Expected Market Impacts from IRA
The Logan Banner | Dec. 5 | Energy Finance | Legislative | Tax Credits

Redwood Materials in Nevada Approved for Over $100M in Tax Incentives
Teslarati | Dec. 3 | Economic Development | Incentives | Tax Credits

House Members Pledge Support for Expanding Homeownership Opportunities
Yahoo! Finance | Nov. 29 | Community Development | Housing Finance | Incentives | Legislative | Rural Development | Tax Credits

Proposed Tax Credit Bill Would Spur Creation of 500K Affordable Homes
The Epoch Times | Nov. 29 | Federal | Housing Finance | Legislative | State Finance Program | Tax Credits


New Additions to the Online Resource Database

CDFA Food Systems Finance Best Practices Guidebook
Access to Capital | Agriculture Finance | Bond Finance | CDFA Original Research | Community Development | Development Finance Toolbox | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Social Finance | Special Assessment Districts | Tax Credits | Tax Increment Finance (TIF)
Linking development finance and food systems can be a daunting undertaking for any community. Research on the current ecosystem of food systems finance has positioned CDFA to identify key strategies for the path ahead in this work. The Food Systems Finance Best Practices Guidebook defines how traditional development finance tools can be used to launch and expand food and agricultural-related businesses and projects, and create successful food systems finance programs at the local and regional levels.


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
  • 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
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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