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CDFA Tax Credits Finance Update - September 24, 2019

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Tax Credits Finance Update
September 24, 2019
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Tax Credits Finance Update

Features

CDFI Fund Opens CY 2019 Round of New Markets Tax Credit Program
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) released today the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2019 round of the New Markets Tax Credit Program (NMTC Program). The NOAA makes up to $3.5 billion in tax credit allocation authority available for the CY 2019 round.

With NMTC From MoFi and Western Security Bank, Plans Are Underway for a New $6.1 Million Facility in Billings, MO
For more than 100 years, Billings Family Service has been the only organization standing between many low-income families and hunger, cold, and homelessness. The nonprofit provides critical resources like food boxes, low/no cost clothing, utilities assistance, and job training to at-risk families and homebound seniors across Yellowstone County.

NMTC Expands American Steel Manufacturer to Increase Local Steel Production and Create Jobs
Charter Manufacturing Company, Inc., a leading North American manufacturer and supplier of carbon and alloy steel bar, rod and wire products, has served a wide variety of customers in the automotive, heavy truck, rail, construction, mining, agriculture, furniture and energy markets for over 81 years. In order to remain competitive in the U.S. steel industry and offset the effects of foreign competition, this family-owned steel company resolved to expand its Cuyahoga Heights, Ohio facility.

25 Years of Championing Successful Community Development
Twenty-five years ago this week, the Riegle Community Development and Regulatory Improvement Act of 1994, championed by former Sen. Don Riegle (D-Mich.), established the CDFI fund to encourage small businesses, affordable housing, the availability of commercial real estate, and human development. The legislation improved the supply of capital, credit, private investment, and development services in low-income areas.

PA Tax Credit Available for On-Farm Conservation
REAP is a Pennsylvania tax credit program for agricultural producers who implement best management practices or purchase equipment that reduces the amount of nutrient and sediment runoff and improves the quality of Pennsylvania's waters. Pennsylvania Agriculture Secretary announced the availability of $13 million in Pennsylvania tax credits for on-farm conservation efforts.

Bill For Preservation Of Historic Buildings Passes CA Senate
SB 451 was approved Wednesday by the state Senate by a 40-0 vote after sailing through the Assembly on a 77-0 vote on Tuesday. Gov. Gavin Newsom has until Oct. 13 to sign the bill, which would offer a tax credit of 20-25% to cover rehabilitation costs if the historic structure or building meets certain criteria like the inclusion of affordable housing or if it is part of a military base reuse authority.

IL Historic Preservation Tax Credit Program Encouraging New Efforts at Bringing Historic Buildings Back to Life
The Illinois Department of Natural Resources (IDNR) this week announced the first recipients for a new statewide historic preservation income tax credit program encouraging private investment to rehabilitate historic properties in Illinois. The Illinois Historic Preservation Tax Credit Program is available to owners of historic structures who undertake certified rehabilitations making them eligible for a tax credit of up to $3 million per project based on a percentage of their rehabilitation costs.

MoFi Invests in Grocery Supplier/Distributor in Caldwell, ID
A member of the Jackson Food Stores family, Capitol Distributing is a grocery supplier/distributor to convenience stores across the Rocky Mountain West. The company sources, inventories, and delivers over 8,000 products to convenience store retailers. The company also provides services to its customers, including merchandising, laundry and technology solutions.

Upcoming Events
CDFA National Development Finance Summit

CDFA // BNY Mellon Development Finance Webcast Series: Analysis of the 2018 CDFA Volume Cap Report and Capital Markets Review
Tuesday, October 15, 2019 - 1:00 PM Eastern
The annual CDFA Volume Cap report is an essential outline of national private activity bond issuance trends and is used by issuers, researchers, trade groups, and political offices to understand the private activity bond landscape. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will examine the recently released Volume Cap Report in fine detail as well as discuss the fourth-quarter outlook of the capital markets.

Georgia Opportunity Zones: Driving Peach State Investment (2019)
October 10, 2019 - Atlanta, GA
Join the Georgia Opportunity Zones: Driving Peach State Investment conference, in partnership with GEDA, on October 10, 2019 for a special one-day conference hosted at the offices of Seyfarth Shaw LLP in Atlanta. This event will feature a number of economic development finance experts from around the state discussing Opportunity Zones and the development finance tools, authorities, resources and approaches, and how these can affect the Georgia economy going forward.

More Headlines

Struggling Farmers See Bright Spot in Solar
The Wall Street Journal | Sep. 23 | Agriculture Finance | Energy Finance | Tax Credits

How Companies Can Subsidize Project Costs With the New Markets Tax Credit Program
Nashville Business Journal | Sep. 19 | Tax Credits | Tax Credits\Federal New Markets Tax Credits (NMTCs)

Will Co-op Market Be Part of a Coming Cincinnati Development?
City Beat | Sep. 18 | Community Development | Economic Development | Food Systems Finance | Housing Finance | Tax Credits

Baltimore, MD Selects Team to Lead $100M Redevelopment Project
Baltimore Business Journal | Sep. 18 | Redevelopment | Tax Credits

IRS Expands Housing Tax Credits After CA Wildfires
Bloomberg Tax | Sep. 17 | Disaster Recovery & Relief | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Housing Finance Commission Releases Report With Major Implications to Affordable Housing Industry
JD Supra | Sep. 17 | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Hunt Capital Partners Closes $123.5 Million LIHTC Fund
Housing Finance | Sep. 17 | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Merchants Capital Secures $16M for Affordable Housing Property in Minneapolis, MN North Loop District
PR Newswire | Sep. 17 | Bond Finance | Housing Finance | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Low Income Housing Tax Credits: Five Things CRE Investors Need to Know
Connect Commercial Real Estate | Sep. 17 | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Renovation of Memorial Auditorium Moving Forward
VT Digger | Sep. 16 | Bond Finance | Historic Preservation | Public-Private Partnership (P3) Financing | Tax Credits

An Innovative Focus for the Eagle Knitting Mills Building
Milwaukee Business News | Sep. 16 | Historic Preservation | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits

Marietta, OH Explores Preserving History in Productive Buildings Through HTCs
The Marietta Times | Sep. 10 | Historic Preservation | Tax Credits | Tax Credits\Federal Historic Rehab Tax Credits | Tax Credits\State Historic Tax Credits

Tax Advantage Group Closes $8.5 Million Faith Family Medical Center to Continue Support in Federal Promise Zones
PR Newswire | Sep. 10 | Tax Credits | Tax Credits\Federal New Markets Tax Credits (NMTCs)

Will NC Reverse Course on Renewable Energy Tax Credits?
The Laurinburg Exchange | Sep. 9 | Energy Finance | Green Finance | Tax Credits

Red Lake Nation Opens Shopping Center in MN
Star Tribune | Sep. 9 | Access to Capital | Food Systems Finance | Tax Credits | Tribal Finance

Myrtle Beach, SC Plans to Move Forward with Redeveloping Downtown
Myrtle Beach Online | Sep. 9 | Opportunity Zones | Redevelopment | Tax Credits | Tax Credits\Federal Historic Rehab Tax Credits

National CORE Uses Hybrid LIHTC Structure to Build Another Rancho Cucamonga, CA Development
Novogradac | Sep. 9 | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Culture Fresh Foods Closes on $11M of Early Stage Venture Capital
CEI | Sep. 5 | Access to Capital | Agriculture Finance | Food Systems Finance | Tax Credits

U.S. Wind Industry to Maintain Momentum
Yahoo Finance | Sep. 4 | Energy Finance | Green Finance | Tax Credits

Northland Workforce Training Center Reaches Milestone
Chronicle Express | Aug. 29 | Brownfield Financing | Tax Credits

Twain Financial Provides C-PACE Financing and HTC Equity for Project in Fort Worth, TX
PR Newswire | Aug. 28 | Property Assessed Clean Energy (PACE) | Tax Credits

Commerce RI Approves $900K in Tax Credits for Wind Energy Company
The Westerly Sun | Aug. 28 | Incentives | Tax Credits

MN Beginning Farmer Tax Credit Deadline Approaching
Lakefield Standard | Aug. 28 | Agriculture Finance | Food Systems Finance | Tax Credits


New Additions to the Online Resource Database

Unlocking the Power of New Markets Tax Credits
Community Development | Food Systems Finance | Housing Finance | Infrastructure Finance | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD)
An overview of how New Markets Tax Credits work featuring Commonwealth Kitchen as a case study.

Innovative State-Led Efforts to Finance Agricultural Conservation
Agriculture Finance | Food Systems Finance | Green Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | State Finance Program | Tax Credits | Water Finance
U.S. farmers are currently facing the most difficult agricultural economy since the 1980s. At the same time, many states are wrestling with the necessity of addressing environmental challenges. This report expounds upon the excellent work states are doing regarding conservation tax credits, cover crop incentives and environmental certifications to increase conservation across the landscape. The report also highlights how these programs work for agricultural producers and states.

CDFA // BNY Mellon Webcast Series: Fill in the Gaps with New Markets Tax Credits
Community Development | Tax Credits | U.S. Dept. of Treasury CDFI Fund | Webcasts
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, learn from expert speakers as they discussed their plans for the recent allocation of New Markets 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

  • Alaska Industrial Development and Export Authority
  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
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  • Ice Miller LLP
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  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • Petros PACE Finance
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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