Proposed Convention Hotel Deal Biggest in Oklahoma City History
Gary Brooks thinks he is facing a complicated financing structure for redeveloping First National Center into a hotel, housing, retail and parking. It's a big deal with a price-tag of $230 million and involves a mix of tax credits and tax increment financing.
DFWR Dedicated $6.75M NMTC Allocation to Akron Community Loan Fund
DFWR is dedicating $6.75 million in Federal New Markets Tax Credit allocation to capitalize the Fund. After the tax credits are purchased by an investor, $2.25 million in new cash equity will be available in the Fund. To leverage that equity, DFWR must raise a total of $4.5 million from the community.
MI Awards $11.6M in Tax Credits to Housing Projects
The state has awarded $11.6 million in low-income housing tax credits to 13 housing development projects to create and rehabilitate affordable housing units. There are four projects in Detroit and one in Dearborn among the awardees.
MA Budget Preserves State Film Tax Credit
A proposal to pare back the state's film tax credit wound up on the cutting room floor when lawmakers approved a final version of the state budget. The tax break, which has long generated controversy, is equal to 25 percent of a production's in-state payroll and production costs.
OR Lawmakers Nix Rooftop Solar Tax Credits
Oregon lawmakers failed to include an extension of the state's Residential Energy Tax Credit in a budget sent to the full legislature, the Portland Business Journal reports. The tax credits are slated to phase out at the end of the year.
WNC Closes $85 Million CA Institutional LIHTC Fund
The fund will acquire eight properties in both suburban, urban and rural parts of California. Combined, the properties will offer nearly 500 affordable housing units to seniors and families throughout the Golden State.
Panel Recommends Overhaul of MO Tax Credits
A panel appointed by Gov. Eric Greitens is recommending an overhaul of some of Missouri's main tax credits, including ones for low-income housing and historic buildings, but has shied away from more sweeping changes to state income and sales taxes.
Cincinnati's Union Terminal Receives $5M Preservation Tax Credit
The tax credit was the final piece of financing that Cincinnati Museum Center was pursuing for the massive restoration project. The total project cost now stands at $233.5 million. The bulk of Union Terminal's renovation is being funded by a quarter-cent increase in Hamilton County's sales tax.